Blackrock Bond Fund NPORT-P BlackRock Sustainable Total Return Fund (Jun 2022 report)

BlackRock

Sustainable

Total

Return

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

8.3%

(a)(b)

AGL

Core

CLO

4

Ltd.,

Series

2020-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.07%),

2.13%,

04/20/33

.......

USD

250

$

243,079

Anchorage

Capital

CLO

8

Ltd.,

Series

2016-8A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.80%),

3.02%,

10/27/34

250

240,309

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.23%),

2.29%,

07/20/34

250

241,971

CIFC

Funding

Ltd.,

Series

2020-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.13%),

2.19%,

10/20/34

.......

250

241,684

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/15/30

.......

250

246,080

GoldentTree

Loan

Management

US

CLO

1

Ltd.

Series

2021-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.13%),

2.19%,

10/20/34

...............

250

241,441

Series

2021-11A,

Class

E,

(LIBOR

USD

3

Month

+

5.35%),

6.41%,

10/20/34

...............

250

220,293

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.94%),

2.04%,

10/21/30

............

250

244,797

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

3.64%,

01/19/33

............

250

237,466

OHA

Loan

Funding

Ltd.,

Series

2015-

1A,

Class

AR3,

(LIBOR

USD

3

Month

+

1.15%),

2.21%,

01/19/37

250

240,932

Palmer

Square

CLO

Ltd.,

Series

2021-

3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.38%,

01/15/35

.....

250

241,035

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

.......

250

238,200

TCW

CLO

AMR

Ltd.,

Series

2019-1A,

Class

ASNR,

(LIBOR

USD

3

Month

+

1.22%),

2.63%,

08/16/34

.....

250

240,724

Trestles

CLO

V

Ltd.,

Series

2021-5A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

2.23%,

10/20/34

.......

250

240,148

Trimaran

Cavu

Ltd.,

Series

2021-2A,

Class

D1,

(LIBOR

USD

3

Month

+

3.25%),

4.43%,

10/25/34

.......

250

233,853

3,592,012

Ireland

—

0.7%

Prodigy

Finance

DAC,

Series

2021-1A,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

2.87%,

07/25/51

(a)(b)

....

315

309,219

United

States

—

4.6%

(a)

Diameter

Capital

CLO

1

Ltd.,

Series

2021-1A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.24%),

2.28%,

07/15/36

(b)

250

242,080

Home

Partners

of

America

Trust,

Series

2021-2,

Class

F,

3.80%,

12/17/26

.

491

426,807

Mosaic

Solar

Loans

LLC,

Series

2017-

2A,

Class

C,

2.00%,

06/22/43

...

103

100,119

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

PRET

LLC,

Series

2021-NPL6,

Class

A1,

2.49%,

07/25/51

(c)

........

USD

410

$

383,580

Progress

Residential

Trust,

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

.................

500

416,459

Regional

Management

Issuance

Trust,

Series

2022-1,

Class

A,

3.07%,

03/15/32

.................

100

94,484

Tricon

Residential

Trust,

Series

2021-

SFR1,

Class

F,

3.69%,

07/17/38

..

400

355,070

2,018,599

Total

Asset-Backed

Securities

—

13.6%

(Cost:

$6,320,615)

..............................

5,919,830

Corporate

Bonds

Australia

—

0.0%

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%

,

04/15/32

(a)

...........

22

19,800

Belgium

—

0.8%

Anheuser-Busch

Cos.

LLC,

4.70%

,

02/01/36

.................

4

3,832

Anheuser-Busch

InBev

Worldwide,

Inc.

4.00%,

04/13/28

............

112

110,563

5.88%,

06/15/35

............

31

33,034

KBC

Group

NV,

(EURIBOR

3

Month

+

0.72%),

0.38%

,

06/16/27

(b)(d)

....

EUR

200

189,239

336,668

Canada

—

0.1%

1011778

BC

ULC,

3.88%

,

01/15/28

(a)

USD

6

5,208

Canadian

Pacific

Railway

Co.,

2.05%

,

03/05/30

.................

17

14,386

Rogers

Communications,

Inc.,

4.55%

,

03/15/52

(a)

................

40

35,126

54,720

China

—

0.5%

NXP

BV

5.55%,

12/01/28

............

68

68,829

3.40%,

05/01/30

............

115

102,587

2.50%,

05/11/31

............

61

50,031

221,447

France

—

0.9%

(d)

Banque

Federative

du

Credit

Mutuel

SA,

0.10%

,

10/08/27

.........

EUR

100

91,435

BNP

Paribas

SA,

(EURIBOR

3

Month

+

0.80%),

0.38%

,

10/14/27

(b)

.....

100

92,646

Engie

SA,

1.75%

,

03/27/28

.......

100

98,869

Societe

Generale

SA,

(EURIBOR

3

Month

+

1.28%),

0.88%

,

09/22/28

(b)

100

91,290

374,240

Germany

—

1.1%

(d)

Commerzbank

AG,

(EURIBOR

3

Month

+

1.30%),

0.75%

,

03/24/26

(b)

....

100

97,796

Deutsche

Bank

AG,

(EURIBOR

3

Month

+

1.38%),

1.88%

,

02/23/28

(b)

200

188,953

E.ON

SE,

1.00%

,

10/07/25

.......

100

100,646

Vonovia

SE,

1.38%

,

01/28/26

.....

100

97,082

484,477

BlackRock

Sustainable

Total

Return

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Italy

—

0.7%

(d)

Intesa

Sanpaolo

SpA,

1.50%

,

04/10/24

EUR

100

$

103,770

Iren

SpA

1.95%,

09/19/25

............

100

102,374

1.50%,

10/24/27

............

100

95,297

301,441

Japan

—

0.4%

Nomura

Holdings,

Inc.,

2.61%

,

07/14/31

.................

USD

200

159,513

Spain

—

0.9%

(d)

Banco

de

Sabadell

SA,

(EUR

Swap

Annual

1

Year

+

1.55%),

1.13%

,

03/11/27

(b)

................

EUR

100

95,851

Banco

Santander

SA,

0.30%

,

10/04/26

200

188,919

CaixaBank

SA,

(EURIBOR

3

Month

+

0.85%),

0.38%

,

11/18/26

(b)

.....

100

94,476

379,246

Supranational

—

1.0%

(d)

European

Investment

Bank,

1.50%

,

06/15/32

.................

411

407,062

European

Union,

Series

NGEU,

1.25%

,

02/04/43

.................

30

25,433

432,495

United

Kingdom

—

0.9%

National

Grid

plc,

0.25%

,

09/01/28

(d)

.

100

86,176

RELX

Capital,

Inc.

4.00%,

03/18/29

............

USD

44

42,626

3.00%,

05/22/30

............

59

53,025

Sky

Group

Finance

Ltd.,

6.50%

,

10/15/35

(a)

................

30

34,982

SSE

plc

(d)

0.88%,

09/06/25

............

EUR

100

99,225

1.38%,

09/04/27

............

100

96,471

412,505

United

States

—

28.1%

AbbVie,

Inc.

4.55%,

03/15/35

............

USD

88

85,597

4.50%,

05/14/35

............

38

36,881

4.85%,

06/15/44

............

20

19,111

4.70%,

05/14/45

............

36

33,887

Aetna,

Inc.,

6.63%

,

06/15/36

......

7

7,899

Agilent

Technologies,

Inc.

3.05%,

09/22/26

............

34

32,458

2.75%,

09/15/29

............

8

6,984

2.10%,

06/04/30

............

5

4,073

Albertsons

Cos.,

Inc.

(a)

5.88%,

02/15/28

............

12

11,216

4.88%,

02/15/30

............

6

5,147

Alexandria

Real

Estate

Equities,

Inc.,

4.90%

,

12/15/30

............

9

8,933

Amazon.com,

Inc.

4.05%,

08/22/47

............

24

22,464

2.50%,

06/03/50

............

13

9,162

American

Express

Co.,

2.55%

,

03/04/27

.................

10

9,318

American

International

Group,

Inc.,

4.38%

,

06/30/50

............

32

28,376

American

Tower

Corp.

5.00%,

02/15/24

............

12

12,141

0.45%,

01/15/27

............

EUR

100

91,275

3.60%,

01/15/28

............

USD

111

103,786

3.80%,

08/15/29

............

33

30,290

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

2.10%,

06/15/30

............

USD

39

$

31,233

Amgen,

Inc.

4.40%,

05/01/45

............

35

31,563

4.66%,

06/15/51

............

4

3,741

4.20%,

02/22/52

............

23

20,179

Analog

Devices,

Inc.

2.80%,

10/01/41

............

7

5,484

2.95%,

10/01/51

............

11

8,393

Aon

Corp.

3.75%,

05/02/29

............

14

13,223

2.80%,

05/15/30

............

47

41,084

Apple,

Inc.

2.38%,

02/08/41

............

29

22,182

2.80%,

02/08/61

............

50

35,890

Applied

Materials,

Inc.,

4.35%

,

04/01/47

.................

7

6,773

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

................

14

12,687

AT&T,

Inc.

4.10%,

02/15/28

............

44

43,097

4.30%,

02/15/30

............

53

51,723

2.75%,

06/01/31

............

10

8,635

4.50%,

05/15/35

............

141

133,987

4.75%,

05/15/46

............

70

64,790

4.50%,

03/09/48

............

11

9,748

3.80%,

12/01/57

............

29

22,397

Atlantic

City

Electric

Co.,

4.00%

,

10/15/28

.................

8

7,885

Atmos

Energy

Corp.,

2.85%

,

02/15/52

10

7,144

Autodesk,

Inc.

3.50%,

06/15/27

............

64

61,206

2.40%,

12/15/31

............

9

7,346

Baltimore

Gas

&

Electric

Co.,

3.50%

,

08/15/46

.................

74

60,640

Bank

of

America

Corp.

(LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/23

(b)

.........

20

19,934

(SOFR

+

1.46%),

1.49%,

05/19/24

(b)

15

14,659

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(b)

.........

6

5,715

1.32%,

06/19/26

............

3

2,727

(SOFR

+

0.96%),

1.73%,

07/22/27

(b)

10

8,889

(SOFR

+

1.05%),

2.55%,

02/04/28

(b)

156

141,877

(SOFR

+

1.58%),

4.38%,

04/27/28

(b)

48

47,255

(SOFR

+

1.32%),

2.69%,

04/22/32

(b)

131

109,977

(SOFR

+

1.33%),

2.97%,

02/04/33

(b)

178

151,642

(SOFR

+

1.83%),

4.57%,

04/27/33

(b)

75

72,991

Bausch

Health

Americas,

Inc.,

9.25%

,

04/01/26

(a)

................

14

10,010

Bausch

Health

Cos.,

Inc.

(a)

9.00%,

12/15/25

............

8

5,911

5.75%,

08/15/27

............

6

4,970

Baxter

International,

Inc.,

2.54%

,

02/01/32

(a)

................

7

5,909

Biogen,

Inc.

2.25%,

05/01/30

............

23

18,851

5.20%,

09/15/45

............

9

8,551

3.15%,

05/01/50

............

17

11,659

Blackstone

Private

Credit

Fund,

4.00%

,

01/15/29

(a)

................

42

34,417

Bristol-Myers

Squibb

Co.

3.90%,

02/20/28

............

41

41,050

4.25%,

10/26/49

............

7

6,574

Broadcom,

Inc.

4.15%,

11/15/30

............

17

15,576

BlackRock

Sustainable

Total

Return

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.93%,

05/15/37

(a)

...........

USD

190

$

170,343

Broadridge

Financial

Solutions,

Inc.,

2.60%

,

05/01/31

............

5

4,176

Burlington

Northern

Santa

Fe

LLC

3.30%,

09/15/51

............

33

26,456

4.45%,

01/15/53

............

10

9,671

Cameron

LNG

LLC,

3.30%

,

01/15/35

(a)

220

188,257

Capital

One

Financial

Corp.,

(SOFR

+

2.37%),

5.27%

,

05/10/33

(b)

.....

14

13,747

Carrier

Global

Corp.,

2.24%

,

02/15/25

5

4,751

CCO

Holdings

LLC

(a)

5.38%,

06/01/29

............

14

12,514

4.75%,

03/01/30

............

16

13,684

Cedar

Fair

LP

5.50%,

05/01/25

(a)

...........

8

7,760

5.38%,

04/15/27

............

12

11,372

5.25%,

07/15/29

............

12

10,583

CenterPoint

Energy

Houston

Electric

LLC

Series

AE,

2.35%,

04/01/31

....

10

8,695

Series

AF,

3.35%,

04/01/51

....

15

12,184

Charter

Communications

Operating

LLC

5.13%,

07/01/49

............

8

6,622

4.80%,

03/01/50

............

113

89,537

3.90%,

06/01/52

............

15

10,413

5.25%,

04/01/53

............

28

23,660

4.40%,

12/01/61

............

15

10,788

3.95%,

06/30/62

............

26

17,369

5.50%,

04/01/63

............

21

17,837

Citigroup,

Inc.

(b)

(SOFR

+

0.69%),

2.01%,

01/25/26

480

449,668

(SOFR

+

2.11%),

2.57%,

06/03/31

5

4,203

(SOFR

+

2.09%),

4.91%,

05/24/33

10

9,867

Citizens

Financial

Group,

Inc.,

3.25%

,

04/30/30

.................

6

5,324

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%

,

08/15/27

(a)

...........

16

13,509

Comcast

Corp.

4.25%,

10/15/30

............

4

3,944

3.40%,

07/15/46

............

58

46,332

2.89%,

11/01/51

............

14

10,001

Commercial

Metals

Co.,

4.38%

,

03/15/32

.................

14

11,467

Commonwealth

Edison

Co.

4.00%,

03/01/48

............

18

16,180

Series

133,

3.85%,

03/15/52

....

24

21,140

Cox

Communications,

Inc.

(a)

3.15%,

08/15/24

............

14

13,667

3.60%,

06/15/51

............

19

14,287

Crown

Castle

International

Corp.

3.80%,

02/15/28

............

33

31,135

2.50%,

07/15/31

............

59

48,279

CSX

Corp.

2.50%,

05/15/51

............

26

17,493

4.25%,

11/01/66

............

10

8,423

CVS

Health

Corp.

4.30%,

03/25/28

............

290

286,932

5.13%,

07/20/45

............

40

38,529

Dell

International

LLC,

6.02%

,

06/15/26

67

69,543

Duke

Realty

LP,

1.75%

,

02/01/31

...

52

42,277

DuPont

de

Nemours,

Inc.,

4.49%

,

11/15/25

..................

23

23,157

DXC

Technology

Co.,

2.38%

,

09/15/28

9

7,744

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

eBay,

Inc.,

1.40%

,

05/10/26

.......

USD

5

$

4,497

Ecolab,

Inc.

3.95%,

12/01/47

............

21

19,087

2.75%,

08/18/55

............

8

5,572

Edison

International,

5.75%

,

06/15/27

12

12,179

Electronic

Arts,

Inc.,

1.85%

,

02/15/31

20

16,249

Elevance

Health,

Inc.

2.88%,

09/15/29

............

13

11,712

3.60%,

03/15/51

............

19

15,418

Entergy

Louisiana

LLC,

4.20%

,

09/01/48

.................

41

37,620

Entergy

Mississippi

LLC

2.85%,

06/01/28

............

12

11,050

3.85%,

06/01/49

............

6

5,139

Enterprise

Products

Operating

LLC,

3.30%

,

02/15/53

............

45

32,732

Equifax,

Inc.,

2.35%

,

09/15/31

.....

5

4,000

Equinix,

Inc.

2.63%,

11/18/24

............

195

187,048

1.25%,

07/15/25

............

70

63,591

0.25%,

03/15/27

............

EUR

100

90,649

3.20%,

11/18/29

............

USD

63

55,965

2.15%,

07/15/30

............

132

106,787

2.50%,

05/15/31

............

21

17,017

Exelon

Corp.,

4.45%

,

04/15/46

.....

32

28,912

Expedia

Group,

Inc.,

2.95%

,

03/15/31

5

3,977

FactSet

Research

Systems,

Inc.,

3.45%

,

03/01/32

............

12

10,518

Fidelity

National

Information

Services,

Inc.

1.65%,

03/01/28

............

12

10,237

2.25%,

03/01/31

............

10

8,116

3.10%,

03/01/41

............

6

4,378

4.50%,

08/15/46

............

4

3,526

Fiserv,

Inc.,

3.50%

,

07/01/29

......

7

6,385

Florida

Power

&

Light

Co.

4.05%,

10/01/44

............

86

79,218

2.88%,

12/04/51

............

8

5,949

Ford

Motor

Co.,

3.25%

,

02/12/32

...

6

4,487

General

Motors

Financial

Co.,

Inc.

3.25%,

01/05/23

............

470

469,204

3.95%,

04/13/24

............

5

4,961

Gilead

Sciences,

Inc.

4.60%,

09/01/35

............

31

30,718

4.75%,

03/01/46

............

26

24,925

Global

Payments,

Inc.,

3.20%

,

08/15/29

.................

57

49,811

GLP

Capital

LP

4.00%,

01/15/30

............

34

29,775

4.00%,

01/15/31

............

27

23,286

3.25%,

01/15/32

............

40

32,059

Goldman

Sachs

Group,

Inc.

(The)

(b)

(SOFR

+

0.57%),

0.67%,

03/08/24

283

276,481

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

..........

378

367,253

(LIBOR

USD

3

Month

+

1.17%),

2.58%,

05/15/26

..........

7

6,832

(SOFR

+

1.85%),

3.62%,

03/15/28

56

53,000

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

..........

179

169,743

(SOFR

+

1.28%),

2.62%,

04/22/32

150

124,535

Hasbro,

Inc.,

3.90%

,

11/19/29

.....

22

20,202

HCA,

Inc.

3.50%,

09/01/30

............

9

7,656

BlackRock

Sustainable

Total

Return

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

2.38%,

07/15/31

............

USD

135

$

105,262

4.63%,

03/15/52

(a)

...........

33

26,402

Herc

Holdings,

Inc.,

5.50%

,

07/15/27

(a)

14

12,781

Hewlett

Packard

Enterprise

Co.

1.45%,

04/01/24

............

12

11,517

1.75%,

04/01/26

............

34

31,061

Home

Depot,

Inc.

(The)

2.80%,

09/14/27

............

17

16,214

4.50%,

12/06/48

............

30

29,232

HP,

Inc.,

3.40%

,

06/17/30

........

20

17,445

Humana,

Inc.,

4.50%

,

04/01/25

....

10

10,072

Hyundai

Capital

America,

2.85%

,

11/01/22

(a)

................

472

470,800

iHeartCommunications,

Inc.,

5.25%

,

08/15/27

(a)

................

8

6,847

Intel

Corp.,

4.10%

,

05/19/46

......

44

39,866

Intercontinental

Exchange,

Inc.,

1.85%

,

09/15/32

.................

21

16,402

International

Business

Machines

Corp.,

7.00%

,

10/30/25

............

8

8,782

Interpublic

Group

of

Cos.,

Inc.

(The)

4.65%,

10/01/28

............

8

7,904

4.75%,

03/30/30

............

8

7,850

JPMorgan

Chase

&

Co.

(b)

(3

Month

CME

Term

SOFR

+

0.60%),

0.65%,

09/16/24

....

551

528,066

(SOFR

+

1.25%),

2.58%,

04/22/32

10

8,414

(SOFR

+

1.26%),

2.96%,

01/25/33

20

17,167

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

..........

73

65,094

(LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/48

..........

11

9,320

(SOFR

+

1.58%),

3.33%,

04/22/52

31

23,566

Juniper

Networks,

Inc.,

2.00%

,

12/10/30

.................

5

3,924

KAR

Auction

Services,

Inc.,

5.13%

,

06/01/25

(a)

................

12

11,411

KeyCorp,

2.55%

,

10/01/29

.......

6

5,205

KLA

Corp.

4.10%,

03/15/29

............

29

28,648

3.30%,

03/01/50

............

36

28,512

5.25%,

07/15/62

............

25

25,770

L3Harris

Technologies,

Inc.

2.90%,

12/15/29

............

123

109,014

1.80%,

01/15/31

............

141

112,522

Lam

Research

Corp.

3.75%,

03/15/26

............

51

50,875

4.88%,

03/15/49

............

25

25,409

Lamar

Media

Corp.,

3.75%

,

02/15/28

6

5,326

Level

3

Financing,

Inc.,

4.63%

,

09/15/27

(a)

................

1

853

Lowe's

Cos.,

Inc.

3.13%,

09/15/24

............

10

9,894

1.30%,

04/15/28

............

31

26,184

5.50%,

10/15/35

............

8

8,331

2.80%,

09/15/41

............

22

15,978

4.05%,

05/03/47

............

18

15,028

LYB

International

Finance

III

LLC,

4.20%

,

05/01/50

............

16

13,000

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/30

............

27

22,782

2.38%,

12/15/31

............

13

10,882

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

................

6

5,430

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

................

USD

65

$

55,361

Micron

Technology,

Inc.,

4.66%

,

02/15/30

.................

4

3,836

Microsoft

Corp.,

3.70%

,

08/08/46

...

58

53,983

MidAmerican

Energy

Co.

3.65%,

04/15/29

............

63

61,204

4.25%,

07/15/49

............

35

32,461

Moody's

Corp.

3.25%,

01/15/28

............

58

54,899

3.75%,

02/25/52

............

8

6,527

Morgan

Stanley

3.13%,

01/23/23

............

124

123,957

(SOFR

+

1.61%),

4.21%,

04/20/28

(b)

151

147,626

3.59%,

07/22/28

............

66

62,481

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(b)

.........

163

158,375

(SOFR

+

3.12%),

3.62%,

04/01/31

(b)

372

341,698

Morgan

Stanley

Domestic

Holdings,

Inc.,

3.80%

,

08/24/27

.........

10

9,549

Motorola

Solutions,

Inc.

4.60%,

02/23/28

............

124

119,920

2.30%,

11/15/30

............

41

32,079

5.60%,

06/01/32

............

28

28,233

5.50%,

09/01/44

............

36

33,510

National

Retail

Properties,

Inc.

2.50%,

04/15/30

............

12

10,220

3.00%,

04/15/52

............

34

23,173

Navient

Corp.

5.88%,

10/25/24

............

6

5,515

6.75%,

06/25/25

............

6

5,414

6.75%,

06/15/26

............

6

5,310

Newmont

Corp.

2.80%,

10/01/29

............

13

11,480

2.25%,

10/01/30

............

41

34,032

Nexstar

Media,

Inc.,

5.63%

,

07/15/27

(a)

14

12,775

Norfolk

Southern

Corp.

3.65%,

08/01/25

............

4

3,985

3.00%,

03/15/32

............

39

35,158

3.94%,

11/01/47

............

27

23,352

3.05%,

05/15/50

............

16

11,722

4.55%,

06/01/53

............

20

18,897

Northern

States

Power

Co.,

2.60%

,

06/01/51

.................

37

26,046

Northern

Trust

Corp.,

3.65%

,

08/03/28

8

7,834

NRG

Energy,

Inc.

2.45%,

12/02/27

(a)

...........

74

63,539

5.75%,

01/15/28

............

8

7,271

5.25%,

06/15/29

(a)

...........

8

7,140

NSTAR

Electric

Co.,

3.95%

,

04/01/30

13

12,719

Nucor

Corp.,

3.95%

,

05/01/28

.....

35

33,809

NVIDIA

Corp.,

3.50%

,

04/01/50

....

19

16,127

Ohio

Power

Co.

Series

P,

2.60%,

04/01/30

.....

23

20,304

Series

R,

2.90%,

10/01/51

.....

22

15,730

Omnicom

Group,

Inc.,

2.60%

,

08/01/31

5

4,198

Oncor

Electric

Delivery

Co.

LLC

3.70%,

11/15/28

............

18

17,514

3.10%,

09/15/49

............

36

27,850

ONE

Gas,

Inc.,

2.00%

,

05/15/30

....

10

8,335

Oracle

Corp.

3.60%,

04/01/40

............

132

98,644

4.00%,

07/15/46

............

14

10,351

3.60%,

04/01/50

............

91

63,214

BlackRock

Sustainable

Total

Return

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

3.95%,

03/25/51

............

USD

23

$

16,893

Outfront

Media

Capital

LLC,

5.00%

,

08/15/27

(a)

................

14

12,233

Paramount

Global,

4.38%

,

03/15/43

.

20

15,468

Parker-Hannifin

Corp.,

2.70%

,

06/14/24

17

16,589

PECO

Energy

Co.,

2.85%

,

09/15/51

.

41

30,063

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%

,

03/15/31

.................

11

9,270

Post

Holdings,

Inc.

(a)

5.63%,

01/15/28

............

12

11,390

5.50%,

12/15/29

............

8

7,152

Prologis

LP

3.25%,

10/01/26

............

22

21,347

3.88%,

09/15/28

............

7

6,797

Public

Service

Electric

&

Gas

Co.

3.70%,

05/01/28

............

28

27,296

3.60%,

12/01/47

............

6

5,075

QUALCOMM,

Inc.,

4.30%

,

05/20/47

.

25

23,969

Realty

Income

Corp.,

3.25%

,

01/15/31

6

5,454

Republic

Services,

Inc.,

3.95%

,

05/15/28

.................

24

23,528

RHP

Hotel

Properties

LP,

4.75%

,

10/15/27

.................

8

7,097

Ryder

System,

Inc.,

4.63%

,

06/01/25

59

59,313

S&P

Global,

Inc.,

4.75%

,

08/01/28

(a)

.

40

40,641

Salesforce,

Inc.,

3.05%

,

07/15/61

...

27

19,742

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

6

5,601

ServiceNow,

Inc.,

1.40%

,

09/01/30

..

58

45,386

Sherwin-Williams

Co.

(The)

2.30%,

05/15/30

............

23

19,410

2.20%,

03/15/32

............

17

13,680

Sirius

XM

Radio,

Inc.,

5.50%

,

07/01/29

(a)

................

14

12,758

Southern

California

Edison

Co.

2.25%,

06/01/30

............

43

36,100

Series

G,

2.50%,

06/01/31

.....

9

7,552

Southwestern

Public

Service

Co.,

Series

8,

3.15%

,

05/01/50

......

26

19,849

Standard

Industries,

Inc.

(a)

5.00%,

02/15/27

............

6

5,355

4.75%,

01/15/28

............

6

5,130

Synchrony

Financial,

4.50%

,

07/23/25

18

17,513

TEGNA,

Inc.

4.63%,

03/15/28

............

6

5,610

5.00%,

09/15/29

............

6

5,675

Tenet

Healthcare

Corp.

(a)

4.88%,

01/01/26

............

22

20,240

5.13%,

11/01/27

............

6

5,400

4.38%,

01/15/30

............

10

8,460

Texas

Eastern

Transmission

LP,

3.50%

,

01/15/28

(a)

................

53

49,968

Thermo

Fisher

Scientific,

Inc.,

2.80%

,

10/15/41

.................

24

18,851

T-Mobile

USA,

Inc.

1.50%,

02/15/26

............

69

62,344

2.05%,

02/15/28

............

160

138,910

3.88%,

04/15/30

............

117

109,191

4.50%,

04/15/50

............

42

37,267

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.60%

,

03/15/48

.........

42

38,067

Union

Pacific

Corp.

3.55%,

05/20/61

............

40

31,770

2.97%,

09/16/62

............

9

6,229

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

UnitedHealth

Group,

Inc.

4.25%,

06/15/48

............

USD

7

$

6,527

2.90%,

05/15/50

............

41

30,706

Verizon

Communications,

Inc.

2.10%,

03/22/28

............

133

118,133

3.15%,

03/22/30

............

146

132,743

2.55%,

03/21/31

............

180

153,901

4.86%,

08/21/46

............

34

33,462

3.70%,

03/22/61

............

12

9,425

VICI

Properties

LP,

4.95%

,

02/15/30

.

38

36,013

VMware,

Inc.,

4.70%

,

05/15/30

....

69

66,529

Walt

Disney

Co.

(The)

4.75%,

09/15/44

............

35

34,153

4.70%,

03/23/50

............

7

6,904

Waste

Pro

USA,

Inc.,

5.50%

,

02/15/26

(a)

................

6

5,330

Western

Digital

Corp.,

2.85%

,

02/01/29

67

54,551

WP

Carey,

Inc.

4.00%,

02/01/25

............

12

11,920

4.25%,

10/01/26

............

8

7,889

3.85%,

07/15/29

............

8

7,447

2.40%,

02/01/31

............

13

10,617

2.45%,

02/01/32

............

18

14,477

12,223,907

Total

Corporate

Bonds

—

35.4%

(Cost:

$17,499,754)

..............................

15,400,459

Foreign

Agency

Obligations

Germany

—

0.8%

Kreditanstalt

fuer

Wiederaufbau

(d)

2.00%,

11/15/29

............

EUR

223

236,460

1.38%,

06/07/32

............

127

125,369

361,829

Total

Foreign

Agency

Obligations

—

0.8%

(Cost:

$365,412)

................................

361,829

Foreign

Government

Obligations

Belgium

—

0.8%

Kingdom

of

Belgium,

1.25%

,

04/22/33

(a)

(d)

......................

360

350,289

France

—

0.4%

French

Republic,

0.50%

,

06/25/44

(a)(d)

220

156,289

Ireland

—

1.0%

Republic

of

Ireland,

1.35%

,

03/18/31

(d)

450

454,427

Mexico

—

0.4%

United

Mexican

States,

2.66%

,

05/24/31

.................

USD

200

164,600

Netherlands

—

0.5%

Kingdom

of

Netherlands,

0.50%

,

01/15/40

(a)(d)

...............

EUR

270

221,496

Panama

—

0.4%

Republic

of

Panama,

3.88%

,

03/17/28

USD

200

190,913

Peru

—

0.1%

Republic

of

Peru,

3.55%

,

03/10/51

..

35

26,092

BlackRock

Sustainable

Total

Return

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

—

0.5%

U.K.

Treasury

Bonds,

0.88%

,

07/31/33

(d)

................

GBP

226

$

235,230

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay,

5.10%

,

06/18/50

.................

USD

25

25,075

Total

Foreign

Government

Obligations

—

4.2%

(Cost:

$2,224,070)

..............................

1,824,411

Municipal

Bonds

California

-

0.4%

Bay

Area

Toll

Authority

,

Series

2010S-1,

RB,

7.04%, 04/01/50

.........

20

27,802

Los

Angeles

Community

College

District

,

Series

2010E,

GO,

6.60%, 08/01/42

............

5

6,399

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

............

20

23,792

State

of

California

,

Series

2018,

GO,

4.60%, 04/01/38

............

70

70,830

University

of

California

,

Series

2012AD,

RB,

4.86%, 05/15/12

.........

5

4,721

133,544

Illinois

-

0.1%

State

of

Illinois

,

Series

2003,

GO,

5.10%, 06/01/33

............

40

40,174

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority

,

Series

2009F,

RB,

7.41%, 01/01/40

....

8

10,622

New

York

-

0.0%

Metropolitan

Transportation

Authority

,

Series

2009A-1,

RB,

5.87%, 11/15/39

............

10

11,224

New

York

City

Municipal

Water

Finance

Authority

,

Series

2010EE,

RB,

6.01%, 06/15/42

............

5

5,951

Port

Authority

of

New

York

&

New

Jersey

,

Series

2011-168,

RB,

4.93%, 10/01/51

............

15

15,918

33,093

Ohio

-

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

8.08%, 02/15/50

....

10

14,501

Texas

-

0.1%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2010A,

RB,

5.81%, 02/01/41

............

10

11,412

State

of

Texas

,

Series

2009A,

GO,

5.52%, 04/01/39

............

15

17,118

28,530

Total

Municipal

Bonds

—

0.6%

(Cost:

$312,202)

................................

260,464

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.6%

United

States

—

0.6%

Federal

National

Mortgage

Association

Variable

Rate

Notes,

Series

2021-

R02,

Class

2B1,

(SOFR30A

+

3.30%),

4.23%,

11/25/41

(a)(b)

....

USD

296

$

253,093

Commercial

Mortgage-Backed

Securities

—

5.3%

(a)

Cayman

Islands

—

1.0%

(b)

MF1,

Series

2021-W10,

Class

G,

(TSFR1M

+

4.22%),

5.50%,

12/15/34

(e)

................

250

230,000

STWD

Mortgage

Trust,

Series

2021-

LIH,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

4.88%,

11/15/36

.....

250

229,471

459,471

United

States

—

4.3%

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

A1A2,

3.90%,

08/10/35

.................

250

241,192

Commercial

Mortgage

Trust,

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(b)

................

150

144,566

Grace

Trust,

Series

2020-GRCE,

Class

D,

2.77%,

12/10/40

(b)

.........

250

192,688

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

4.76%,

11/15/36

(b)

................

250

233,465

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(b)

Series

2021-MHC,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

3.02%,

04/15/38

...............

250

236,185

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

...............

160

134,088

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

3.92%,

04/15/38

(b)

................

250

232,427

SUMIT

Mortgage

Trust,

Series

2022-

BVUE,

Class

D,

2.99%,

02/12/41

(b)

40

31,247

Velocity

Commercial

Capital

Loan

Trust,

Series

2021-4,

Class

M4,

4.48%,

12/26/51

(b)

...........

489

426,337

1,872,195

2,331,666

Total

Non-Agency

Mortgage-Backed

Securities

—

5.9%

(Cost:

$2,881,417)

..............................

2,584,759

BlackRock

Sustainable

Total

Return

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Preferred

Securities

Capital

Trusts

—

0.4%

United

States

—

0.4%

(b)(f)

Bank

of

New

York

Mellon

Corp.

(The),

Series

F

,

(LIBOR

USD

3

Month

+

3.13%),

4.63%

.............

USD

47

$

40,890

Charles

Schwab

Corp.

(The),

Series

H

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.............

38

29,250

Citigroup,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.

66

54,780

State

Street

Corp.,

Series

H

,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

..

53

47,701

172,621

Total

Preferred

Securities

—

0.4%

(Cost:

$211,381)

................................

172,621

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

37.6%

Federal

National

Mortgage

Association,

3.00%, 12/01/50

............

788

742,543

Government

National

Mortgage

Association

2.00%

,

 08/20/50

-

11/20/50

...

183

163,099

2.50%

,

 10/20/51

-

12/20/51

...

318

292,234

3.00%

,

 03/20/52

..........

287

271,234

3.50%

,

 03/20/52

..........

69

67,405

4.00%

,

 03/20/52

..........

16

16,425

2.00%

,

 07/15/52

(g)

.........

548

486,564

2.50%

,

 07/15/52

(g)

.........

431

394,365

3.00%

,

 07/15/52

(g)

.........

227

213,682

3.50%

,

 07/15/52

-

08/15/52

(g)

..

471

457,496

4.00%

,

 07/15/52

(g)

.........

182

180,702

4.50%

,

 07/15/52

(g)

.........

83

84,219

5.00%

,

 07/15/52

(g)

.........

28

28,691

Uniform

Mortgage-Backed

Securities

1.50%

,

 07/25/37

-

07/25/52

(g)

..

830

721,892

2.00%

,

 07/25/37

-

08/25/52

(g)

..

4,637

4,068,949

2.50%

,

 07/25/37

-

07/25/52

(g)

..

611

569,950

3.00%

,

 07/25/37

-

08/25/52

(g)

..

843

794,323

3.50%

,

 07/25/37

-

08/25/52

(g)

..

395

382,265

4.00%

,

 09/01/47

-

04/01/52

...

1,249

1,242,470

4.50%

,

 06/01/50

..........

255

258,940

2.00%

,

 11/01/51

..........

104

90,260

2.50%

,

 11/01/51

-

12/01/51

...

2,793

2,520,834

3.00%

,

 11/01/51

..........

255

242,545

3.50%

,

 11/01/51

..........

956

943,279

4.00%

,

 07/25/52

-

08/25/52

(g)

..

554

546,184

5.00%

,

 07/25/52

-

08/25/52

(g)

..

328

334,346

4.50%

,

 08/25/52

(g)

.........

245

245,354

16,360,250

Total

U.S.

Government

Sponsored

Agency

Securities

—

37.6%  

(Cost:

$17,029,817)

..............................

16,360,250

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

1.13%, 05/15/40

-

08/15/40

.....

412

285,712

1.38%, 11/15/40

............

206

148,360

1.75%, 08/15/41

............

206

156,697

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.75%, 11/15/47

............

USD

298

$

266,966

3.00%, 02/15/48

............

298

280,772

2.38%, 05/15/51

............

212

178,966

2.00%, 08/15/51

............

63

48,303

1.88%, 11/15/51

............

3

2,101

2.88%, 05/15/52

............

143

135,068

U.S.

Treasury

Inflation

Linked

Notes

0.13%, 04/15/27

(b)

...........

1,028

1,012,183

U.S.

Treasury

Notes

0.88%, 01/31/24

-

09/30/26

.....

195

183,691

0.25%, 03/15/24

............

469

447,803

2.50%, 04/30/24

............

1,224

1,213,338

0.75%, 11/15/24

-

08/31/26

.....

733

668,797

2.75%, 05/15/25

-

04/30/27

.....

220

217,911

2.88%, 06/15/25

-

04/30/29

.....

191

189,033

1.13%, 10/31/26

............

58

53,462

1.50%, 01/31/27

............

7

6,536

1.88%, 02/28/27

-

02/15/32

.....

38

35,558

0.63%, 03/31/27

............

189

168,719

0.50%, 04/30/27

-

05/31/27

.....

524

463,322

1.25%, 03/31/28

............

27

24,393

1.75%, 01/31/29

............

10

9,220

Total

U.S.

Treasury

Obligations

—

14.2%

(Cost:

$6,735,676)

..............................

6,196,911

Total

Long-Term

Investments

—

112.7%

(Cost:

$53,580,344)

..............................

49,081,534

Shares

Shares

Short-Term

Securities

Money

Market

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

(h)(i)

....

4,476,492

4,476,492

Total

Short-Term

Securities

—

10.3%

(Cost:

$4,476,492)

..............................

4,476,492

Total

Options

Purchased

—

0.0%

(Cost:

$12,163

)

................................

8,378

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

123.0%

(Cost:

$58,068,999)

..............................

53,566,404

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$(40,585))

...................

(39,730)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

(g)

Government

National

Mortgage

Association,

3.50%, 07/15/52

....

(136)

(131,841)

Uniform

Mortgage-Backed

Securities

1.50%

,

 07/25/37

-

07/25/52

.....

(22)

(19,528)

2.00%

,

 07/25/37

-

07/25/52

.....

(1,361)

(1,182,326)

2.50%

,

 07/25/37

-

08/25/52

.....

(827)

(743,650)

3.00%

,

 07/25/37

-

07/25/52

.....

(178)

(165,794)

3.50%

,

 07/25/37

-

08/25/52

.....

(410)

(394,385)

4.00%

,

 07/25/52

-

08/25/52

.....

(1,583)

(1,558,906)

4.50%

,

 07/25/52

-

08/25/52

.....

(634)

(635,104)

BlackRock

Sustainable

Total

Return

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

TBA

Sale

Commitments

(g)

(continued)

5.00%

,

 07/25/52

............

USD

(195)

$

(199,022)

Total

TBA

Sale

Commitments

—

(11.6)%

(Proceeds:

$(5,001,854))

..........................

(5,030,556)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

111.3%

(Cost:

$53,026,560)

..............................

48,496,118

Liabilities

in

Excess

of

Other

Assets

—

(11.3)%

...........

(4,928,065)

Net

Assets

—

100.0%

..............................

$

43,568,053

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Perpetual

security

with

no

stated

maturity

date.

(g)

Represents

or

includes

a

TBA

transaction.

(h)

Annualized

7-day

yield

as

of

period

end.

(i)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

June

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

10/18/21

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(

b

)

..

$

—

$

4,476,492

$

—

$

—

$

—

$

4,476,492

4,476,492

$

4,743

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

BlackRock

Sustainable

Total

Return

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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

Euro-Bund

..............................................................

3

09/08/22

$

468

$

14,934

U.S.

Treasury

10

Year

Note

...................................................

18

09/21/22

2,130

(7,507)

U.S.

Treasury

Long

Bond

....................................................

10

09/21/22

1,381

(25,550)

U.S.

Treasury

Ultra

Bond

....................................................

5

09/21/22

766

7,667

U.S.

Treasury

2

Year

Note

....................................................

15

09/30/22

3,147

(20,136)

U.S.

Treasury

5

Year

Note

....................................................

27

09/30/22

3,027

(62)

(30,654)

Short

Contracts

Euro-

Bobl

...............................................................

14

09/08/22

1,822

15,113

Euro-BTP

...............................................................

8

09/08/22

1,032

(38,067)

Euro-

Buxl

...............................................................

1

09/08/22

171

(4,440)

Euro-OAT

...............................................................

10

09/08/22

1,452

16,333

Euro-Schatz

.............................................................

1

09/08/22

114

236

Long

Gilt

...............................................................

2

09/28/22

277

11,187

3

Month

SOFR

Index

.......................................................

18

09/19/23

4,354

(2,963)

(2,601)

$

(33,255)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

19,000

USD

19,906

State

Street

Bank

and

Trust

Co.

07/05/22

$

3

EUR

209,000

GBP

178,517

Deutsche

Bank

AG

09/21/22

2,635

USD

64,627

EUR

61,000

Bank

of

America

NA

09/21/22

335

USD

3,901,511

EUR

3,684,000

BNP

Paribas

SA

09/21/22

18,677

USD

222,466

EUR

209,000

JPMorgan

Chase

Bank

NA

09/21/22

2,186

USD

295,914

EUR

280,000

Royal

Bank

of

Canada

09/21/22

803

USD

538,644

GBP

434,000

HSBC

Bank

plc

09/21/22

9,519

34,158

GBP

168,000

USD

205,793

Bank

of

America

NA

09/21/22

(970)

GBP

99,000

USD

120,806

Royal

Bank

of

Canada

09/21/22

(108)

USD

20,015

EUR

19,000

State

Street

Bank

and

Trust

Co.

09/21/22

(10)

(1,088)

$

33,070

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

08/01/22

JPY

124.00

USD

574

$

597

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

08/05/22

JPY

127.00

USD

442

1,122

USD

Currency

...........................

Bank

of

America

NA

08/22/22

JPY

130.00

USD

409

2,895

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

09/08/22

JPY

126.50

USD

370

1,948

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

09/12/22

JPY

126.50

USD

323

1,816

$

—

$

8,378

$

—

BlackRock

Sustainable

Total

Return

Fund

11

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

USD

Currency

.............................

Bank

of

America

NA

08/01/22

JPY

124.00

USD

574

$

(597)

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

10-Year

Interest

Rate

Swap

(a)

2.91%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/06/25

2.91

%

USD

41

$

(2,216)

10-Year

Interest

Rate

Swap

(a)

2.86%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

06/09/25

2.86

USD

33

(1,755)

10-Year

Interest

Rate

Swap

(a)

2.90%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/12/25

2.90

USD

37

(2,004)

10-Year

Interest

Rate

Swap

(a)

3.09%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

06/16/25

3.09

USD

114

(7,141)

10-Year

Interest

Rate

Swap

(a)

3.15%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/16/25

3.15

USD

56

(3,697)

10-Year

Interest

Rate

Swap

(a)

3.16%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/16/25

3.16

USD

53

(3,525)

10-Year

Interest

Rate

Swap

(a)

2.93%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

06/17/25

2.93

USD

31

(1,733)

(22,071)

Put

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.91%

Semi-Annual

Goldman

Sachs

International

06/06/25

2.91

USD

41

(2,060)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.86%

Semi-Annual

Barclays

Bank

plc

06/09/25

2.86

USD

33

(1,760)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.90%

Semi-Annual

Bank

of

America

NA

06/12/25

2.90

USD

37

(1,903)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.09%

Semi-Annual

Bank

of

America

NA

06/16/25

3.09

USD

114

(5,115)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.15%

Semi-Annual

Deutsche

Bank

AG

06/16/25

3.15

USD

56

(2,408)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.16%

Semi-Annual

Deutsche

Bank

AG

06/16/25

3.16

USD

53

(2,263)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.93%

Semi-Annual

Goldman

Sachs

International

06/17/25

2.93

USD

31

(1,553)

(17,062)

$

(39,133)

(a)

Forward

settling

swaption.

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)

6

month

EURIBOR

Semi-Annual

1.52%

Annual

N/A

02/15/31

EUR

27

$

(1,216)

$

—

$

(1,216)

6

month

EURIBOR

Semi-Annual

1.52%

Annual

N/A

02/15/31

EUR

36

(1,626)

—

(1,626)

6

month

EURIBOR

Semi-Annual

1.54%

Annual

N/A

02/15/31

EUR

73

(3,173)

—

(3,173)

6

month

EURIBOR

Semi-Annual

1.55%

Annual

N/A

02/15/31

EUR

27

(1,141)

—

(1,141)

6

month

EURIBOR

Semi-Annual

1.55%

Annual

N/A

02/15/31

EUR

37

(1,559)

—

(1,559)

6

month

EURIBOR

Semi-Annual

1.56%

Annual

N/A

02/15/31

EUR

73

(3,039)

—

(3,039)

6

month

EURIBOR

Semi-Annual

1.57%

Annual

N/A

02/15/31

EUR

73

(2,984)

—

(2,984)

6

month

EURIBOR

Semi-Annual

1.59%

Annual

N/A

02/15/31

EUR

37

(1,418)

—

(1,418)

BlackRock

Sustainable

Total

Return

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

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)

6

month

EURIBOR

Semi-Annual

1.64%

Annual

N/A

02/15/31

EUR

18

$

(619)

$

—

$

(619)

6

month

EURIBOR

Semi-Annual

1.65%

Annual

N/A

02/15/31

EUR

37

(1,243)

—

(1,243)

6

month

EURIBOR

Semi-Annual

1.65%

Annual

N/A

02/15/31

EUR

18

(616)

—

(616)

6

month

EURIBOR

Semi-Annual

1.69%

Annual

N/A

02/15/31

EUR

19

(569)

—

(569)

6

month

EURIBOR

Semi-Annual

1.82%

Annual

N/A

02/15/31

EUR

59

(1,163)

—

(1,163)

0.31%

Annual

1

day

TONAR

Annual

N/A

04/07/32

JPY

10,385

1,180

—

1,180

0.31%

Annual

1

day

TONAR

Annual

N/A

04/07/32

JPY

11,710

1,329

—

1,329

0.30%

Annual

1

day

TONAR

Annual

N/A

04/07/32

JPY

11,897

1,378

—

1,378

0.30%

Annual

1

day

TONAR

Annual

N/A

04/07/32

JPY

11,943

1,397

—

1,397

0.30%

Annual

1

day

TONAR

Annual

N/A

04/07/32

JPY

11,845

1,414

—

1,414

0.40%

Annual

1

day

TONAR

Annual

N/A

05/02/32

JPY

7,208

386

—

386

0.39%

Annual

1

day

TONAR

Annual

N/A

05/02/32

JPY

7,208

399

—

399

0.42%

Annual

1

day

TONAR

Annual

N/A

06/14/32

JPY

16,108

663

—

663

0.42%

Annual

1

day

TONAR

Annual

N/A

06/14/32

JPY

29,968

1,220

—

1,220

0.42%

Annual

1

day

TONAR

Annual

N/A

06/14/32

JPY

14,284

631

—

631

0.83%

Annual

6

month

EURIBOR

Semi-Annual

N/A

02/04/37

EUR

230

45,080

—

45,080

2.38%

Annual

6

month

EURIBOR

Semi-Annual

N/A

06/29/42

EUR

130

(2,510)

—

(2,510)

0.86%

Annual

1

day

TONAR

Annual

N/A

05/09/52

JPY

2,594

853

—

853

0.86%

Annual

1

day

TONAR

Annual

N/A

05/09/52

JPY

4,707

1,501

—

1,501

0.89%

Annual

1

day

TONAR

Annual

N/A

05/10/52

JPY

2,389

650

—

650

2.09%

Annual

1

day

SOFR

Annual

05/12/42

(a)

05/12/52

USD

425

(1,168)

—

(1,168)

1.95%

Annual

1

day

SOFR

Annual

05/12/42

(a)

05/12/52

USD

430

1,886

—

1,886

1.97%

Annual

1

day

SOFR

Annual

05/12/42

(a)

05/12/52

USD

430

1,632

—

1,632

1.94%

Annual

1

day

SOFR

Annual

05/23/42

(a)

05/23/52

USD

426

2,113

—

2,113

1.96%

Annual

1

day

SOFR

Annual

05/23/42

(a)

05/23/52

USD

426

1,676

—

1,676

0.87%

Annual

1

day

TONAR

Annual

N/A

05/30/52

JPY

2,624

820

—

820

0.81%

Annual

1

day

TONAR

Annual

N/A

05/30/52

JPY

2,624

1,103

—

1,103

0.82%

Annual

1

day

TONAR

Annual

N/A

05/30/52

JPY

2,624

1,067

—

1,067

0.83%

Annual

1

day

TONAR

Annual

N/A

05/30/52

JPY

2,624

1,010

—

1,010

1

day

SOFR

Annual

2.08%

Annual

05/30/42

(a)

05/30/52

USD

405

826

—

826

1.31%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

75

(356)

—

(356)

1.45%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

34

(468)

(14)

(454)

1.44%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

33

(433)

(2)

(431)

1.46%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

36

(518)

4

(522)

1.48%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

34

(533)

(4)

(529)

1.49%

Annual

6

month

EURIBOR

Semi-Annual

06/10/42

(a)

06/10/52

EUR

34

(554)

(3)

(551)

$

43,308

$

(19)

$

43,327

(a)

Forward

swap.

BlackRock

Sustainable

Total

Return

Fund

13

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Abbott

Laboratories

........

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

17

$

(435)

$

(388)

$

(47)

$

–

$

–

$

–

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

1.09

%

1

day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.01)

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

0.26

BlackRock

Sustainable

Total

Return

Fund

14

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

RB

Revenue

Bonds

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

TONAR

Tokyo

Overnight

Average

Rate

BlackRock

Sustainable

Total

Return

Fund

15

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

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.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

5,919,830

$

—

$

5,919,830

Corporate

Bonds

........................................

—

15,400,459

—

15,400,459

Foreign

Agency

Obligations

.................................

—

361,829

—

361,829

Foreign

Government

Obligations

..............................

—

1,824,411

—

1,824,411

Municipal

Bonds

.........................................

—

260,464

—

260,464

Non-Agency

Mortgage-Backed

Securities

........................

—

2,354,759

230,000

2,584,759

Preferred

Securities

.......................................

—

172,621

—

172,621

U.S.

Government

Sponsored

Agency

Securities

....................

—

16,360,250

—

16,360,250

U.S.

Treasury

Obligations

...................................

—

6,196,911

—

6,196,911

Short-Term

Securities

Money

Market

Funds

......................................

4,476,492

—

—

4,476,492

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

8,378

—

8,378

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(5,030,556)

—

(5,030,556)

$

4,476,492

$

43,829,356

$

230,000

$

48,535,848

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

34,158

$

—

$

34,158

Interest

rate

contracts

.......................................

65,470

70,214

—

135,684

Liabilities

Credit

contracts

...........................................

—

(47)

—

(47)

Foreign

currency

exchange

contracts

............................

—

(1,685)

—

(1,685)

Interest

rate

contracts

.......................................

(98,725)

(66,020)

—

(164,745)

$

(33,255)

$

36,620

$

—

$

3,365

(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.