BlackRock Funds IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-23341

Name of Fund: BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds IV, 55 East

52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800)441-7762

Date of fiscal year end: 07/31/2019

Date of reporting period: 01/31/2019

Item 1 – Report to Stockholders

JANUARY 31, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Funds IV

^Ø  BlackRock Global Long/Short Credit Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800)441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2019, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market, while the bond market delivered modest positive returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates were relatively unchanged. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Although the credit fundamentals in corporate markets remained relatively solid, investment-grade and high-yield bonds trailed U.S. Treasuries.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate (the theoretical rate that is neither stimulative nor restrictive to the economy) is approximately 3.5%. The Fed funds rate is currently at 2.5%, which is stimulative to the economy. At its latest meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation gives the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off. We also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
The Benefits and Risks of Leveraging		7
About Fund Performance		7
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Schedule of Investments		9
Statement of Assets and Liabilities		56
Statement of Operations		57
Statements of Changes in Net Assets		58
Financial Highlights		59
Notes to Financial Statements		63
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements		78
Trustee and Officer Information		81
Additional Information		82
Glossary of Terms Used in this Report		83

3

Fund Summary  as of January 31, 2019 BlackRock Global Long/Short Credit Fund

Investment Objective

BlackRock Global Long/Short Credit Fund’s (the “Fund”) investment objective is to seek absolute total returns over a complete market cycle.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2019, the Fund underperformed the benchmark, the ICE BofAML3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The largest detractor from performance was the Fund’s European absolute return strategies, particularly event-based trades and exposure to financials. European directional risk strategies also hurt performance, most notably positioning with respect to collateralized loan obligations (“CLOs”), capital securities and high yield corporate bonds. Additional detractors included a relative value trade with respect to U.S. financials and industrials. A thematic long equity position in a U.S. media company also weighed on returns. Finally, global strategies to manage risk had a negative impact as credit markets performed well in the third quarter.

Positive contributions to performance were led by the Fund’s U.S. absolute return strategies. Specifically, idiosyncratic long positions in technology and health care helped performance, along with event trades in telecommunications. Equity strategies including short positions in both exchange-traded funds and individual securities also added value. European carry (income) strategies, based primarily on floating rate loan interest (“bank loan”) exposure, performed well. With respect to U.S. carry strategies, exposure to enhanced equipment trust certificates, commercial mortgage backed securities and asset backed securities contributed positively to performance. Lastly, directional risk in U.S. high yield corporates added to Fund returns.

As part of its investment strategy, the Fund uses derivatives to manage duration (sensitivity to interest rate movements) and currency risk. The Fund also has the flexibility to utilize derivatives in order to express a positive or negative view on a particular issuer or sector, or to manage overall credit risk. Derivatives may also serve as a more liquid way to express exposures depending on the market environment. During the period, the Fund’s derivative holdings had a positive impact overall on performance, led by the use of forward foreign currency transactions to managenon-dollar currency exposures.

The Fund’s cash exposure had no material impact on performance as the Fund may express long and short positions via credit default swaps and other derivatives, which do not require a cash outlay like that of traditional cash bonds.

Describe recent portfolio activity.

The Fund reached a peak net long position of 87% of notional net assets before cutting risk starting in October. By the end of January, the Fund’s net long position was at 38% of notional net assets. The Fund reduced exposure to the two primary regions in which it invests, Europe and the United States, although the reduction in Europe was more prominent given the structural challenges the region faces moving forward.

In the United States, the primary reduction in risk came from a decrease in exposure to bank loans and CLOs within the carry strategy. Additionally, the investment adviser reduced the Fund’s exposure to investment grade corporate bonds, particularly financials. In Europe, the largest reduction in risk came from moving to a net short position in investment grade corporate bonds. The Fund also trimmed exposure to bank loans in Europe throughout the six-month period.

Overall, the Fund was positioned with a continued emphasis on absolute return strategies during the period. The Fund continued to seek opportunities in issuers with a potential catalyst or based on relative value across asset classes.

Describe portfolio positioning at period end.

At period end, the Fund maintained diversified exposure to credit risk. The Fund maintained a larger allocation to absolute return strategies, which stand to benefit from increased volatility and dispersion of returns. While directional risk remained an element of the portfolio, it was at a relatively low level by the Fund’s historical standards.

The Fund ended the period with a net long credit position in Europe with 9% of net assets, 24% in the United States, 4% in Asia and Emerging Markets, and 38% of net assets overall.

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

4 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of January 31, 2019 (continued) BlackRock Global Long/Short Credit Fund

Performance Summary for the Period Ended January 31, 2019

										Average Annual Total Returns (a)(b)
										1 Year						5 Years						Since Inception (c)
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		4.10	%		4.10	%		(0.54	)%		(1.30	)%		N/A			1.28	%		N/A			2.40	%		N/A
Investor A		3.68			3.68			(0.67	)		(1.62	)		(5.56	)%		1.02			0.19	%		2.14			1.57	%
Investor C		3.09			3.09			(1.18	)		(2.43	)		(3.36	)		0.26			0.26			1.38			1.38
Class K		4.17			4.17			(0.56	)		(1.33	)		N/A			1.33			N/A			2.43			N/A
ICE BofAML3-Month U.S. Treasury Bill Index(d)		—			—			1.10			1.95			N/A			0.67			N/A			0.48			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 7 for a detailed description of share classes, including any related sales charges and fees and how performance was calculated for certain share classes.

^(b)  The Fund seeks to provide absolute total returns over a complete market cycle through diversified long and short exposure to the global fixed income markets. Under normal circumstances, the Fund invests at least 80% of its total assets in credit-related instruments. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock Funds^SM, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

^(c)  The Predecessor Fund commenced operations on September 30, 2011.

^(d)  An unmanaged index that tracks3-month U.S. Treasury securities.

N/A — Not Applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual								Hypothetical (a)
					Including dividend expense and interest expense		Excluding dividend expense and interest expense				Including dividend expense and interest expense				Excluding dividend expense and interest expense
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (b)		Expenses Paid During the Period (c)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period (b)		Ending Account Value (01/31/19)		Expenses Paid During the Period (c)
Institutional	$	1,000.00	$	994.60	$	11.51	$	5.38	$	1,000.00	$	1,013.66	$	11.62	$	1,019.81	$	5.45
Investor A		1,000.00		993.30		12.81		6.68		1,000.00		1,012.35		12.93		1,018.50		6.77
Investor C		1,000.00		988.20		16.59		10.42		1,000.00		1,008.52		16.76		1,014.72		10.56
Class K		1,000.00		994.40		11.16		5.03		1,000.00		1,014.01		11.27		1,020.16		5.09

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.29% for Institutional Shares, 2.55% for Investor A Shares, 3.31% for Investor C Shares and 2.22% for Class K Shares), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period shown).

^(c)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.07% for Institutional Shares, 1.33% for Investor A Shares, 2.08% for Investor C Shares and 1.00% for Class K Shares), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period shown).

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of January 31, 2019 (continued) BlackRock Global Long/Short Credit Fund

GEOGRAPHIC ALLOCATION

	Percent of Total Investments (a)
Country	Long			Short			Total
United States		42	%		8	%		50	%
United Kingdom		6			—	(b)		6
Luxembourg		5			1			6
Italy		2			2			4
Ireland		3			—	(b)		3
Canada		3			—	(b)		3
Netherlands		3			—	(b)		3
Spain		2			1			3
France		1			2			3
Germany		2			—	(b)		2
Cayman Islands		2			—	(b)		2
China		2			—	(b)		2
Switzerland		1			—	(b)		1
Other(c)		10			2			12
Total		84			16			100

^(a)  Total investments include the gross market values of long and short positions exclude Short-Term Securities, Options Purchased and Options Written.

^(b)  Representing less than 0.5% of the Fund’s total investments.

^(c)  Includes holdings and within countries that are 1% or less of long-term investments. Please refer to the Schedule of Investments for such countries.

CREDIT QUALITY ALLOCATIONS ^(a)

Credit Rating	Percent of Total Investments (b)
AAA/Aaa(c)		2	%
AA/Aa		2
A		5
BBB/Baa		18
BB/Ba		23
B		35
CCC/Caa		8
CC		—	(d)
C		—	(d)
D		—	(d)
NR		7

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service 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 rating quality. Credit quality ratings are subject to change.

^(b)  Total Investments exclude Short-Term Securities, Options Purchased, Options Written, Borrowed Bonds and Investments Sold Short.

^(c)  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 advisor 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.

^(d)  Represents less than 0.5% of the Fund’s total investments.

6 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Fund may utilize leverage to seek to enhance returns and net asset value (“NAV”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

The Fund may utilize leverage by entering into reverse repurchase agreements.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund’s shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Fund’s shareholders, and the value of these portfolio holdings is reflected in the Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed the Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.

Furthermore, the value of the Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence the Fund’s NAV positively or negatively in addition to the impact on the Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that the Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of the Fund’s shares than if the Fund were not leveraged. In addition, the Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs expenses in connection with the use of leverage, all of which are borne by the Fund’s shareholders and may reduce income.

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares March 28, 2016 inception date is that of Institutional Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge(front-end load) of 4.00% for Fund. These shares are subject to a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares, and, thereafter, investors will be subject to lower ongoing fees.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/ to obtain performance data current to the most recent month end.

Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at NAV on theex-dividend/payable dates. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized30-day yield excludes the effects of any waiver and/or reimbursements.

THE BENEFITSAND RISKSOF LEVERAGING / ABOUT FUND PERFORMANCE 7

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including12b-1 fees, acquired fund fees and expenses, and other Fund expenses. The expense example shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019) are intended to assist shareholders both in calculating expenses based on an investment in Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical example that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Derivative Financial Instruments

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

8 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities— 7.2%
Cayman Islands— 2.2%(a)(b)
Allegro CLOII-S Ltd., Series2014-1RA, Class B, (LIBOR USD 3 Month + 2.15%), 4.91%, 10/21/28	USD		550	$	540,313
Allegro CLO VI Ltd.:
Series2017-2A, Class C, (LIBOR USD 3 Month + 1.80%), 4.57%, 01/17/31			1,600		1,531,601
Series2017-2A, Class D, (LIBOR USD 3 Month + 2.75%), 5.52%, 01/17/31			500		472,637
ALM VI Ltd., Series2012-6A, Class CR3, (LIBOR USD 3 Month + 2.70%), 5.49%, 07/15/26			1,000		959,553
ALM VIII Ltd., Series2013-8A, Class A1R, (LIBOR USD 3 Month + 1.49%), 4.28%, 10/15/28			2,750		2,752,001
AMMC CLO XII Ltd., Series2013-12A, Class CR, (LIBOR USD 3 Month + 1.90%), 4.52%, 11/10/30			1,500		1,440,494
Anchorage Capital CLO1-R Ltd., Series2018-1RA, Class C, (LIBOR USD 3 Month + 1.80%), 4.60%, 04/13/31			1,300		1,237,930
Anchorage Capital CLO4-R Ltd., Series2014-4RA, Class C, (LIBOR USD 3 Month + 1.85%), 4.61%, 01/28/31			500		480,182
sApidos CLO XV:
Series2013-15A, Class A1RR, (LIBOR USD 3 Month + 1.01%), 3.77%, 04/20/31			1,000		988,699
Series2013-15A, Class CRR, (LIBOR USD 3 Month + 1.85%), 4.61%, 04/20/31			1,000		958,081
Apidos CLO XX, Series2015-20A, Class CR, (LIBOR USD 3 Month + 2.95%), 5.73%, 07/16/31			1,000		962,208
Ares XLIX CLO Ltd., Series2018-49A, Class B, (LIBOR USD 3 Month + 1.65%), 4.41%, 07/22/30			1,000		989,889
Ares XLV CLO Ltd., Series2017-45A, Class D, (LIBOR USD 3 Month + 3.05%), 5.84%, 10/15/30			300		290,716
Ares XXXIIR CLO Ltd.:
Series 2014-32RA, Class B, (LIBOR USD 3 Month + 1.80%), 4.42%, 05/15/30			500		475,741
Series 2014-32RA, Class C, (LIBOR USD 3 Month + 2.90%), 5.52%, 05/15/30			500		478,877
Atlas Senior Loan Fund X Ltd., Series2018-10A, Class D, (LIBOR USD 3 Month + 2.75%), 5.54%, 01/15/31			500		465,204
Atlas Senior Loan Fund XII Ltd., Series2018-12A, Class A1, (LIBOR USD 3 Month + 1.18%), 3.63%, 10/24/31			400		395,016
Carlyle Global Market Strategies CLO Ltd.:
Series2013-4A, Class DRR, (LIBOR USD 3 Month + 2.65%), 5.44%, 01/15/31			800		755,564
Series2014-2RA, Class A1, (LIBOR USD 3 Month + 1.05%), 3.67%, 05/15/31			1,000		987,506
Carlyle US CLO Ltd.:
Series2016-4A, Class BR, (LIBOR USD 3 Month + 2.10%), 4.86%, 10/20/27			400		393,087
Series2017-2A, Class C, (LIBOR USD 3 Month + 3.70%), 6.17%, 07/20/31			750		751,032
Cedar Funding VIII CLO Ltd., Series2017-8A, Class D, (LIBOR USD 3 Month + 3.25%), 6.02%, 10/17/30			1,105		1,091,167
Cent CLO 17 Ltd., Series C17A, Class BR, (LIBOR USD 3 Month + 1.85%), 4.37%, 04/30/31			1,000		959,283

Security		Par (000)		Value
Cayman Islands (continued)
CIFC Funding Ltd.:
Series2013-2A, Class B1LR, (LIBOR USD 3 Month + 3.05%), 5.83%, 10/18/30	USD		1,000	$	956,126
Series2014-2RA, Class A1, (LIBOR USD 3 Month + 1.05%), 3.83%, 04/24/30			1,000		992,556
Series2014-2RA, Class A3, (LIBOR USD 3 Month + 1.90%), 4.68%, 04/24/30			500		484,363
Series2018-4A, Class B, (LIBOR USD 3 Month + 2.10%), 4.53%, 10/17/31			550		531,417
Dewolf Park CLO Ltd.:
Series2017-1A, Class C, (LIBOR USD 3 Month + 2.15%), 4.94%, 10/15/30			1,000		978,400
Series2017-1A, Class D, (LIBOR USD 3 Month + 3.15%), 5.94%, 10/15/30			1,000		975,472
Dryden 50 Senior Loan Fund, Series2017-50A, Class C, (LIBOR USD 3 Month + 2.25%), 5.04%, 07/15/30			1,500		1,475,588
Elevation CLO Ltd., Series2017-7A, Class C, (LIBOR USD 3 Month + 1.90%), 4.69%, 07/15/30			1,000		955,011
Fillmore Park CLO Ltd., Series2018-1A, Class D, (LIBOR USD 3 Month + 2.90%), 5.69%, 07/15/30			440		413,841
Galaxy XXVII CLO Ltd.:
Series2017-24A, Class C, (LIBOR USD 3 Month + 1.70%), 4.49%, 01/15/31			750		706,428
Series2018-27A, Class C, (LIBOR USD 3 Month + 1.80%), 4.43%, 05/16/31			1,500		1,418,067
GoldenTree Loan Management US CLO 3 Ltd., Series2018-3A, Class D, (LIBOR USD 3 Month + 2.85%), 5.61%, 04/20/30			750		710,565
Greenwood Park CLO Ltd., Series2018-1A, Class D, (LIBOR USD 3 Month + 2.50%), 5.29%, 04/15/31			630		588,490
Highbridge Loan Management Ltd.:
Series6A-2015, Class A1R, (LIBOR USD 3 Month + 1.00%), 3.58%, 02/05/31			550		543,177
Series8A-2016, Class CR, (LIBOR USD 3 Month + 1.95%), 4.73%, 07/20/30			1,000		949,441
HPS Loan Management Ltd., Series11A-17, Class C, (LIBOR USD 3 Month + 2.35%), 4.94%, 05/06/30			1,575		1,556,285
LCM XIV LP, Series 14A, Class CR, (LIBOR USD 3 Month + 1.85%), 4.61%, 07/20/31			500		478,023
LCM XXIV Ltd., Series 24A, Class C, (LIBOR USD 3 Month + 2.25%), 5.01%, 03/20/30			1,000		980,704
Long Point Park CLO Ltd., Series2017-1A, Class B, (LIBOR USD 3 Month + 1.70%), 4.47%, 01/17/30			1,000		953,814
Madison Park Funding XXV Ltd., Series2017-25A, Class A1, (LIBOR USD 3 Month + 1.18%), 3.95%, 04/25/29			1,000		998,062
Madison Park Funding XXVII Ltd., Series2018-27A, Class B, (LIBOR USD 3 Month + 1.80%), 4.56%, 04/20/30			1,000		953,653
Madison Park Funding XXXI Ltd.:
Series2018-31A, Class C, (LIBOR USD 3 Month + 2.15%), 4.93%, 01/23/31			350		339,731
Series2018-31A, Class D, (LIBOR USD 3 Month + 3.00%), 5.78%, 01/23/31			500		481,150
Neuberger Berman CLO XV Ltd., Series2013-15A, Class CR, (LIBOR USD 3 Month + 2.05%), 4.84%, 10/15/29			1,000		970,242

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Cayman Islands (continued)
Neuberger Berman CLO XXI Ltd.:
Series2016-21A, Class CR, (LIBOR USD 3 Month + 1.60%), 4.36%, 04/20/27	USD		1,000	$	958,994
Series2016-21A, Class DR, (LIBOR USD 3 Month + 2.40%), 5.16%, 04/20/27			1,000		940,025
Neuberger Berman CLO XXII Ltd., Series2016-22A, Class CR, (LIBOR USD 3 Month + 2.20%), 4.97%, 10/17/30			1,000		970,161
Neuberger Berman CLO XXIII Ltd.:
Series2016-23A, Class CR, (LIBOR USD 3 Month + 2.15%), 4.92%, 10/17/27			500		490,905
Series2016-23A, Class DR, (LIBOR USD 3 Month + 2.90%), 5.67%, 10/17/27			300		285,971
Neuberger Berman Loan Advisers CLO 26 Ltd., Series2017-26A, Class C, (LIBOR USD 3 Month + 1.75%), 4.53%, 10/18/30			1,000		952,886
OCP CLO Ltd., Series2017-14A, Class B, (LIBOR USD 3 Month + 1.95%), 4.59%, 11/20/30			1,000		957,271
Octagon Investment Partners 32 Ltd.:
Series2017-1A, Class C, (LIBOR USD 3 Month + 2.25%), 5.04%, 07/15/29			1,000		989,683
Series2017-1A, Class D, (LIBOR USD 3 Month + 3.40%), 6.19%, 07/15/29			1,000		992,309
Octagon Investment Partners 35 Ltd.,Series 2018-1A, Class C, (LIBOR USD 3 Month + 2.60%), 5.36%, 01/20/31			1,000		942,423
Octagon Investment Partners XIV Ltd.,Series 2012-1A, Class A1AR, (LIBOR USD 3 Month + 1.17%), 3.96%, 07/15/29			550		548,609
Octagon Investment Partners XVII Ltd.,Series 2013-1A, Class DR2, (LIBOR USD 3 Month + 2.50%), 5.27%, 01/25/31			1,000		935,209
Octagon Investment Partners XXII Ltd.,Series 2014-1A, Class DRR, (LIBOR USD 3 Month + 2.75%), 5.51%, 01/22/30			1,000		951,422
OHA Credit Partners XIV Ltd., Series2017-14A, Class C, (LIBOR USD 3 Month + 1.80%), 4.56%, 01/21/30			2,000		1,896,451
OZLM Funding IV Ltd., Series2013-4A, Class BR, (LIBOR USD 3 Month + 2.20%), 4.96%, 10/22/30			1,500		1,455,433
OZLM Funding Ltd., Series2012-1A, Class BR2, (LIBOR USD 3 Month + 2.30%), 5.06%, 07/22/29			1,150		1,145,587
OZLM VI Ltd.:
Series2014-6A, Class B1S, (LIBOR USD 3 Month + 2.10%), 4.87%, 04/17/31			1,000		975,348
Series2014-6A, Class CS, (LIBOR USD 3 Month + 3.13%), 5.90%, 04/17/31			550		531,607
OZLM XX Ltd., Series2018-20A, Class B, (LIBOR USD 3 Month + 1.95%), 4.71%, 04/20/31			1,000		961,404
Palmer Square CLO Ltd.:
Series2013-2A, Class AARR, (LIBOR USD 3 Month + 1.20%), 3.97%, 10/17/31			500		496,684
Series2013-2A, Class BRR, (LIBOR USD 3 Month + 2.20%), 4.97%, 10/17/31			750		729,687
Series2014-1A, Class CR2, (LIBOR USD 3 Month + 2.65%), 5.42%, 01/17/31			515		486,664
Rockford Tower CLO Ltd.:
Series2017-3A, Class C, (LIBOR USD 3 Month + 1.80%), 4.56%, 10/20/30			1,000		939,502
Series2018-1A, Class A, (LIBOR USD 3 Month + 1.10%), 3.74%, 05/20/31			1,500		1,477,345

Security		Par (000)		Value
Cayman Islands (continued)
Series2018-2A, Class C, (LIBOR USD 3 Month + 2.20%), 4.63%, 10/20/31	USD		500	$	479,202
RR 5 Ltd., Series2018-5A, Class B, (LIBOR USD 3 Month + 2.25%), 5.04%, 10/15/31			500		480,232
Stewart Park CLO Ltd., Series2015-1A, Class DR, (LIBOR USD 3 Month + 2.60%), 5.39%, 01/15/30			500		474,395
TICP CLO XI Ltd., Series2018-11A, Class C, (LIBOR USD 3 Month + 2.15%), 4.59%, 10/20/31			1,000		967,020
TICP CLO XII Ltd.:
Series2018-12A, Class C, (LIBOR USD 3 Month + 2.00%), 4.81%, 01/15/31			500		485,606
Series2018-12A, Class D, (LIBOR USD 3 Month + 2.80%), 5.61%, 01/15/31(c)			1,000		937,500
Tryon Park CLO Ltd., Series2013-1A, Class A1SR, (LIBOR USD 3 Month + 0.89%), 3.68%, 04/15/29			700		692,829
Voya CLO Ltd.:
Series2014-1A, Class BR2, (LIBOR USD 3 Month + 1.90%), 4.68%, 04/18/31			700		674,004
Series2014-4A, Class BR2, (LIBOR USD 3 Month + 2.09%), 4.89%, 07/14/31			300		290,273
YorkCLO-2 Ltd., Series2015-1A, Class CR, (LIBOR USD 3 Month + 1.85%), 4.61%, 01/22/31			1,500		1,409,497
					69,649,525
European Union— 0.1%
Avoca CLO XVIII DAC, Series 2018X, Class E, (EURIBOR 3 Month + 4.60%), 4.60%, 04/15/31(b)	EUR		3,800		3,895,638
Ireland— 2.4%
Aqueduct European CLO DAC, Series2017-2X, Class E, (EURIBOR 3 Month + 4.40%), 4.40%, 10/15/30(b)			919		934,168
Arbour CLO IV DAC, Series 4X, Class E, (EURIBOR 3 Month + 5.60%), 5.60%, 01/15/30(b)			1,833		2,037,479
Avoca CLO XV DAC:
Series 15X, Class ER, (EURIBOR 3 Month + 4.13%), 4.13%, 04/15/31(b)			2,930		2,902,999
Series 15X, Class FR, (EURIBOR 3 Month + 5.84%), 5.84%, 04/15/31(b)			3,425		3,256,806
Series 15X, Class M1, 0.00%, 04/15/31(d)			5,300		4,806,714
Bilbao CLO I DAC(b):
Series 1X, Class A2A, (EURIBOR 3 Month + 1.30%), 1.30%, 07/20/31			7,100		7,834,261
Series 1X, Class D, (EURIBOR 3 Month + 4.73%), 4.73%, 07/20/31			2,400		2,421,491
Cadogan Square CLO X DAC, Series 10X, Class M, 0.00%, 10/25/30(d)			1,100		1,069,602
Cadogan Square CLO XI DAC, Series 11X, Class C, (EURIBOR 3 Month + 1.85%), 1.85%, 02/15/31(b)			2,230		2,445,722
CGMSE, Series2014-2X, (EURIBOR 3 Month + 5.70%), 5.70%, 11/17/31(b)			2,305		2,446,719
CVC Cordatus Loan Fund IV Ltd., Series 4X, Class SUB, (EURIBOR 6 Month + 0.00%), 0.00%, 01/24/28(b)			12,600		10,659,472
CVC Cordatus Loan Fund VI DAC, Series 6X, Class SUB, 0.00%, 04/15/32(d)			6,790		5,103,063
CVC Cordatus Loan Fund VIII DAC, Series 8X, Class E, (EURIBOR 3 Month + 5.70%), 5.70%, 04/23/30(b)			1,100		1,218,498

10 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ireland (continued)
GLC Euro CLO IV DAC, Series 4X, (EURIBOR 3 Month + 1.05%), 1.05%, 10/15/30(b)	EUR		5,948	$	6,471,054
OCP Euro CLO DAC(b):
Series2017-2X, Class E, (EURIBOR 3 Month + 5.00%), 5.00%, 01/15/32			1,572		1,653,307
Series2017-2X, Class F, (EURIBOR 3 Month + 6.40%), 6.40%, 01/15/32			1,000		991,028
OCP Euro DAC, Series2017-1X, Class E, (EURIBOR 3 Month + 5.35%), 5.35%, 06/18/30(b)			800		866,612
OZLME, Series 4X, Class B1, (EURIBOR 3 Month + 1.35%), 1.35%, 10/15/31(b)			4,770		5,305,931
OZLME II DAC, Series 2X, Class E, (EURIBOR 3 Month + 4.90%), 4.90%, 10/15/30(b)			1,302		1,350,125
RFTE, (EURIBOR 3 Month + 1.03%), 1.03%, 12/20/31(b)			9,690		11,066,274
Voya Euro CLO I DAC, Series 1X, Class SUB, (EURIBOR 3 Month + 0.00%), 0.00%, 10/15/30(b)			2,894		3,107,228
					77,948,553
Netherlands— 0.9%
Avoca CLO XIV Designated Activity Co.:
Series 14X, Class ER, (EURIBOR 3 Month + 4.70%), 4.70%, 01/12/31(b)			1,970		2,047,485
Series 14X, Class FR, (EURIBOR 3 Month + 6.35%), 6.35%, 01/12/31(b)			2,200		2,168,837
Series 14X, Class SUB, 0.00%, 01/12/31(d)			1,500		1,295,615
Cairn CLO IX BV:
Series2018-9X, Class B1, (EURIBOR 3 Month + 1.00%), 1.00%, 03/21/32(b)			4,300		4,689,490
Series2018-9X, Class M2, 0.00%, 03/21/32(d)			1,900		2,051,669
Dryden 46 Euro CLO BV, Series2016-46X, Class E, (EURIBOR 3 Month + 5.75%), 5.75%, 01/15/30(b)			1,352		1,497,507
Dryden 56 Euro CLO BV, Series2017-56X, Class E, (EURIBOR 3 Month + 4.72%), 4.72%, 01/15/32(b)			2,085		2,131,293
Halcyon Loan Advisors European Funding,Series 2018-1X, Class B1, (EURIBOR 3 Month + 1.48%), 1.48%, 10/18/31(b)			4,200		4,711,025
OZLME III DAC:
Series 3X, Class E, (EURIBOR 3 Month + 4.80%), 4.80%, 08/24/30(b)			1,600		1,636,493
Series 3X, Class SUB, 0.00%, 08/24/30(d)			5,300		4,782,734
					27,012,148
United Kingdom— 0.1%
Unique Pub Finance Co. plc (The), Series A4, 5.66%, 06/30/27	GBP		2,451		3,455,978
United States— 1.5%
ALM VIIR-2 Ltd., Series 2013-7R2A, Class BR2, (LIBOR USD 3 Month + 2.20%), 4.99%, 10/15/27(a)(b)	USD		400		396,269
Carlyle Global Market Strategies CLO Ltd.,Series 2012-4A, Class BR, (LIBOR USD 3 Month + 1.90%), 4.66%, 01/20/29(a)(b)			1,500		1,501,887
DCP Rights LLC, Series2014-1A, Class A, 5.46%, 10/25/44(a)			4,428		4,540,348
Navient Private Education Loan Trust(a):
Series2014-CTA, Class A, (LIBOR USD 1 Month + 0.70%), 3.21%, 09/16/24(b)			152		151,829
Series2014-CTA, Class B, (LIBOR USD 1 Month + 1.75%), 4.26%, 10/17/44(b)			1,500		1,518,817

Security		Par (000)		Value
United States (continued)
Series2015-AA, Class A3, (LIBOR USD 1 Month + 1.70%), 4.21%, 11/15/30(b)	USD		4,705	$	4,812,967
Series2015-AA, Class B, 3.50%, 12/15/44			1,400		1,364,857
Octagon Investment Partners 26 Ltd(b):
Series2016-1, Class AR, (LIBOR USD 3 Month + 1.80%), 4.59%, 04/20/31			1,000		947,639
Series2016-1, Class AR, (LIBOR USD 3 Month + 2.85%), 5.64%, 04/20/31			1,000		952,319
OneMain Financial Issuance Trust(a):
Series2015-1A, Class A, 3.19%, 03/18/26			686		685,756
Series2015-1A, Class B, 3.85%, 03/18/26			4,710		4,722,698
Series2015-2A, Class B, 3.10%, 07/18/25			362		362,092
Santander Drive Auto Receivables Trust,Series 2014-4, Class D, 3.10%, 11/16/20			723		723,178
SLM Private Education Loan Trust(a):
Series2011-B, Class A3, (LIBOR USD 1 Month + 2.25%), 4.76%, 06/16/42(b)			9,870		10,031,337
Series2013-B, Class B, 3.00%, 05/16/44			5,640		5,621,654
SMB Private Education Loan Trust, Series2015-C, Class B, 3.50%, 09/15/43(a)			9,225		9,067,113
Springleaf Funding Trust, Series2015-AA, Class A, 3.16%, 11/15/24(a)			1,535		1,534,426
					48,935,186
Total Asset-Backed Securities— 7.2% (Cost: $248,331,804)					230,897,028
		Shares
Common Stocks— 0.6%
Germany— 0.1%
Aroundtown SA			227,423		2,011,702
Italy— 0.0%
Intesa Sanpaolo SpA			379,428		868,179
Netherlands— 0.0%
Altice Europe NV, Class A(e)			536,278		1,093,924
United States— 0.5%
Air Lease Corp.			20,000		758,800
Ascent Resources Marcellus(c)(e)			1,094,267		317,021
Kinder Morgan, Inc.			166,667		3,016,673
Lions Gate Entertainment Corp., Class A			582,490		10,700,341
					14,792,835
Total Common Stocks— 0.6% (Cost: $30,467,529)					18,766,640
		Par (000)
Corporate Bonds— 59.7%
Australia— 0.1%
Macquarie Group Ltd., (LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/23(b)	USD		735		710,030
Newcastle Coal Infrastructure Group Pty. Ltd., 4.40%, 09/29/27			430		384,382
Origin Energy Finance Ltd., (EUR Swap Annual 5 Year + 3.67%), 4.00%, 09/16/74(b)	EUR		504		586,856
Pacific National Finance Pty. Ltd., 4.75%, 03/22/28	USD		900		860,247
QBE Insurance Group Ltd., (USD Swap Semi 10 Year + 4.40%), 5.87%, 06/17/46(b)			477		464,336
Santos Finance Ltd., 4.13%, 09/14/27			286		258,137

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Australia (continued)
Transurban Queensland Finance Pty. Ltd., 4.50%, 04/19/28	USD		400	$	383,290
Virgin Australia Pass-Through Trust,Series 2013-1B, Class B, 6.00%, 10/23/20(a)			682		693,026
					4,340,304
Bahrain— 0.0%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27			350		362,250
Belgium— 0.6%
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49			17,370		18,138,084
Solvay Finance SA, (EUR Swap Annual 5 Year + 3.70%), 5.42%(b)(f)	EUR		958		1,199,326
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(a)	USD		400		378,000
					19,715,410
Brazil— 0.1%
Petrobras Global Finance BV, 4.75%, 01/14/25	EUR		2,800		3,497,325
Canada— 3.2%
1011778 BC ULC(a):
4.25%, 05/15/24	USD		288		278,640
5.00%, 10/15/25			614		592,510
Air Canada Pass-Through Trust(a):
Series2013-1, Class B, 5.38%, 05/15/21			1,232		1,248,128
Series2015-2, Class B, 5.00%, 12/15/23			15,333		15,457,491
Series2017-1, Class B, 3.70%, 01/15/26			19,021		18,218,471
Bombardier, Inc.(a):
7.75%, 03/15/20			8,750		9,012,500
8.75%, 12/01/21			43,677		46,365,319
5.75%, 03/15/22			26		24,765
6.00%, 10/15/22			78		75,173
6.13%, 01/15/23			254		245,415
7.50%, 12/01/24			389		377,330
7.50%, 03/15/25			391		376,826
7.45%, 05/01/34			100		90,000
Calfrac Holdings LP, 8.50%, 06/15/26(a)			37		27,750
Enbridge, Inc., 4.00%, 10/01/23			7,709		7,817,074
GFL Environmental, Inc., 5.38%, 03/01/23(a)			44		41,140
Hulk Finance Corp., 7.00%, 06/01/26(a)			43		39,784
Intertape Polymer Group, Inc., 7.00%, 10/15/26(a)			42		42,000
Mattamy Group Corp.(a):
6.88%, 12/15/23			61		59,316
6.50%, 10/01/25			33		30,608
MEG Energy Corp., 6.50%, 01/15/25(a)			188		184,710
Mercer International, Inc.:
6.50%, 02/01/24			63		63,654
5.50%, 01/15/26			51		47,302
Norbord, Inc., 6.25%, 04/15/23(a)			67		67,837
NOVA Chemicals Corp., 4.88%, 06/01/24(a)			117		111,150
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)			155		155,775
Seven Generations Energy Ltd.(a):
6.88%, 06/30/23			15		15,112
5.38%, 09/30/25			37		35,698
Superior Plus LP, 7.00%, 07/15/26(a)			97		95,666
Teck Resources Ltd.:
8.50%, 06/01/24(a)			459		494,568
5.20%, 03/01/42			120		109,500
Tervita Escrow Corp., 7.63%, 12/01/21(a)			109		107,093
Titan Acquisition Ltd., 7.75%, 04/15/26(a)			200		175,000
Videotron Ltd., 5.13%, 04/15/27(a)			155		155,387

Security		Par (000)		Value
Canada (continued)
Xplornet Communications, Inc., 0.00% (0.00% Cash or 10.63% PIK), 06/01/22(a)(g)	USD		14	$	14,015
					102,252,707
Cayman Islands— 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22			400		344,000
China— 2.3%
Agile Group Holdings Ltd.:
8.50%, 07/18/21			400		416,928
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.22%), 6.87%(b)(f)			400		357,000
Anton Oilfield Services Group, 9.75%, 12/05/20			400		390,415
Baidu, Inc., 3.88%, 09/29/23			500		501,158
Baoxin Auto Finance I Ltd.:
7.90%, 02/09/20			290		288,912
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.91%), 5.63%(b)(f)			1,135		1,017,749
Beijing Environment Bvi Co. Ltd., 5.30%, 10/18/21			540		540,000
Binhai Investment Co. Ltd., 4.45%, 11/30/20			200		189,300
Caiyun International Investment Ltd., 3.13%, 07/12/19			600		586,500
CCTI Ltd., 3.63%, 08/08/22			1,385		1,326,047
CDBL Funding 1, 3.50%, 10/24/27			920		851,552
Central China Real Estate Ltd.:
7.33%, 01/27/20			325		325,813
6.88%, 10/23/20			1,200		1,191,000
Chalco Hong Kong Investment Co. Ltd., 4.88%, 09/07/21			655		661,046
Chalieco Hong Kong Corp. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.29%), 5.70%(b)(f)			841		841,912
Chang Development International Ltd., 3.63%, 01/20/20			1,500		1,467,210
China Aoyuan Group Ltd.:
7.50%, 05/10/21			900		904,500
7.95%, 09/07/21			650		663,000
China Evergrande Group:
6.25%, 06/28/21(h)			219		205,029
4.25%, 02/14/23(i)	HKD		8,000		948,303
7.50%, 06/28/23	USD		338		304,060
8.75%, 06/28/25			255		225,675
China Huiyuan Juice Group Ltd., 6.50%, 08/16/20			381		263,399
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22			1,254		1,213,327
China SCE Group Holdings Ltd.:
8.75%, 01/15/21			300		306,000
7.45%, 04/17/21			800		799,505
China Singyes Solar Technologies Holdings Ltd., 0.00%, 02/15/19(e)(j)(k)			447		261,495
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22			1,800		1,730,788
Chong Hing Bank Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.03%), 3.88%, 07/26/27(b)			635		613,902
CIFI Holdings Group Co. Ltd.:
6.38%, 05/02/20			3,000		2,992,500
6.88%, 04/23/21			550		550,000
5.50%, 01/23/22			900		848,250
CITIC Ltd.:
6.80%, 01/17/23			2,000		2,207,610
4.00%, 01/11/28			440		426,091
CMHI Finance BVI Co. Ltd., 5.00%, 08/06/28			635		660,276

12 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
CNAC HK Finbridge Co. Ltd.:
4.13%, 03/14/21	USD		739	$	740,955
4.63%, 03/14/23			1,395		1,423,925
4.88%, 03/14/25			905		940,069
5.13%, 03/14/28			200		210,250
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			2,857		2,864,143
Country Garden Holdings Co. Ltd., 7.25%, 04/04/21			311		314,951
Easy Tactic Ltd.:
8.88%, 09/27/21			600		612,984
9.13%, 07/28/22			450		459,000
European TopSoho Sarl, 4.00%, 09/21/21(i)	EUR		2,800		2,976,532
Excel Capital Global Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 9.34%), 7.00%(b)(f)	USD		1,500		1,496,250
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21			425		364,824
7.38%, 10/04/21			202		164,155
7.95%, 07/05/22			350		275,650
Far East Horizon Ltd., (LIBOR USD 3 Month + 2.00%), 4.81%, 07/03/21(b)			713		708,958
Fufeng Group Ltd., 5.88%, 08/28/21			677		684,163
Future Land Development Holdings Ltd.:
2.25%, 02/10/19(i)	HKD		7,300		930,066
5.00%, 02/16/20	USD		725		715,948
6.50%, 09/12/20			700		696,500
7.50%, 01/22/21			500		503,125
GCL New Energy Holdings Ltd., 7.10%, 01/30/21			638		576,793
Golden Wheel Tiandi Holdings Co. Ltd., 7.00%, 01/18/21			600		528,000
Greenland Global Investment Ltd.:
6.75%, 05/22/19			250		250,000
(LIBOR USD 3 Month + 4.85%), 7.67%, 09/26/21(b)			800		775,000
Guojing Capital BVI Ltd., 3.95%, 12/11/22			600		579,063
HBIS Group Hong Kong Co. Ltd., 4.25%, 04/07/20			617		608,248
Hilong Holding Ltd., 7.25%, 06/22/20			230		214,361
Huachen Energy Co. Ltd., 6.63%, 05/18/20(e)(j)			1,200		813,744
Huarong Universe Investment Holding Ltd., 1.63%, 12/05/22	EUR		600		587,904
Huayi Finance I Ltd., 4.00%, 12/02/19	USD		200		195,605
Jingrui Holdings Ltd., 9.45%, 04/23/21			500		456,250
Kaisa Group Holdings Ltd., 8.50%, 06/30/22			787		646,808
King Talent Management Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 5.60%(b)(f)			600		531,750
Leader Goal International Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.92%), 4.25%(b)(f)			500		480,625
Logan Property Holdings Co. Ltd., 8.75%, 12/12/20			470		481,750
Longfor Group Holdings Ltd., 4.50%, 01/16/28			525		481,688
Minmetals Bounteous Finance BVI Ltd., 4.75%, 07/30/25			1,300		1,328,217
New Metro Global Ltd., 6.50%, 04/23/21			1,596		1,580,040
Overseas Chinese Town Asia Holdings Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 7.71%), 4.30%(b)(f)			1,175		1,146,036
Poly Real Estate Finance Ltd., 4.75%, 09/17/23			700		701,358
Poseidon Finance 1 Ltd., 0.00%, 02/01/25(i)(l)			860		815,003
Powerchina Real Estate Group Ltd., 4.50%, 12/06/21			1,055		1,059,241

Security		Par (000)		Value
China (continued)
Powerlong Real Estate Holdings Ltd.:
Series 1238, 0.00%, 02/11/19(i)(l)	HKD		2,000	$	259,925
5.95%, 07/19/20	USD		700		686,000
6.95%, 04/17/21			300		291,750
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			1,003		767,611
Redco Group, 6.38%, 02/27/19			295		293,525
Rock International Investment, Inc., 6.63%, 03/27/20			943		727,739
Scenery Journey Ltd., 11.00%, 11/06/20			600		616,500
Shandong Iron and Steel Xinheng International Co. Ltd., 6.50%, 06/14/21			513		485,649
Shimao Property Holdings Ltd., 6.38%, 10/15/21			600		609,929
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL, 4.65%, 10/30/23			900		916,350
Sunac China Holdings Ltd.:
8.63%, 07/27/20			300		306,000
6.88%, 08/08/20			600		597,975
8.38%, 01/15/21			370		376,566
Tewoo Group No. 5 Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.37%), 5.80%(b)(f)			500		407,500
Times China Holdings Ltd.:
6.25%, 01/23/20			1,257		1,247,572
6.25%, 01/17/21			705		692,564
5.75%, 04/26/22			200		186,397
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			986		874,636
Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 11/09/27			465		432,450
Weichai International Hong Kong Energy Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.08%), 3.75%(b)(f)			277		252,763
Xinyuan Real Estate Co. Ltd.:
8.13%, 08/30/19			350		328,125
9.88%, 03/19/20			410		367,975
Yancoal International Resources Development Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.30%), 5.75%(b)(f)			980		979,285
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			615		604,378
Yunnan Energy Investment Overseas Finance Co. Ltd., 3.50%, 12/13/19			200		195,999
Yuzhou Properties Co. Ltd.:
6.38%, 03/06/21			214		210,790
7.90%, 05/11/21			400		405,910
8.63%, 01/23/22			500		510,000
Zhaohai Investment BVI Ltd., 4.00%, 07/23/20			400		389,302
Zhenro Properties Group Ltd.:
10.50%, 06/28/20			255		258,519
12.50%, 01/02/21			600		614,823
					74,890,691
Czech Republic— 0.0%
Residomo SRO, 3.38%, 10/15/24	EUR		1,063		1,213,911
Denmark— 0.2%
Danske Bank A/S:
5.38%, 01/12/24(a)	USD		200		202,838
(US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 4.13%), 7.00%(b)(f)			2,840		2,584,400
DKT Finance ApS, 7.00%, 06/17/23	EUR		2,540		3,139,867
TDC A/S, 3.75%, 03/02/22			378		477,047
					6,404,152
Finland— 0.0%
Nokia OYJ:
3.38%, 06/12/22	USD		35		34,432

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Finland (continued)
4.38%, 06/12/27	USD		49	$	47,422
6.63%, 05/15/39			128		133,120
					214,974
France— 0.6%
Altice France SA:
7.38%, 05/01/26(a)			530		510,782
5.88%, 02/01/27	EUR		3,100		3,574,872
8.13%, 02/01/27(a)			600		589,440
Autodis SA:
(EURIBOR 3 Month + 4.38%), 4.38%, 05/01/22(b)	EUR		214		240,153
4.38%, 05/01/22			254		282,722
BNP Paribas SA, (EUR Swap Annual 5 Year + 5.23%), 6.12%(b)(f)			725		888,803
Casino Guichard Perrachon SA, (EUR Swap Annual 5 Year + 3.82%), 4.87%(b)(f)			500		386,056
CMA CGM SA:
6.50%, 07/15/22			130		141,619
5.25%, 01/15/25			4,370		4,256,368
Europcar Mobility Group, 5.75%, 06/15/22			130		152,518
Orange SA, (EUR Swap Annual 5 Year + 3.67%), 5.25%(b)(f)			4,830		6,135,283
Paprec Holding SA, 4.00%, 03/31/25			379		368,733
Parts Europe SA, (EURIBOR 3 Month + 5.50%), 5.18%, 05/01/22(b)			452		513,479
					18,040,828
Germany— 1.9%
ADLER Real Estate AG:
1.50%, 12/06/21			1,640		1,863,214
1.88%, 04/27/23			400		445,384
2.13%, 02/06/24			4,192		4,669,577
3.00%, 04/27/26			2,400		2,669,543
Alpha 2 BV, 8.75% (8.75% Cash or 9.50% PIK), 06/01/23(a)(g)	USD		210		203,175
ATF Netherlands BV, (EUR Swap Annual 5 Year + 4.38%), 3.75%(b)(f)	EUR		2,400		2,715,449
BlitzF18-674 GmbH, 6.00%, 07/30/26			544		621,884
BMW Finance NV, 1.50%, 02/06/29			3,850		4,379,168
Deutsche Telekom International Finance BV, 3.13%, 02/06/34	GBP		1,925		2,506,096
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		2,883		3,341,863
Platin 1426 GmbH, 5.38%, 06/15/23			3,379		3,597,683
RWE AG, (EUR Swap Annual 5 Year + 2.64%), 2.75%, 04/21/75(b)			672		776,551
Summit Germany Ltd., 2.00%, 01/31/25			202		216,128
Tele Columbus AG, 3.88%, 05/02/25			3,120		3,255,569
thyssenkrupp AG:
1.38%, 03/03/22			340		386,202
2.50%, 02/25/25			100		115,836
Unitymedia GmbH, 3.75%, 01/15/27			23,232		27,633,726
Unitymedia Hessen GmbH & Co. KG, 6.25%, 01/15/29			90		113,315
					59,510,363
Guernsey— 0.0%
Doric Nimrod Air Alpha Pass-Through Trust,Series 2013-1, Class A, 5.25%, 05/30/23(a)	USD		630		636,290
Hong Kong— 0.5%
ASM Pacific Technology Ltd., 2.00%, 03/28/19(i)	HKD		8,000		1,021,336
Bank of East Asia Ltd. (The)(b)(f):
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.83%), 5.50%	USD		1,062		1,055,363

Security		Par (000)		Value
Hong Kong (continued)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.68%), 5.63%	USD		369	$	359,603
China Cinda Finance Ltd., 4.25%, 04/23/25			2,970		2,915,088
CMB Wing Lung Bank Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/27(b)			985		944,709
FWD Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 5.50%(b)(f)			280		252,000
Hongkong & Shanghai Banking Corp. Ltd. (The), Series 3H, (LIBOR USD 3 Month + 0.00%), 2.94%(b)(f)			8,800		6,248,000
HPHT Finance 17 Ltd., 2.75%, 09/11/22			535		513,026
Industrial & Commercial Bank of China Asia Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.14%), 4.25%(b)(f)			1,400		1,364,419
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			430		394,584
RKPF Overseas 2019 A Ltd., 7.88%, 02/01/23			260		260,000
Studio City Finance Ltd.:
8.50%, 12/01/20			517		517,646
7.25%, 02/11/24			700		707,707
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22			260		268,186
					16,821,667
India— 0.2%
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27			414		378,519
Adani Transmission Ltd., 4.00%, 08/03/26			495		443,819
Greenko Dutch BV, 5.25%, 07/24/24			775		721,719
Greenko Investment Co., 4.88%, 08/16/23			1,563		1,450,566
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27			549		521,550
Oil India International Pte. Ltd., 4.00%, 04/21/27			202		190,237
UPL Corp. Ltd., 4.50%, 03/08/28			1,100		1,027,143
Vedanta Resources plc, 7.13%, 05/31/23			1,000		965,000
Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/23			900		839,160
					6,537,713
Indonesia— 0.2%
Eterna Capital Pte. Ltd., Series B, 0.00% (0.00% Cash or 8.00% PIK), 12/11/22(g)			905		764,748
Global Prime Capital Pte. Ltd., 7.25%, 04/26/21			300		307,500
JGC Ventures Pte. Ltd., 10.75%, 08/30/21			500		529,111
LLPL Capital Pte. Ltd., 6.88%, 02/04/39			650		679,033
Medco Straits Services Pte. Ltd., 8.50%, 08/17/22			1,500		1,548,750
Minejesa Capital BV, 4.63%, 08/10/30			550		525,726
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/23			1,300		1,181,628
					5,536,496
Ireland— 1.1%
AerCap Ireland Capital DAC:
4.25%, 07/01/20			9,981		10,004,968
4.63%, 07/01/22			6,469		6,492,415
Ardagh Packaging Finance plc:
4.13%, 05/15/23	EUR		436		512,809
4.63%, 05/15/23(a)	USD		324		324,000
7.25%, 05/15/24(a)			872		901,430
4.75%, 07/15/27	GBP		3,955		4,707,546
Avolon Holdings Funding Ltd., 5.13%, 10/01/23(a)	USD		95		96,444
Bank of Ireland, (EUR Swap Annual 5 Year + 6.96%), 7.38%(b)(f)	EUR		2,689		3,264,518
Park Aerospace Holdings Ltd.(a):
3.63%, 03/15/21	USD		102		100,725

14 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ireland (continued)
5.25%, 08/15/22	USD		119	$	120,821
5.50%, 02/15/24			2		2,030
Smurfit Kappa Acquisitions ULC:
2.88%, 01/15/26	EUR		7,530		8,632,643
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23	GBP		718		951,052
					36,111,401
Israel— 0.3%
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 04/15/24	USD		8,800		8,905,644
Italy— 1.7%
Banca Carige SpA, 0.75%, 07/26/20	EUR		500		572,237
Banco BPM SpA, 1.75%, 04/24/23			417		457,924
Buzzi Unicem SpA, 2.13%, 04/28/23			325		378,495
Intesa Sanpaolo SpA:
2.13%, 08/30/23			3,650		4,224,677
(EUR Swap Annual 5 Year + 7.19%), 7.75%(b)(f)			3,800		4,597,035
Leonardo US Holdings, Inc.(a):
7.38%, 07/15/39	USD		2,627		2,679,540
6.25%, 01/15/40			470		418,300
Rossini Sarl, 6.75%, 10/30/25	EUR		9,837		11,512,767
Sisal Group SpA, 7.00%, 07/31/23			3,238		3,707,245
Telecom Italia Capital SA, 6.38%, 11/15/33	USD		223		202,484
Telecom Italia SpA:
4.88%, 09/25/20	EUR		254		307,191
1.13%, 03/26/22(i)			9,200		9,773,474
4.00%, 04/11/24			366		420,014
5.30%, 05/30/24(a)	USD		200		190,000
UniCredit SpA:
6.57%, 01/14/22(a)			7,325		7,483,024
(EUR Swap Annual 5 Year + 9.30%), 9.25%(b)(f)	EUR		2,034		2,548,952
(EUR Swap Annual 5 Year + 4.32%), 4.38%, 01/03/27(b)			300		345,615
Wind Tre SpA, 5.00%, 01/20/26(a)	USD		5,350		4,400,375
					54,219,349
Jamaica— 0.0%(a)
Digicel Group One Ltd., 8.25%, 12/30/22			102		84,150
Digicel Group Two Ltd., 8.25%, 09/30/22			98		53,410
Digicel Ltd., 6.00%, 04/15/21			275		254,375
					391,935
Japan— 0.2%
Asahi Mutual Life Insurance Co., (USD Swap Semi 5 Year + 4.59%), 6.50%(b)(f)			600		586,102
JT International Financial Services BV, 3.88%, 09/28/28			1,100		1,104,444
SoftBank Group Corp.:
4.00%, 04/20/23	EUR		1,436		1,726,403
(USD Swap Rate 5 Year + 4.23%), 6.00%(b)(f)	USD		1,100		982,124
(USD Swap Rate 5 Year + 4.85%), 6.87%(b)(f)			3,600		3,156,466
					7,555,539
Jersey— 0.0%
LHC3 plc, 4.12% (4.12% Cash or 9.00% PIK), 08/15/24(g)	EUR		1,116		1,271,367
Luxembourg— 3.8%
Altice Financing SA:
5.25%, 02/15/23			314		364,772
6.63%, 02/15/23(a)	USD		285		286,511
7.50%, 05/15/26(a)			23,230		22,010,425

Security		Par (000)		Value
Luxembourg (continued)
Altice Finco SA:
7.63%, 02/15/25(a)	USD		7,500	$	6,290,625
4.75%, 01/15/28	EUR		8,530		8,048,783
Altice Luxembourg SA, 7.75%, 05/15/22(a)	USD		514		498,580
DEA Finance SA, 7.50%, 10/15/22	EUR		1,000		1,201,830
Garfunkelux Holdco 2 SA, 11.00%, 11/01/23	GBP		4,200		4,048,909
Garfunkelux Holdco 3 SA:
7.50%, 08/01/22	EUR		263		263,401
8.50%, 11/01/22	GBP		1,500		1,651,140
INEOS Finance plc, 4.00%, 05/01/23	EUR		460		534,140
INEOS Group Holdings SA, 5.38%, 08/01/24			573		665,038
Intelsat Jackson Holdings SA:
5.50%, 08/01/23	USD		243		221,130
8.00%, 02/15/24(a)			6,435		6,700,444
8.50%, 10/15/24(a)			46,583		47,062,805
9.75%, 07/15/25(a)			15,356		15,989,435
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		5,390		5,738,276
Monitchem HoldCo 3 SA, 5.25%, 06/15/21			100		113,659
SES SA, (EUR Swap Annual 5 Year + 4.66%), 4.62%(b)(f)			100		117,608
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27			1,186		1,457,516
					123,265,027
Macau— 0.0%
Wynn Macau Ltd., 5.50%, 10/01/27(a)	USD		200		182,500
Malaysia— 0.1%
Cindai Capital Ltd., 0.00%, 02/08/23(i)(l)			567		537,034
Gohl Capital Ltd., 4.25%, 01/24/27			640		610,902
TNB Global Ventures Capital Bhd., 4.85%, 11/01/28			450		462,142
					1,610,078
Mongolia— 0.0%
Energy Resources LLC, 8.00%, 09/30/22(k)			602		564,927
Netherlands— 1.6%
ABN AMRO Bank NV(b)(f):
(EUR Swap Annual 5 Year + 5.45%), 5.75%	EUR		400		475,970
(EUR Swap Annual 5 Year + 3.90%), 4.75%			10,900		11,679,488
Intertrust Group BV, 3.38%, 11/15/25			487		556,930
InterXion Holding NV, 4.75%, 06/15/25			791		948,022
Lincoln Finance Ltd., 6.88%, 04/15/21			300		352,396
NXP BV, 4.13%, 06/15/20(a)	USD		4,710		4,710,000
OCI NV, 5.00%, 04/15/23	EUR		961		1,153,452
United Group BV:
(EURIBOR 3 Month + 4.38%), 4.38%, 07/01/23(b)			950		1,084,651
4.88%, 07/01/24			1,194		1,370,069
UPC Holding BV:
5.50%, 01/15/28(a)	USD		8,539		7,855,880
3.88%, 06/15/29	EUR		11,330		12,253,504
Ziggo Bond Co. BV:
4.63%, 01/15/25			7,080		8,182,666
5.88%, 01/15/25(a)	USD		255		239,062
Ziggo BV:
4.25%, 01/15/27	EUR		846		979,047
5.50%, 01/15/27(a)	USD		150		141,750
					51,982,887
Philippines— 0.0%
Royal Capital BV, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.93%), 4.88%(b)(f)			354		326,650

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Philippines (continued)
VLL International, Inc., 5.75%, 11/28/24	USD		280	$	261,544
					588,194
Portugal— 0.5%
Banco Espirito Santo SA(e)(j):
2.63%, 05/08/17	EUR		6,100		2,059,707
4.75%, 01/15/18			19,300		6,351,099
4.00%, 01/21/19			22,800		7,307,126
EDP - Energias de Portugal SA, (EUR Swap Annual 5 Year + 4.29%), 4.50%, 04/30/79(b)			200		230,637
					15,948,569
Singapore— 0.5%
Mulhacen Pte. Ltd., 6.50% (6.50% Cash or 7.25% PIK), 08/01/23(g)			12,993		14,771,402
United Overseas Bank Ltd.(b):
(USD Swap Semi 5 Year + 1.79%), 3.88%(f)	USD		634		588,133
(USD Swap Semi 5 Year + 1.65%), 2.88%, 03/08/27			900		872,294
					16,231,829
South Africa— 0.0%
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		300		350,711
South Korea— 0.1%
Heungkuk Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/47(b)	USD		368		327,980
KDB Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.66%), 7.50%, 05/21/48(b)			1,400		1,335,915
Shinhan Financial Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.05%), 5.87%(b)(f)			900		906,750
Shinsegae, Inc., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 2.63%, 05/08/45(b)			900		884,254
Woori Bank, 5.13%, 08/06/28			600		617,286
					4,072,185
Spain— 1.8%
Banco de Sabadell SA:
5.63%, 05/06/26	EUR		2,100		2,508,993
(EUR Swap Annual 5 Year + 5.10%), 5.38%, 12/12/28(b)			100		116,444
Banco Santander SA(b)(f):
(EUR Swap Annual 5 Year + 5.41%), 6.25%			1,800		2,018,308
(EUR Swap Annual 5 Year + 6.80%), 6.75%			2,100		2,539,625
(EUR Swap Annual 5 Year + 4.10%), 4.75%			4,400		4,201,141
Bankia SA(b)(f):
(EUR Swap Annual 5 Year + 5.82%), 6.00%			9,000		10,095,371
(EUR Swap Annual 5 Year + 6.22%), 6.37%			4,000		4,521,170
CaixaBank SA(b):
(EUR Swap Annual 5 Year + 4.50%), 5.25%(f)			1,800		1,801,311
(EUR Swap Annual 5 Year + 2.35%), 2.75%, 07/14/28			800		921,071
Cirsa Finance International SARL, 6.25%, 12/20/23			340		404,715
Codere Finance 2 Luxembourg SA, 7.63%, 11/01/21(a)	USD		4,197		3,722,319
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		483		550,332
Distribuidora Internacional de Alimentacion SA:
1.50%, 07/22/19			2,300		1,948,109
1.00%, 04/28/21			4,100		2,820,399
El Corte Ingles SA, 3.00%, 03/15/24			757		881,799

Security		Par (000)		Value
Spain (continued)
Mapfre SA, (EURIBOR 3 Month + 4.30%), 4.13%, 09/07/48(b)	EUR		500	$	588,970
Naturgy Finance BV, (EUR Swap Annual 8 Year + 3.35%), 4.13%(b)(f)			2,100		2,496,576
Repsol International Finance BV(b):
(EUR Swap Annual 6 Year + 3.56%), 3.88%(f)			837		997,342
(EUR Swap Annual 10 Year + 4.20%), 4.50%, 03/25/75			846		1,024,962
Telefonica Europe BV(b)(f):
(EUR Swap Annual 8 Year + 5.59%), 7.63%			400		526,982
(EUR Swap Annual 5 Year + 3.86%), 3.75%			1,900		2,224,428
(EUR Swap Annual 5 Year + 2.33%), 2.63%			500		538,191
(EUR Swap Annual 10 Year + 4.30%), 5.88%			7,800		9,764,868
					57,213,426
Sweden— 0.1%
Intrum AB, 2.75%, 07/15/22			555		617,782
Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24			100		114,265
Verisure Holding AB, 3.50%, 05/15/23			119		137,229
Verisure Midholding AB, 5.75%, 12/01/23			473		540,042
					1,409,318
Switzerland— 1.3%(b)(f)
Credit Suisse Group AG:
(USD Swap Semi 5 Year + 4.60%), 7.50%(a)	USD		6,469		6,598,380
(USD Swap Semi 5 Year + 4.60%), 7.50%			2,756		2,923,295
UBS Group Funding Switzerland AG:
(USD Swap Rate 5 Year + 5.50%), 6.87%			898		921,572
(USD Swap Semi 5 Year + 5.88%), 7.13%			1,885		1,960,023
(EUR Swap Annual 5 Year + 5.29%), 5.75%	EUR		1,867		2,311,819
(USD Swap Semi 5 Year + 2.43%), 5.00%	USD		3,352		2,916,240
(USD Swap Semi 5 Year + 4.34%), 7.00%(a)			22,100		22,238,125
					39,869,454
Thailand— 0.1%
PTTEP Treasury Center Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 4.60%(b)(f)			825		781,688
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48			500		531,969
					1,313,657
Turkey— 0.3%
Turkish Airlines Pass-Through Trust, Series2015-1, Class A, 4.20%, 03/15/27(a)			11,980		10,277,808
United Arab Emirates— 0.2%
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/23			1,300		1,298,830
DP World Ltd., 2.38%, 09/25/26	EUR		4,000		4,589,846
					5,888,676
United Kingdom— 4.4%
AA Bond Co. Ltd.:
4.25%, 07/31/20	GBP		554		738,129
4.88%, 07/31/24			1,318		1,644,339
Algeco Global Finance plc, 8.00%, 02/15/23(a)	USD		304		295,640
Alpha 3 BV, 6.25%, 02/01/25(a)			300		283,620
Arqiva Broadcast Finance plc, 6.75%, 09/30/23	GBP		317		432,362
Arrow Global Finance plc, 5.13%, 09/15/24			5,259		6,397,621
B&M European Value Retail SA, 4.13%, 02/01/22			314		407,905
Barclays plc:
4.38%, 09/11/24	USD		255		249,811
(EUR Swap Annual 5 Year + 2.45%), 2.63%, 11/11/25(b)	EUR		773		880,511

16 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security			Par (000)		Value
United Kingdom (continued)
Boparan Finance plc, 4.38%, 07/15/21	EUR			520	$	449,370
Bracken MidCo1 plc, 8.88% (8.88% Cash or 10.38% PIK), 10/15/23(g)	GBP			300		371,209
Cabot Financial Luxembourg SA, 7.50%, 10/01/23				504		622,540
CPUK Finance Ltd., 4.25%, 08/28/22				569		728,962
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24	EUR			396		483,086
GKN Holdings Ltd., 3.38%, 05/12/32	GBP			17,400		21,828,222
HBOS Capital Funding LP, 6.85%(f)	USD			9,433		9,480,165
HSBC Holdings plc, (USD Swap Rate 5 Year + 3.71%), 6.37%(b)(f)				1,198		1,177,035
Inmarsat Finance plc, 4.88%, 05/15/22(a)				100		96,750
Intu Jersey 2 Ltd., 2.88%, 11/01/22(i)	GBP			2,600		2,779,407
Jerrold Finco plc:
6.25%, 09/15/21				464		606,604
6.13%, 01/15/24				4,392		5,629,829
Ladbrokes Group Finance plc, 5.13%, 09/08/23				674		893,506
National Westminster Bank plc, Series C, (LIBOR USD 3 Month + 0.25%), 3.00%(b)(f)	USD			7,300		5,694,000
Neptune Energy Bondco plc, 6.63%, 05/15/25(a)				15,315		14,798,119
New Look Secured Issuer plc, 6.50%, 07/01/22	GBP	��		5,700		2,242,836
Nomad Foods Bondco plc, 3.25%, 05/15/24	EUR			100		115,681
Pinnacle Bidco plc, 6.38%, 02/15/25	GBP			1,318		1,737,021
Pioneer Holdings LLC, 9.00%, 11/01/22(a)	USD			56		56,700
Premier Foods Finance plc, 6.25%, 10/15/23	GBP			200		259,749
Santander UK Group Holdings plc, (GBP Swap 5 Year + 5.54%), 7.38%(b)(f)				1,098		1,482,022
Shop Direct Funding plc, 7.75%, 11/15/22				4,300		4,868,700
Stonegate Pub Co. Financing plc:
(LIBOR GBP 3 Month + 6.25%), 0.00%, 03/15/22(b)				414		540,287
4.88%, 03/15/22				300		380,889
Tesco Corporate Treasury Services plc, 1.38%, 10/24/23	EUR			504		569,281
Tesco plc:
5.00%, 03/24/23	GBP			248		354,674
5.13%, 04/10/47	EUR			1,400		1,853,703
Tullow Oil Jersey Ltd.:
6.63%, 07/12/21(i)	USD			11,400		13,053,000
Unique Pub Finance Co. plc (The), Series N, 6.46%, 03/30/32	GBP			4,087		5,118,477
Virgin Media Finance plc:
6.00%, 10/15/24(a)	USD			200		202,560
6.38%, 10/15/24	GBP			718		963,106
5.75%, 01/15/25(a)	USD			1,970		1,941,199
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP			536		693,190
Virgin Media Secured Finance plc:
5.50%, 01/15/25				450		597,598
5.00%, 04/15/27				7,050		8,968,054
6.25%, 03/28/29				694		935,282
Vodafone Group plc(b):
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/03/78	EUR			3,250		3,501,224
(USD Swap Semi 5 Year + 3.05%), 6.25%, 10/03/78	USD			13,100		12,505,391
Vue International Bidco plc, 7.88%, 07/15/20	GBP			615		806,492
						140,715,858
United States— 30.6%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22	USD			30		29,512
5.63%, 02/15/23				181		177,833
6.50%, 03/01/24				20		19,700

Security		Par (000)		Value
United States (continued)
ACI Worldwide, Inc., 5.75%, 08/15/26(a)	USD		190	$	195,985
Acrisure LLC, 8.13%, 02/15/24(a)			19		19,332
ADT Security Corp. (The):
3.50%, 07/15/22			109		104,912
4.13%, 06/15/23			127		122,238
4.88%, 07/15/32(a)			149		120,690
Advanced Disposal Services, Inc., 5.63%, 11/15/24(a)			63		63,157
Advanced Micro Devices, Inc.:
6.75%, 03/01/19			1,650		1,652,062
7.50%, 08/15/22			29,644		32,163,740
AES Corp.:
4.50%, 03/15/23			49		49,245
4.88%, 05/15/23			50		50,500
5.50%, 04/15/25			54		55,620
6.00%, 05/15/26			70		73,762
5.13%, 09/01/27			129		131,580
AHP Health Partners, Inc., 9.75%, 07/15/26(a)			46		47,725
Albertsons Cos. LLC, 7.50%, 03/15/26(a)			38		38,095
Alcoa Nederland Holding BV, 6.13%, 05/15/28(a)			200		202,500
Alliant Holdings Intermediate LLC, 8.25%, 08/01/23(a)			540		548,100
Allison Transmission, Inc., 5.00%, 10/01/24(a)			18		17,707
Ally Financial, Inc.:
4.13%, 02/13/22			2		2,007
4.63%, 05/19/22			30		30,585
8.00%, 11/01/31			717		860,400
AMC Networks, Inc.:
4.75%, 12/15/22			2		2,005
5.00%, 04/01/24			2		1,985
4.75%, 08/01/25			215		207,744
American Airlines Group, Inc.:
4.63%, 03/01/20(a)			8,135		8,135,000
5.18%, 08/15/23(c)			15,211		15,211,000
American Airlines Pass-Through Trust:
Series2001-01, 6.98%, 05/23/21			5,197		5,301,392
Series2017-1, Class B, 4.95%, 02/15/25			7,381		7,412,861
4.87%, 04/22/25(c)			8,563		8,563,000
American Airlines, Inc., 5.18%, 10/15/23(c)			14,615		14,615,384
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26(a)			96		96,206
AmWINS Group, Inc., 7.75%, 07/01/26(a)			45		44,887
Antero Resources Corp.:
5.63%, 06/01/23			31		30,922
5.00%, 03/01/25			173		166,945
Apergy Corp., 6.38%, 05/01/26			30		29,512
APX Group, Inc.:
8.75%, 12/01/20			115		112,053
7.88%, 12/01/22			159		153,833
Aramark International Finance SARL, 3.13%, 04/01/25	EUR		110		128,896
Aramark Services, Inc.:
5.13%, 01/15/24	USD		256		258,665
5.00%, 04/01/25(a)			13		13,065
4.75%, 06/01/26			127		124,777
5.00%, 02/01/28(a)			42		41,003
Arconic, Inc.:
5.87%, 02/23/22			240		247,800
5.13%, 10/01/24			595		599,192
Asbury Automotive Group, Inc., 6.00%, 12/15/24			142		142,710
Ascend Learning LLC, 6.88%, 08/01/25(a)			90		90,000
Ascent Resources Utica Holdings LLC(a):
10.00%, 04/01/22			132		141,075
7.00%, 11/01/26			58		55,970

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Avantor, Inc.(a):
6.00%, 10/01/24(m)	USD		8,678	$	8,873,255
9.00%, 10/01/25			9,377		9,658,310
Avis Budget Finance plc, 4.75%, 01/30/26	EUR		3,726		4,072,864
Axalta Coating Systems LLC, 4.88%, 08/15/24(a)	USD		150		146,437
B&G Foods, Inc., 5.25%, 04/01/25			17		16,668
Banff Merger Sub, Inc.:
8.38%, 09/01/26	EUR		4,620		4,983,037
9.75%, 09/01/26(a)	USD		596		567,690
Bausch Health Cos., Inc.(a):
5.63%, 12/01/21			6		6,007
6.50%, 03/15/22			147		151,961
5.50%, 03/01/23			479		464,630
5.88%, 05/15/23			388		379,755
6.13%, 04/15/25			38		35,910
5.50%, 11/01/25			605		601,219
9.00%, 12/15/25			18,031		19,225,554
BBA US Holdings, Inc., 5.38%, 05/01/26(a)			80		80,000
Belden, Inc., 4.13%, 10/15/26	EUR		615		716,952
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a)	USD		103		99,910
Big River Steel LLC, 7.25%, 09/01/25(a)			78		81,900
Blackstone CQP Holdco LP(a):
6.50%, 03/20/21			5,629		5,614,927
6.00%, 08/18/21			914		908,516
Blue Cube Spinco LLC:
9.75%, 10/15/23			27		30,105
10.00%, 10/15/25			277		316,472
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(a)			73		71,540
Boyd Gaming Corp., 6.00%, 08/15/26			39		39,000
Boyne USA, Inc., 7.25%, 05/01/25(a)			45		47,362
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)			76		67,925
Broadcom Corp.:
2.38%, 01/15/20			4,860		4,822,372
2.20%, 01/15/21			9,740		9,501,805
Bruin E&P Partners LLC, 8.88%, 08/01/23(a)			141		134,215
BWAY Holding Co., 5.50%, 04/15/24(a)			343		335,070
BWX Technologies, Inc., 5.38%, 07/15/26(a)			58		58,580
Caesars Resort Collection LLC, 5.25%, 10/15/25(a)			135		126,394
California Resources Corp., 8.00%, 12/15/22(a)			356		287,249
Callon Petroleum Co.:
6.13%, 10/01/24			74		74,185
6.38%, 07/01/26			49		49,122
Calpine Corp.:
5.38%, 01/15/23			385		374,412
5.75%, 01/15/25			28		26,390
5.25%, 06/01/26(a)			382		362,900
Capital One Financial Corp., 3.90%, 01/29/24			6,950		6,999,349
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			106		104,675
8.25%, 07/15/25			48		49,440
Catalent Pharma Solutions, Inc.:
4.75%, 12/15/24	EUR		110		130,775
4.88%, 01/15/26(a)	USD		128		124,160
CCO Holdings LLC:
5.13%, 02/15/23			195		196,950
4.00%, 03/01/23(a)			163		158,982
5.38%, 05/01/25(a)			2		2,011
5.75%, 02/15/26(a)			42		42,630
5.13%, 05/01/27(a)			866		836,746
5.00%, 02/01/28(a)			99		94,050
CDK Global, Inc., 4.88%, 06/01/27			247		239,590

Security		Par (000)		Value
United States (continued)
CDW LLC:
5.50%, 12/01/24	USD		12	$	12,414
5.00%, 09/01/25			577		572,672
Centene Corp.:
6.13%, 02/15/24			8,151		8,538,172
5.38%, 06/01/26(a)			511		527,608
CenturyLink, Inc.:
Series S, 6.45%, 06/15/21			8,943		9,102,186
Series W, 6.75%, 12/01/23			7,792		7,840,700
Series Y, 7.50%, 04/01/24			9,874		10,022,110
5.63%, 04/01/25			429		388,245
Series U, 7.65%, 03/15/42			8		6,632
CFX Escrow Corp.(a):
6.00%, 02/15/24			1,593		1,602,956
6.38%, 02/15/26			1,378		1,378,000
Change Healthcare Holdings LLC, 5.75%, 03/01/25(a)			134		128,305
Chaparral Energy, Inc., 8.75%, 07/15/23(a)			93		71,610
Charles River Laboratories International, Inc., 5.50%, 04/01/26(a)			66		67,320
Charter Communications Operating LLC, 5.05%, 03/30/29			23,710		24,214,986
Chemours Co. (The):
6.63%, 05/15/23			207		213,986
7.00%, 05/15/25			94		98,113
5.38%, 05/15/27			75		72,000
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			290		317,912
5.88%, 03/31/25			12		12,642
5.13%, 06/30/27			220		222,200
Cheniere Energy Partners LP, 5.63%, 10/01/26(a)			49		49,116
Chesapeake Energy Corp.:
6.63%, 08/15/20			213		214,598
4.88%, 04/15/22			11		10,450
7.00%, 10/01/24			133		129,841
8.00%, 01/15/25			84		84,524
8.00%, 06/15/27			402		384,915
Chobani LLC, 7.50%, 04/15/25(a)			49		41,895
Churchill Downs, Inc., 4.75%, 01/15/28(a)			42		40,267
Cincinnati Bell, Inc.(a):
7.00%, 07/15/24			176		151,360
8.00%, 10/15/25			13		11,277
CIT Group, Inc.:
5.00%, 08/01/23			569		581,802
4.75%, 02/16/24			4		4,045
5.25%, 03/07/25			35		36,050
6.13%, 03/09/28			75		79,500
Clear Channel International BV, 8.75%, 12/15/20(a)			124		126,170
Clear Channel Worldwide Holdings, Inc.:
Series B, 7.63%, 03/15/20			456		455,430
Series B, 6.50%, 11/15/22			1,090		1,114,525
Clearway Energy Operating LLC:
5.38%, 08/15/24			92		85,330
5.75%, 10/15/25(a)			84		77,595
5.00%, 09/15/26			40		34,800
Cleveland-Cliffs, Inc., 4.88%, 01/15/24(a)			81		77,962
CNX Resources Corp., 5.88%, 04/15/22			756		752,220
Colfax Corp., 3.25%, 05/15/25	EUR		859		947,127
CommScope Technologies LLC, 5.00%, 03/15/27(a)	USD		137		116,779
CommScope, Inc.(a):
5.00%, 06/15/21			5,780		5,743,875
5.50%, 06/15/24			21,425		20,032,375

18 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Community Health Systems, Inc., 8.63%, 01/15/24(a)	USD		158	$	162,740
Comstock Escrow Corp., 9.75%, 08/15/26(a)			61		56,425
CONSOL Energy, Inc., 11.00%, 11/15/25(a)			176		193,600
Constellium NV(a):
6.63%, 03/01/25			367		365,165
5.88%, 02/15/26			391		374,382
Continental Airlines Pass-Through Trust,Series 2012-2, Class A, 4.00%, 10/29/24			2,096		2,082,237
Core & Main LP, 6.13%, 08/15/25(a)			225		214,312
CoreCivic, Inc., 4.75%, 10/15/27			69		58,736
Covey Park Energy LLC, 7.50%, 05/15/25(a)			121		111,925
CPG Merger Sub LLC, 8.00%, 10/01/21(a)			2		1,950
Crown Americas LLC:
4.50%, 01/15/23			2		2,010
4.75%, 02/01/26			302		295,960
4.25%, 09/30/26			10		9,500
Crown European Holdings SA:
2.25%, 02/01/23(a)	EUR		300		351,079
2.25%, 02/01/23			440		514,915
CrownRock LP, 5.63%, 10/15/25(a)	USD		359		344,640
CSC Holdings LLC:
6.75%, 11/15/21			72		75,622
5.13%, 12/15/21(a)			802		803,243
10.13%, 01/15/23(a)			28,649		30,935,190
5.38%, 07/15/23(a)			235		237,573
5.25%, 06/01/24			603		578,880
7.75%, 07/15/25(a)			200		209,500
10.88%, 10/15/25(a)			475		547,528
5.50%, 05/15/26(a)			530		524,700
6.50%, 02/01/29(a)			8,435		8,545,709
CSI Compressco LP, 7.50%, 04/01/25(a)			96		90,960
CyrusOne LP:
5.00%, 03/15/24			14		14,105
5.38%, 03/15/27			27		27,067
DaVita, Inc., 5.13%, 07/15/24			106		104,707
DCP Midstream Operating LP:
5.38%, 07/15/25			81		82,620
6.45%, 11/03/36(a)			10		10,075
6.75%, 09/15/37(a)			242		246,840
Dell International LLC(a):
5.88%, 06/15/21			24,035		24,427,043
7.13%, 06/15/24			292		308,076
Delta Air Lines Pass-Through Trust, Series2015-1, Class B, 4.25%, 07/30/23			14,573		14,771,409
Denbury Resources, Inc., 9.25%, 03/31/22(a)			138		135,585
Diamond Offshore Drilling, Inc.:
7.88%, 08/15/25			34		32,130
5.70%, 10/15/39			5		3,425
4.88%, 11/01/43			54		33,210
Diamondback Energy, Inc.:
4.75%, 11/01/24(a)			18		17,955
4.75%, 11/01/24			77		76,808
5.38%, 05/31/25			97		99,357
DISH DBS Corp.:
6.75%, 06/01/21			198		201,665
5.88%, 07/15/22			454		431,300
7.75%, 07/01/26			56		48,160
DJO Finance LLC, 8.13%, 06/15/21(a)			4,229		4,394,777
DPL, Inc., 7.25%, 10/15/21			11		11,687
Elanco Animal Health, Inc., 4.90%, 08/28/28(a)			59		61,073
Eldorado Resorts, Inc.:
6.00%, 04/01/25			44		44,253
6.00%, 09/15/26(a)			36		35,910

Security		Par (000)		Value
United States (continued)
Embarq Corp., 8.00%, 06/01/36	USD		144	$	136,080
Endeavor Energy Resources LP(a):
5.50%, 01/30/26			183		190,777
5.75%, 01/30/28			128		136,000
Endo Finance LLC(a):
5.75%, 01/15/22			47		42,653
5.38%, 01/15/23			193		157,536
Energizer Gamma Acquisition BV, 4.63%, 07/15/26	EUR		1,000		1,122,154
Energizer Gamma Acquisition, Inc., 6.38%, 07/15/26(a)	USD		10		9,725
Energizer Holdings, Inc., 7.75%, 01/15/27(a)			5,549		5,717,412
Energy Transfer Operating LP:
4.50%, 04/15/24			6,380		6,498,875
5.25%, 04/15/29			4,980		5,155,028
EnLink Midstream Partners LP:
4.40%, 04/01/24			80		76,800
4.15%, 06/01/25			8		7,480
4.85%, 07/15/26			82		76,875
5.05%, 04/01/45			24		19,740
5.45%, 06/01/47			70		60,025
Ensco plc:
5.20%, 03/15/25			83		61,835
7.75%, 02/01/26			109		87,541
5.75%, 10/01/44			45		29,362
Entegris, Inc., 4.63%, 02/10/26(a)			82		79,540
EP Energy LLC:
9.38%, 05/01/20			6		4,770
9.38%, 05/01/24(a)			64		34,080
7.75%, 05/15/26(a)			130		119,762
Equinix, Inc.:
5.38%, 04/01/23			8		8,090
2.88%, 03/15/24	EUR		968		1,120,437
2.88%, 10/01/25			100		113,721
5.88%, 01/15/26	USD		403		416,218
ESH Hospitality, Inc., 5.25%, 05/01/25(a)			81		80,077
Extraction Oil & Gas, Inc.(a):
7.38%, 05/15/24			217		200,725
5.63%, 02/01/26			61		50,020
First Data Corp., 5.00%, 01/15/24(a)			321		328,022
Five Point Operating Co. LP, 7.88%, 11/15/25(a)			55		52,800
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(a)			50		41,625
Fortress Transportation & Infrastructure Investors LLC(a):
6.75%, 03/15/22			22		22,068
6.50%, 10/01/25			26		24,960
Freeport-McMoRan, Inc.:
3.10%, 03/15/20			7,000		6,921,250
4.00%, 11/14/21			11,665		11,519,187
3.55%, 03/01/22			8,980		8,688,150
3.88%, 03/15/23			385		368,156
4.55%, 11/14/24			41		39,309
5.40%, 11/14/34			22		19,525
5.45%, 03/15/43			534		459,240
frontdoor, Inc., 6.75%, 08/15/26(a)			87		86,347
Frontier Communications Corp.:
10.50%, 09/15/22			61		43,691
11.00%, 09/15/25			410		264,194
8.50%, 04/01/26(a)			135		122,479
FS Energy & Power Fund, 7.50%, 08/15/23(a)			26		25,837
Gartner, Inc., 5.13%, 04/01/25(a)			88		87,560
Gates Global LLC, 6.00%, 07/15/22(a)			574		577,042
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a)			84		83,475

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
General Motors Financial Co., Inc.:
5.10%, 01/17/24	USD		8,200	$	8,329,860
5.65%, 01/17/29			3,780		3,827,159
Genesis Energy LP:
6.50%, 10/01/25			46		43,470
6.25%, 05/15/26			69		63,264
Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/24(a)			296		317,460
GEO Group, Inc. (The), 5.88%, 10/15/24			231		209,055
GLP Capital LP:
5.38%, 11/01/23			75		77,343
5.25%, 06/01/25			31		31,683
5.38%, 04/15/26			41		41,874
Golden Nugget, Inc., 6.75%, 10/15/24(a)			242		242,000
Graham Holdings Co., 5.75%, 06/01/26(a)			80		82,800
Gray Television, Inc.(a):
5.13%, 10/15/24			3,882		3,772,819
7.00%, 05/15/27			2,978		3,083,421
Great Western Petroleum LLC, 9.00%, 09/30/21(a)			148		132,090
Greif, Inc., 6.50%, 03/01/27(a)			28		28,175
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)			76		75,430
Grinding Media, Inc., 7.38%, 12/15/23(a)			215		217,150
Group 1 Automotive, Inc.:
5.00%, 06/01/22			12		11,895
5.25%, 12/15/23(a)			19		18,240
Gulfport Energy Corp., 6.00%, 10/15/24			66		62,040
Halcon Resources Corp., 6.75%, 02/15/25			139		107,030
Harland Clarke Holdings Corp., 8.38%, 08/15/22(a)			58		54,375
HCA, Inc.:
6.50%, 02/15/20			13,620		13,994,550
4.75%, 05/01/23			103		105,833
5.88%, 05/01/23			2		2,115
5.00%, 03/15/24			18		18,729
5.38%, 02/01/25			50		51,609
5.38%, 09/01/26			170		173,985
5.63%, 09/01/28			299		309,184
5.88%, 02/01/29			337		353,007
5.50%, 06/15/47			151		157,312
HD Supply, Inc., 5.38%, 10/15/26(a)			673		676,365
Herc Rentals, Inc., 7.50%, 06/01/22(a)			192		200,880
Hertz Corp. (The), 7.63%, 06/01/22(a)			150		149,295
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		1,142		1,290,167
Hess Corp., 7.13%, 03/15/33	USD		7,868		8,677,160
Hess Infrastructure Partners LP, 5.63%, 02/15/26(a)			75		74,250
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			30		29,394
5.13%, 05/01/26(a)			265		266,988
Hilton Worldwide Finance LLC:
4.63%, 04/01/25			44		43,340
4.88%, 04/01/27			4		3,954
Hologic, Inc.(a):
4.38%, 10/15/25			16		15,714
4.63%, 02/01/28			28		27,020
Horizon Pharma USA, Inc., 6.63%, 05/01/23			7,000		6,965,000
Howard Hughes Corp. (The), 5.38%, 03/15/25(a)			88		87,529
HUB International Ltd., 7.00%, 05/01/26(a)			181		175,570
Hughes Satellite Systems Corp., 5.25%, 08/01/26			61		58,407
Huntsman International LLC, 5.13%, 11/15/22			159		164,565

Security		Par (000)		Value
United States (continued)
Icahn Enterprises LP:
6.00%, 08/01/20	USD		25	$	25,219
6.25%, 02/01/22			293		300,966
6.75%, 02/01/24			83		85,490
6.38%, 12/15/25			67		68,424
Immucor, Inc., 11.13%, 02/15/22(a)			32		32,640
Indigo Natural Resources LLC, 6.88%, 02/15/26(a)			18		15,750
Infor US, Inc., 6.50%, 05/15/22			1,173		1,193,527
Informatica LLC, 7.13%, 07/15/23(a)(m)			37,615		37,709,037
International Game Technology plc, 4.75%, 02/15/23	EUR		504		616,470
IQVIA, Inc.:
4.88%, 05/15/23(a)	USD		67		68,005
3.25%, 03/15/25	EUR		773		895,421
IRB Holding Corp., 6.75%, 02/15/26(a)	USD		19		17,765
Iron Mountain UK plc, 3.88%, 11/15/25	GBP		358		446,239
Iron Mountain, Inc.:
4.38%, 06/01/21(a)	USD		200		199,500
3.00%, 01/15/25	EUR		1,000		1,130,748
iStar, Inc.:
4.63%, 09/15/20	USD		15		14,888
5.25%, 09/15/22			40		39,380
Itron, Inc., 5.00%, 01/15/26(a)			10		9,535
Jagged Peak Energy LLC, 5.88%, 05/01/26(a)			4		3,860
Jaguar Holding Co. II, 6.38%, 08/01/23(a)			556		553,220
JBS USA LUX SA(a):
5.88%, 07/15/24			247		249,470
5.75%, 06/15/25			318		317,205
6.75%, 02/15/28			109		110,090
JELD-WEN, Inc., 4.63%, 12/15/25(a)			41		37,208
JPMorgan Chase & Co.(b):
Series U, (LIBOR USD 3 Month + 0.95%), 3.51%, 02/02/37			9,835		8,232,977
Series W, (LIBOR USD 3 Month + 1.00%), 3.62%, 05/15/47			14,770		11,587,803
K. Hovnanian Enterprises, Inc., 10.00%, 07/15/22(a)			78		65,910
KAR Auction Services, Inc., 5.13%, 06/01/25(a)			97		93,467
KFC Holding Co.(a):
5.25%, 06/01/26			52		52,650
4.75%, 06/01/27			215		208,281
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(a)			121		124,630
L Brands, Inc.:
6.88%, 11/01/35			181		155,207
6.75%, 07/01/36			5		4,225
Ladder Capital Finance Holdings LLLP(a):
5.25%, 03/15/22			6		6,030
5.25%, 10/01/25			131		121,503
Lamar Media Corp., 5.75%, 02/01/26(a)			40		41,424
Laureate Education, Inc., 8.25%, 05/01/25(a)			20		21,700
Lennar Corp.:
4.75%, 11/15/22			94		94,352
5.25%, 06/01/26			105		102,375
4.75%, 11/29/27			203		192,343
Level 3 Financing, Inc.:
5.38%, 08/15/22			75		75,585
5.13%, 05/01/23			335		332,069
5.38%, 01/15/24			560		557,200
5.25%, 03/15/26			15		14,554
Level 3 Parent LLC, 5.75%, 12/01/22			28		28,000
Lions Gate Capital Holdings LLC, 6.38%, 02/01/24(a)			5,371		5,424,710

20 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Live Nation Entertainment, Inc., 4.88%, 11/01/24(a)	USD		13	$	12,805
Magnolia Oil & Gas Operating LLC, 6.00%, 08/01/26(a)			16		15,840
Mallinckrodt International Finance SA(a):
4.88%, 04/15/20			110		108,763
5.75%, 08/01/22			87		78,952
Marsh & McLennan Cos., Inc., 4.90%, 03/15/49			55		58,021
Masonite International Corp.(a):
5.63%, 03/15/23			158		159,627
5.75%, 09/15/26			49		47,653
Matador Resources Co., 5.88%, 09/15/26			113		112,576
Mattel, Inc.:
4.35%, 10/01/20			12,960		12,733,200
6.75%, 12/31/25(a)			106		100,170
6.20%, 10/01/40			25		19,438
5.45%, 11/01/41			15		11,175
Matthews International Corp., 5.25%, 12/01/25(a)			27		25,448
McDermott Technology Americas, Inc., 10.63%, 05/01/24(a)			71		63,545
MDC Holdings, Inc., 6.00%, 01/15/43			40		33,100
MDC Partners, Inc., 6.50%, 05/01/24(a)			232		211,190
MEDNAX, Inc.(a):
5.25%, 12/01/23			57		57,143
6.25%, 01/15/27			56		56,420
Meredith Corp., 6.88%, 02/01/26(a)			102		105,060
Meritage Homes Corp., 5.13%, 06/06/27			100		89,718
MGM Growth Properties Operating Partnership LP:
5.63%, 05/01/24			407		418,193
4.50%, 09/01/26			386		365,735
4.50%, 01/15/28			13		12,025
MGM Resorts International:
6.63%, 12/15/21			698		737,228
7.75%, 03/15/22			138		149,902
Microchip Technology, Inc., 3.92%, 06/01/21(a)			20,000		19,792,516
Midcontinent Communications, 6.88%, 08/15/23(a)			39		40,170
Mobile Mini, Inc., 5.88%, 07/01/24			172		172,860
Molina Healthcare, Inc., 5.38%, 11/15/22			30		30,600
Morgan Stanley, (LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/30(b)			7,735		8,036,393
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(a)			5,091		5,055,363
MPLX LP:
4.80%, 02/15/29			5,000		5,110,576
5.50%, 02/15/49			10,000		10,282,911
MPT Operating Partnership LP:
6.38%, 03/01/24			11		11,495
5.50%, 05/01/24			20		20,400
3.33%, 03/24/25	EUR		473		550,719
5.00%, 10/15/27	USD		231		224,878
MSCI, Inc., 5.25%, 11/15/24(a)			34		34,595
Mueller Water Products, Inc., 5.50%, 06/15/26(a)			76		76,380
Nabors Industries, Inc.:
4.63%, 09/15/21			23		21,764
5.75%, 02/01/25			58		50,460
Nationstar Mortgage Holdings, Inc.(a):
8.13%, 07/15/23			84		85,025
9.13%, 07/15/26			96		97,190
Navient Corp.:
5.00%, 10/26/20			2		2,007
6.63%, 07/26/21			14		14,385
6.50%, 06/15/22			27		27,582
5.50%, 01/25/23			383		369,595

Security		Par (000)		Value
United States (continued)
6.75%, 06/25/25	USD		20	$	19,225
6.75%, 06/15/26			37		34,872
Navistar International Corp., 6.63%, 11/01/25(a)			159		159,000
NCR Corp.:
5.00%, 07/15/22			7,258		7,133,162
6.38%, 12/15/23			18,000		18,045,000
Netflix, Inc.:
5.50%, 02/15/22			6		6,228
4.38%, 11/15/26			105		99,422
4.88%, 04/15/28			2		1,903
5.88%, 11/15/28(a)			234		237,217
4.63%, 05/15/29	EUR		315		363,253
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26(a)	USD		25		23,875
Newmark Group, Inc., 6.13%, 11/15/23(a)			34		33,927
NextEra Energy Operating Partners LP(a):
4.25%, 09/15/24			43		40,970
4.50%, 09/15/27			45		40,922
NGL Energy Partners LP, 5.13%, 07/15/19			2		2,000
NGPL PipeCo LLC(a):
4.88%, 08/15/27			107		105,930
7.77%, 12/15/37			162		193,127
Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/25(a)			29		28,783
Nielsen Finance LLC, 5.00%, 04/15/22(a)			166		165,751
Noble Holding International Ltd.:
7.75%, 01/15/24			34		28,560
7.88%, 02/01/26(a)			263		243,275
5.25%, 03/15/42			56		33,600
Northern Oil and Gas, Inc., 8.50% (8.50% Cash or 1.00% PIK), 05/15/23(g)			94		96,131
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(a)			8,970		8,342,100
Novelis Corp., 6.25%, 08/15/24(a)			526		529,288
NRG Energy, Inc.:
6.25%, 05/01/24			2		2,070
6.63%, 01/15/27			569		598,998
Nuance Communications, Inc.:
6.00%, 07/01/24			180		181,800
5.63%, 12/15/26			137		134,260
NVA Holdings, Inc., 6.88%, 04/01/26(a)			49		46,780
Oasis Petroleum, Inc.:
6.88%, 03/15/22			8		7,980
6.88%, 01/15/23			24		23,790
6.25%, 05/01/26(a)			93		88,234
Oceaneering International, Inc., 4.65%, 11/15/24			16		13,600
OI European Group BV, 4.00%, 03/15/23(a)			100		96,750
Olin Corp., 5.13%, 09/15/27			120		117,000
Ortho-Clinical Diagnostics, Inc., 6.63%, 05/15/22(a)			13,036		12,579,740
Outfront Media Capital LLC, 5.88%, 03/15/25			20		20,200
Pacific Drilling SA, 8.38%, 10/01/23(a)			295		292,788
Pacific Gas & Electric Co.:
4.25%, 05/15/21			3,000		2,520,000
3.25%, 09/15/21			3,000		2,505,000
3.85%, 11/15/23			6,000		4,980,000
3.40%, 08/15/24			2,000		1,655,000
Parsley Energy LLC(a):
6.25%, 06/01/24			14		14,348
5.38%, 01/15/25			195		193,537
5.25%, 08/15/25			2		1,980
5.63%, 10/15/27			70		69,388
Pattern Energy Group, Inc., 5.88%, 02/01/24(a)			119		116,323

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
PBF Holding Co. LLC, 7.25%, 06/15/25	USD		62	$	61,690
PDC Energy, Inc.:
6.13%, 09/15/24			8		7,807
5.75%, 05/15/26			76		71,250
Penske Automotive Group, Inc., 5.50%, 05/15/26			207		202,343
PGT Escrow Issuer, Inc., 6.75%, 08/01/26(a)			32		32,480
Platform Specialty Products Corp.(a):
6.50%, 02/01/22			779		789,711
5.88%, 12/01/25			386		385,035
Polaris Intermediate Corp., 8.50% (8.50% Cash or 9.25% PIK), 12/01/22(a)(g)			284		274,770
Post Holdings, Inc.(a):
5.50%, 03/01/25			133		131,670
5.00%, 08/15/26			2		1,891
5.75%, 03/01/27			111		108,759
5.63%, 01/15/28			130		124,636
PQ Corp.(a):
6.75%, 11/15/22			285		297,968
5.75%, 12/15/25			220		210,100
Prime Security Services Borrower LLC, 9.25%, 05/15/23(a)			22,148		23,421,510
PSPC Escrow Corp., 6.00%, 02/01/23			846		998,543
PTC, Inc., 6.00%, 05/15/24			77		79,791
PulteGroup, Inc., 6.38%, 05/15/33			145		134,488
PVH Corp., 3.13%, 12/15/27	EUR		940		1,044,646
QEP Resources, Inc.:
6.88%, 03/01/21	USD		19		19,669
5.38%, 10/01/22			150		147,532
5.25%, 05/01/23			78		75,470
5.63%, 03/01/26			162		155,520
Qorvo, Inc., 5.50%, 07/15/26(a)			6,990		6,937,575
Qualitytech LP, 4.75%, 11/15/25(a)			195		182,325
Qwest Corp., 6.75%, 12/01/21			2		2,138
Radiate Holdco LLC, 6.88%, 02/15/23(a)			23		22,109
Range Resources Corp.:
5.88%, 07/01/22			2		2,005
5.00%, 03/15/23			35		33,460
4.88%, 05/15/25			79		71,298
RBS Global, Inc., 4.88%, 12/15/25(a)			153		147,645
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR		188		209,943
6.25%, 05/15/26(a)	USD		908		892,110
6.88%, 11/15/26	EUR		7,395		7,715,224
8.25%, 11/15/26(a)	USD		186		174,376
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(a)			227		239,485
Reynolds Group Issuer, Inc.:
5.75%, 10/15/20			150		150,782
(LIBOR USD 3 Month + 3.50%), 6.29%, 07/15/21(a)(b)			220		220,550
5.13%, 07/15/23(a)			54		54,100
7.00%, 07/15/24(a)			256		261,760
Rite Aid Corp., 6.13%, 04/01/23(a)			38		32,063
Rowan Cos., Inc., 4.88%, 06/01/22			78		69,073
RP Crown Parent LLC, 7.38%, 10/15/24(a)			169		171,958
Sabre GLBL, Inc.(a):
5.38%, 04/15/23			219		221,738
5.25%, 11/15/23			20		20,300
Sanchez Energy Corp.:
7.75%, 06/15/21			286		52,910
7.25%, 02/15/23(a)			44		37,070
SBA Communications Corp.:
4.88%, 07/15/22			8		8,103

Security		Par (000)		Value
United States (continued)
4.00%, 10/01/22	USD		248	$	244,900
4.88%, 09/01/24			325		325,406
Scientific Games International, Inc.:
10.00%, 12/01/22			200		210,250
5.00%, 10/15/25(a)			341		323,200
Sealed Air Corp., 5.25%, 04/01/23(a)			178		181,115
Sensata Technologies BV, 5.00%, 10/01/25(a)			207		208,035
ServiceMaster Co. LLC (The), 5.13%, 11/15/24(a)			176		172,040
SESI LLC, 7.75%, 09/15/24			86		67,295
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		300		352,699
Simmons Foods, Inc., 7.75%, 01/15/24(a)	USD		101		104,030
Sirius XM Radio, Inc.(a):
5.38%, 04/15/25			2		2,025
5.38%, 07/15/26			2		1,982
5.00%, 08/01/27			174		168,128
Six Flags Entertainment Corp.(a):
4.88%, 07/31/24			319		315,810
5.50%, 04/15/27			18		17,865
SM Energy Co.:
6.13%, 11/15/22			106		106,265
5.00%, 01/15/24			154		145,529
5.63%, 06/01/25			23		21,965
6.75%, 09/15/26			6		5,911
6.63%, 01/15/27			41		39,974
Solera LLC, 10.50%, 03/01/24(a)			761		825,670
Sophia LP, 9.00%, 09/30/23(a)			93		95,325
Sotera Health Holdings LLC, 6.50%, 05/15/23(a)			88		88,660
Sotera Health Topco, Inc., 8.12% (8.12% Cash or 8.88% PIK), 11/01/21(a)(g)			7,650		7,630,875
Southwestern Energy Co.:
6.20%, 01/23/25			49		47,530
7.50%, 04/01/26			55		56,513
7.75%, 10/01/27			138		142,140
Spectrum Brands, Inc., 5.75%, 07/15/25			135		133,016
Springleaf Finance Corp.:
5.63%, 03/15/23			11		10,835
6.88%, 03/15/25			88		84,150
7.13%, 03/15/26			75		71,438
Sprint Communications, Inc., 7.00%, 03/01/20(a)			370		380,638
Sprint Corp.:
7.88%, 09/15/23			15,300		16,256,250
7.13%, 06/15/24			14,435		14,768,809
7.63%, 02/15/25			316		330,315
7.63%, 03/01/26			648		673,110
SPX FLOW, Inc., 5.63%, 08/15/24(a)			86		84,280
Standard Industries, Inc.(a):
5.50%, 02/15/23			43		43,753
5.38%, 11/15/24			175		173,687
6.00%, 10/15/25			2		2,010
4.75%, 01/15/28			14		12,674
Staples, Inc., 8.50%, 09/15/25(a)			29,417		28,240,320
Starwood Property Trust, Inc., 5.00%, 12/15/21			102		103,020
State Street Corp., (LIBOR USD 3 Month + 1.00%), 3.79%, 06/15/47(b)(n)			20,000		15,350,000
Station Casinos LLC, 5.00%, 10/01/25(a)			17		16,235
Steel Dynamics, Inc.:
4.13%, 09/15/25			141		133,950
5.00%, 12/15/26			2		1,990
Stevens Holding Co., Inc., 6.13%, 10/01/26(a)			40		40,415
SunCoke Energy Partners LP, 7.50%, 06/15/25(a)			31		30,070
Sunoco LP:
4.88%, 01/15/23			96		94,560
5.50%, 02/15/26			32		31,599
5.88%, 03/15/28			47		45,884

22 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Surgery Center Holdings, Inc.(a):
8.88%, 04/15/21	USD		57	$	58,140
6.75%, 07/01/25			91		84,175
Symantec Corp., 5.00%, 04/15/25(a)			40		39,811
Tallgrass Energy Partners LP(a):
4.75%, 10/01/23			8		7,980
5.50%, 09/15/24			103		103,257
5.50%, 01/15/28			330		321,635
Targa Resources Partners LP:
5.25%, 05/01/23			2		2,003
5.13%, 02/01/25			10		9,825
5.88%, 04/15/26(a)			97		97,849
5.38%, 02/01/27			6		5,790
6.50%, 07/15/27(a)			102		105,186
5.00%, 01/15/28			178		167,209
6.88%, 01/15/29(a)			256		266,388
Team Health Holdings, Inc., 6.38%, 02/01/25(a)			198		161,370
Teleflex, Inc.:
4.88%, 06/01/26			13		13,061
4.63%, 11/15/27			56		54,600
Tempo Acquisition LLC, 6.75%, 06/01/25(a)			183		180,713
Tempur Sealy International, Inc., 5.63%, 10/15/23			77		76,423
Tenet Healthcare Corp.:
6.00%, 10/01/20			245		253,036
8.13%, 04/01/22			280		292,950
4.63%, 07/15/24			131		128,312
5.13%, 05/01/25			22		21,496
6.25%, 02/01/27(a)			263		264,643
Terex Corp., 5.63%, 02/01/25(a)			286		276,705
TerraForm Power Operating LLC(a):
4.25%, 01/31/23			80		78,200
6.63%, 06/15/25(o)			85		89,250
5.00%, 01/31/28			81		75,229
Tesla, Inc., 5.30%, 08/15/25(a)			177		157,088
TIBCO Software, Inc., 11.38%, 12/01/21(a)			295		310,487
T-Mobile USA, Inc.:
6.38%, 03/01/25			601		623,537
5.13%, 04/15/25			44		44,440
6.50%, 01/15/26			57		60,278
4.50%, 02/01/26			60		58,500
4.75%, 02/01/28			114		109,298
TransDigm UK Holdings plc, 6.88%, 05/15/26(a)			361		350,170
TransDigm, Inc.:
6.50%, 07/15/24			12,024		11,858,670
6.25%, 03/15/26(a)			23,381		23,731,715
Transocean Guardian Ltd., 5.88%, 01/15/24(a)			21		20,894
Transocean Pontus Ltd., 6.13%, 08/01/25(a)			73		73,080
Transocean Poseidon Ltd., 6.88%, 02/01/27(a)			107		108,659
Transocean, Inc.:
8.37%, 12/15/21			7		7,315
9.00%, 07/15/23(a)			149		155,471
7.25%, 11/01/25(a)			25		23,625
Travelport Corporate Finance plc, 6.00%, 03/15/26(a)			56		57,925
TreeHouse Foods, Inc., 6.00%, 02/15/24(a)			10,700		10,993,180
TRI Pointe Group, Inc., 5.25%, 06/01/27			94		81,310
Tribune Media Co., 5.88%, 07/15/22			3,963		4,032,353
Tutor Perini Corp., 6.88%, 05/01/25(a)			44		43,517
Uber Technologies, Inc., 7.50%, 11/01/23(a)			44		44,715
UGI International LLC, 3.25%, 11/01/25	EUR		100		117,454
United Airlines Pass-Through Trust:
Series2014-2, Class B, 4.63%, 09/03/22	USD		6,424		6,417,210
Series2013-1, Class A, 4.30%, 08/15/25			4,627		4,714,449
Series2018-1, Class B, 4.60%, 03/01/26			5,950		5,950,293

Security		Par (000)		Value
United States (continued)
United Rentals North America, Inc.:
4.63%, 07/15/23	USD		135	$	136,559
5.50%, 07/15/25			84		85,050
4.63%, 10/15/25			89		85,396
5.88%, 09/15/26			314		318,710
6.50%, 12/15/26			2		2,075
5.50%, 05/15/27			25		24,632
United States Steel Corp.:
6.88%, 08/15/25			89		84,327
6.25%, 03/15/26			94		85,188
Univision Communications, Inc.(a):
5.13%, 05/15/23			12		11,220
5.13%, 02/15/25			132		120,285
US Airways Pass-Through Trust:
Series2012-1, Class B, 8.00%, 10/01/19			656		676,764
Series2012-2, Class B, 6.75%, 06/03/21			2,168		2,259,066
Series2013-1, Class B, 5.38%, 11/15/21			5,379		5,486,138
USA Compression Partners LP, 6.88%, 04/01/26			165		165,000
USG Corp., 4.88%, 06/01/27(a)			155		157,573
USIS Merger Sub, Inc., 6.88%, 05/01/25(a)			24		23,040
Valeant Pharmaceuticals International, Inc.(a):
9.25%, 04/01/26			14,814		15,925,050
8.50%, 01/31/27			11,541		12,060,345
Vantage Drilling International, 9.25%, 11/15/23(a)			40		40,600
Vantiv LLC(a):
3.88%, 11/15/25	GBP		338		428,399
4.38%, 11/15/25	USD		200		191,996
Veritas US, Inc., 7.50%, 02/01/23(a)			239		210,320
Verscend Escrow Corp., 9.75%, 08/15/26(a)			251		252,707
Versum Materials, Inc., 5.50%, 09/30/24(a)			54		54,810
Vertiv Group Corp., 9.25%, 10/15/24(a)			221		205,530
VICI Properties 1 LLC, 8.00%, 10/15/23			208		224,142
Viking Cruises Ltd.(a):
6.25%, 05/15/25			91		91,000
5.88%, 09/15/27			339		331,373
Vistra Energy Corp.:
7.38%, 11/01/22			364		378,560
5.88%, 06/01/23			34		34,765
7.63%, 11/01/24			113		120,062
Vistra Operations Co. LLC, 5.63%, 02/15/27(a)			133		133,665
Vizient, Inc., 10.38%, 03/01/24(a)			140		151,725
Wabash National Corp., 5.50%, 10/01/25(a)			96		87,360
Waste Pro USA, Inc., 5.50%, 02/15/26(a)			41		39,770
Weatherford International Ltd., 5.13%, 09/15/20			75		57,750
Weekley Homes LLC, 6.63%, 08/15/25			10		9,200
WellCare Health Plans, Inc.:
5.25%, 04/01/25			111		112,665
5.38%, 08/15/26(a)			159		161,783
Wells Fargo & Co.:
3.75%, 01/24/24			8,380		8,526,225
4.15%, 01/24/29			3,970		4,077,047
Western Digital Corp., 4.75%, 02/15/26			277		257,610
WEX, Inc., 4.75%, 02/01/23(a)			133		131,338
Whiting Petroleum Corp., 6.63%, 01/15/26			81		79,380
WildHorse Resource Development Corp., 6.88%, 02/01/25			56		56,689
Williams Scotsman International, Inc.(a):
7.88%, 12/15/22			48		48,480
6.88%, 08/15/23			62		60,701
WMG Acquisition Corp.:
4.13%, 11/01/24	EUR		1,067		1,269,496
5.50%, 04/15/26(a)	USD		35		34,562

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
WPX Energy, Inc.:
6.00%, 01/15/22	USD		2	$	2,030
8.25%, 08/01/23			80		89,000
WR Grace & Co., 5.13%, 10/01/21(a)			376		386,340
Wyndham Destinations, Inc.:
5.40%, 04/01/24			5		4,838
5.75%, 04/01/27			18		17,190
Xerox Corp.:
5.63%, 12/15/19			5,840		5,920,592
2.80%, 05/15/20			7,790		7,614,725
4.50%, 05/15/21			2,920		2,923,650
3.62%, 03/15/23			23,150		22,050,375
4.80%, 03/01/35			17		13,090
Yum! Brands, Inc., 5.35%, 11/01/43			2		1,675
Zayo Group LLC:
6.00%, 04/01/23			2		2,010
6.38%, 05/15/25			173		168,891
5.75%, 01/15/27(a)			602		581,647
					981,965,456
Vietnam— 0.0%
Vinpearl JSC, 3.50%, 06/14/23(i)			600		611,636
Zambia— 1.1%
First Quantum Minerals Ltd.(a):
7.00%, 02/15/21			10,370		10,265,522
7.25%, 05/15/22			16,550		16,069,808
7.25%, 04/01/23			8,350		7,995,209
					34,330,539
Total Corporate Bonds— 59.7% (Cost: $1,980,702,939)					1,917,167,051
Floating Rate Loan Interests— 14.8%(k)
Austria— 0.0%
AI Alpine US BidCo, Inc., 1st Lien Term Loan, 10/31/25(c)(p)			154		147,840
Canada— 0.0%
Mastronardi Produce Ltd., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.76%, 05/01/25			184		182,694
Cayman Islands— 0.3%
Avaya, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.76%, 12/15/24			562		551,840
Chemours Co. (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 1.75%), 4.25%, 04/03/25			446		437,731
Greeneden US Holdings I LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.66% - 5.75%, 12/01/23			494		481,996
Harbor Freight Tools USA, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 08/18/23			453		436,945
Hostess Brands LLC, Term Loan, 08/03/22(p)			2,459		2,371,066
HUB International Ltd., Term Loan B, (LIBOR USD 3 Month + 2.75%), 5.38% - 5.51%, 04/25/25			499		480,914
Jaguar Holding Co. I, Term Loan, 08/18/22(p)			662		648,022
Meredith Corp., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 01/31/25			338		335,243
nThrive, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00% - 7.02%, 10/20/22			604		581,085
Pike Corp., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 03/12/25			223		222,125
Rackspace Hosting, Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 5.58% - 5.63%, 11/03/23			235		217,621

Security		Par (000)		Value
Cayman Islands (continued)
Reynolds Group Holdings, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 02/05/23	USD		198	$	194,911
Transdigm, Inc., Term Loan F, (LIBOR USD 1 Month + 2.50%), 5.00%, 06/09/23			1,004		982,006
West Corp., Term Loan, (LIBOR USD 1 Month + 4.00%), 6.50%, 10/10/24			479		438,807
Western Digital Corp., 1st Lien Term Loan B, 04/29/23(p)			675		658,248
Worldpay LLC, Term Loan, 08/09/24(p)			124		123,158
					9,161,718
Denmark— 0.2%
Evergood 4 ApS, Term Loan B, (EURIBOR 3 Month + 3.00%), 3.00%, 02/06/25	EUR		2,410		2,717,290
TDC A/S, Term Loan, 06/04/25(p)			4,102		4,683,551
					7,400,841
France— 0.5%
Altice France SA, Term Loan, 07/31/25(p)			3,957		4,379,179
Altice France SA, Term Loan B, 01/31/26(p)			1,995		2,207,792
Altran Technologies SA, Term Loan, (LIBOR USD 3 Month + 2.25%), 5.04%, 03/20/25	USD		208		204,582
HomeVi SAS, Term Loan, (EURIBOR 3 Month + 3.00%), 3.00%, 10/31/24	EUR		2,500		2,843,100
Oberthur Technologies SA, Facility B Term Loan, (EURIBOR 3 Month + 3.75%), 3.75%, 01/10/24			2,000		2,228,261
Verallia SA, Term Loan, (EURIBOR 1 Month + 2.75%), 2.75%, 08/01/25			2,500		2,841,326
					14,704,240
Germany— 0.5%
HENSOLDT Holding GmbH, Term Loan B3, (EURIBOR 3 Month + 3.25%), 3.25%, 02/28/24			5,000		5,604,247
LSF10 XL Bidco SCA, Term Loan, (EURIBOR 3 Month + 4.00%), 4.00%, 04/11/24			1,000		1,123,951
Rain Carbon GmbH, Term Loan, (EURIBOR 3 Month + 3.00%), 3.00%, 12/11/24			3,000		3,375,151
Tele Columbus AG, Term Loan, 10/15/24(p)			3,000		3,220,630
TigerLuxOne SARL, Term Loan, (EURIBOR 3 Month + 4.50%), 5.50%, 02/22/24			2,456		2,818,452
					16,142,431
Luxembourg— 0.8%
GOL Luxco SA, Term Loan, (LIBOR USD 6 Month + 6.50%), 6.50%, 08/31/20(c)	USD		19,925		19,974,813
Intelsat Jackson Holdings SA, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 11/27/23	EUR		245		242,594
ION Trading Technologies SARL, Term Loan, (EURIBOR 3 Month + 3.25%), 4.25%, 11/21/24			2,951		3,197,259
IVG Holdco Loan Ltd., Term Loan, (EURIBOR 3 Month + 2.00%), 2.00%, 10/31/19(c)			74		3,941
LSF10 XL Bidco SCA, Term Loan B, (EURIBOR 3 Month + 4.00%), 4.00%, 04/11/24			2,666		2,996,557
Mallinckrodt International Finance SA, 1st Lien Term Loan B, 09/24/24(p)	USD		251		233,294
					26,648,458
Netherlands— 0.5%
Action Holding BV, Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 03/07/25	EUR		4,000		4,482,070
AMG Advanced Metallurgical Group, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 01/30/25	USD		243		235,422

24 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands (continued)
Bach Finance Ltd., Term Loan, 08/30/24(p)	USD		2,000	$	2,251,222
Keter Group BV, Term Loan:
(EURIBOR 3 Month + 4.25%), 5.25% - 5.25%, 10/31/23	EUR		3,000		2,437,998
Keter Group, Term Loan, (EURIBOR 3 Month + 0.00%), 5.25%, 10/31/23			2,000		1,625,332
Sapphire Bidco BV, Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 05/05/25			2,500		2,768,959
Stars Group Holdings BV, Term Loan, (LIBOR USD 3 Month + 3.50%), 6.30%, 07/10/25	USD		653		646,051
TMF Group Holding BV, 2nd Lien Term Loan, (EURIBOR 3 Month + 6.88%), 6.88%, 05/04/26	EUR		1,500		1,639,639
					16,086,693
Norway— 0.1%
Silk Bidco AS, 1st Lien Term Loan B, (EURIBOR 6 Month + 3.50%), 3.50%, 02/24/25			2,000		2,262,485
Poland— 0.3%
Pfleiderer Group SA, Term Loan, (EURIBOR 1 Month + 5.00%), 5.00%, 08/01/24			7,500		8,552,307
Spain— 0.6%(p)
Promotora de Informaciones SA, 1st Lien Term Loan 2, 11/30/22			15,263		16,217,455
Promotora de Informaciones SA, Term Loan, 12/31/22			1,781		1,863,405
					18,080,860
Sweden— 0.4%
Diaverum AB, 1st Lien Term Loan B, (EURIBOR 6 Month + 3.25%), 3.25%, 07/04/24			4,500		5,063,807
Unilabs Diagnostics AB, Term Loan B, (EURIBOR 6 Month + 2.75%), 2.75%, 04/19/24			1,700		1,896,299
Verisure Holding AB, 1st Lien Term Loan B, 10/21/22(p)			4,000		4,554,867
Verisure Holding AB, Term Loan B1, (EURIBOR 3 Month + 3.00%), 3.00%, 10/21/22			2,700		3,038,284
					14,553,257
Switzerland— 0.2%
Swissport Financing SARL, Term Loan, (EURIBOR 1 Month + 4.38%), 4.38%, 02/09/22			4,916		5,619,184
Swissport Investments AG, Term Loan, (EURIBOR 1 Month + 4.75%), 4.75%, 02/08/22			1,788		2,045,407
					7,664,591
United Kingdom— 1.0%
CD&R Firefly Bidco Ltd., Term Loan, 06/23/25(p)	GBP		3,500		4,451,459
EG Group Ltd., Term Loan B1, (EURIBOR 3 Month + 4.00%), 4.00%, 02/07/25	EUR		5,965		6,642,208
EURO Garages Ltd., Term Loan B1, 02/07/25(p)	USD		123		118,729
Theramex SpA, Term Loan, (EURIBOR 3 Month + 4.00%), 4.00%, 01/31/25	EUR		2,500		2,818,577
Virgin Media SFA Finance Ltd., 1st Lien Term Loan, 01/15/27(p)	GBP		3,500		4,532,575
Vue Technology, Inc., Term Loan, 12/20/25(c)(p)	EUR		12,000		13,323,143
					31,886,691
United States— 9.4%
1011778 BC ULC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.75%, 02/16/24	USD		933		916,576
ABC Supply Co., Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 10/31/23			676		659,010
Acadia Healthcare Co., Inc., Term Loan B2, (LIBOR USD 1 Month + 2.50%), 5.00%, 02/16/23			294		288,789

Security		Par (000)		Value
United States (continued)
Access CIG LLC, Term Loan:
(LIBOR USD 3 Month + 3.75%), 6.46%, 02/27/25	USD		185	$	182,461
Accudyne Industries LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 08/18/24			453		441,125
Achilles Acquisition LLC, Term Loan, (LIBOR USD 1 Month + 4.00%), 6.50%, 10/03/25			218		215,548
AES Corp. (The), Term Loan, (LIBOR USD 3 Month + 1.75%), 4.46%, 05/31/22			445		442,693
AHP Health Partners, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00%, 06/30/25			247		244,806
AI Aqua Merger Sub, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 12/13/23			225		213,550
Albany Molecular Research, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 08/30/24			172		167,154
Albertson’s LLC, Term Loan B7, (LIBOR USD 1 Month + 3.00%), 5.50%, 10/29/25			551		538,441
Allegiant Travel Co., Term Loan, 02/05/24(c)(p)			22,583		22,300,713
Alliant Holdings Intermediate LLC, Term Loan, (LIBOR USD 1 Month + 2.75%), 5.26%, 05/09/25			404		388,082
Allied Universal Holdco LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 07/28/22			154		146,813
Alpha 3 BV, Term Loan, (LIBOR USD 3 Month + 3.00%), 5.80%, 01/31/24			681		660,062
Alphabet Holding Co., Inc., Term Loan, (LIBOR USD 1 Month + 7.75%), 10.25%, 09/26/25			395		316,870
Altice Financing SA, Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 01/31/26			316		292,562
Applied Systems, Inc., Term Loan:
09/19/24(p)			375		365,242
(LIBOR USD 1 Month + 7.00%), 9.50% , 09/19/25			154		153,435
Aristocrat Leisure Ltd., Term Loan B, (LIBOR USD 3 Month + 1.75%), 4.53%, 10/19/24			213		209,061
Ascend Learning LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 07/12/24			365		357,954
Ascend Performance Materials Operations LLC, 1st Lien Term Loan B, (LIBOR USD 3 Month + 5.25%), 8.05%, 08/12/22(c)			357		353,688
AssuredPartners, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 10/22/24			459		443,158
Asurion LLC, 1st Lien Term Loan B6, (LIBOR USD 1 Month + 3.00%), 5.50%, 11/03/23			335		329,844
Asurion LLC, Term Loan, 11/03/24(p)			549		539,568
Asurion LLC, Term Loan B4, (LIBOR USD 1 Month + 3.00%), 5.50%, 08/04/22			189		185,641
Atlantic Aviation FBO, Inc., Term Loan B, (LIBOR USD 1 Month + 3.75%), 6.27%, 11/30/25(c)			259		259,648
Avantor, Inc., Term Loan, (LIBOR USD 3 Month + 3.75%), 6.57%, 11/21/24			564		561,255
Ball Metalpack Finco LLC, Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00%, 07/31/25			229		225,989
Bausch Health Co., Inc., Term Loan, 06/02/25(p)			987		975,786
BCP Raptor II LLC, Term Loan, (LIBOR USD 3 Month + 4.75%), 7.37%, 10/22/25			565		536,750
BCP Raptor LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 4.25%), 6.87%, 06/24/24			247		235,026
Beacon Roofing Supply, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.77%, 01/02/25			329		318,837
Boxer Parent Co., Inc., Term Loan B, 10/02/25(p)			338		329,672
Boyd Gaming Corp., Term Loan B, (LIBOR USD 3 Month + 2.25%), 4.66%, 09/15/23			440		433,325

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Brand Energy & Infrastructure Services, Inc., Term Loan, (LIBOR USD 3 Month + 4.25%), 6.90% - 7.01%, 06/21/24	USD		449	$	429,652
Bright Horizons Family Solutions LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.25%, 11/07/23			557		546,630
BWAY Holding Co., Term Loan, 04/03/24(p)			455		438,620
Cablevision CSC Holdings LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.76%, 07/17/25			683		660,271
Caesars Resort Collection LLC, Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 12/23/24			768		756,357
Caliber Collision Centers, Inc., Term Loan, 01/23/26(p)			410		408,975
California Resources Corp., Term Loan:
(LIBOR USD 1 Month + 10.38%), 12.87%, 12/31/21			310		323,563
(LIBOR USD 1 Month + 4.75%), 7.25%, 12/31/22			340		332,814
Calpine Construction Finance Co. LP, Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 01/15/25			228		222,831
Calpine Corp., 1st Lien Term Loan B5, (LIBOR USD 3 Month + 2.50%), 5.31%, 01/15/24			439		430,305
Camelot Group LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 10/03/23			544		539,986
Capri Acquisitions Bidco Ltd., Term Loan, 11/01/24(p)			362		350,679
Cast & Crew Payroll LLC, Term Loan(p):
01/16/26			1,504		1,501,632
01/16/26			227		226,716
CCC Information Services, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 9.25%, 04/28/25			248		244,126
CCC Information Services, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 04/29/24			370		360,117
CCM Merger, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.75%, 08/06/21			437		431,441
CEC Entertainment, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 02/12/21			356		339,458
CenturyLink, Inc., Term Loan, 01/31/25(p)			562		536,561
Change Healthcare Holdings LLC, Term Loan B, 03/01/24(p)			450		439,692
Charter Communications Operating LLC, Term Loan, 03/31/23(p)			15,087		14,778,159
Charter NEX US, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 05/16/24			334		320,891
CHG Healthcare Services, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50% - 5.74%, 06/07/23			444		439,187
CHG PPC Parent LLC, Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 03/31/25(c)			224		218,838
Ciena Corp., Term Loan B1, (LIBOR USD 1 Month + 2.00%), 4.50%, 09/26/25			333		330,666
CLEAResult Consulting, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.02%, 08/15/25			236		230,497
CNX Resources Corp., Term Loan:
(LIBOR USD 1 Month + 4.25%), 6.75%, 11/26/21(c)			92		92,188
(LIBOR USD 3 Month + 5.00%), 8.50% - 10.50% , 11/28/22			426		429,213
Compass Power Generation LLC, Term Loan B, (LIBOR USD 1 Month + 3.50%), 6.00%, 12/20/24			362		360,915

Security		Par (000)		Value
United States (continued)
Concentra, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.50%), 9.02%, 07/25/23	USD		263	$	261,246
Concentra, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.27%, 06/01/22			334		330,870
Continental Building Products, Inc., 1st Lien Term Loan, 08/18/23(p)			73		71,184
Creative Artists Agency LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 02/15/24			547		537,806
Cryolife, Inc., Term Loan, 12/02/24(c)(p)			328		325,282
Culligan NewCo Ltd., 1st Lien Term Loan B, 12/13/23(c)(p)			192		182,265
DAE Aviation Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 07/07/22			148		147,552
Dayton Power and Light Co. (The), Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 08/24/22			228		226,842
Deerfield Holdings Corp., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 02/13/25			263		253,205
Dell International LLC, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.50%, 09/07/23			545		537,420
Dentalcorp Perfect Smile ULC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 05/31/25			276		270,065
Dentalcorp Perfect Smile ULC, Delayed Draw Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 05/31/25			51		49,749
Digicel International Finance Ltd., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.96%, 05/27/24			509		466,374
Diplomat Pharmacy, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00%, 12/20/24(c)			299		295,669
DJO Finance LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.87% - 5.88%, 06/08/20			8,801		8,780,343
Doosan Infracore International, Inc., Term Loan B, (LIBOR USD 3 Month + 2.00%), 4.80%, 05/18/24			177		173,994
DTI Holdco, Inc., Term Loan, (LIBOR USD 3 Month + 4.75%), 7.38% - 7.49%, 09/29/23			513		479,646
DTZ US Borrower LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 12/31/22			692		678,247
Edelman Financial Center LLC (The), 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 6.04%, 07/21/25			241		238,489
Edgewater Generation LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 12/13/25			642		635,099
EIF Channelview Cogeneration LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.75%, 05/03/25			135		134,236
Endo Pharmaceuticals, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.75%, 04/29/24			370		366,213
Energizer Holdings, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.76%, 06/20/25			101		100,671
EnergySolutions, LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 6.55%, 05/30/25			182		155,683
Ennis-Flint Road Infrastructure Investment, Term Loan, 06/13/23(p)			504		460,212
Envision Healthcare Corp., Term Loan, 10/10/25(p)			382		359,271
Equian Buyer Corp., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 05/20/24			270		263,598
ESH Hospitality, Inc. Term Loan B, 4.50%, 08/30/23(p)			899		881,638

26 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Eton LLP, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 03/15/25(c)	USD		294	$	286,187
EURO Garages Ltd., Term Loan B, 02/07/25(p)			591		570,073
Evergreen AcqCo 1 LP, Term Loan C, (LIBOR USD 3 Month + 3.75%), 6.53%, 07/09/19			64		60,978
Evertec, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 11/27/24			351		349,245
Filtration Group Corp., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 03/29/25			634		627,967
Financial & Risk US Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 10/01/25			1,465		1,405,492
Flex Acquisition Co., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.76% - 5.77%, 06/30/25			330		320,634
Forest City, Term Loan B, 12/31/25(p)			432		431,279
Foundation Building Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 08/13/25(c)			260		247,628
Four Seasons Holdings, Inc., Term Loan F, (LIBOR USD 1 Month + 2.00%), 4.50%, 11/30/23			446		438,310
Frontier Communications Corp., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 03/31/21			7,664		7,427,273
Gardner Denver, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 07/30/24			656		651,303
Gates Global LLC, Term Loan, (EURIBOR 3 Month + 3.00%), 3.00%, 04/01/24	EUR		1,990		2,241,766
Gates Global LLC, Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 04/01/24	USD		659		644,764
Gavilan Resources LLC, 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.00%), 8.52%, 03/01/24			277		221,410
Gentiva Health Services, Inc., Term Loan, (LIBOR USD 1 Month + 7.00%), 9.50%, 07/02/26			24,774		25,052,337
Gentiva Health Services, Inc., Term Loan U, (LIBOR USD 1 Month + 3.75%), 6.25%, 07/02/25(c)			22,972		22,799,603
Genuine Financial Holdings LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 6.55%, 07/12/25			222		216,912
GEO Group Refinancing, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.50%, 03/22/24			487		473,157
GFL Environmental, Inc., Term Loan B, 05/30/25(p)			562		540,913
Global Payments, Inc., Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.25%, 10/17/25			138		134,464
Goodrx, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.51%, 10/10/25			373		366,629
GrafTech International Ltd., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 6.00%, 02/12/25(c)			541		530,979
Gray Television, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 5.01% - 5.02%, 11/02/25			337		332,087
Gray Television, Inc., Term Loan B, 02/07/24(p)			337		330,934
Gruden Acquisition, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.50%), 8.30%, 08/18/22			158		154,476
GVC Holdings plc, Term Loan B2, (LIBOR USD 1 Month + 2.50%), 5.00%, 03/15/24			313		308,339
GYP Holdings III Corp., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 06/01/25			123		117,256
Hargray Communications Group, Inc., Term Loan, 05/16/24(p)			330		320,556
Harland Clarke Holdings Corp., Term Loan B, (LIBOR USD 3 Month + 4.75%), 7.55%, 11/03/23			316		293,308

Security		Par (000)		Value
United States (continued)
Hayward Industries, Inc., Term Loan, 08/05/24(p)	USD		373	$	363,805
HCA, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 03/13/25			433		431,544
HD Supply Waterworks Ltd., Term Loan, (LIBOR USD 3 Month + 3.00%), 5.71% - 5.74%, 08/01/24			446		440,252
HD Supply, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 4.25%, 10/17/23			437		431,398
H-Food Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.69%), 6.19%, 05/23/25			260		250,037
Hudsons Bay Co., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 09/30/22			485		473,249
IG Investments Holdings LLC, Term Loan, (LIBOR USD 3 Month + 3.50%), 6.00% - 6.30%, 05/23/25			675		664,297
iHeartCommunications, Inc., Tranche D Term Loan, (LIBOR USD 3 Month + 6.75%), 9.27% - 11.25%, 01/30/19(e)(j)			1,377		926,805
Immucor, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.80%, 06/15/21(c)			437		434,204
Infor US, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 02/01/22			669		664,621
Informatica LLC, Term Loan B, 08/05/22(p)			23,126		23,039,675
Information Resources, Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00%, 11/07/25			175		171,763
Intelsat Jackson Holdings SA, Term Loan, (LIBOR USD 1 Month + 4.50%), 7.00%, 01/02/24			327		330,890
Invictus Co., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 03/28/25			501		492,340
Invictus Co., Term Loan B26, (LIBOR USD 1 Month + 6.75%), 9.25%, 03/30/26(c)			130		128,050
IPS Acquisition LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 11/07/24			357		345,241
iQor US, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.80%, 04/01/21			345		307,271
IRB Holding Corp., Term Loan B, 02/05/25(p)			444		432,144
Jacobs Douwe Egberts, Term Loan, (LIBOR USD 3 Month + 2.00%), 4.56%, 11/01/25			364		359,741
JBS USA Lux SA, Term Loan, 10/30/22(p)			445		439,960
Jeld-Wen, Inc., Term Loan, (LIBOR USD 3 Month + 2.00%), 4.80%, 12/14/24			183		177,049
KAR Auction Services, Inc., Term Loan B5, (LIBOR USD 3 Month + 2.50%), 5.31%, 03/09/23			385		380,873
Kingpin Intermediate Holdings LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 6.00%, 07/03/24(c)			328		325,999
Kronos, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.54% - 5.74%, 11/01/23			876		857,545
Lakeland Tours LLC, Term Loan B, (LIBOR USD 3 Month + 4.00%), 6.79%, 12/16/24			352		348,288
Learfield Communications LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 4.90% - 5.75%, 12/01/23(c)			670		663,775
Leslie’s Poolmart, Inc., Term Loan B, (LIBOR USD 1 Month + 3.50%), 6.00%, 08/16/23			375		364,250
Level 3 Financing, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.76%, 02/22/24			677		664,333
Lifescan Global Corp., Term Loan U, (LIBOR USD 3 Month + 6.00%), 8.80%, 10/01/24			111		106,352
Lions Gate Entertainment, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.75%, 03/24/25			371		364,327
LTI Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 09/06/25			321		309,818

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Lucid Energy Group II Borrower LLC, Term Loan, 02/17/25(p)	USD		164	$	153,409
Marriott Ownership Resorts, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.75%, 08/29/25			384		380,882
McAfee LLC, Term Loan:
09/30/24(p)			19,340		19,216,058
(LIBOR USD 1 Month + 8.50%), 11.00%, 09/29/25(c)			34,352		34,867,674
McDermott International, Inc., Term Loan, (LIBOR USD 1 Month + 5.00%), 7.50%, 05/12/25			577		551,812
MEG Energy Corp., Term Loan B, (LIBOR USD 1 Month + 3.50%), 6.00%, 12/31/23			231		229,416
Messer Industries LLC, Term Loan, 10/01/25(p)			564		551,310
MGM Growth Properties LLC, Term Loan B, 03/21/25(p)			677		665,364
Microchip Technology, Inc., Term Loan, (LIBOR USD 1 Month + 2.00%), 4.50%, 05/29/25			438		429,851
Midcoast Operating LP, Term Loan, (LIBOR USD 3 Month + 5.50%), 8.30%, 06/30/25			442		427,338
Misys Ltd., 1st Lien Term Loan, 06/13/24(p)			273		261,556
Mitchell International, Inc., 1st Lien Term Loan, 11/29/24(p)			762		728,883
MPH Acquisition Holdings LLC, Term Loan, 06/07/23(p)			670		648,056
MTN Infrastructure TopCo, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 11/15/24			600		590,200
National Veterinary Associates, Inc., Term Loan B3, 02/02/25(p)			340		324,879
Neiman Marcus Group Ltd. LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 5.76%, 10/25/20			357		315,978
New Lightsquared LLC, 1st Lien Term Loan, 12/07/20(p)			777		509,464
Nielsen Finance LLC,Term Loan, (EURIBOR 1 Month + 2.50%), 2.50%, 10/04/23	EUR		992		1,130,598
Nomad Foods Ltd., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.76%, 05/15/24	USD		332		322,494
NRG Energy, Inc.,Term Loan, 06/30/23(p)			330		324,225
Optiv, Inc., Term Loan, 02/01/24(p)			367		339,812
Ortho-Clinical Diagnostics, Inc., Term Loan B, 06/30/25(p)			799		771,956
Oxbow Carbon LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 01/04/23(c)			131		130,444
OXEA Holding Vier GmbH, Term Loan, (LIBOR USD 1 Month + 3.50%), 6.06%, 10/14/24			440		433,696
Peak 10 Holding Corp., 2nd Lien Term Loan, (LIBOR USD 3 Month + 7.25%), 9.79% - 9.99%, 08/01/25			300		259,125
Peak 10 Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 6.31%, 08/01/24			125		112,923
Penn National Gaming, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.25%), 4.76%, 10/15/25			188		185,376
Petco Animal Supplies, Inc., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.99%, 01/26/23			217		165,886
Plaskolite, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 4.25%), 6.76%, 12/12/25			171		170,431
Playa Resorts Holding BV, 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 04/29/24			416		400,501
Ply Gem, Inc., Term Loan B, (LIBOR USD 3 Month + 3.75%), 6.55%, 04/01/25			150		142,330
Post Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.52%, 05/24/24			334		329,169

Security		Par (000)		Value
United States (continued)
PowerSchool Group LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.76% - 5.99%, 07/31/25	USD		316	$	307,904
PQ Corp., Term Loan, 02/08/25(p)			374		363,244
Press Ganey Holdings, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 10/23/23			328		322,088
Prestige Brands, Inc., Term Loan, 01/26/24(p)			214		210,683
Prime Security Services Borrower LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 05/02/22			324		319,370
PSAV Holdings LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 3.25%), 5.75% - 6.05%, 02/21/25			429		409,423
Radiate Holdco LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 02/01/24			293		284,214
Realogy Group LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.76%, 02/08/25			247		240,412
Research Now, Inc., Term Loan, (LIBOR USD 1 Month + 5.50%), 8.00%, 12/07/24			391		387,139
RHP Hotel Properties LP, 1st Lien Term Loan B, (LIBOR USD 3 Month + 2.00%), 4.78%, 05/11/24			264		261,083
Safe Fleet Holdings LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 5.52%, 02/01/25(c)			447		419,828
Safe Fleet Holdings LLC, 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 9.27%, 02/02/26(c)			210		197,400
SBA Senior Finance II LLC, 2nd Lien Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 04/06/25			544		534,032
Scientific Games International, Inc., Term Loan B, 08/14/24(p)			445		430,747
ScribeAmerica Intermediate Holdco LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 4.50%), 7.01%, 04/03/25			365		360,973
Sedgwick, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 12/31/25			1,110		1,080,396
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 5.00%), 7.52%, 11/28/21			480		471,123
Serta Simmons Bedding LLC, Term Loan:
11/08/23(p)			323		274,880
(LIBOR USD 1 Month + 8.00%), 10.51%, 11/08/24			89		62,902
ServiceMaster Co. LLC (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 11/08/23			285		282,877
SIRVA Worldwide, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.50%), 8.00% - 8.30%, 08/04/25(c)			356		347,100
SMG US Midco 2, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 01/23/25			368		359,657
Solar Winds Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 02/05/24			673		655,533
Solera LLC, Term Loan B1, (LIBOR USD 1 Month + 2.75%), 5.25%, 03/03/23			702		686,516
Sophia LP, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 6.05%, 09/30/22			564		551,082
Sound Inpatient Physicians, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 06/27/25			214		210,316

28 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Sound Inpatient Physicians, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 9.25%, 06/26/26	USD		117	$	115,245
Spin Holdco, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 6.03%, 11/14/22			552		538,307
Springer Science+business Media, Term Loan B14, 08/15/22(p)			2,455		2,792,979
Springs Window Fashions LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 4.25%), 6.75%, 05/25/25			393		385,656
Sprint Communications, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 02/02/24			441		430,511
SRS Distribution, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 05/23/25			379		358,751
SS&C Technologies Holdings, Inc., Term Loan, 04/16/25(p)			554		542,167
SS&C Technologies Holdings, Inc., Term Loan B, 04/16/25(p)			1,441		1,410,331
SS&C Technologies Holdings, Inc., Term Loan B1, (LIBOR USD 1 Month + 2.25%), 4.75%, 07/08/22			220		217,675
SSH Group Holdings, Inc., Term Loan, (LIBOR USD 3 Month + 4.25%), 6.90%, 07/30/25			236		232,861
Standardaero Holding, Inc., Term Loan(p):
12/30/24			109		108,577
01/23/26			203		201,954
Staples, Inc., Term Loan, (LIBOR USD 3 Month + 4.00%), 6.51%, 09/12/24			248		243,272
Starfruit Finco BV, Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75% - 5.76%, 10/01/25			392		382,937
Station Casinos LLC,Term Loan B, (LIBOR USD 1 Month + 2.50%), 5.00%, 06/08/23			450		444,037
Team Health Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.25%, 02/06/24(c)			358		321,729
Tecostar Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.02%, 05/01/24			431		424,440
Telenet Financing LLC, Term Loan, 08/15/26(p)			514		499,519
Tempo Acquisition LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 05/01/24			550		539,210
TierPoint LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 05/06/24(c)			397		375,802
Titan Acquisition Ltd., Term Loan, 03/28/25(p)			457		429,698
TKC Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.25%, 02/01/23			309		298,382
TMK Hawk Parent Corp., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 08/28/24			244		218,032
Trader Corp., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 09/28/23			671		660,016
Trans Union LLC, 1st Lien Term Loan B4, (LIBOR USD 1 Month + 2.00%), 4.50%, 06/19/25			6		5,887
Trans Union LLC, Term Loan, 04/10/23(p)			435		428,948
Trugreen Ltd., Term Loan, (LIBOR USD 1 Month + 4.00%), 6.51%, 04/13/23(c)			120		120,613
Uber Technologies, Inc., Term Loan, (LIBOR USD 1 Month + 4.00%), 6.52%, 03/14/25			413		409,312
United Rentals, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 4.25%, 10/31/25			202		200,887
Unitymedia Hessen GmbH & Co. KG, 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.76%, 09/30/25			507		498,680
Universal Hospital Services, Inc., Delayed Draw Term Loan B, (LIBOR USD 6 Month + 0.00%), 5.56%, 10/18/25(c)			347		344,831

Security		Par (000)		Value
United States (continued)
Univision Communications, Inc., Term Loan C5, (LIBOR USD 1 Month + 2.75%), 5.25%, 03/15/24	USD		393	$	365,129
US Foods, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 06/27/23			677		664,699
USI, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.80%, 05/16/24			632		605,496
USIC Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.75%, 12/08/23			370		356,481
Varsity Brands, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 6.00%, 12/16/24			163		160,628
Vectra Co., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.75%, 02/23/25			300		282,131
VeriFone Systems, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 4.00%), 6.64%, 08/20/25			10,646		10,420,083
VeriFone Systems, Inc., Term Loan 2, (LIBOR USD 3 Month + 8.00%), 10.64%, 08/20/26			8,259		8,081,432
Verscend Holding Corp., Term Loan B, (LIBOR USD 1 Month + 4.50%), 7.00%, 08/27/25			895		886,404
Vertiv Co., Term Loan B, (LIBOR USD 3 Month + 4.00%), 6.71%, 11/30/23			475		440,443
VICI Properties, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.50%, 12/20/24			770		755,245
Vistra Operations Co. LLC, Term Loan B3, (LIBOR USD 1 Month + 2.00%), 4.50% - 4.51%, 12/31/25			450		441,101
Vizient, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.25%, 02/13/23			166		164,126
Web.com Group, Inc., Term Loan, 10/10/25(p)			163		156,987
Weight Watchers International, Inc., Term Loan B, 11/29/24(p)			380		377,288
WELBILT, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 10/11/25			178		174,114
WEX, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.75%, 06/30/23			439		432,027
William Morris Endeavor Entertainment LLC, Term Loan B, 05/18/25(p)			579		543,559
Wilsonart LLC, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 6.06%, 12/19/23			330		326,237
Wink Holdco, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.50%, 12/02/24			596		573,506
Woodford Express LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 5.00%), 7.50%, 01/27/25			342		329,572
WP CityMD Bidco LLC, Term Loan, (LIBOR USD 3 Month + 3.50%), 6.30%, 06/07/24			243		235,251
WP CPP Holdings, Term Loan B, (LIBOR USD 3 Month + 3.75%), 6.26% - 6.51%, 03/16/25			181		177,253
Zayo Group LLC, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.50%, 01/19/21			1,100		1,091,262
Ziggo Secured Finance Partnership, Term Loan, (LIBOR USD 1 Month + 2.50%), 5.01%, 04/15/25			456		440,414
					301,963,270
Total Floating Rate Loan Interests— 14.8% (Cost: $484,540,737)					475,438,376
Foreign Agency Obligations— 0.3%
China— 0.0%
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR		600		630,102

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21	USD		400	$	360,000
Inner Mongolia High-Grade High Way Construction and Development Co. Ltd., 4.38%, 12/04/20			258		247,437
Yunnan Provincial Investment Holdings Group Co. Ltd., 3.38%, 04/01/19			200		198,173
					1,435,712
India— 0.1%
NTPC Ltd., 5.63%, 07/14/21			1,100		1,144,413
Power Finance Corp. Ltd., 3.75%, 12/06/27			1,700		1,481,692
Rural Electrification Corp. Ltd., 4.63%, 03/22/28			600		578,565
					3,204,670
Indonesia— 0.1%
Jasa Marga Persero Tbk. PT, 7.50%, 12/11/20	IDR		4,960,000		335,388
Perusahaan Listrik Negara PT, 6.15%, 05/21/48	USD		1,100		1,181,125
Wijaya Karya Persero Tbk. PT, 7.70%, 01/31/21	IDR		4,580,000		309,332
					1,825,845
Thailand— 0.0%
Export Import Bank of Thailand, (LIBOR USD 3 Month + 0.90%), 3.54%, 11/20/23(b)	USD		785		785,058
Venezuela— 0.1%
Petroleos de Venezuela SA(e)(j):
6.00%, 11/15/26			4,200		1,041,600
9.75%, 05/17/35			1,500		457,500
					1,499,100
Total Foreign Agency Obligations— 0.3% (Cost: $9,971,097)					8,750,385
Foreign Government Obligations— 1.5%
Argentina— 0.2%
Republic of Argentina, 3.38%, 01/15/23			5,000		4,857,396
Belarus— 0.1%
Republic of Belarus, 6.88%, 02/28/23			2,080		2,139,800
Croatia— 0.2%
Republic of Croatia, 3.88%, 05/30/22	EUR		6,000		7,588,698
Egypt— 0.1%
Arab Republic of Egypt, 4.75%, 04/16/26			4,200		4,500,853
India— 0.0%
Oil India Ltd., 5.13%, 02/04/29	USD		640		639,157
Indonesia— 0.4%
Indonesia Asahan Aluminium Persero PT:
5.23%, 11/15/21			925		959,687
5.71%, 11/15/23			1,700		1,799,875
6.53%, 11/15/28			250		276,250
Republic of Indonesia:
2.88%, 07/08/21	EUR		6,200		7,495,699
5.35%, 02/11/49	USD		1,025		1,105,365
					11,636,876
Kazakhstan— 0.2%
Republic of Kazakhstan, 1.55%, 11/09/23	EUR		4,500		5,247,275
Maldives— 0.0%
Republic of Maldives Ministry of Finance and Treasury Bond, 7.00%, 06/07/22	USD		1,400		1,309,000
Russia— 0.2%
Russian Federation, 5.00%, 04/29/20			5,400		5,501,250

Security		Par (000)		Value
Saudi Arabia— 0.0%
Kingdom of Saudi Arabia:
4.38%, 04/16/29	USD		675	$	685,969
5.25%, 01/16/50			350		359,625
					1,045,594
Sri Lanka— 0.0%
Republic of Sri Lanka, 5.75%, 01/18/22			1,200		1,180,806
Ukraine— 0.1%
Republic of Ukraine, 7.75%, 09/01/21			4,200		4,126,500
Total Foreign Government Obligations— 1.5% (Cost: $49,591,583)					49,773,205
Non-Agency Mortgage-Backed Securities — 1.0%
Collateralized Mortgage Obligations— 0.1%
United Kingdom— 0.1%
Paragon Mortgages No. 13 plc, Series 13X, Class A2C, 2.97%, 01/15/39(d)			4,592		4,254,294
Commercial Mortgage-Backed Securities— 0.8%
United States— 0.8%
Commercial Mortgage Trust(a)(d):
Series2014-PAT, Class E, 5.66%, 08/13/27			1,000		1,000,884
Series2014-PAT, Class F, 4.95%, 08/13/27			2,000		1,990,574
Series2014-PAT, Class G, 4.10%, 08/13/27			1,030		1,021,988
Core Industrial Trust(a)(d):
Series 2015-CALW, Class F, 3.85%, 02/10/34			4,620		4,613,949
Series 2015-CALW, Class G, 3.85%, 02/10/34			5,640		5,582,277
Credit Suisse First Boston Mortgage Securities Corp., Series2005-C2, Class AMFX, 4.88%, 04/15/37			95		93,789
GAHR Commercial Mortgage Trust,Series 2015-NRF, Class EFX, 3.38%, 12/15/34(a)(d)			8,740		8,599,663
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.59%, 06/10/28(a)(d)			2,545		2,501,961
					25,405,085
Interest Only Commercial Mortgage-Backed Securities — 0.1%
United States— 0.1%
CFCRE Commercial Mortgage Trust,Series 2016-C4, Class XA, 1.73%, 05/10/58(d)			20,855		1,945,026
TotalNon-Agency Mortgage-Backed Securities— 1.0% (Cost: $31,021,639)					31,604,405
Preferred Securities— 0.3%
Capital Trusts— 0.3%
United Kingdom— 0.2%
Lloyds Banking Group plc(f)(k):
6.41%(a)			1,752		1,708,200
6.66%			701		687,415
6.66%(a)			3,994		3,916,596
					6,312,211
United States— 0.1%(f)(k)
Andeavor Logistics LP, Series A, 6.87%			141		135,830
Goldman Sachs Group, Inc. (The), Series P, 5.00%			79		72,778
State Street Corp., Series H, 5.63%			3,185		3,117,319
					3,325,927
Total Capital Trusts— 0.3% (Cost: $10,902,541)					9,638,138

30 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Shares		Value
Preferred Stocks— 0.0%
Luxembourg— 0.0%
Novartex Holding Luxembourg SCA(c)			94	$	—
Total Preferred Stocks— 0.0% (Cost: $0)					—
Total Preferred Securities— 0.3% (Cost: $10,902,541)					9,638,138
		Par (000)
U.S. Treasury Obligations— 0.3%
U.S. Treasury Bonds, 3.00%, 08/15/48	USD		8,268		8,247,007
Total U.S. Treasury Obligations— 0.3% (Cost: $8,194,254)					8,247,007
Total Long-Term Investments— 85.6% (Cost: $2,853,724,123)					2,750,282,235
Short-Term Securities— 25.9%
Borrowed Bond Agreements— 17.4%(q)
Amherst Pierpont Securities LLC, 2.45%, 02/01/19 (Purchased on 01/31/19 to be repurchased at USD 28,304,035, collateralized by U.S. Treasury Notes, 3.13%, due at 11/15/28, par and fair value of USD 27,051,000 and $28,185,874, respectively)			28,302		28,302,109
Amherst Pierpont Securities LLC, 2.55%, 02/01/19 (Purchased on 01/31/19 to be repurchased at USD 15,616,556, collateralized by U.S. Treasury Notes, 2.63%, due at 12/31/23, par and fair value of USD 15,480,000 and $15,608,194, respectively)			15,615		15,615,450
Barclays Bank plc, (3.75)%, Open (Purchased on 01/15/19 to be repurchased at EUR 2,089,164, collateralized by Nexi Capital SpA, 4.13%, due at 11/01/23, par and fair value of EUR 2,098,000 and $2,435,230, respectively)(r)	EUR		2,093		2,395,249
Barclays Bank plc, (2.40)%, Open (Purchased on 01/11/19 to be repurchased at EUR 2,680,026, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 2,700,000 and $3,040,942, respectively)(r)			2,683		3,071,038
Barclays Bank plc, (2.25)%, Open (Purchased on 01/30/19 to be repurchased at EUR 306,414, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 300,000 and $345,919, respectively)(r)			306		350,743
Barclays Bank plc, (1.90)%, Open (Purchased on 01/23/19 to be repurchased at EUR 1,762,355, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 1,750,000 and $1,970,981, respectively)(r)			1,763		2,017,937
Barclays Bank plc, (1.55)%, Open (Purchased on 12/07/18 to be repurchased at EUR 1,124,613, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 1,100,000 and $1,268,371, respectively)(r)			1,127		1,290,120

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (1.20)%, Open (Purchased on 01/24/19 to be repurchased at EUR 538,815, collateralized by Valeo SA, 3.25%, due at 01/22/24, par and fair value of EUR 500,000 and $617,622, respectively)(r)	EUR		539	$	616,810
Barclays Bank plc, (1.10)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,430,772, collateralized by Madrilena Red de Gas Finance BV, 2.25%, due at 04/11/29, par and fair value of EUR 4,320,000 and $5,042,665, respectively)(r)			4,433		5,073,786
Barclays Bank plc, (1.00)%, Open (Purchased on 06/13/18 to be repurchased at EUR 1,150,349, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 1,180,000 and $1,289,628, respectively)(r)			1,158		1,325,229
Barclays Bank plc, (1.00)%, Open (Purchased on 06/07/18 to be repurchased at EUR 1,088,957, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 1,120,000 and $1,224,054, respectively)(r)			1,096		1,254,609
Barclays Bank plc, (1.00)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,309,023, collateralized by Autoroutes du Sud de la France SA, 1.38%, due at 01/22/30, par and fair value of EUR 4,400,000 and $4,964,962, respectively)(r)			4,311		4,934,163
Barclays Bank plc, (1.00)%, Open (Purchased on 01/16/19 to be repurchased at EUR 356,630, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 375,000 and $409,839, respectively)(r)			357		408,369
Barclays Bank plc, (1.00)%, Open (Purchased on 12/18/18 to be repurchased at GBP 597,912, collateralized by TalkTalk Telecom Group plc, 5.38%, due at 01/15/22, par and fair value of GBP 600,000 and $783,899, respectively)(r)			599		785,160
Barclays Bank plc, (0.95)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,128,708, collateralized by Ryanair DAC, 1.13%, due at 03/10/23, par and fair value of EUR 4,140,000 and $4,707,610, respectively)(r)			4,130		4,727,590
Barclays Bank plc, (0.95)%, Open (Purchased on 01/16/19 to be repurchased at EUR 843,493, collateralized by Eni SpA, 3.63%, due at 01/29/29, par and fair value of EUR 715,000 and $953,983, respectively)(r)			844		965,845
Barclays Bank plc, (0.90)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,448,487, collateralized by Orange SA, 5.00%, due at 10/01/26, par and fair value of EUR 2,250,000 and $2,804,850, respectively)(r)			2,449		2,803,589
Barclays Bank plc, (0.90)%, Open (Purchased on 01/23/19 to be repurchased at EUR 3,805,808, collateralized by Gestamp Automocion SA, 3.25%, due at 04/30/26, par and fair value of EUR 4,350,000 and $4,406,424, respectively)(r)			3,807		4,356,998

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (0.90)%, Open (Purchased on 08/29/18 to be repurchased at EUR 2,227,685, collateralized by LKQ European Holdings BV, 3.63%, due at 04/01/26, par and fair value of EUR 2,175,000 and $2,446,934, respectively)(r)	EUR		2,240	$	2,564,160
Barclays Bank plc, (0.90)%, Open (Purchased on 08/21/18 to be repurchased at EUR 2,654,727, collateralized by Zimmer Biomet Holdings, Inc., 2.43%, due at 12/13/26, par and fair value of EUR 2,500,000 and $2,949,180, respectively)(r)			2,666		3,050,956
Barclays Bank plc, (0.85)%, Open (Purchased on 01/14/19 to be repurchased at EUR 3,499,477, collateralized by Raiffeisen Bank International AG, 6.00%, due at 10/16/23, par and fair value of EUR 3,000,000 and $3,986,487, respectively)(r)			3,501		4,007,015
Barclays Bank plc, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,146,640, collateralized by Allergan Funding SCS, 2.13%, due at 06/01/29, par and fair value of EUR 2,250,000 and $2,476,065, respectively)(r)			2,147		2,457,915
Barclays Bank plc, (0.80)%, Open (Purchased on 12/05/18 to be repurchased at EUR 2,589,242, collateralized by Arkema SA, 1.50%, due at 04/20/27, par and fair value of EUR 2,600,000 and $2,985,560, respectively)(r)			2,592		2,967,339
Barclays Bank plc, (0.75)%, Open (Purchased on 11/20/18 to be repurchased at EUR 15,912,122, collateralized by Portugal Obrigacoes do Tesouro OT, 2.13%, due at 10/17/28, par and fair value of EUR 15,700,000 and $19,002,428, respectively)(r)			15,930		18,233,800
Barclays Bank plc, (0.25)%, Open (Purchased on 12/19/18 to be repurchased at USD 3,742,882, collateralized by SM Energy Co., 6.75%, due at 09/15/26, par and fair value of USD 3,900,000 and $3,842,085, respectively)(r)	USD		3,744		3,744,000
Barclays Bank plc, 0.00%, Open (Purchased on 01/30/19 to be repurchased at EUR 1,976,347, collateralized by Telenet Finance Luxembourg Notes SARL, 3.50%, due at 03/01/28, par and fair value of EUR 2,000,000 and $2,261,157, respectively)(r)	EUR		1,976		2,262,127
Barclays Bank plc, 0.00%, Open (Purchased on 01/31/19 to be repurchased at USD 4,712,969, collateralized by Transdigm, Inc., 6.38%, due at 06/15/26, par and fair value of USD 4,865,000 and $4,682,563, respectively)(r)	USD		4,713		4,712,969
Barclays Bank plc, 0.00%, Open (Purchased on 01/31/19 to be repurchased at EUR 3,562,573, collateralized by Telenet Finance Luxembourg Notes SARL, 3.50%, due at 03/01/28, par and fair value of EUR 3,600,000 and $4,070,083, respectively)(r)	EUR		3,563		4,077,721
Barclays Bank plc, 0.35%, Open (Purchased on 12/21/18 to be repurchased at USD 3,663,001, collateralized by Carrizo Oil & Gas, Inc., 6.25%, due at 04/15/23, par and fair value of USD 3,885,000 and $3,836,437, respectively)(r)	USD		3,662		3,661,613
Barclays Bank plc, 1.20%, Open (Purchased on 11/14/18 to be repurchased at USD 3,487,872, collateralized by Intelsat Luxembourg SA, 8.13%, due at 06/01/23, par and fair value of USD 3,905,000 and $3,248,472, respectively)(r)			3,480		3,480,331

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, 1.75%, Open (Purchased on 01/15/19 to be repurchased at USD 76,059, collateralized by Pacific Gas & Electric Co., 6.05%, due at 03/01/34, par and fair value of USD 95,000 and $83,362, respectively)(r)	USD		76	$	76,000
Barclays Bank plc, 1.80%, Open (Purchased on 12/07/18 to be repurchased at USD 2,914,098, collateralized by Royal Bank Of Scotland Group plc, 8.00%, due at 08/10/25, par and fair value of USD 2,900,000 and $3,033,400, respectively)(r)			2,907		2,907,250
Barclays Bank plc, 1.85%, Open (Purchased on 01/14/19 to be repurchased at USD 987,680, collateralized by Pacific Gas & Electric Co., 6.05%, due at 03/01/34, par and fair value of USD 1,095,000 and $960,863, respectively)(r)			987		986,869
Barclays Bank plc, 1.85%, Open (Purchased on 01/14/19 to be repurchased at USD 3,821,890, collateralized by Pacific Gas & Electric Co., 4.00%, due at 12/01/46, par and fair value of USD 5,000,000 and $3,761,500, respectively)(r)			3,819		3,818,750
Barclays Bank plc, 1.95%, Open (Purchased on 12/07/18 to be repurchased at USD 2,867,494, collateralized by UBS Group Funding Switzerland AG, 6.88%, due at 08/07/25, par and fair value of USD 2,900,000 and $2,904,008, respectively)(r)			2,860		2,860,125
Barclays Bank plc, 1.95%, Open (Purchased on 12/13/18 to be repurchased at USD 7,258,507, collateralized by First Quantum Minerals Ltd., 6.88%, due at 03/01/26, par and fair value of USD 8,300,000 and $7,407,750, respectively)(r)			7,242		7,241,750
Barclays Bank plc, 2.05%, Open (Purchased on 01/15/19 to be repurchased at USD 4,823,140, collateralized by Charter Communications Operating LLC, 5.75%, due at 04/01/48, par and fair value of USD 5,000,000 and $4,981,736, respectively)(r)			4,819		4,818,750
Barclays Bank plc, 2.05%, Open (Purchased on 01/15/19 to be repurchased at USD 3,532,678, collateralized by Aker BP ASA, 5.88%, due at 03/31/25, par and fair value of USD 3,435,000 and $3,520,875, respectively)(r)			3,529		3,529,463
Barclays Bank plc, 2.05%, Open (Purchased on 12/20/18 to be repurchased at USD 4,886,659, collateralized by Johnson & Johnson, 3.75%, due at 03/03/47, par and fair value of USD 5,000,000 and $4,990,159, respectively)(r)			4,875		4,875,000
Barclays Bank plc, 2.05%, Open (Purchased on 01/18/19 to be repurchased at USD 4,927,805, collateralized by Goldman Sachs Group, Inc. (The), 4.22%, due at 05/01/29, par and fair value of USD 5,000,000 and $5,021,675, respectively)(r)			4,925		4,925,000
Barclays Bank plc, 2.05%, Open (Purchased on 12/24/18 to be repurchased at USD 4,968,446, collateralized by Intelsat Connect Finance SA, 9.50%, due at 02/15/23, par and fair value of USD 5,920,000 and $5,535,200, respectively)(r)			4,958		4,958,000
Barclays Bank plc, 2.05%, Open (Purchased on 01/10/19 to be repurchased at USD 13,741,413, collateralized by JPMorgan Chase & Co., 3.96%, due at 11/15/48, par and fair value of USD 15,000,000 and $14,093,788, respectively)(r)			13,725		13,725,000

32 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, 2.05%, Open (Purchased on 01/16/19 to be repurchased at USD 2,311,973, collateralized by Pacific Gas & Electric Co., 5.80%, due at 03/01/37, par and fair value of USD 3,000,000 and $2,571,600, respectively)(r)	USD		2,310	$	2,310,000
Barclays Bank plc, 2.05%, Open (Purchased on 01/14/19 to be repurchased at USD 1,804,245, collateralized by Pacific Gas & Electric Co., 6.05%, due at 03/01/34, par and fair value of USD 2,000,000 and $1,755,000, respectively)(r)			1,803		1,802,500
Barclays Bank plc, 2.05%, Open (Purchased on 01/28/19 to be repurchased at USD 3,008,726, collateralized by Infor US, Inc., 6.50%, due at 05/15/22, par and fair value of USD 2,910,000 and $2,960,925, respectively)(r)			3,008		3,008,213
Barclays Bank plc, 2.05%, Open (Purchased on 12/18/18 to be repurchased at USD 9,702,724, collateralized by Refinitiv US Holdings, Inc., 8.25%, due at 11/15/26, par and fair value of USD 10,137,000 and $9,503,438, respectively)(r)			9,681		9,680,835
Barclays Bank plc, 2.05%, Open (Purchased on 01/29/19 to be repurchased at USD 2,908,044, collateralized by Transdigm, Inc., 6.38%, due at 06/15/26, par and fair value of USD 2,915,000 and $2,805,688, respectively)(r)			2,908		2,907,713
BNP Paribas SA, (0.50)%, Open (Purchased on 01/16/19 to be repurchased at EUR 6,454,229, collateralized by Italy Buoni Poliennali Del Tesoro, 0.05%, due at 04/15/21, par and fair value of EUR 6,705,000 and $7,596,186, respectively)(r)	EUR		6,456		7,389,050
BNP Paribas SA, (0.48)%, Open (Purchased on 11/13/18 to be repurchased at EUR 22,520,115, collateralized by Italy Buoni Poliennali Del Tesoro, 0.05%, due at 04/15/21, par and fair value of EUR 23,400,000 and $26,510,177, respectively)(r)			22,544		25,803,357
BNP Paribas SA, 2.10%, Open (Purchased on 01/18/19 to be repurchased at USD 4,921,619, collateralized by Goldman Sachs Group, Inc. (The), 4.22%, due at 05/01/29, par and fair value of USD 5,000,000 and $5,021,675, respectively)(r)	USD		4,919		4,918,750
Citigroup Global Markets Holdings, Inc., (1.50)%, Open (Purchased on 01/30/19 to be repurchased at EUR 2,573,413, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 2,400,000 and $2,767,354, respectively)(r)	EUR		2,574		2,945,651
Citigroup Global Markets, Inc., 1.95%, Open (Purchased on 12/13/18 to be repurchased at USD 441,874, collateralized by Kennametal, Inc., 3.88%, due at 02/15/22, par and fair value of USD 437,000 and $435,731, respectively)(r)	USD		441		440,824
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 01/04/19 to be repurchased at USD 7,352,527, collateralized by Discovery Communications LLC, 3.95%, due at 03/20/28, par and fair value of USD 7,790,000 and $7,424,132, respectively)(r)			7,342		7,342,075
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 12/28/18 to be repurchased at USD 2,391,450, collateralized by Commscope Technologies LLC, 5.00%, due at 03/15/27, par and fair value of USD 2,920,000 and $2,489,008, respectively)(r)			2,387		2,387,100

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 01/18/19 to be repurchased at USD 5,872,542, collateralized by Dell International LLC, 6.02%, due at 06/15/26, par and fair value of USD 5,840,000 and $6,108,420, respectively)(r)	USD		5,869	$	5,869,200
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 01/07/19 to be repurchased at USD 14,840,448, collateralized by Sprint Capital Corp., 6.88%, due at 11/15/28, par and fair value of USD 15,065,000 and $14,952,013, respectively)(r)			14,820		14,820,194
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 01/07/19 to be repurchased at USD 4,118,120, collateralized by General Electric Co., 5.00%, due at 01/21/21, par and fair value of USD 5,000,000 and $4,375,000, respectively)(r)			4,113		4,112,500
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 12/21/18 to be repurchased at USD 4,861,022, collateralized by First Quantum Minerals Ltd., 7.50%, due at 04/01/25, par and fair value of USD 5,800,000 and $5,263,500, respectively)(r)			4,850		4,850,250
Goldman Sachs International, (1.60)%, Open (Purchased on 12/21/18 to be repurchased at EUR 849,647, collateralized by Faurecia SA, 2.63%, due at 06/15/25, par and fair value of EUR 900,000 and $984,443, respectively)(r)	EUR		851		974,064
J.P. Morgan Securities LLC, (3.00)%, Open (Purchased on 01/07/19 to be repurchased at EUR 1,201,163, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 1,243,000 and $1,399,960, respectively)(r)			1,204		1,377,607
J.P. Morgan Securities LLC, (2.70)%, Open (Purchased on 08/15/18 to be repurchased at EUR 1,003,124, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 1,000,000 and $1,126,275, respectively)(r)			1,016		1,162,915
J.P. Morgan Securities LLC, (2.70)%, Open (Purchased on 11/22/18 to be repurchased at EUR 1,784,079, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 1,817,000 and $2,046,441, respectively)(r)			1,793		2,052,369
J.P. Morgan Securities LLC, (2.60)%, Open (Purchased on 01/15/19 to be repurchased at EUR 2,020,533, collateralized by Nexi Capital SpA, 3.63%, due at 05/01/23, par and fair value of EUR 2,030,000 and $2,311,920, respectively)(r)			2,023		2,315,377
J.P. Morgan Securities LLC, (2.60)%, Open (Purchased on 07/03/18 to be repurchased at EUR 1,570,997, collateralized by Nexi Capital SpA, 3.63%, due at 05/01/23, par and fair value of EUR 1,600,000 and $1,822,203, respectively)(r)			1,595		1,825,989
J.P. Morgan Securities LLC, (2.60)%, Open (Purchased on 08/15/18 to be repurchased at EUR 3,512,602, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 3,500,000 and $3,941,962, respectively)(r)			3,556		4,070,203

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities LLC, (1.85)%, Open (Purchased on 06/26/18 to be repurchased at EUR 98,208, collateralized by Nexi Capital SpA, 4.13%, due at 11/01/23, par and fair value of EUR 100,000 and $116,074, respectively)(r)	EUR		99	$	113,682
J.P. Morgan Securities LLC, (1.85)%, Open (Purchased on 06/14/18 to be repurchased at EUR 260,874, collateralized by Nexi Capital SpA, 3.63%, due at 05/01/23, par and fair value of EUR 264,000 and $300,664, respectively)(r)			264		302,199
J.P. Morgan Securities LLC, (1.70)%, Open (Purchased on 01/15/19 to be repurchased at EUR 4,646,745, collateralized by Naviera Armas SA, 4.25%, due at 11/15/24, par and fair value of EUR 4,910,000 and $5,213,436, respectively)(r)			4,650		5,322,685
J.P. Morgan Securities LLC, (1.35)%, Open (Purchased on 07/25/18 to be repurchased at EUR 3,015,704, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 2,880,000 and $3,243,672, respectively)(r)			3,037		3,476,545
J.P. Morgan Securities LLC, (1.35)%, Open (Purchased on 07/25/18 to be repurchased at EUR 942,407, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 900,000 and $1,013,647, respectively)(r)			949		1,086,420
J.P. Morgan Securities LLC, (1.35)%, Open (Purchased on 01/15/19 to be repurchased at EUR 3,157,977, collateralized by Iliad SA, 1.88%, due at 04/25/25, par and fair value of EUR 3,400,000 and $3,582,286, respectively)(r)			3,160		3,616,790
J.P. Morgan Securities LLC, (1.25)%, Open (Purchased on 09/28/18 to be repurchased at EUR 1,593,739, collateralized by Faurecia SA, 2.63%, due at 06/15/25, par and fair value of EUR 1,550,000 and $1,695,429, respectively)(r)			1,601		1,832,018
J.P. Morgan Securities LLC, (1.15)%, Open (Purchased on 08/20/18 to be repurchased at EUR 946,119, collateralized by Evonik Finance BV, 0.75%, due at 09/07/28, par and fair value of EUR 1,000,000 and $1,055,712, respectively)(r)			951		1,088,596
J.P. Morgan Securities LLC, (1.10)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,595,449, collateralized by Telefonica Emisiones SAU, 2.93%, due at 10/17/29, par and fair value of EUR 1,500,000 and $1,851,168, respectively)(r)			1,596		1,826,988
J.P. Morgan Securities LLC, (1.05)%, Open (Purchased on 01/23/19 to be repurchased at EUR 1,900,508, collateralized by Gestamp Automocion SA, 3.25%, due at 04/30/26, par and fair value of EUR 2,150,000 and $2,177,887, respectively)(r)			1,901		2,175,829
J.P. Morgan Securities LLC, (1.05)%, Open (Purchased on 01/16/19 to be repurchased at GBP 475,150, collateralized by TalkTalk Telecom Group plc, 5.38%, due at 01/15/22, par and fair value of GBP 480,000 and $627,119, respectively)(r)	GBP		475		623,479

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities LLC, (1.00)%, Open (Purchased on 10/05/18 to be repurchased at EUR 1,731,290, collateralized by Faurecia SA, 3.63%, due at 06/15/23, par and fair value of EUR 1,650,000 and $1,934,860, respectively)(r)	EUR		1,737	$	1,987,985
J.P. Morgan Securities LLC, (1.00)%, Open (Purchased on 01/24/19 to be repurchased at EUR 2,490,679, collateralized by Valeo SA, 3.25%, due at 01/22/24, par and fair value of EUR 2,300,000 and $2,841,059, respectively)(r)			2,491		2,851,148
J.P. Morgan Securities LLC, (0.95)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,156,674, collateralized by Cie de Saint-Gobain, 1.38%, due at 06/14/27, par and fair value of EUR 2,200,000 and $2,482,554, respectively)(r)			2,158		2,469,507
J.P. Morgan Securities LLC, (0.90)%, Open (Purchased on 11/29/18 to be repurchased at EUR 2,999,734, collateralized by Grifols SA, 3.20%, due at 05/01/25, par and fair value of EUR 3,000,000 and $3,425,215, respectively)(r)			3,006		3,440,419
J.P. Morgan Securities LLC, (0.90)%, Open (Purchased on 08/09/18 to be repurchased at EUR 5,860,794, collateralized by Eni SpA, 3.63%, due at 01/29/29, par and fair value of EUR 4,900,000 and $6,537,785, respectively)(r)			5,886		6,737,234
J.P. Morgan Securities LLC, (0.90)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,219,745, collateralized by Eastman Chemical Co., 1.88%, due at 11/23/26, par and fair value of EUR 2,160,000 and $2,552,192, respectively)(r)			2,221		2,541,673
J.P. Morgan Securities LLC, (0.90)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,743,344, collateralized by Total Capital International SA, 1.49%, due at 09/04/30, par and fair value of EUR 2,700,000 and $3,175,573, respectively)(r)			2,744		3,141,210
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 3,855,229, collateralized by Engie SA, 1.38%, due at 06/22/28, par and fair value of EUR 3,800,000 and $4,434,577, respectively)(r)			3,857		4,414,258
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,200,963, collateralized by ISS Global A/S, 1.50%, due at 08/31/27, par and fair value of EUR 2,250,000 and $2,525,166, respectively)(r)			2,202		2,520,115
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,060,813, collateralized by Koninklijke Philips NV, 1.38%, due at 05/02/28, par and fair value of EUR 1,072,000 and $1,220,472, respectively)(r)			1,061		1,214,636
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,192,527, collateralized by AT&T, Inc., 2.60%, due at 12/17/29, par and fair value of EUR 2,160,000 and $2,541,445, respectively)(r)			2,193		2,510,455
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 08/09/18 to be repurchased at EUR 947,114, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 1,000,000 and $1,082,240, respectively)(r)			951		1,088,487

34 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,213,663, collateralized by Engie SA, 2.38%, due at 05/19/26, par and fair value of EUR 3,800,000 and $4,772,310, respectively)(r)	EUR		4,215	$	4,824,668
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 958,635, collateralized by AbbVie, Inc., 2.13%, due at 11/17/28, par and fair value of EUR 935,000 and $1,109,620, respectively)(r)			959		1,097,642
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 06/06/18 to be repurchased at EUR 1,913,743, collateralized by Koninklijke Philips NV, 1.38%, due at 05/02/28, par and fair value of EUR 1,938,000 and $2,206,411, respectively)(r)			1,925		2,202,849
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,113,002, collateralized by Arkema SA, 1.50%, due at 04/20/27, par and fair value of EUR 2,100,000 and $2,411,414, respectively)(r)			2,114		2,419,399
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/10/19 to be repurchased at EUR 5,538,802, collateralized by Danske Bank A/S, 5.80%, due at , par and fair value of EUR 5,400,000 and $6,219,470, respectively)(f)(r)			5,541		6,342,407
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 11/16/18 to be repurchased at EUR 1,306,501, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 1,300,000 and $1,443,341, respectively)(r)			1,309		1,498,003
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,875,527, collateralized by BHP Billiton Finance Ltd., 1.50%, due at 04/29/30, par and fair value of EUR 2,840,000 and $3,289,958, respectively)(r)			2,877		3,292,494
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 11/16/18 to be repurchased at EUR 1,306,501, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 1,300,000 and $1,443,341, respectively)(r)			1,309		1,498,003
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,343,591, collateralized by Carlsberg Breweries A/S, 2.50%, due at 05/28/24, par and fair value of EUR 4,230,000 and $5,247,326, respectively)(r)			4,345		4,973,435
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 01/15/19 to be repurchased at EUR 3,517,117, collateralized by Raiffeisen Bank International AG, 6.00%, due at 10/16/23, par and fair value of EUR 3,000,000 and $3,986,487, respectively)(r)			3,518		4,027,118
J.P. Morgan Securities LLC, (0.85)%, Open (Purchased on 08/29/18 to be repurchased at EUR 2,295,218, collateralized by LKQ European Holdings BV, 3.63%, due at 04/01/26, par and fair value of EUR 2,225,000 and $2,503,186, respectively)(r)			2,304		2,636,757

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/15/19 to be repurchased at EUR 506,019, collateralized by Ardagh Packaging Finance plc, 6.75%, due at 05/15/24, par and fair value of EUR 473,000 and $571,904, respectively)(r)	EUR		506	$	579,395
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,156,010, collateralized by AXA SA, 3.25%, due at 05/28/49, par and fair value of EUR 2,160,000 and $2,470,106, respectively)(r)			2,157		2,468,592
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 11/28/18 to be repurchased at EUR 1,200,654, collateralized by Grifols SA, 3.20%, due at 05/01/25, par and fair value of EUR 1,200,000 and $1,370,086, respectively)(r)			1,202		1,376,195
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 12/13/18 to be repurchased at EUR 1,063,491, collateralized by Ardagh Packaging Finance plc, 6.75%, due at 05/15/24, par and fair value of EUR 1,000,000 and $1,209,098, respectively)(r)			1,065		1,218,598
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 11/28/18 to be repurchased at EUR 902,072, collateralized by Grifols SA, 3.20%, due at 05/01/25, par and fair value of EUR 900,000 and $1,027,565, respectively)(r)			903		1,033,959
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 5,889,204, collateralized by Bayer Capital Corp. BV, 2.13%, due at 12/15/29, par and fair value of EUR 6,000,000 and $6,816,134, respectively)(r)			5,891		6,743,030
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,267,302, collateralized by NN Group NV, 4.63%, due at 01/13/48, par and fair value of EUR 2,160,000 and $2,619,648, respectively)(r)			2,268		2,596,019
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,353,416, collateralized by Mylan NV, 3.13%, due at 11/22/28, par and fair value of EUR 1,350,000 and $1,573,863, respectively)(r)			1,354		1,549,636
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,843,491, collateralized by Veolia Environnement SA, 4.63%, due at 03/30/27, par and fair value of EUR 2,200,000 and $3,184,797, respectively)(r)			2,844		3,255,744
J.P. Morgan Securities LLC, (0.80)%, Open (Purchased on 01/16/19 to be repurchased at EUR 3,792,019, collateralized by Heineken NV, 1.50%, due at 10/03/29, par and fair value of EUR 3,820,000 and $4,374,658, respectively)(r)			3,793		4,341,792
J.P. Morgan Securities LLC, (0.75)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,366,570, collateralized by Chemours Co. (The), 4.00%, due at 05/15/26, par and fair value of EUR 2,400,000 and $2,692,319, respectively)(r)			2,367		2,709,622
J.P. Morgan Securities LLC, (0.75)%, Open (Purchased on 11/16/18 to be repurchased at EUR 350,683, collateralized by Unicredit SpA, 1.00%, due at 01/18/23, par and fair value of EUR 387,000 and $418,612, respectively)(r)			351		402,011

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities LLC, (0.75)%, Open (Purchased on 11/28/18 to be repurchased at EUR 2,922,350, collateralized by Chemours Co. (The), 4.00%, due at 05/15/26, par and fair value of EUR 3,050,000 and $3,421,488, respectively)(r)	EUR		2,926	$	3,349,317
J.P. Morgan Securities LLC, (0.75)%, Open (Purchased on 11/15/18 to be repurchased at EUR 1,359,370, collateralized by Unicredit SpA, 1.00%, due at 01/18/23, par and fair value of EUR 1,500,000 and $1,622,525, respectively)(r)			1,361		1,558,338
J.P. Morgan Securities LLC, (0.75)%, Open (Purchased on 11/16/18 to be repurchased at EUR 556,788, collateralized by Unione Di Banche Italiane SpA, 1.75%, due at 04/12/23, par and fair value of EUR 600,000 and $650,787, respectively)(r)			558		638,271
Merrill Lynch International, (1.90)%, Open (Purchased on 01/24/19 to be repurchased at EUR 3,964,722, collateralized by Promontoria Holding 264 BV, 6.75%, due at 08/15/23, par and fair value of EUR 3,900,000 and $4,419,300, respectively)(r)			3,966		4,538,978
RBC Capital Markets, LLC, 0.00%, Open (Purchased on 12/19/18 to be repurchased at USD 3,544,450, collateralized by SM Energy Co., 5.63%, due at 06/01/25, par and fair value of USD 3,895,000 and $3,719,725, respectively)(r)	USD		3,544		3,544,450
RBC Capital Markets, LLC, 1.00%, Open (Purchased on 01/29/19 to be repurchased at USD 4,758,164, collateralized by Tenet Healthcare Corp., 6.75%, due at 06/15/23, par and fair value of USD 4,855,000 and $4,776,106, respectively)(r)			4,758		4,757,900
RBC Capital Markets, LLC, 1.20%, Open (Purchased on 01/23/19 to be repurchased at USD 6,548,946, collateralized by Chesapeake Energy Corp., 8.00%, due at 06/15/27, par and fair value of USD 6,820,000 and $6,530,150, respectively)(r)			6,547		6,547,200
RBC Capital Markets, LLC, 2.05%, Open (Purchased on 11/14/18 to be repurchased at USD 16,503,136, collateralized by Ford Motor Co., 4.35%, due at 12/08/26, par and fair value of USD 17,770,000 and $15,866,932, respectively)(r)			16,437		16,437,250
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/18/19 to be repurchased at USD 12,995,576, collateralized by Ford Motor Credit Co. LLC, 4.14%, due at 02/15/23, par and fair value of USD 13,600,000 and $12,874,902, respectively)(r)			12,988		12,988,000
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/25/19 to be repurchased at USD 13,487,459, collateralized by Bombardier, Inc., 7.50%, due at 03/15/25, par and fair value of USD 13,655,000 and $13,160,006, respectively)(r)			13,484		13,484,313
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 12/20/18 to be repurchased at USD 4,886,944, collateralized by Johnson & Johnson, 3.75%, due at 03/03/47, par and fair value of USD 5,000,000 and $4,990,158, respectively)(r)			4,875		4,875,000

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 12/26/18 to be repurchased at USD 9,457,920, collateralized by Netflix, Inc., 5.88%, due at 11/15/28, par and fair value of USD 9,730,000 and $9,863,788, respectively)(r)	USD		9,438	$	9,438,100
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/30/19 to be repurchased at USD 3,026,577, collateralized by HCA, Inc., 5.63%, due at 09/01/28, par and fair value of USD 2,910,000 and $3,009,115, respectively)(r)			3,026		3,026,400
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/29/19 to be repurchased at USD 6,186,122, collateralized by Freeport-McMoRan, Inc., 5.45%, due at 03/15/43, par and fair value of USD 7,320,000 and $6,295,200, respectively)(r)			6,185		6,185,400
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/18/19 to be repurchased at USD 4,927,873, collateralized by Goldman Sachs Group, Inc. (The), 4.22%, due at 05/01/29, par and fair value of USD 5,000,000 and $5,021,675, respectively)(r)			4,925		4,925,000
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/18/19 to be repurchased at USD 4,364,595, collateralized by Aker BP ASA, 5.88%, due at 03/31/25, par and fair value of USD 4,235,000 and $4,340,875, respectively)(r)			4,362		4,362,050
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/15/19 to be repurchased at USD 4,829,503, collateralized by Charter Communications Operating LLC, 5.75%, due at 04/01/48, par and fair value of USD 5,000,000 and $4,981,736, respectively)(r)			4,825		4,825,000
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 01/07/19 to be repurchased at USD 1,855,294, collateralized by Whiting Petroleum Corp., 6.63%, due at 01/15/26, par and fair value of USD 1,940,000 and $1,901,200, respectively)(r)			1,853		1,852,700
RBC Europe Ltd., (1.40)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,216,107, collateralized by Evonik Finance BV, 0.75%, due at 09/07/28, par and fair value of EUR 1,340,000 and $1,414,655, respectively)(r)	EUR		1,217		1,392,768
RBC Europe Ltd., (1.25)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,282,908, collateralized by Kinder Morgan, Inc., 2.25%, due at 03/16/27, par and fair value of EUR 1,265,000 and $1,467,263, respectively)(r)			1,284		1,469,181
RBC Europe Ltd., (1.25)%, Open (Purchased on 08/20/18 to be repurchased at EUR 1,002,295, collateralized by Kinder Morgan, Inc., 2.25%, due at 03/16/27, par and fair value of EUR 960,000 and $1,113,496, respectively)(r)			1,008		1,153,757
RBC Europe Ltd., (1.00)%, Open (Purchased on 11/28/18 to be repurchased at EUR 1,500,370, collateralized by Saipem Finance International BV, 3.75%, due at 09/08/23, par and fair value of EUR 1,500,000 and $1,803,843, respectively)(r)			1,503		1,720,334

36 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Europe Ltd., (1.00)%, Open (Purchased on 11/28/18 to be repurchased at EUR 1,239,078, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 1,250,000 and $1,387,827, respectively)(r)	EUR		1,241	$	1,420,735
RBC Europe Ltd., (1.00)%, Open (Purchased on 01/16/19 to be repurchased at EUR 869,994, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 923,000 and $998,907, respectively)(r)			870		996,211
RBC Europe Ltd., (1.00)%, Open (Purchased on 01/16/19 to be repurchased at EUR 4,162,873, collateralized by Zimmer Biomet Holdings, Inc., 2.43%, due at 12/13/26, par and fair value of EUR 4,070,000 and $4,801,263, respectively)(r)			4,165		4,766,811
RBC Europe Ltd., (1.00)%, Open (Purchased on 11/27/18 to be repurchased at EUR 695,941, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 700,000 and $777,183, respectively)(r)			697		798,015
RBC Europe Ltd., (1.00)%, Open (Purchased on 08/20/18 to be repurchased at EUR 1,617,115, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 1,730,000 and $1,872,275, respectively)(r)			1,624		1,859,368
RBC Europe Ltd., (1.00)%, Open (Purchased on 01/15/19 to be repurchased at EUR 1,297,073, collateralized by Saipem Finance International BV, 3.75%, due at 09/08/23, par and fair value of EUR 1,230,000 and $1,479,152, respectively)(r)			1,298		1,485,290
RBC Europe Ltd., (0.90)%, Open (Purchased on 12/04/18 to be repurchased at EUR 1,807,980, collateralized by British Telecommunications plc, 2.13%, due at 09/26/28, par and fair value of EUR 1,840,000 and $2,104,589, respectively)(r)			1,811		2,072,367
RBC Europe Ltd., (0.90)%, Open (Purchased on 11/27/18 to be repurchased at EUR 3,075,993, collateralized by Banco Santander SA, 6.25%, due at 09/11/21, par and fair value of EUR 3,000,000 and $3,463,461, respectively)(r)			3,081		3,526,512
RBC Europe Ltd., (0.90)%, Open (Purchased on 08/21/18 to be repurchased at EUR 2,484,895, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 2,500,000 and $2,732,264, respectively)(r)			2,495		2,855,777
RBC Europe Ltd., (0.90)%, Open (Purchased on 01/16/19 to be repurchased at EUR 2,170,907, collateralized by Iberdrola Finanzas SA, 1.62%, due at 11/29/29, par and fair value of EUR 2,200,000 and $2,543,936, respectively)(r)			2,172		2,485,752
Total Borrowed Bond Agreements— 17.4% (Cost: $558,590,688)					559,409,704
		Shares
Money Market Funds— 8.5%(s)
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.26%(t)			269,582,850		269,582,850

Security		Shares		Value
Money Market Funds (continued)
JPMorgan US Treasury Plus Money Market Fund, Agency Class, 2.20%			2,308,011	$	2,308,011
Total Money Market Funds— 8.5% (Cost: $271,890,861)					271,890,861
Total Short-Term Securities— 25.9% (Cost: $830,481,549)					831,300,565
Total Options Purchased— 0.2% (Cost: $14,712,387)					5,841,746
Total Investments Before Options Written, Borrowed Bonds and Investments Sold Short— 111.7% (Cost: $3,698,918,059)					3,587,424,546
Total Options Written — (0.0)% (Premiums Received— $3,419,894)					(1,084,007	)
		Par (000)
Borrowed Bonds— (17.4)%
Corporate Bonds— (14.3)%
Australia— (0.1)%
BHP Billiton Finance Ltd., Series 17, 1.50%, 04/29/30	EUR		2,840		(3,289,958	)
Austria— (0.3)%
Raiffeisen Bank International AG, 6.00%, 10/16/23			6,000		(7,972,974	)
Belgium— (0.2)%
Telenet Finance Luxembourg Notes SARL, 3.50%, 03/01/28			5,600		(6,331,240	)
Canada— (0.4)%
Bombardier, Inc., 7.50%, 03/15/25(a)	USD		13,655		(13,160,006	)
Denmark— (0.4)%
Carlsberg Breweries A/S, 2.50%, 05/28/24	EUR		4,230		(5,247,326	)
Danske Bank A/S, (EUR Swap Annual 7 Year + 5.47%), 5.79%(b)(f)			5,400		(6,219,470	)
ISS Global A/S, 1.50%, 08/31/27			2,250		(2,525,166	)
					(13,991,962	)
France— (1.5)%
Arkema SA, 1.50%, 04/20/27			4,700		(5,396,974	)
Auchan Holding SADIR, 2.25%, 04/06/23			3,800		(4,381,644	)
Autoroutes du Sud de la France SA, 1.38%, 01/22/30			4,400		(4,964,962	)
AXA SA, (EURIBOR 3 Month + 3.20%), 3.25%, 05/28/49(b)			2,160		(2,470,106	)
Cie de Saint-Gobain, 1.38%, 06/14/27			2,200		(2,482,554	)
Engie SA:
1.38%, 06/22/28			3,800		(4,434,577	)
2.38%, 05/19/26			3,800		(4,772,310	)
Faurecia SA:
2.63%, 06/15/25			2,450		(2,679,872	)
3.63%, 06/15/23			1,650		(1,934,860	)
Iliad SA, 1.88%, 04/25/25			3,400		(3,582,286	)
Orange SA, (EUR Swap Annual 5 Year + 3.99%), 5.00%(b)(f)			2,250		(2,804,850	)
Total Capital International SA, 1.49%, 09/04/30			2,700		(3,175,573	)
Valeo SA, 3.25%, 01/22/24			2,800		(3,458,681	)
Veolia Environnement SA, 4.63%, 03/30/27			2,200		(3,184,797	)
					(49,724,046	)

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany— (0.5)%
Bayer Capital Corp. BV, 2.13%, 12/15/29	EUR		6,000	$	(6,816,134	)
Evonik Finance BV, 0.75%, 09/07/28			2,340		(2,470,367	)
HeidelbergCement Finance Luxembourg SA, 1.75%, 04/24/28			5,175		(5,655,785	)
					(14,942,286	)
Ireland— (0.2)%
Ardagh Packaging Finance plc, 6.75%, 05/15/24			1,473		(1,781,002	)
Ryanair DAC, 1.13%, 03/10/23			4,140		(4,707,610	)
					(6,488,612	)
Italy— (0.8)%
Eni SpA, 3.63%, 01/29/29			5,615		(7,491,768	)
Italgas SpA, 1.63%, 01/18/29			3,653		(3,953,422	)
Nexi Capital SpA:
(EURIBOR 3 Month + 3.63%), 3.63%, 05/01/23(b)			3,894		(4,434,787	)
4.13%, 11/01/23			2,198		(2,551,304	)
Saipem Finance International BV, 3.75%, 09/08/23			2,730		(3,282,995	)
UniCredit SpA, 1.00%, 01/18/23			1,887		(2,041,137	)
Unione di Banche Italiane SpA, 1.75%, 04/12/23			600		(650,787	)
					(24,406,200	)
Luxembourg— (0.8)%
Altice Luxembourg SA, 7.25%, 05/15/22			15,790		(17,783,880	)
Intelsat Connect Finance SA, 9.50%, 02/15/23(a)	USD		5,920		(5,535,200	)
Intelsat Luxembourg SA, 8.13%, 06/01/23			3,905		(3,248,472	)
					(26,567,552	)
Netherlands— (0.5)%
Heineken NV, 1.50%, 10/03/29	EUR		3,820		(4,374,658	)
Koninklijke Philips NV, 1.38%, 05/02/28			3,010		(3,426,883	)
NN Group NV, (EURIBOR 3 Month + 4.95%), 4.62%, 01/13/48(b)			2,160		(2,619,648	)
Promontoria Holding 264 BV, 6.75%, 08/15/23			3,900		(4,419,300	)
					(14,840,489	)
Norway— (0.2)%
Aker BP ASA, 5.88%, 03/31/25(a)	USD		7,670		(7,861,750	)
Spain— (1.1)%
Banco Santander SA, (EUR Swap Annual 5 Year + 5.64%), 6.25%(b)(f)	EUR		3,000		(3,463,461	)
Gestamp Automocion SA, 3.25%, 04/30/26			6,500		(6,584,311	)
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23			4,550		(5,051,692	)
Grifols SA, 3.20%, 05/01/25			5,100		(5,822,866	)
Iberdrola Finanzas SA, 1.62%, 11/29/29			2,200		(2,543,936	)
Madrilena Red de Gas Finance BV, 2.25%, 04/11/29			4,320		(5,042,665	)
Naviera Armas SA, (EURIBOR 3 Month + 4.25%), 4.25%, 11/15/24(b)			4,910		(5,213,436	)
Telefonica Emisiones SAU, 2.93%, 10/17/29			1,500		(1,851,168	)
					(35,573,535	)
Switzerland— (0.1)%
UBS Group Funding Switzerland AG, (USD Swap Semi 5 Year + 4.59%), 6.87%(b)(f)	USD		2,900		(2,904,008	)
United Kingdom— (0.2)%
British Telecommunications plc, 2.13%, 09/26/28	EUR		1,840		(2,104,589	)
Royal Bank of Scotland Group plc, (USD Swap Semi 5 Year + 5.72%), 8.00%(b)(f)	USD		2,900		(3,033,400	)
TalkTalk Telecom Group plc, 5.38%, 01/15/22	GBP		1,080		(1,411,018	)
					(6,549,007	)
United States— (6.6)%
AbbVie, Inc., 2.13%, 11/17/28	EUR		935		(1,109,620	)

Security		Par (000)		Value
United States (continued)
Allergan Funding SCS, 2.13%, 06/01/29			2,250	$	(2,476,065	)
AT&T, Inc., 2.60%, 12/17/29			2,160		(2,541,445	)
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23	USD		3,885		(3,836,437	)
Charter Communications Operating LLC, 5.75%, 04/01/48			10,000		(9,963,472	)
Chemours Co. (The), 4.00%, 05/15/26	EUR		5,450		(6,113,807	)
Chesapeake Energy Corp., 8.00%, 06/15/27	USD		6,820		(6,530,150	)
CommScope Technologies LLC, 5.00%, 03/15/27(a)			2,920		(2,489,008	)
Dell International LLC, 6.02%, 06/15/26(a)			5,840		(6,108,420	)
Discovery Communications LLC, 3.95%, 03/20/28			7,790		(7,424,132	)
Eastman Chemical Co., 1.88%, 11/23/26	EUR		2,160		(2,552,192	)
Ford Motor Co., 4.35%, 12/08/26	USD		17,770		(15,866,932	)
Ford Motor Credit Co. LLC, 4.14%, 02/15/23			13,600		(12,874,902	)
Freeport-McMoRan, Inc., 5.45%, 03/15/43			7,320		(6,295,200	)
General Electric Co., Series D, (LIBOR USD 3 Month + 3.33%), 5.00%(b)(f)			5,000		(4,375,000	)
Goldman Sachs Group, Inc. (The), (LIBOR USD 3 Month + 1.30%), 4.22%, 05/01/29(b)			15,000		(15,065,025	)
HCA, Inc., 5.63%, 09/01/28			2,910		(3,009,115	)
Infor US, Inc., 6.50%, 05/15/22			2,910		(2,960,925	)
Johnson & Johnson, 3.75%, 03/03/47			10,000		(9,980,317	)
JPMorgan Chase & Co., (LIBOR USD 3 Month + 1.38%), 3.96%, 11/15/48(b)			15,000		(14,093,788	)
Kennametal, Inc., 3.88%, 02/15/22			437		(435,731	)
Kinder Morgan, Inc., 2.25%, 03/16/27	EUR		2,225		(2,580,759	)
LKQ European Holdings BV, 3.63%, 04/01/26			4,400		(4,950,120	)
Mylan NV, 3.13%, 11/22/28			1,350		(1,573,863	)
Netflix, Inc., 5.88%, 11/15/28(a)	USD		9,730		(9,863,788	)
Pacific Gas & Electric Co.(e)(j):
4.00%, 12/01/46			5,000		(3,761,500	)
5.80%, 03/01/37			3,000		(2,571,600	)
6.05%, 03/01/34			3,190		(2,799,225	)
Refinitiv US Holdings, Inc., 8.25%, 11/15/26(a)			10,137		(9,503,438	)
SM Energy Co.:
5.63%, 06/01/25			3,895		(3,719,725	)
6.75%, 09/15/26			3,900		(3,842,085	)
Sprint Capital Corp., 6.88%, 11/15/28			15,065		(14,952,013	)
Tenet Healthcare Corp., 6.75%, 06/15/23			4,855		(4,776,106	)
TransDigm, Inc., 6.38%, 06/15/26			2,915		(2,805,688	)
Whiting Petroleum Corp., 6.63%, 01/15/26			1,940		(1,901,200	)
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/26	EUR		6,570		(7,750,443	)
					(213,453,236	)
Zambia— (0.4)%
First Quantum Minerals Ltd.:
6.88%, 03/01/26(a)	USD		8,300		(7,407,750	)
7.50%, 04/01/25(a)			5,800		(5,263,500	)
					(12,671,250	)
Total Corporate Bonds— (14.3)% (Proceeds: $461,635,771)					(460,728,111	)
Foreign Government Obligations— (1.7)%
Italy— (1.1)%
Italy Buoni Poliennali Del Tesoro, 0.05%, 04/15/21	EUR		30,105		(34,106,363	)
Portugal— (0.6)%
Portugal Obrigacoes do Tesouro OT, 2.13%, 10/17/28(a)			15,700		(19,002,428	)
Total Foreign Government Obligations— (1.7)% (Proceeds: $51,057,646)					(53,108,791	)

38 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Treasury Obligations— (1.4)%
United States— (1.4)%
U.S. Treasury Notes:
2.63%, 12/31/23	USD		15,480	$	(15,608,194	)
3.13%, 11/15/28			27,051		(28,185,874	)
					(43,794,068	)
Total U.S. Treasury Obligations (1.4)% (Proceeds: $43,602,655)					(43,794,068	)
Total Borrowed Bonds (17.4)% (Proceeds: $556,296,072)					(557,630,970	)
Investments Sold Short— (0.3)%
Corporate Bonds— (0.1)%
France — (0.0)%
Faurecia SA, 3.63%, 06/15/23			1,100		(1,289,907	)
United States— (0.1)%
TransDigm, Inc., 6.38%, 06/15/26			1,950		(1,876,875	)
Total Corporate Bonds— (0.1)% (Proceeds: $3,162,243)					(3,166,782	)
		Shares
Investment Companies— (0.2)%
iShares iBoxx $ High Yield Corporate Bond ETF(t)			75,000		(6,383,250	)
Total Investment Companies— (0.2)% (Proceeds: $6,449,766)					(6,383,250	)
Total Investments Sold Short— (0.3)% (Proceeds: $9,612,009)					(9,550,032	)
Total Investments Net of Options Written, Borrowed Bonds and Investments Sold Short— 94.0% (Cost: $3,129,590,084)					3,019,159,537
Other Assets Less Liabilities— 6.0%					192,985,261
Net Assets— 100.0%				$	3,212,144,798

^(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. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)  Non-income producing security.

^(f)  Perpetual security with no stated maturity date.

^(g)  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.

^(h)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

⁽ⁱ⁾  Convertible security.

^(j)  Issuer filed for bankruptcy and/or is in default.

^(k)  Variable rate security. Rate shown is the rate in effect as of period end.

^(l)  Zero-coupon bond.

^(m)  All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds.

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

^(o)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(p)  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.

^(q)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(r)  The amount to be repurchased assumes the maturity will be the day after the period end.

^(s)  Annualized7-day yield as of period end.

^(t)  During the six months ended January 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended and/or related parties of the Fund, were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 07/31/18			Shares Purchased			Shares Sold			Shares Held at 01/31/19			Value at 01/31/19			Income (Expense)			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		44,591,252			224,991,598	(b)		—			269,582,850		$	269,582,850		$	1,547,682		$	—		$	—
iShares iBoxx High Yield Corporate Bond ETF		—			150,000			(150,000	)		—			—			52,473			(43,746	)		—
iShares iBoxx $ High Yield Corporate Bond ETF		(95,000	)		(682,700	)		702,700			(75,000	)		(6,383,250	)		(247,658	)		324,336			32,623
													$	263,199,600		$	1,352,497		$	280,590		$	32,623

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

Barclays Bank plc

(4.00

)%

01/08/19

Open

$

181,223

$

180,760

Corporate Bonds

Open/Demand

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

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 STOXX 50 Index		6		03/15/19	$	216	$	5,135
STOXX 600 Banks Index		10		03/15/19		79		1,718
								6,853
Short Contracts
Euro-Bobl		81		03/07/19		12,324		4,486
Euro-Bund		320		03/07/19		60,680		(570,532	)
Euro-Schatz		42		03/07/19		5,378		561
U.S. Treasury 10 Year Note		205		03/20/19		25,106		(718,690	)
U.S. Treasury 10 Year Ultra Note		101		03/20/19		13,199		(487,082	)
U.S. Treasury Long Bond		60		03/20/19		8,801		(457,624	)
Long Gilt		121		03/27/19		19,605		(232,158	)
U.S. Treasury 2 Year Note		4		03/29/19		849		(5,943	)
U.S. Treasury 5 Year Note		61		03/29/19		7,006		(20,096	)
								(2,487,078	)
							$	(2,480,225	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	19,506,668	USD	22,216,534	Barclays Bank plc		02/05/19	$	112,650
EUR	251,315,114	USD	287,089,990	BNP Paribas SA		02/05/19		589,147
EUR	589,799,000	USD	673,845,358	Citibank NA		02/05/19		1,294,567
EUR	141,758,532	USD	161,913,051	Deutsche Bank AG		02/05/19		357,221
EUR	127,660,000	USD	145,313,335	Morgan Stanley & Co. International plc		02/05/19		818,420
EUR	3,332,000	USD	3,806,244	UBS AG		02/05/19		7,880
GBP	20,671,000	USD	26,484,719	BNP Paribas SA		02/05/19		628,738
GBP	5,683,162	USD	7,275,647	Deutsche Bank AG		02/05/19		178,766
GBP	7,443,000	USD	9,527,412	Morgan Stanley & Co. International plc		02/05/19		235,321
USD	3,031,837	EUR	2,645,000	Barclays Bank plc		02/05/19		4,118
USD	35,272,827	EUR	30,767,000	BNP Paribas SA		02/05/19		53,998
USD	45,670,287	EUR	39,842,000	Citibank NA		02/05/19		63,352
USD	27,222,508	GBP	20,671,000	BNP Paribas SA		02/05/19		109,052
USD	7,484,383	GBP	5,683,162	Deutsche Bank AG		02/05/19		29,971
USD	9,802,741	GBP	7,443,000	Morgan Stanley & Co. International plc		02/05/19		40,008
EUR	4,280,569	USD	4,902,000	BNP Paribas SA		03/05/19		8,717
EUR	130,378,764	USD	149,321,495	Deutsche Bank AG		03/05/19		250,515
USD	171,063,435	GBP	129,701,301	Citibank NA		03/05/19		711,357
EUR	121,368,353	USD	138,971,315	BNP Paribas SA		03/14/19		377,830
USD	1,378,228	EUR	1,198,938	Barclays Bank plc		03/14/19		1,667
USD	4,070,015	HKD	31,708,668	Morgan Stanley & Co. International plc		03/14/19		22,899
IDR	481,684,749	USD	33,305	UBS AG		03/15/19		1,147
								5,897,341
GBP	129,701,301	USD	170,816,613	Citibank NA		02/05/19		(691,774	)
USD	250,312,185	EUR	220,519,666	BNP Paribas SA		02/05/19		(2,115,558	)
USD	626,824,490	EUR	549,957,000	Citibank NA		02/05/19		(2,708,499	)
USD	161,888,324	EUR	141,758,532	Deutsche Bank AG		02/05/19		(381,949	)
USD	144,892,823	EUR	127,660,000	Morgan Stanley & Co. International plc		02/05/19		(1,238,931	)
USD	3,782,110	EUR	3,332,000	UBS AG		02/05/19		(32,014	)
USD	166,505,342	GBP	129,701,301	Citibank NA		02/05/19		(3,619,498	)
USD	1,373,576	GBP	1,074,000	JPMorgan Chase Bank NA		02/05/19		(35,154	)
GBP	20,671,000	USD	27,262,093	BNP Paribas SA		03/05/19		(112,421	)
GBP	5,683,162	USD	7,495,238	Deutsche Bank AG		03/05/19		(30,869	)
GBP	7,443,000	USD	9,816,957	Morgan Stanley & Co. International plc		03/05/19		(41,184	)

40 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	282,853,644	EUR	246,996,000	BNP Paribas SA		03/05/19	$	(502,993	)
USD	675,431,917	EUR	589,799,000	Citibank NA		03/05/19		(1,192,245	)
USD	14,500,426	EUR	12,660,000	Morgan Stanley & Co. International plc		03/05/19		(23,271	)
USD	3,815,220	EUR	3,332,000	UBS AG		03/05/19		(7,289	)
HKD	3,924,000	USD	500,970	Bank of America NA		03/14/19		(132	)
HKD	1,962,000	USD	250,562	HSBC Bank plc		03/14/19		(143	)
USD	1,175,220	IDR	17,916,230,885	Morgan Stanley & Co. International plc		03/15/19		(106,274	)
								(12,840,198	)
	Net Unrealized Depreciation						$	(6,942,857	)

OTC Currency Options Purchased

Description

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Put

GBP Currency

JPMorgan Chase Bank NA

02/07/19

USD

1.26

GBP

6,530

$

75

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
S&P 500 Index		156		02/15/19	USD	2,630.00	USD	42,184	$	1,318,200
CBS Corp.		1,000		03/15/19	USD	65.00	USD	4,946		4,500
EURO STOXX Bank Index		573		03/15/19	EUR	90.00	EUR	9,255		115,595
Lions Gate Entertainment Corp.		1,000		03/15/19	USD	25.00	USD	1,837		15,000
Lions Gate Entertainment Corp.		1,200		03/15/19	USD	30.00	USD	2,204		24,000
Lions Gate Entertainment Corp.		1,250		03/15/19	USD	20.00	USD	2,296		71,875
SPDR S&P 500 ETF Trust		1,000		03/15/19	USD	275.00	USD	26,993		316,000
SPDR S&P 500 ETF Trust		1,000		03/15/19	USD	280.00	USD	26,993		144,500
CBOE Volatility Index		850		03/19/19	USD	24.00	USD	1,408		53,125
CBOE Volatility Index		1,500		03/19/19	USD	25.00	USD	2,486		78,750
Freeport-McMoRan, Inc.		1,250		04/18/19	USD	13.00	USD	1,455		51,250
Xerox Corp.		750		04/18/19	USD	32.00	USD	2,116		37,500
Air Lease Corp.		1,700		05/17/19	USD	45.00	USD	6,450		76,500
Lions Gate Entertainment Corp.		2,450		06/21/19	USD	22.50	USD	4,501		189,875
Lions Gate Entertainment Corp.		350		09/20/19	USD	22.50	USD	643		44,625
										2,541,295
Put
Invesco QQQ Trust, Series 1		1,750		02/01/19	USD	158.00	USD	29,428		2,625
CommScope Holding Co., Inc.		1,350		02/15/19	USD	17.00	USD	2,823		10,125
EURO STOXX 50 Index		979		02/15/19	EUR	3,100.00	EUR	30,931		156,879
EURO STOXX 50 Index		1,088		02/15/19	EUR	2,825.00	EUR	34,375		10,585
EURO STOXX 50 Index		2,067		02/15/19	EUR	3,050.00	EUR	65,305		178,624
Invesco QQQ Trust, Series 1		750		02/15/19	USD	160.00	USD	12,612		38,625
Invesco QQQ Trust, Series 1		800		02/15/19	USD	155.00	USD	13,453		15,600
Invesco QQQ Trust, Series 1		850		02/15/19	USD	140.00	USD	14,294		2,975
Invesco Senior Loan ETF		2,500		02/15/19	USD	21.00	USD	5,610		18,750
iShares iBoxx $ High Yield Corporate Bond ETF		3,000		02/15/19	USD	83.00	USD	25,533		22,500
iShares iBoxx $ High Yield Corporate Bond ETF		3,920		02/15/19	USD	82.00	USD	33,363		23,520
iShares J.P. Morgan USD Emerging Markets Bond ETF		500		02/15/19	USD	100.00	USD	5,444		7,500
iShares Russell 2000 ETF		500		02/15/19	USD	141.00	USD	7,453		15,500
iShares Russell 2000 ETF		500		02/15/19	USD	121.00	USD	7,453		1,250
iShares Russell 2000 ETF		650		02/15/19	USD	120.00	USD	9,689		1,625
iShares Russell 2000 ETF		750		02/15/19	USD	139.00	USD	11,180		15,750
Pacific Gas & Electric Co.		250		02/15/19	USD	10.00	USD	325		5,625
Pacific Gas & Electric Co.		500		02/15/19	USD	13.00	USD	650		45,000
Pacific Gas & Electric Co.		500		02/15/19	USD	8.00	USD	650		5,000
Pacific Gas & Electric Co.		1,000		02/15/19	USD	5.00	USD	1,300		10,000

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
S&P 500 Index		184		02/15/19	USD	2,630.00	USD	49,755	$	181,240
S&P 500 Index		184		02/15/19	USD	2,410.00	USD	49,755		20,700
SPDR S&P 500 ETF Trust		500		02/15/19	USD	251.00	USD	13,497		12,750
SPDR S&P 500 ETF Trust		650		02/15/19	USD	260.00	USD	17,545		44,200
SPDR S&P 500 ETF Trust		650		02/15/19	USD	231.00	USD	17,545		4,875
Sprint Corp.		3,000		02/15/19	USD	5.00	USD	1,872		19,500
Sprint Corp.		3,250		02/15/19	USD	6.00	USD	2,028		69,875
VanEck Vectors Semiconductor ETF		350		02/15/19	USD	80.00	USD	3,369		1,225
VanEck Vectors Semiconductor ETF		1,500		02/15/19	USD	85.00	USD	14,441		19,500
iShares iBoxx $ High Yield Corporate Bond ETF		1,250		02/22/19	USD	83.00	USD	10,639		13,750
U.S. Treasury 10 Year Note		150		02/22/19	USD	117.00	USD	15,000		—
U.S. Treasury 10 Year Note		200		02/22/19	USD	120.00	USD	20,000		3,125
U.S. Treasury 10 Year Note		500		02/22/19	USD	119.50	USD	50,000		—
Casino Guichard Perrachon SA		1,253		03/15/19	EUR	37.00	EUR	5,389		154,892
Energizer Holdings, Inc.		350		03/15/19	USD	40.00	USD	1,659		11,375
Ford Motor Co.		1,850		03/15/19	USD	8.00	USD	1,628		17,575
Freeport-McMoRan, Inc.		750		03/15/19	USD	9.00	USD	873		3,750
General Electric Co.		7,407		03/15/19	USD	8.00	USD	7,526		59,256
Invesco Senior Loan ETF		8,000		03/15/19	USD	22.00	USD	17,952		60,000
iShares iBoxx $ High Yield Corporate Bond ETF		650		03/15/19	USD	77.00	USD	5,532		5,525
iShares iBoxx $ High Yield Corporate Bond ETF		1,000		03/15/19	USD	83.00	USD	8,511		34,500
iShares iBoxx $ High Yield Corporate Bond ETF		1,500		03/15/19	USD	84.00	USD	12,767		87,000
iShares iBoxx $ High Yield Corporate Bond ETF		2,550		03/15/19	USD	78.00	USD	21,703		20,400
iShares J.P. Morgan USD Emerging Markets Bond ETF		1,150		03/15/19	USD	100.00	USD	12,521		14,375
iShares Russell 2000 ETF		750		03/15/19	USD	140.00	USD	11,180		80,250
Mattel, Inc.		500		03/15/19	USD	11.00	USD	592		28,750
Pacific Gas & Electric Co.		500		03/15/19	USD	9.00	USD	650		18,750
SPDR S&P 500 ETF Trust		750		03/15/19	USD	261.00	USD	20,245		196,125
SPDR S&P 500 ETF Trust		1,000		03/15/19	USD	245.00	USD	26,993		84,000
SPDR S&P 500 ETF Trust		1,500		03/15/19	USD	252.00	USD	40,490		204,000
U.S. Treasury 10 Year Note		400		03/22/19	USD	121.50	USD	40,000		75,000
Advanced Micro Devices, Inc.		850		04/18/19	USD	15.00	USD	2,075		8,500
Bausch Health Cos., Inc.		500		04/18/19	USD	20.00	USD	1,228		27,750
Bausch Health Cos., Inc.		1,250		04/18/19	USD	17.00	USD	3,069		31,875
CenturyLink, Inc.		650		04/18/19	USD	14.00	USD	996		46,475
Chesapeake Energy Corp.		2,500		04/18/19	USD	1.50	USD	713		5,000
First Quantum Minerals Ltd.		500		04/18/19	CAD	12.00	CAD	562		18,646
First Quantum Minerals Ltd.		1,750		04/18/19	CAD	10.00	CAD	1,966		31,965
Horizon Pharma plc		500		04/18/19	USD	20.00	USD	1,075		60,000
Invesco Senior Loan ETF		7,500		04/18/19	USD	22.00	USD	16,830		93,750
iShares iBoxx $ High Yield Corporate Bond ETF		350		04/18/19	USD	77.00	USD	2,979		4,725
iShares MSCI Europe Financials Sector Index Fund		750		04/18/19	USD	17.00	USD	1,350		20,625
iShares MSCI Europe Financials Sector Index Fund		1,250		04/18/19	USD	16.00	USD	2,250		25,000
iShares U.S. Preferred Stock ETF		1,500		04/18/19	USD	33.00	USD	5,424		15,000
NCR Corp.		650		04/18/19	USD	20.00	USD	1,739		16,250
CommScope Holding Co., Inc.		500		05/17/19	USD	17.00	USD	1,046		31,250
Sprint Corp.		2,900		05/17/19	USD	6.00	USD	1,810		118,900
Teva Pharmaceutical Industries Ltd.		500		06/21/19	USD	13.00	USD	993		9,000
First Quantum Minerals Ltd.		600		07/19/19	CAD	10.00	CAD	674		24,887
Invesco Senior Loan ETF		6,350		07/19/19	USD	21.00	USD	14,249		142,875
iShares MSCI Europe Financials Sector Index Fund		500		07/19/19	USD	15.00	USD	900		12,500
iShares U.S. Preferred Stock ETF		500		07/19/19	USD	32.00	USD	1,808		13,750
Sprint Corp.		2,000		08/16/19	USD	6.00	USD	1,248		111,000
										3,004,044
									$	5,545,339

42 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaptions Purchased

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Put

Bought Protection on5-Year Credit Default Swap

1.00

%

Quarterly

ITRAXX.EUR.30.V1

Quarterly

Citibank NA

02/20/19

EUR

100.00

EUR

72,800

$

7,704

Bought Protection on5-Year Credit Default Swap

5.00

Quarterly

CDX.NA.HY.31.V2

Quarterly

Goldman Sachs International

04/17/19

USD

102.50

USD

30,000

149,800

Bought Protection on5-Year Credit Default Swap

5.00

Quarterly

ITRAXX.EUR.CROSSOVER.30.V2

Quarterly

Citibank NA

02/20/19

EUR

350.00

EUR

49,600

52,193

Bought Protection on5-Year Credit Default Swap

5.00

Quarterly

ITRAXX.EUR.CROSSOVER.30.V2

Quarterly

Citibank NA

02/20/19

EUR

350.00

EUR

49,600

52,193

Bought Protection on5-Year Credit Default Swap

5.00

Quarterly

CDX.NA.HY.31.V1

Quarterly

Goldman Sachs International

03/20/19

USD

101.00

USD

20,000

34,442

$

296,332

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
S&P 500 Index		156		02/15/19	USD	2,700.00	USD	42,184	$	(507,780	)
Put
Invesco QQQ Trust, Series 1		1,750		02/01/19	USD	155.00	USD	29,428		(1,750	)
EURO STOXX 50 Index		979		02/15/19	EUR	3,000.00	EUR	30,931		(40,340	)
EURO STOXX 50 Index		1,088		02/15/19	EUR	2,925.00	EUR	34,375		(21,793	)
EURO STOXX 50 Index		2,067		02/15/19	EUR	2,950.00	EUR	65,305		(50,867	)
Invesco QQQ Trust, Series 1		750		02/15/19	USD	150.00	USD	12,612		(7,125	)
Invesco QQQ Trust, Series 1		800		02/15/19	USD	145.00	USD	13,453		(4,400	)
Invesco QQQ Trust, Series 1		850		02/15/19	USD	125.00	USD	14,294		(1,700	)
Invesco Senior Loan ETF		2,500		02/15/19	USD	20.00	USD	5,610		(12,500	)
iShares iBoxx $ High Yield Corporate Bond ETF		500		02/15/19	USD	79.00	USD	4,256		(3,000	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,000		02/15/19	USD	75.00	USD	8,511		(1,000	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,000		02/15/19	USD	76.00	USD	8,511		(4,000	)
iShares iBoxx $ High Yield Corporate Bond ETF		4,420		02/15/19	USD	80.00	USD	37,619		(11,050	)
iShares Russell 2000 ETF		500		02/15/19	USD	131.00	USD	7,453		(3,250	)
iShares Russell 2000 ETF		750		02/15/19	USD	129.00	USD	11,180		(3,750	)
iShares Russell 2000 ETF		1,150		02/15/19	USD	105.00	USD	17,142		(1,150	)
PG&E Corp.		1,000		02/15/19	USD	4.00	USD	1,300		(5,000	)
S&P 500 Index		184		02/15/19	USD	2,510.00	USD	49,755		(44,620	)
S&P 500 Index		184		02/15/19	USD	2,530.00	USD	49,755		(56,120	)
SPDR S&P 500 ETF Trust		500		02/15/19	USD	241.00	USD	13,497		(6,250	)
SPDR S&P 500 ETF Trust		650		02/15/19	USD	211.00	USD	17,545		(2,275	)
SPDR S&P 500 ETF Trust		650		02/15/19	USD	250.00	USD	17,545		(15,275	)
VanEck Vectors Semiconductor ETF		1,500		02/15/19	USD	75.00	USD	14,441		(6,000	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,250		02/22/19	USD	80.00	USD	10,639		(12,500	)
Invesco Senior Loan ETF		8,000		03/15/19	USD	21.00	USD	17,952		(40,000	)
iShares iBoxx $ High Yield Corporate Bond ETF		500		03/15/19	USD	81.00	USD	4,256		(6,750	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,000		03/15/19	USD	80.00	USD	8,511		(11,500	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,000		03/15/19	USD	76.00	USD	8,511		(12,000	)
iShares Russell 2000 ETF		750		03/15/19	USD	125.00	USD	11,180		(15,375	)
SPDR S&P 500 ETF Trust		500		03/15/19	USD	230.00	USD	13,497		(17,750	)
SPDR S&P 500 ETF Trust		1,000		03/15/19	USD	215.00	USD	26,993		(18,500	)
SPDR S&P 500 ETF Trust		1,750		03/15/19	USD	220.00	USD	47,238		(39,375	)
										(476,965	)
									$	(984,745	)

SCHEDULE OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Credit Rating

Exercise Price

Notional Amount (000)

Value

Rate/Reference

Frequency

Rate/Reference

Frequency

Put

Sold Protection on5-Year Credit Default Swap

ITRAXX.EUR.CROSSOVER.30.V2

Quarterly

5.00

%

Quarterly

Citibank NA

02/20/19

B+

EUR 412.50

EUR

49,600

$

(13,451

)

Sold Protection on5-Year Credit Default Swap

ITRAXX.EUR.CROSSOVER.30.V2

Quarterly

5.00

Quarterly

Citibank NA

02/20/19

B+

EUR 412.50

EUR

49,600

(13,451

)

Sold Protection on5-Year Credit Default Swap

CDX.NA.HY.31.V1

Quarterly

5.00

Quarterly

Goldman Sachs International

03/20/19

B+

USD   97.00

USD

20,000

(15,380

)

Sold Protection on5-Year Credit Default Swap

CDX.NA.HY.31.V2

Quarterly

5.00

Quarterly

Goldman Sachs International

04/17/19

NR

USD   98.50

USD

30,000

(56,980

)

$

(99,262

)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.30.V3		5.00	%		Quarterly		06/20/23		USD	15,670	$	(1,129,372	)	$	(949,604	)	$	(179,768	)
CDX.NA.HY.30.V3		5.00	%		Quarterly		12/20/23		USD	15,000		(977,171	)		(986,922	)		9,751
CDX.NA.IG.31.V1		1.00	%		Quarterly		12/20/23		USD	250,500		(4,126,347	)		(3,044,674	)		(1,081,673	)
ITRAXX.EUR.CROSSOVER.30.V2		5.00	%		Quarterly		12/20/23		EUR	58,340		(5,841,196	)		(4,386,151	)		(1,455,045	)
											$	(12,074,086	)	$	(9,367,351	)	$	(2,706,735	)

Centrally Cleared Credit Default 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)
ITRAXX.FINSUB.30.V1		1.00	%		Quarterly	12/20/23		NR	EUR	6,270	$	(237,595	)	$	(462,641	)	$	225,046

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

^(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 Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.89%	Semi-Annual	3 month LIBOR	Quarterly		09/11/19		USD	5,000	$	7,517		$	—	$	7,517
1.99%	Semi-Annual	3 month LIBOR	Quarterly		09/23/19		USD	7,500		4,196			—		4,196
1.78%	Semi-Annual	3 month LIBOR	Quarterly		12/23/19		USD	6,000		55,289			—		55,289
1.44%	Semi-Annual	3 month LIBOR	Quarterly		01/22/20		USD	2,480		30,459			—		30,459
3 month LIBOR	Quarterly	1.44%	Semi-Annual		01/22/20		USD	2,790		(34,296	)		—		(34,296	)
1.67%	Semi-Annual	3 month LIBOR	Quarterly		02/13/20		USD	1,930		15,962			—		15,962
1.69%	Semi-Annual	3 month LIBOR	Quarterly		02/20/20		USD	4,000		32,230			—		32,230
1.65%	Semi-Annual	3 month LIBOR	Quarterly		04/20/20		USD	4,000		34,068			—		34,068
1.69%	Semi-Annual	3 month LIBOR	Quarterly		05/29/20		USD	6,000		86,754			—		86,754
1.92%	Semi-Annual	3 month LIBOR	Quarterly		06/12/20		USD	4,000		44,819			—		44,819
1.54%	Semi-Annual	3 month LIBOR	Quarterly		11/04/20		USD	9,000		189,781			—		189,781
2.38%	Semi-Annual	3 month LIBOR	Quarterly		09/23/21		USD	1,000		(542	)		—		(542	)
3.09%	Semi-Annual	3 month LIBOR	Quarterly		11/16/21		USD	6,000		(90,808	)		—		(90,808	)
1.91%	Semi-Annual	3 month LIBOR	Quarterly		02/13/22		USD	2,080		32,935			—		32,935
1.80%	Semi-Annual	3 month LIBOR	Quarterly		04/02/22		USD	3,000		57,922			—		57,922
1.86%	Semi-Annual	3 month LIBOR	Quarterly		04/20/22		USD	3,000		50,825			—		50,825
3.15%	Semi-Annual	3 month LIBOR	Quarterly		11/16/23		USD	48,000		(1,371,210	)		—		(1,371,210	)
1.92%	Semi-Annual	3 month LIBOR	Quarterly		01/22/25		USD	920		33,393			—		33,393
1.92%	Semi-Annual	3 month LIBOR	Quarterly		01/22/25		USD	4,230		153,652			—		153,652
2.01%	Semi-Annual	3 month LIBOR	Quarterly		10/23/25		USD	8,200		254,355			—		254,355

44 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
2.20%	Semi-Annual	3 month LIBOR	Quarterly		04/20/27		USD	1,200	$	32,369			—	$	32,369
2.20%	Semi-Annual	3 month LIBOR	Quarterly		04/20/27		USD	1,500		39,881			—		39,881
3.29%	Semi-Annual	3 month LIBOR	Quarterly		10/11/28		USD	9,309		(572,997	)		—		(572,997	)
3.31%	Semi-Annual	3 month LIBOR	Quarterly		10/11/48		USD	2,226		(242,525	)		—		(242,525	)
									$	(1,155,971	)	$	—	$	(1,155,971	)

OTC Credit Default Swaps — 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)
Sony Corp.		1.00	%		Quarterly	JPMorgan Chase Bank NA		03/20/19	JPY	2,000,000	$	(44,293	)	$	136,178		$	(180,471	)
Southwest Airlines Co.		1.00			Quarterly	Credit Suisse International		12/20/19	USD	10,000		(90,590	)		(29,300	)		(61,290	)
Thomas Cook Group plc		5.00			Quarterly	Credit Suisse International		12/20/19	EUR	860		53,663			41,381			12,282
Raytheon Co.		1.00			Quarterly	Goldman Sachs Bank USA		03/20/20	USD	15,555		(179,596	)		(142,108	)		(37,488	)
Raytheon Co.		1.00			Quarterly	Goldman Sachs Bank USA		03/20/20	USD	15,485		(178,787	)		(141,426	)		(37,361	)
Boston Scientific Corp.		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/20	USD	15,000		(197,735	)		(99,287	)		(98,448	)
Thomas Cook Group plc		5.00			Quarterly	Bank of America NA		06/20/20	EUR	4,670		459,631			(292,273	)		751,904
Eskom Holdings SOC Ltd.		1.00			Quarterly	Barclays Bank plc		12/20/20	USD	6,480		441,726			385,994			55,732
Frontier Communications Corp.		5.00			Quarterly	Goldman Sachs International		12/20/20	USD	2,920		567,801			351,308			216,493
Mattel, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	4,870		38,128			74,602			(36,474	)
Mattel, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	4,870		38,129			104,313			(66,184	)
Wind Tre SpA		5.00			Quarterly	Credit Suisse International		12/20/20	EUR	1,400		(110,192	)		(108,777	)		(1,415	)
Wind Tre SpA		5.00			Quarterly	Credit Suisse International		12/20/20	EUR	4,000		(314,835	)		(250,783	)		(64,052	)
HP, Inc.		1.00			Quarterly	Goldman Sachs International		06/20/21	USD	5,500		(102,467	)		125,055			(227,522	)
Loews Corp.		1.00			Quarterly	Citibank NA		06/20/21	USD	20,000		(372,236	)		(281,131	)		(91,105	)
Pacific Gas & Electric Co.		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/21	USD	2,500		538,512			218,074			320,438
Republic of Colombia		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/21	USD	2,700		(18,812	)		68,372			(87,184	)
Staples, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		06/20/21	USD	4,800		(384,115	)		(110,966	)		(273,149	)
Stena AB		5.00			Quarterly	Goldman Sachs International		06/20/21	EUR	210		(9,761	)		(7,220	)		(2,541	)
Stena AB		5.00			Quarterly	Goldman Sachs International		06/20/21	EUR	1,250		(58,100	)		(48,370	)		(9,730	)
United Mexican States		1.00			Quarterly	Credit Suisse International		06/20/21	USD	5,000		(22,117	)		65,775			(87,892	)
Frontier Communications Corp.		5.00			Quarterly	Barclays Bank plc		12/20/21	USD	2,625		738,515			437,487			301,028
Frontier Communications Corp.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/21	USD	1,750		492,344			286,680			205,664
Pacific Gas & Electric Co.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/21	USD	2,500		535,774			220,963			314,811
Wind Tre SpA		5.00			Quarterly	Citibank NA		12/20/21	EUR	1,000		(84,455	)		(70,601	)		(13,854	)
Wind Tre SpA		5.00			Quarterly	Credit Suisse International		12/20/21	EUR	450		(38,005	)		(39,992	)		1,987
Rio Tinto Finance USA Ltd.		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/22	USD	9,000		(167,618	)		(25,184	)		(142,434	)
CenturyLink, Inc.		1.00			Quarterly	Goldman Sachs International		12/20/22	USD	4,350		376,435			479,241			(102,806	)
Staples, Inc.		5.00			Quarterly	Barclays Bank plc		12/20/22	USD	6,078		(399,101	)		193,806			(592,907	)
Unitymedia GmbH		5.00			Quarterly	Credit Suisse International		12/20/22	EUR	1,100		(214,186	)		(188,665	)		(25,521	)
Cable & Wireless International Finance BV		5.00			Quarterly	Goldman Sachs International		06/20/23	EUR	2,620		(449,880	)		(430,914	)		(18,966	)
CSC Holdings LLC		5.00			Quarterly	Goldman Sachs International		06/20/23	USD	4,350		(580,343	)		(299,497	)		(280,846	)
CSC Holdings LLC		5.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	USD	4,350		(580,343	)		(308,010	)		(272,333	)
Intesa Sanpaolo SpA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	EUR	2,200		249,143			214,146			34,997
Intesa Sanpaolo SpA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	EUR	3,144		356,049			304,641			51,408
Intesa Sanpaolo SpA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	EUR	4,800		543,585			475,843			67,742
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	Barclays Bank plc		06/20/23	EUR	900		(183,351	)		(198,481	)		15,130
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	BNP Paribas SA		06/20/23	EUR	1,400		(285,213	)		(291,662	)		6,449
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	Credit Suisse International		06/20/23	EUR	6,600		(1,344,577	)		(1,285,249	)		(59,328	)
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	Credit Suisse International		06/20/23	EUR	1,400		(285,213	)		(287,116	)		1,903
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	Goldman Sachs International		06/20/23	EUR	1,400		(285,213	)		(270,933	)		(14,280	)
Smurfit Kappa Acquisitions ULC		5.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	EUR	900		(183,351	)		(188,296	)		4,945
Unitymedia GmbH		5.00			Quarterly	Barclays Bank plc		06/20/23	EUR	1,160		(245,137	)		(247,586	)		2,449
Unitymedia GmbH		5.00			Quarterly	Credit Suisse International		06/20/23	EUR	3,925		(829,448	)		(831,740	)		2,292
Unitymedia GmbH		5.00			Quarterly	Credit Suisse International		06/20/23	EUR	1,670		(352,912	)		(372,589	)		19,677
UPC Holding BV		5.00			Quarterly	Citibank NA		06/20/23	EUR	1,390		(255,271	)		(226,313	)		(28,958	)
UPC Holding BV		5.00			Quarterly	Credit Suisse International		06/20/23	EUR	2,300		(422,390	)		(368,052	)		(54,338	)

SCHEDULE OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaps — Buy Protection (continued)

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)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	1,400	$	(257,107	)	$	(242,679	)	$	(14,428	)
UPC Holding BV		5.00			Quarterly	Goldman Sachs International		06/20/23	EUR	920		(168,956	)		(148,019	)		(20,937	)
UPC Holding BV		5.00			Quarterly	Goldman Sachs International		06/20/23	EUR	900		(165,283	)		(152,513	)		(12,770	)
AK Steel Corp.		5.00			Quarterly	Goldman Sachs International		12/20/23	USD	2,920		384,132			140,432			243,700
Altice Luxembourg SA		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	930		82,118			97,011			(14,893	)
Altice Luxembourg SA		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	3,160		279,024			464,767			(185,743	)
Altice Luxembourg SA		5.00			Quarterly	Citibank NA		12/20/23	EUR	2,690		237,524			262,249			(24,725	)
Anglo American Capital plc		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	5,360		(1,070,110	)		(973,034	)		(97,076	)
ArcelorMittal		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	1,045		(173,182	)		(140,726	)		(32,456	)
ArcelorMittal		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	2,300		(381,167	)		(425,628	)		44,461
ArcelorMittal		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	530		(87,834	)		(73,445	)		(14,389	)
ArcelorMittal		5.00			Quarterly	Morgan Stanley & Co. International plc		12/20/23	EUR	75		(12,430	)		(10,659	)		(1,771	)
Ardagh Packaging Finance plc		5.00			Quarterly	BNP Paribas SA		12/20/23	EUR	1,275		(117,038	)		(113,147	)		(3,891	)
Ardagh Packaging Finance plc		5.00			Quarterly	Citibank NA		12/20/23	EUR	590		(54,158	)		(57,470	)		3,312
Ardagh Packaging Finance plc		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	600		(55,076	)		(44,251	)		(10,825	)
Arrow Electronics, Inc.		1.00			Quarterly	Barclays Bank plc		12/20/23	USD	7,800		(36,963	)		37,838			(74,801	)
Baxter International, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	15,000		(401,018	)		(376,568	)		(24,450	)
Bombardier, Inc.		5.00			Quarterly	Barclays Bank plc		12/20/23	USD	1,950		75,534			56,904			18,630
Bombardier, Inc.		5.00			Quarterly	Barclays Bank plc		12/20/23	USD	1,940		75,147			91,407			(16,260	)
Bombardier, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	USD	2,920		113,107			147,908			(34,801	)
Bombardier, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	USD	2,920		113,107			109,111			3,996
Bombardier, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	USD	2,920		113,107			79,321			33,786
Bombardier, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	USD	1,940		75,147			85,903			(10,756	)
Cable & Wireless International Finance BV		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	2,240		(398,867	)		(461,678	)		62,811
Cable & Wireless International Finance BV		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	2,115		(376,677	)		(415,578	)		38,901
Cable & Wireless International Finance BV		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	EUR	2,170		(386,403	)		(448,071	)		61,668
Caterpillar, Inc.		1.00			Quarterly	Citibank NA		12/20/23	USD	15,000		(357,492	)		(335,380	)		(22,112	)
Caterpillar, Inc.		1.00			Quarterly	Citibank NA		12/20/23	USD	7,800		(185,896	)		(153,653	)		(32,243	)
Caterpillar, Inc.		1.00			Quarterly	Goldman Sachs International		12/20/23	USD	4,870		(116,066	)		(74,553	)		(41,513	)
Cellnex Telecom SA		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	7,700		(1,416,187	)		(1,529,562	)		113,375
Cellnex Telecom SA		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	1,200		(220,704	)		(237,324	)		16,620
Clariant AG		1.00			Quarterly	Barclays Bank plc		12/20/23	EUR	2,186		(26,152	)		(38,831	)		12,679
Clariant AG		1.00			Quarterly	Barclays Bank plc		12/20/23	EUR	547		(6,543	)		(2,661	)		(3,882	)
Clariant AG		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	EUR	2,180		(26,083	)		(11,875	)		(14,208	)
Danske Bank A/S		1.00			Quarterly	BNP Paribas SA		12/20/23	EUR	2,480		64,792			102,358			(37,566	)
Dell, Inc.		1.00			Quarterly	Citibank NA		12/20/23	USD	4,870		371,450			451,489			(80,039	)
Dell, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	1,920		146,445			148,166			(1,721	)
Elis SA		5.00			Quarterly	BNP Paribas SA		12/20/23	EUR	1,400		(285,332	)		(278,984	)		(6,348	)
Elis SA		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	1,300		(264,952	)		(252,217	)		(12,735	)
Fiat Chrysler Automobiles NV		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	3,090		(570,430	)		(512,968	)		(57,462	)
General Electric Co.		1.00			Quarterly	Goldman Sachs International		12/20/23	USD	4,870		101,201			230,359			(129,158	)
General Electric Co.		1.00			Quarterly	Goldman Sachs International		12/20/23	USD	2,920		60,679			128,569			(67,890	)
General Motors Co.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	20,840		(3,157,583	)		(2,957,798	)		(199,785	)
HeidelbergCement Finance Luxembourg SA		5.00			Quarterly	Bank of America NA		12/20/23	EUR	2,272		(472,895	)		(463,615	)		(9,280	)
HeidelbergCement Finance Luxembourg SA		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	2,816		(585,974	)		(565,019	)		(20,955	)
HeidelbergCement Finance Luxembourg SA		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	EUR	2,272		(472,895	)		(456,538	)		(16,357	)
INEOS Group Holdings SA		5.00			Quarterly	Barclays Bank plc		12/20/23	EUR	4,450		(353,580	)		(333,512	)		(20,068	)
International Game Technology plc		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	4,800		(635,040	)		(556,375	)		(78,665	)
International Game Technology plc		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	4,800		(635,040	)		(541,220	)		(93,820	)
Jaguar Land Rover Automotive plc		5.00			Quarterly	Credit Suisse International		12/20/23	EUR	740		89,146			80,999			8,147
Jaguar Land Rover Automotive plc		5.00			Quarterly	Morgan Stanley & Co. International plc		12/20/23	EUR	1,480		178,291			103,331			74,960
Kohl’s Corp.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	15,000		311,471			168,983			142,488
LANXESS AG		1.00			Quarterly	Bank of America NA		12/20/23	EUR	6,113		(15,011	)		(118,429	)		103,418
Leonardo SpA		5.00			Quarterly	Goldman Sachs International		12/20/23	EUR	4,100		(788,395	)		(715,931	)		(72,464	)
Marks & Spencer plc		1.00			Quarterly	Barclays Bank plc		12/20/23	EUR	9,982		508,458			263,908			244,550

46 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaps — Buy Protection (continued)

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)
Marks & Spencer plc		1.00	%		Quarterly	BNP Paribas SA		12/20/23		EUR	700	$	35,656		$	41,936		$	(6,280	)
Marks & Spencer plc		1.00			Quarterly	Citibank NA		12/20/23		EUR	5,540		282,194			186,457			95,737
Matterhorn Telecom Holding SA		5.00			Quarterly	Credit Suisse International		12/20/23		EUR	2,830		(218,600	)		(185,387	)		(33,213	)
Matterhorn Telecom SA		5.00			Quarterly	Barclays Bank plc		12/20/23		EUR	1,100		(84,968	)		(99,622	)		14,654
Matterhorn Telecom SA		5.00			Quarterly	Goldman Sachs International		12/20/23		EUR	1,100		(84,968	)		(92,076	)		7,108
Next plc		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	2,220		23,198			61,941			(38,743	)
Next plc		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	14,200		148,381			123,835			24,546
Next plc		1.00			Quarterly	Goldman Sachs International		12/20/23		EUR	3,230		33,751			29,755			3,996
Nordstrom, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		USD	15,000		497,093			188,248			308,845
OI European Group BV		5.00			Quarterly	BNP Paribas SA		12/20/23		EUR	2,200		(380,892	)		(430,282	)		49,390
People’s Republic of China		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		USD	18,590		(373,307	)		(260,053	)		(113,254	)
Peugeot SA		5.00			Quarterly	Citibank NA		12/20/23		EUR	2,300		(457,240	)		(458,324	)		1,084
Peugeot SA		5.00			Quarterly	Goldman Sachs International		12/20/23		EUR	4,600		(914,481	)		(958,508	)		44,027
Peugeot SA		5.00			Quarterly	Societe Generale SA		12/20/23		EUR	2,210		(439,348	)		(405,045	)		(34,303	)
Renault SA		1.00			Quarterly	Citibank NA		12/20/23		EUR	838		17,185			23,198			(6,013	)
Renault SA		1.00			Quarterly	Goldman Sachs International		12/20/23		EUR	1,023		20,979			24,806			(3,827	)
Renault SA		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		EUR	4,430		90,851			91,482			(631	)
Repsol International Finance BV		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	4,300		(71,127	)		(9,300	)		(61,827	)
Repsol International Finance BV		1.00			Quarterly	Goldman Sachs International		12/20/23		EUR	7,240		(119,757	)		(85,829	)		(33,928	)
Repsol International Finance BV		1.00			Quarterly	Societe Generale SA		12/20/23		EUR	4,510		(74,600	)		(26,827	)		(47,773	)
Republic of South Africa		1.00			Quarterly	Morgan Stanley & Co. International plc		12/20/23		USD	4,520		174,594			244,744			(70,150	)
Rio Tinto Finance USA Ltd.		1.00			Quarterly	Citibank NA		12/20/23		USD	13,050		(215,087	)		(211,944	)		(3,143	)
Simon Property Group LP		1.00			Quarterly	Goldman Sachs International		12/20/23		USD	9,750		(144,878	)		(82,498	)		(62,380	)
Standard Chartered plc		1.00			Quarterly	Citibank NA		12/20/23		EUR	6,270		230,308			502,271			(271,963	)
Staples, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		USD	3,550		(99,176	)		86,815			(185,991	)
Staples, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		USD	2,920		(81,576	)		91,562			(173,138	)
Stena AB		5.00			Quarterly	Citibank NA		12/20/23		EUR	4,680		271,621			143,667			127,954
Stena AB		5.00			Quarterly	Credit Suisse International		12/20/23		EUR	390		22,635			11,545			11,090
STMicroelectronics NV		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	1,560		(19,838	)		(4,570	)		(15,268	)
STMicroelectronics NV		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	3,135		(39,866	)		(12,790	)		(27,076	)
Sudzucker International Finance BV		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		EUR	3,990		73,080			113,530			(40,450	)
Sunrise Communications Holdings SA		5.00			Quarterly	Citibank NA		12/20/23		EUR	4,000		(1,026,306	)		(969,599	)		(56,707	)
Telenor ASA		1.00			Quarterly	Citibank NA		12/20/23		EUR	10,300		(425,197	)		(399,195	)		(26,002	)
Telia Co. AB		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	4,180		(139,375	)		(120,284	)		(19,091	)
Telia Co. AB		1.00			Quarterly	Barclays Bank plc		12/20/23		EUR	4,900		(163,382	)		(157,906	)		(5,476	)
Total Capital SA		1.00			Quarterly	BNP Paribas SA		12/20/23		EUR	7,685		(315,865	)		(267,647	)		(48,218	)
Total Capital SA		1.00			Quarterly	Societe Generale SA		12/20/23		EUR	4,510		(185,368	)		(136,660	)		(48,708	)
UniCredit SpA		1.00			Quarterly	Citibank NA		12/20/23		EUR	1,404		194,809			165,349			29,460
UniCredit SpA		1.00			Quarterly	HSBC Bank plc		12/20/23		EUR	5,100		707,638			847,775			(140,137	)
UPC Holding BV		5.00			Quarterly	Citibank NA		12/20/23		EUR	2,090		(404,720	)		(326,007	)		(78,713	)
Vodafone Group plc		1.00			Quarterly	Morgan Stanley & Co. International plc		12/20/23		EUR	10,200		(58,111	)		(38,505	)		(19,606	)
Xerox Corp.		1.00			Quarterly	Bank of America NA		12/20/23		USD	4,870		297,443			357,498			(60,055	)
Xerox Corp.		1.00			Quarterly	Bank of America NA		12/20/23		USD	4,875		297,748			338,937			(41,189	)
Xerox Corp.		1.00			Quarterly	BNP Paribas SA		12/20/23		USD	7,750		473,344			374,654			98,690
Xerox Corp.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23		USD	2,920		178,343			206,106			(27,763	)
												$	(17,662,029	)	$	(15,710,307	)	$	(1,951,722	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
ITRAXX.ASIA.XJ.IG.24.V1		1.00	%		Quarterly	Goldman Sachs International		12/20/20	NR		USD	3,750	$	56,937		$	(39,528	)	$	96,465
General Motors Co.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/21	BBB		USD	15,000		1,725,588			1,650,852			74,736
Advanced Micro Devices, Inc.		5.00			Quarterly	Barclays Bank plc		06/20/23	B+		USD	2,650		424,360			284,601			139,759
Advanced Micro Devices, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	B+		USD	4,350		696,592			441,533			255,059
Boparan Finance plc		5.00			Quarterly	Barclays Bank plc		06/20/23	CCC+		EUR	1,500		(361,576	)		(124,282	)		(237,294	)
Boparan Finance plc		5.00			Quarterly	Citibank NA		06/20/23	CCC+		EUR	2,400		(578,521	)		(161,975	)		(416,546	)

SCHEDULE OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Boparan Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/23	CCC+		EUR	1,800	$	(433,891	)	$	(138,908	)	$	(294,983	)
Casino Guichard Perrachon SA		1.00			Quarterly	Bank of America NA		06/20/23	BB		EUR	542		(97,419	)		(74,483	)		(22,936	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank plc		06/20/23	BB		EUR	1,000		(179,730	)		(115,024	)		(64,706	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas SA		06/20/23	BB		EUR	1,830		(328,901	)		(240,260	)		(88,641	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas SA		06/20/23	BB		EUR	1,538		(276,467	)		(137,893	)		(138,574	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas SA		06/20/23	BB		EUR	1,556		(279,626	)		(139,469	)		(140,157	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas SA		06/20/23	BB		EUR	1,830		(328,905	)		(251,043	)		(77,862	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank NA		06/20/23	BB		EUR	1,400		(251,622	)		(183,225	)		(68,397	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank NA		06/20/23	BB		EUR	1,383		(248,629	)		(179,220	)		(69,409	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank NA		06/20/23	BB		EUR	1,597		(287,003	)		(180,164	)		(106,839	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank NA		06/20/23	BB		EUR	2,300		(413,379	)		(270,109	)		(143,270	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank NA		06/20/23	BB		EUR	1,731		(311,096	)		(216,435	)		(94,661	)
Casino Guichard Perrachon SA		1.00			Quarterly	Goldman Sachs International		06/20/23	BB		EUR	1,582		(284,366	)		(143,205	)		(141,161	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	BB		EUR	1,370		(246,230	)		(166,744	)		(79,486	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	BB		EUR	1,733		(311,396	)		(216,645	)		(94,751	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	BB		EUR	1,040		(186,838	)		(121,673	)		(65,165	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	BB		EUR	1,626		(292,265	)		(144,358	)		(147,907	)
Casino Guichard Perrachon SA		1.00			Quarterly	Morgan Stanley & Co. International plc		06/20/23	BB		EUR	4,150		(745,878	)		(541,374	)		(204,504	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		06/20/23	B-		EUR	1,400		(407,980	)		(3,635	)		(404,345	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		06/20/23	B-		EUR	100		(29,141	)		863			(30,004	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Morgan Stanley & Co. International plc		06/20/23	B-		EUR	2,360		(687,737	)		(20,061	)		(667,676	)
Sprint Communications, Inc.		5.00			Quarterly	Barclays Bank plc		06/20/23	B		USD	4,800		469,212			374,134			95,078
Thomas Cook Group plc		5.00			Quarterly	Barclays Bank plc		06/20/23	B+		EUR	960		(217,953	)		120,205			(338,158	)
Thomas Cook Group plc		5.00			Quarterly	Citibank NA		06/20/23	B+		EUR	2,391		(542,784	)		286,805			(829,589	)
Thomas Cook Group plc		5.00			Quarterly	Goldman Sachs International		06/20/23	B+		EUR	1,078		(244,755	)		129,406			(374,161	)
Thomas Cook Group plc		5.00			Quarterly	Goldman Sachs International		06/20/23	B+		EUR	1,160		(263,358	)		131,875			(395,233	)
Thomas Cook Group plc		5.00			Quarterly	Goldman Sachs International		06/20/23	B+		EUR	1,440		(326,928	)		171,157			(498,085	)
T-Mobile USA, Inc.		5.00			Quarterly	Barclays Bank plc		06/20/23	BB+		USD	2,875		463,886			292,302			171,584
Virgin Media Finance plc		5.00			Quarterly	Goldman Sachs International		06/20/23	B		EUR	980		152,720			139,111			13,609
Virgin Media Finance plc		5.00			Quarterly	JPMorgan Chase Bank NA		06/20/23	B		EUR	2,500		389,592			363,895			25,697
ADLER Real Estate AG		5.00			Quarterly	Goldman Sachs International		12/20/23	BB+		EUR	4,660		818,541			593,981			224,560
Advanced Micro Devices, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	B+		USD	4,475		748,255			715,592			32,663
Advanced Micro Devices, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B+		USD	4,475		748,255			737,968			10,287
Chesapeake Energy Corp.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B-		USD	4,860		(133,186	)		(17,984	)		(115,202	)
Chesapeake Energy Corp.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B-		USD	4,860		(133,186	)		92,280			(225,466	)
Chesapeake Energy Corp.		5.00			Quarterly	Morgan Stanley & Co. International plc		12/20/23	B-		USD	4,860		(133,186	)		(17,990	)		(115,196	)
CMA CGM SA		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B-		EUR	4,180		(563,787	)		(296,313	)		(267,474	)
Ford Motor Credit Co. LLC		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BBB		USD	7,500		795,776			793,862			1,914
Freeport-McMoRan, Inc.		1.00			Quarterly	Barclays Bank plc		12/20/23	BB		USD	2,920		(167,399	)		(186,892	)		19,493
Freeport-McMoRan, Inc.		1.00			Quarterly	Goldman Sachs International		12/20/23	BB		USD	4,870		(279,189	)		(214,298	)		(64,891	)
Freeport-McMoRan, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BB		USD	2,920		(167,399	)		(193,524	)		26,125
Freeport-McMoRan, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BB		USD	2,920		(167,399	)		(186,425	)		19,026
Freeport-McMoRan, Inc.		1.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BB		USD	4,870		(279,189	)		(247,307	)		(31,882	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	1,517		(477,314	)		28,386			(505,700	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	348		(109,475	)		6,510			(115,985	)
HCA, Inc.		5.00			Quarterly	Barclays Bank plc		12/20/23	BB-		USD	2,920		500,399			424,047			76,352
HCA, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BB-		USD	1,950		334,171			286,058			48,113
Monitchem HoldCo 3 SA		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B-		EUR	1,603		23,248			37,763			(14,515	)
Monitchem HoldCo 3 SA		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B-		EUR	897		13,019			21,147			(8,128	)
Sprint Communications, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	B		USD	4,870		466,632			538,829			(72,197	)
Sprint Communications, Inc.		5.00			Quarterly	Goldman Sachs International		12/20/23	B		USD	2,920		279,788			219,307			60,481
Sprint Communications, Inc.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	B		USD	4,870		466,632			545,577			(78,945	)
Teck Resources Ltd.		5.00			Quarterly	JPMorgan Chase Bank NA		12/20/23	BB+		USD	5,000		848,632			825,579			23,053
Thomas Cook Group plc		5.00			Quarterly	Citibank NA		12/20/23	B+		EUR	1,310		(319,489	)		(346,511	)		27,022
UniCredit SpA		1.00			Quarterly	BNP Paribas SA		12/20/23	NR		EUR	4,565		(121,975	)		(183,463	)		61,488
UniCredit SpA		1.00			Quarterly	Citibank NA		12/20/23	NR		EUR	5,600		(149,630	)		(299,618	)		149,988
UniCredit SpA		1.00			Quarterly	HSBC Bank plc		12/20/23	NR		EUR	525		(14,028	)		(22,423	)		8,395
Virgin Media Finance plc		5.00			Quarterly	Barclays Bank plc		12/20/23	B		EUR	4,560		725,469			667,107			58,362
Ziggo Bond Co. BV		5.00			Quarterly	Barclays Bank plc		12/20/23	B-		EUR	1,380		195,112			136,869			58,243
Ziggo Bond Co. BV		5.00			Quarterly	Barclays Bank plc		12/20/23	B-		EUR	2,250		318,118			218,515			99,603
Ziggo Bond Co. BV		5.00			Quarterly	Barclays Bank plc		12/20/23	B-		EUR	989		139,831			97,769			42,062

48 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty		Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Ziggo Bond Co. BV		5.00	%		Quarterly		Credit Suisse International		12/20/23	B-		EUR	1,523	$	215,387	$	193,581	$	21,806
Ziggo Bond Co. BV		5.00			Quarterly		Credit Suisse International		12/20/23	B-		EUR	547		77,342		69,512		7,830
Virgin Media Finance plc		5.00			Quarterly		Credit Suisse International		06/20/25	B		EUR	4,580		753,649		772,546		(18,897	)
Ziggo Bond Co. BV		5.00			Quarterly		Citibank NA		12/20/26	B-		EUR	3,400		493,880		442,386		51,494
														$	960,818	$	6,829,449	$	(5,868,631	)

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

OTC Total Return Swaps

Paid by the Fund		Received by the Fund			Counterparty	Termination Date (a)		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate (Amount)/ Reference	Frequency	Rate/Reference		Frequency
Markit iBoxx EUR Liquid High Yield Total Return Index	At Termination		3 month EURIBOR	Quarterly	JPMorgan Chase Bank NA		03/20/19		EUR	44,690	$	(978,828	)	$	(7,748	)	$	(971,080	)
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 Total Return Index	At Termination		3 month EURIBOR	Quarterly	JPMorgan Chase Bank NA		03/20/19		EUR	7,200		(403,845	)		(2,657	)		(401,188	)
Markit iBoxx EUR Liquid High Yield Total Return Index	At Termination		3 month EURIBOR	Quarterly	Bank of America NA		03/20/19		EUR	12,700		(342,768	)		(135	)		(342,633	)
											$	(1,725,441	)	$	(10,540	)	$	(1,714,901	)

^(a)  Certain swaps have no stated termination and can be terminated by either party at any time.

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional Amount	Unrealized Depreciation			Net Value of Reference Entities			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America NA		10/15/19-02/15/23	$(12,930,759)	$	(1,404,908	)(b)	$	(14,367,814	)		2.5	%

^(a)  The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of20-1200 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

Canada 1 Month Bankers’ Acceptances Rate:

CAD 1 Month

Euro Interbank Offer Rate:

EUR 1 Week

Intercontinental Exchange LIBOR:

GBP 1 Week

USD 1 Week

^(b)  Amount includes $32,147 of net dividends and financing fees.

SCHEDULE OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Bank of America NA, as of January 31, 2019, expiration dates 10/15/19 — 02/15/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Austria
Erste Group Bank AG		28,545	$	996,375		(6.9	)%
Belgium
KBC Group NV		22,050		1,496,976		(10.4	)
France
BNP Paribas SA		136,509		6,433,126		(44.8	)
Credit Agricole SA		107,683		1,229,893		(8.6	)
Europcar Mobility Group		265,669		2,338,168		(16.3	)
				10,001,187
Germany
Aroundtown SA		135,706		1,200,406		(8.4	)
Tele Columbus AG		451,064		1,317,805		(9.2	)
				2,518,211
Greece
Eurobank Ergasias SA		1,167,074		730,225		(5.1	)
National Bank of Greece SA		199,128		223,812		(1.6	)
				954,037
Ireland
Smurfit Kappa Group plc		118,449		3,415,567		(23.8	)
Italy
Telecom Italia SpA		1,428,403		794,772		(5.5	)
Netherlands
Altice NV		1,380,204		2,815,403		(19.6	)
Spain
CaixaBank SA		388,853		1,470,642		(10.2	)
United Kingdom
Liberty Global plc		114,420		2,791,848		(19.4	)

	Shares			Value			% of Basket Value
United States
AMC Entertainment Holdings, Inc.		60,493		$	886,222			(6.2	) %
Constellium NV		173,270			1,427,745			(9.9	)
iShares iBoxx $ High Yield Corporate Bond ETF		55,000			4,681,050			(32.6	)
					6,995,017
Total Reference Entity — Long					34,250,035
Reference Entity — Short
France
Casino Guichard Perrachon SA		(76,223	)		(3,750,429	)		26.1
Ghana
Tullow Oil plc		(567,639	)		(1,524,271	)		10.6
United Kingdom
Barclays plc		(897,168	)		(1,870,017	)		13.0
United States
Bausch Health Cos., Inc.		(105,000	)		(2,577,750	)		17.9
CenturyLink, Inc.		(55,000	)		(842,600	)		5.9
Intelsat SA		(65,000	)		(1,581,450	)		11.0
Invesco QQQ Trust		(15,000	)		(2,522,400	)		17.6
Invesco Senior Loan ETF		(400,000	)		(8,976,000	)		62.5
iShares iBoxx $ High Yield Corporate Bond ETF		(95,000	)		(8,085,450	)		56.3
iShares J.P. Morgan USD Emerging Markets Bond ETF		(45,000	)		(4,899,600	)		34.1
iShares MSCI Europe Financials ETF		(120,000	)		(2,162,400	)		15.1
NCR Corp.		(10,000	)		(267,500	)		1.9
Russell 2000E-Mini Index		(30,000	)		(4,471,800	)		31.1
SPDR S&P Oil & Gas Exploration & Production ETF		(97,975	)		(2,992,156	)		20.8
Sprint Corp.		(215,000	)		(1,341,600	)		9.3
					(40,720,706	)
Zambia
First Quantum Minerals Ltd.		(65,000	)		(752,426	)		5.3
Total Reference Entity — Short					(48,617,849	)
Net Value of Reference Entity — Bank of America NA				$	(14,367,814	)

The following reference rates, and their values as of period end, are used for security descriptions:

Reference Index		Reference Rate
3 month EURIBOR	Euro Interbank Offered Rate		(0.31	)%
3 month LIBOR	London Interbank Offered Rate		2.74

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

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps (a)	$	—	$	(9,829,992	)	$	1,391,204	$	(5,028,864	)	$	—
OTC Swaps		24,542,893		(33,434,291	)		6,431,761		(17,371,923	)		—
Options Written		N/A		N/A			2,668,453		(332,566	)		(1,084,007	)

^(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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

50 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement 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
Net unrealized appreciation(a)	$	—	$	—	$	6,853	$	—	$	5,047	$	—	$	11,900
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		5,897,341		—		—		5,897,341
Options purchased
Investments at value — unaffiliated(b)		—		296,332		5,467,214		75		78,125		—		5,841,746
Swaps — centrally cleared
Net unrealized appreciation(a)		—		234,797		—		—		1,156,407		—		1,391,204
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		30,974,654		—		—		—		—		30,974,654
	$	—	$	31,505,783	$	5,474,067	$	5,897,416	$	1,239,579	$	—	$	44,116,845
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	—	$	—	$	2,492,125	$	—	$	2,492,125
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		12,840,198		—		—		12,840,198
Options written
Options written, at value		—		99,262		984,745		—		—		—		1,084,007
Swaps — centrally cleared
Net unrealized depreciation(a)		—		2,716,486		—		—		2,312,378		—		5,028,864
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		47,675,865		1,404,908		—		1,725,441		—		50,806,214
	$	—	$	50,491,613	$	2,389,653	$	12,840,198	$	6,529,944	$	—	$	72,251,408

^(a)  Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the six month ended January 31, 2019, the effect of derivative financial instruments in the Statement of Operations were as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	(5,530,129	)	$	—		$	(2,107,776	)	$	—	$	(7,637,905	)
Forward foreign currency exchange contracts		—		—			—			44,266,740			—			—		44,266,740
Options purchased(a)		—		(2,343,553	)		5,250,494			—			(3,927,127	)		—		(1,020,186	)
Options written		—		667,411			(3,493,527	)		—			—			—		(2,826,116	)
Swaps		—		990,925			(3,243,980	)		—			(2,363,575	)		—		(4,616,630	)
	$	—	$	(685,217	)	$	(7,017,142	)	$	44,266,740		$	(8,398,478	)	$	—	$	28,165,903
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	362,274		$	—		$	(1,828,403	)	$	—	$	(1,466,129	)
Forward foreign currency exchange contracts		—		—			—			164,770			—			—		164,770
Options purchased(b)		—		(351,202	)		3,143,269			(75,549	)		1,120,096			—		3,836,614
Options written		—		23,710			482,048			—			—			—		505,758
Swaps		—		(3,160,928	)		(1,666,940	)		—			(3,973,406	)		—		(8,801,274	)
	$	—	$	(3,488,420	)	$	2,320,651		$	89,221		$	(4,681,713	)	$	—	$	(5,760,261	)

^(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.

SCHEDULE OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	275		$	504,055
Forward foreign currency exchange contracts		5,897,341			12,840,198
Options(a)		5,841,746			1,084,007
Swaps — Centrally cleared		—			1,016,641
Swaps — OTC(b)		30,974,654			50,806,214
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	42,714,016		$	66,251,115
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(5,545,614	)		(2,505,441	)
Total derivative assets and liabilities subject to an MNA	$	37,168,402		$	63,745,674

^(a)  Includes options purchased at value which is included in Investments at value – unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received (b)			Cash Collateral Received (b)			Net Amount of Derivative Assets (c)(f)
Bank of America NA	$	1,551,757	$	(1,551,757	)	$	—		$	—		$	—
Barclays Bank plc		6,398,816		(5,594,448	)		—			(804,368	)		—
BNP Paribas SA		2,502,447		(2,502,447	)		—			—			—
Citibank NA		5,131,288		(5,131,288	)		—			—			—
Credit Suisse International		1,488,107		(1,488,107	)		—			—			—
Deutsche Bank AG		816,473		(412,818	)		—			—			403,655
Goldman Sachs International		5,882,325		(5,882,325	)		—			—			—
HSBC Bank plc		856,170		(162,703	)		(693,467	)		—			—
JPMorgan Chase Bank NA		10,992,309		(10,992,309	)		—			—			—
Morgan Stanley & Co. International plc		1,539,683		(1,539,683	)		—			—			—
UBS AG		9,027		(9,027	)		—			—			—
	$	37,168,402	$	(35,266,912	)	$	(693,467	)	$	(804,368	)	$	403,655
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged			Cash Collateral Pledged (d)			Net Amount of Derivative Liabilities (e)(f)
Bank of America NA	$	2,830,068	$	(1,551,757	)	$	—		$	(1,278,311	)	$	—
Barclays Bank plc		5,594,448		(5,594,448	)		—			—			—
BNP Paribas SA		5,612,359		(2,502,447	)		—			(2,870,000	)		239,912
Citibank NA		16,030,080		(5,131,288	)		—			(9,680,000	)		1,218,792
Credit Suisse International		9,196,305		(1,488,107	)		—			(7,390,000	)		318,198
Deutsche Bank AG		412,818		(412,818	)		—			—			—
Goldman Sachs Bank USA		358,383		—			—			(358,383	)		—
Goldman Sachs International		8,357,947		(5,882,325	)		—			(710,000	)		1,765,622
HSBC Bank plc		162,703		(162,703	)		—			—			—
JPMorgan Chase Bank NA		11,334,792		(10,992,309	)		—			—			342,483
Morgan Stanley & Co. International plc		3,117,152		(1,539,683	)		—			(1,577,469	)		—
Societe Generale SA		699,316		—			—			(620,000	)		79,316
UBS AG		39,303		(9,027	)		—			—			30,276
	$	63,745,674	$	(35,266,912	)	$	—		$	(24,484,163	)	$	3,994,599

^(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)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e)  Net amount represents the net amount payable due to the counterparty in the event of default.

^(f)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

52 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,922,503
Average notional value of contracts — short		186,133,346
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		2,663,657,009
Average amounts sold — in USD		1,654,832,732
Options:
Average value of option contracts purchased		9,367,901
Average value of option contracts written		2,070,318
Average notional value of swaption contracts purchased		288,666,944
Average notional value of swaption contracts written		106,772,157
Credit default swaps:
Average notional value — buy protection		964,916,800
Average notional value — sell protection		268,496,430
Interest rate swaps:
Average notional value — pays fixed rate		184,637,000
Average notional value — receives fixed rate		2,790,000
Total return swaps:
Average notional value		81,634,785

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

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	229,959,528	$	937,500	$	230,897,028
Common Stocks:		—		—		—		—
Germany		—		2,011,702		—		2,011,702
Italy		—		868,179		—		868,179
Netherlands		—		1,093,924		—		1,093,924
United States		14,475,814		—		317,021		14,792,835
Corporate Bonds:
Australia		—		4,340,304		—		4,340,304
Bahrain		—		362,250		—		362,250
Belgium		—		19,715,410		—		19,715,410
Brazil		—		3,497,325		—		3,497,325
Canada		—		102,252,707		—		102,252,707
Cayman Islands		—		344,000		—		344,000
China		—		74,890,691		—		74,890,691
Czech Republic		—		1,213,911		—		1,213,911
Denmark		—		6,404,152		—		6,404,152
Finland		—		214,974		—		214,974
France		—		18,040,828		—		18,040,828
Germany		—		59,510,363		—		59,510,363
Guernsey		—		636,290		—		636,290
Hong Kong		—		16,821,667		—		16,821,667
India		—		6,537,713		—		6,537,713
Indonesia		—		5,536,496		—		5,536,496
Ireland		—		36,111,401		—		36,111,401
Israel		—		8,905,644		—		8,905,644
Italy		—		54,219,349		—		54,219,349
Jamaica		—		391,935		—		391,935
Japan		—		7,555,539		—		7,555,539
Jersey		—		1,271,367		—		1,271,367
Luxembourg		—		123,265,027		—		123,265,027
Macau		—		182,500		—		182,500
Malaysia		—		1,610,078		—		1,610,078
Mongolia		—		564,927		—		564,927
Netherlands		—		51,982,887		—		51,982,887
Philippines		—		588,194		—		588,194

SCHEDULE OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

	Level 1			Level 2			Level 3		Total
Portugal	$	—		$	15,948,569		$	—	$	15,948,569
Singapore		—			16,231,829			—		16,231,829
South Africa		—			350,711			—		350,711
South Korea		—			4,072,185			—		4,072,185
Spain		—			57,213,426			—		57,213,426
Sweden		—			1,409,318			—		1,409,318
Switzerland		—			39,869,454			—		39,869,454
Thailand		—			1,313,657			—		1,313,657
Turkey		—			10,277,808			—		10,277,808
United Arab Emirates		—			5,888,676			—		5,888,676
United Kingdom		—			140,715,858			—		140,715,858
United States		—			943,576,072			38,389,384		981,965,456
Vietnam		—			611,636			—		611,636
Zambia		—			34,330,539			—		34,330,539
Floating Rate Loan Interests:		—			—			—		—
Austria		—			—			147,840		147,840
Canada		—			182,694			—		182,694
Cayman Islands		—			9,161,718			—		9,161,718
Denmark		—			7,400,841			—		7,400,841
France		—			14,704,240			—		14,704,240
Germany		—			16,142,431			—		16,142,431
Luxembourg		—			6,669,704			19,978,754		26,648,458
Netherlands		—			16,086,693			—		16,086,693
Norway		—			2,262,485			—		2,262,485
Poland		—			8,552,307			—		8,552,307
Spain		—			18,080,860			—		18,080,860
Sweden		—			14,553,257			—		14,553,257
Switzerland		—			7,664,591			—		7,664,591
United Kingdom		—			18,563,548			13,323,143		31,886,691
United States		—			215,393,133			86,570,137		301,963,270
Foreign Agency Obligations		—			8,750,385			—		8,750,385
Foreign Government Obligations		—			49,773,205			—		49,773,205
Non-Agency Mortgage-Backed Securities		—			31,604,405			—		31,604,405
Preferred Securities		—			9,638,138			—		9,638,138
U.S. Treasury Obligations		—			8,247,007			—		8,247,007
Short-Term Securities:
Borrowed Bond Agreements		—			559,409,704			—		559,409,704
Money Market Funds		271,890,861			—			—		271,890,861
Options Purchased:
Credit contracts		—			296,332			—		296,332
Equity contracts		5,467,214			—			—		5,467,214
Foreign currency exchange contracts		—			75			—		75
Interest rate contracts		78,125			—			—		78,125
Liabilities:
Borrowed Bonds		—			(557,630,970	)		—		(557,630,970	)
Investment Sold Short
Corporate Bonds		—			(3,166,782	)		—		(3,166,782	)
Investment Companies		(6,383,250	)		—			—		(6,383,250	)
Unfunded floating rate loan interests(a)		—			(659	)		—		(659	)
	$	285,528,764		$	2,575,050,342		$	159,663,779	$	3,020,242,885
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	6,666,558		$	—	$	6,666,558
Equity contracts		6,853			—			—		6,853
Foreign currency exchange contracts		—			5,897,341			—		5,897,341
Interest rate contracts		5,047			1,156,407			—		1,161,454
Liabilities:
Credit contracts		—			(17,067,862	)		—		(17,067,862	)
Equity contracts		(984,745	)		(1,404,908	)		—		(2,389,653	)
Foreign currency exchange contracts		—			(12,840,198	)		—		(12,840,198	)
Interest rate contracts		(2,492,125	)		(4,027,279	)		—		(6,519,404	)
	$	(3,464,970	)	$	(21,619,941	)	$	—	$	(25,084,911	)

^(a)  Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)  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.

54 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2019 BlackRock Global Long/Short Credit Fund

The Fund may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, Reverse Repurchase Agreements of $180,760 are categorized as level 2 within the disclosure hierarchy.

During the six months ended January 31, 2019, there were no transfers between Level 1 and Level 2.

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

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Preferred Securities			Total
Investments:
Assets:
Opening Balance, as of July 31, 2018	$	55,460,302		$	393,247		$	37,353		$	85,521,805		$	992,755		$	142,405,462
Transfers into Level 3		—			—			31,113,000			45,369,115			—			76,482,115
Transfers out of Level 3		(24,704,330	)		—			—			(27,707,008	)		—			(52,411,338	)
Accrued discounts/premiums		2,771			—			—			5,562			—			8,333
Net realized gain (loss)		(6,237,356	)		—			11,547			(420,109	)		(26,888	)		(6,672,806	)
Net change in unrealized appreciation (depreciation)(a)(b)		5,992,472			(76,226	)		(2,700	)		(691,513	)		476,114			5,698,147
Purchases		1,000,000			—			8,563,000			38,281,124			—			47,844,124
Sales		(30,576,359	)		—			(1,332,816	)		(20,339,102	)		(1,441,981	)		(53,690,258	)
Closing Balance, as of January 31, 2019	$	937,500		$	317,021		$	38,389,384		$	120,019,874		$	—		$	159,663,779
Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019(b)	$	(62,500	)	$	(76,226	)	$	—		$	(743,544	)	$	—		$	(882,270	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See notes to financial statements.

SCHEDULE OF INVESTMENTS 55

Statement of Assets and Liabilities  (unaudited)

January 31, 2019

	BlackRock Global Long/Short Credit Fund
ASSETS
Investments at value — unaffiliated (cost — $3,429,335,209)	$	3,317,841,696
Investments at value — affiliated (cost — $269,582,850)		269,582,850
Cash pledged:
Collateral — borrowed bond agreements		4,571,000
Collateral — OTC derivatives		51,480,000
Futures contracts		2,187,880
Centrally cleared swaps		6,815,710
Foreign currency at value (cost — $53,710,768)		54,006,130
Receivables:
Investments sold		301,967,783
Swaps		1,438,734
Capital shares sold		14,401,284
Dividends — affiliated		187,071
Dividends — unaffiliated		2,174
Interest — unaffiliated		29,205,234
Variation margin on futures contracts		275
Swap premiums paid		24,542,893
Unrealized appreciation on:
Forward foreign currency exchange contracts		5,897,341
OTC swaps		6,431,761
Prepaid expenses		55,632
Total assets		4,090,615,448
LIABILITIES
Investments sold short at value — affiliated (proceeds $6,449,766)		6,383,250
Investments sold short at value — unaffiliated (proceeds $3,162,243)		3,166,782
Bank overdraft		10,709,919
Cash received as collateral for OTC derivatives		1,550,000
Borrowed bonds at value (proceeds $556,296,072)		557,630,970
Options written at value (premium received $3,419,894)		1,084,007
Reverse repurchase agreements at value		180,760
Payables:
Investments purchased		208,380,067
Capital shares redeemed		12,816,027
Interest expense		6,691,262
Service and distribution fees		133,163
Variation margin on futures contracts		504,055
Variation margin on centrally cleared swaps		1,016,641
Administration fees		143,061
Investment advisory fees		2,427,312
Trustees’ and Officer’s fees		22,774
Other affiliates		10,010
Other accrued expenses		1,973,519
Swap premiums received		33,434,291
Unrealized depreciation on:
Forward foreign currency exchange contracts		12,840,198
OTC swaps		17,371,923
Unfunded floating rate loan interests		659
Total liabilities		878,470,650
NET ASSETS	$	3,212,144,798
NET ASSETS CONSIST OF
Paid-in capital	$	3,745,116,787
Accumulated loss		(532,971,989	)
NET ASSETS	$	3,212,144,798
NET ASSET VALUE
Institutional — Based on net assets of $1,855,514,679 and 190,956,025 shares outstanding, unlimited number of shares authorized, $0.001 par value.	$	9.72
Investor A — Based on net assets of $126,169,570 and 12,995,574 shares outstanding, unlimited number of shares authorized, $0.001 par value.	$	9.71
Investor C — Based on net assets of $80,286,401 and 8,412,717 shares outstanding, unlimited number of shares authorized, $0.001 par value.	$	9.54
Class K — Based on net assets of $1,150,174,148 and 118,317,635 shares outstanding, unlimited number of shares authorized, $0.001 par value.	$	9.72

See notes to financial statements.

56 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations  (unaudited)

Six Months Ended January 31, 2019

	BlackRock Global Long/Short Credit Fund
INVESTMENT INCOME
Dividends — affiliated	$	1,600,155
Dividends — unaffiliated		370,198
Interest — unaffiliated		106,555,098
Foreign taxes withheld		(90,522	)
Total investment income		108,434,929
EXPENSES
Investment advisory		16,629,728
Transfer agent — class specific		861,210
Administration		690,128
Service and distribution — class specific		656,706
Board realignment and consolidation		549,540
Accounting services		358,932
Administration — class specific		276,892
Custodian		127,228
Professional		121,300
Registration		82,113
Printing		41,263
Trustees and Officer		37,405
Recoupment of past waived and/or reimbursed fees — class specific		10,062
Miscellaneous		60,890
Total expenses excluding dividend expense, and interest expense		20,503,397
Dividends expense — affiliated		247,658
Dividends expense — unaffiliated		340
Interest expense		22,308,149
Broker fees and expenses on short sales		31,348
Total expenses		43,090,892
Less:
Fees waived and/or reimbursed by the Manager		(612,238	)
Total expenses after fees waived		42,478,654
Net investment income		65,956,275
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(43,746	)
Investments — unaffiliated		(119,014,906	)
Borrowed bonds		(31,978	)
Forward foreign currency exchange contracts		44,266,740
Foreign currency transactions		(9,307,940	)
Futures contracts		(7,637,905	)
Options written		(2,826,116	)
Payment by affiliate		63,232	(a)
Short sales — affiliated		324,336
Short sales — unaffiliated		24,627,088
Swaps . . . . .		(4,616,630	)
		(74,197,825	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(792,741	)
Borrowed bonds		(8,050,711	)
Forward foreign currency exchange contracts		164,770
Foreign currency translations		243,214
Futures contracts		(1,466,129	)
Options written		505,758
Short sales — affiliated		32,623
Short sales — unaffiliated		96,338
Swaps . . . . .		(8,801,274	)
Unfunded floating rate loan interests		164,021
		(17,904,131	)
Net realized and unrealized loss		(92,101,956	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,145,681	)

^(a)  Includes a payment by an affiliate of $63,232 to compensate for a trade operating events.

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Changes in Net Assets  (unaudited)

	BlackRock Global Long/Short Credit Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	65,956,275		$	128,056,043
Net realized gain (loss)		(74,197,825	)		32,196,188
Net change in unrealized appreciation (depreciation)		(17,904,131	)		(114,008,136	)
Net increase (decrease) in net assets resulting from operations		(26,145,681	)		46,244,095
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(114,367,305	)		(27,141,988	)
Investor A		(7,754,820	)		(1,213,068	)
Investor C		(3,937,964	)		—
Class K		(73,940,029	)		(16,645,107	)
Decrease in net assets resulting from distributions to shareholders		(200,000,118	)		(45,000,163	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(459,368,520	)		(135,476,053	)
NET ASSETS(b)
Total decrease in net assets		(685,514,319	)		(134,232,121	)
Beginning of period		3,897,659,117			4,031,891,238
End of period	$	3,212,144,798		$	3,897,659,117

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed (distributed in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

58 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Credit Fund
	Institutional
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.36		$	10.36		$	9.91		$	10.51		$	10.95		$	10.63
Net investment income(a)		0.18			0.33			0.30			0.27			0.28			0.20
Net realized and unrealized gain (loss)		(0.24	)		(0.21	)		0.15			(0.37	)		(0.26	)		0.26
Net increase (decrease) from investment operations		(0.06	)		0.12			0.45			(0.10	)		0.02			0.46
Distributions(b)
From net investment income		(0.58	)		(0.12	)		—			(0.50	)		(0.34	)		(0.14	)
From net realized gain		—			—			—			—			(0.12	)		—
Total distributions		(0.58	)		(0.12	)		—			(0.50	)		(0.46	)		(0.14	)
Net asset value, end of period	$	9.72		$	10.36		$	10.36		$	9.91		$	10.51		$	10.95
Total Return(c)
Based on net asset value		(0.54	)%(d)(e)		1.16	%(e)		4.54	%		(0.92	)%		0.20	%		4.36	%
Ratios to Average Net Assets(f)
Total expenses		2.31	%(g)(h)		2.00	%		1.86	%		2.08	%		1.73	%		1.61	%
Total expenses after fees waived and/or reimbursed		2.29	%(h)		1.98	%		1.86	%		2.07	%		1.72	%		1.59	%
Total expenses after fees waived, reimbursed and excluding dividend expense, interest expense and broker fees and expenses on short sales		1.07	%(h)		1.05	%		1.08	%		1.09	%		1.07	%		1.03	%
Net investment income		3.59	%(h)		3.21	%		2.91	%		2.69	%		2.63	%		1.83	%
Supplemental Data
Net assets, end of period (000)	$	1,855,515		$	2,305,172		$	3,640,459		$	3,378,151		$	4,505,530		$	4,623,194
Portfolio turnover rate		105	%		185	%		229	%		253	%		211	%		207	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015		2014
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—		0.05	%

^(g)  Board realignment and consolidation costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.32%.

^(h)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Credit Fund (continued)
	Investor A
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.33		$	10.31		$	9.88		$	10.48		$	10.93		$	10.61
Net investment income(a)		0.17			0.31			0.26			0.24			0.25			0.16
Net realized and unrealized gain (loss)		(0.25	)		(0.23	)		0.17			(0.36	)		(0.27	)		0.27
Net increase (decrease) from investment operations		(0.08	)		0.08			0.43			(0.12	)		(0.02	)		0.43
Distributions(b)
From net investment income		(0.54	)		(0.06	)		—			(0.48	)		(0.31	)		(0.11	)
From net realized gain		—			—			—			—			(0.12	)		—
Total distributions		(0.54	)		(0.06	)		—			(0.48	)		(0.43	)		(0.11	)
Net asset value, end of period	$	9.71		$	10.33		$	10.31		$	9.88		$	10.48		$	10.93
Total Return(c)
Based on net asset value		(0.67	)%(d)(e)		0.81	%(e)		4.35	%		(1.15	)%		(0.10	)%		4.09	%
Ratios to Average Net Assets(f)
Total expenses		2.57	%(g)(h)(i)		2.25	%		2.13	%		2.29	%		1.98	%		1.91	%
Total expenses after fees waived and/or reimbursed		2.55	%(i)		2.24	%		2.12	%		2.29	%		1.98	%		1.89	%
Total expenses after fees waived, reimbursed and excluding dividend expense, interest expense and broker fees and expenses on short sales		1.33	%(i)		1.31	%		1.35	%		1.34	%		1.33	%		1.32	%
Net investment income		3.32	%(i)		2.99	%		2.63	%		2.41	%		2.36	%		1.48	%
Supplemental Data
Net assets, end of period (000)	$	126,170		$	168,471		$	228,373		$	422,079		$	1,032,811		$	1,575,812
Portfolio turnover rate		105	%		185	%		229	%		253	%		211	%		207	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015		2014
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—		0.05	%

^(g)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the six months ended January 31, 2019, the expense ratio would have been 2.56%.

^(h)  Board realignment and consolidation costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.58%.

⁽ⁱ⁾  Annualized.

See notes to financial statements.

60 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Credit Fund (continued)
	Investor C
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	10.12		$	10.10		$	9.76		$	10.38		$	10.87		$	10.56
Net investment income(a)		0.13			0.23			0.19			0.17			0.17			0.08
Net realized and unrealized gain (loss)		(0.25	)		(0.21	)		0.15			(0.36	)		(0.26	)		0.27
Net increase (decrease) from investment operations		(0.12	)		0.02			0.34			(0.19	)		(0.09	)		0.35
Distributions(b)
From net investment income		(0.46	)		—			—			(0.43	)		(0.28	)		(0.04	)
From net realized gain		—			—			—			—			(0.12	)		—
Total distributions		(0.46	)		—			—			(0.43	)		(0.40	)		(0.04	)
Net asset value, end of period	$	9.54		$	10.12		$	10.10		$	9.76		$	10.38		$	10.87
Total Return(c)
Based on net asset value		(1.18	)%(d)(e)		0.20	%(e)		3.48	%		(1.85	)%		(0.82	)%		3.31	%
Ratios to Average Net Assets(f)
Total expenses		3.33	%(g)(h)(i)		3.02	%		2.87	%		3.06	%		2.72	%		2.63	%
Total expenses after fees waived and/or reimbursed		3.31	%(i)		3.01	%		2.87	%		3.06	%		2.72	%		2.62	%
Total expenses after fees waived, reimbursed and excluding dividend expense, interest expense and broker fees and expenses on short sales		2.08	%(i)		2.08	%		2.10	%		2.09	%		2.07	%		2.05	%
Net investment income		2.57	%(i)		2.25	%		1.88	%		1.69	%		1.64	%		0.76	%
Supplemental Data
Net assets, end of period (000)	$	80,286		$	100,645		$	132,965		$	215,364		$	342,148		$	390,031
Portfolio turnover rate		105	%		185	%		229	%		253	%		211	%		207	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Aggregate total return.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
				2018			2017			2016			2015		2014
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%		—		0.05	%

^(g)  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

^(h)  Board realignment and consolidation costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.34%.

⁽ⁱ⁾  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Credit Fund (continued)
	Class K
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 03/28/16 (a) to 07/31/16
				2018			2017
Net asset value, beginning of period	$	10.37		$	10.37		$	9.92		$	9.70
Net investment income(b)		0.19			0.35			0.30			0.11
Net realized and unrealized gain (loss)		(0.26	)		(0.21	)		0.15			0.11
Net increase (decrease) from investment operations		(0.07	)		0.14			0.45			0.22
Distributions(c)
From net investment income		(0.58	)		(0.14	)		—			—
Net asset value, end of period	$	9.72		$	10.37		$	10.37		$	9.92
Total Return(d)
Based on net asset value		(0.56	)%(e)(f)		1.34	%(f)		4.54	%		2.27	%(e)
Ratios to Average Net Assets(g)
Total expenses		2.24	%(h)(i)		1.94	%		1.79	%		2.14	%(h)
Total expenses after fees waived and/or reimbursed		2.22	%(i)		1.93	%		1.79	%		2.14	%(h)
Total expenses after fees waived, reimbursed and excluding dividend expense, interest expense and broker fees and expenses on short sales		1.00	%(i)		0.99	%		1.02	%		1.01	%(h)
Net investment income		3.66	%(i)		3.33	%		2.97	%		3.35	%(h)
Supplemental Data
Net assets, end of period (000)	$	1,150,174		$	1,323,371		$	30,093		$	27,712
Portfolio turnover rate		105	%		185	%		229	%		253	%

^(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)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,						Period from 03/28/16 (a) to 07/31/16
				2018			2017
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

^(h)  Board realignment and consolidation costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.25%.

⁽ⁱ⁾ Annualized.

See notes to financial statements.

62 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Funds IV (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Global Long/Short Credit Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares are generally available through financial intermediaries. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares, and, thereafter, investors will be subject to lower ongoing fees. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A distribution and service plan).

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	(a)	None
Investor C Shares	No		Yes		To Invest A Shares after approximately 10 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the Fixed-Income Complex.

Reorganization:The Board of Trustees of BlackRock Funds^SM approved an Agreement and Plan of Reorganization with respect to the following target fund (the “Target Fund”), pursuant to which the Target Fund reorganized into a newly created series (the “Acquiring Fund”) of BlackRock Funds IV, a newly organized Massachusetts business trust. This reorganization (the “Reorganization”) closed on September 17, 2018 and was not subject to approval by shareholders of the Target Fund.

Target Fund	Target Fund’s Registrant	Acquiring Fund	Acquiring Fund’s Registrant
BlackRock Global Long/Short Credit Fund	BlackRock Funds	BlackRock Global Long/Short Credit Fund	BlackRock Funds IV

The Reorganization was effected in connection with the reconfiguration of the boards of directors/trustees of certain BlackRock-advised funds.

The Acquiring Fund has the same investment objective, strategies and policies, investment adviser,sub-adviser, portfolio management team and service providers as the Target Fund. The Target Fund is the performance and accounting survivor of the Reorganization, meaning that the Acquiring Fund assumed the performance and financial history of the Target Fund upon completion of the Reorganization. In addition, the Acquiring Fund is subject to the same contractual arrangements, including the same contractual fees and expenses, as those of the corresponding Target Fund. The Reorganization wastax-free, meaning that the Target Fund’s shareholders became shareholders of the Acquiring Fund without realizing any gain or loss for federal income tax purposes.

As a result, the Acquiring Fund acquired all of the assets and assumed all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund. The shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate NAV of such shareholder’s Target Fund shares, as determined at the close of business on September 14, 2018.

The Reorganization was accomplished by atax-free exchange of shares of the Acquiring Fund in the following amounts and at the following conversion ratio:

Target Fund	Shares Prior to Reorganization		Conversion Ratio		Shares Post-Reorganization
BlackRock Global Long/Short Credit Fund		374,796,054		1		374,796,054

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Prior to the Reorganization, the Acquiring Fund had not yet commenced operations and had no assets or liabilities. The Target Fund’s net assets, fair value and cost of investments and derivative financial instruments prior to the Reorganization was as follows:

Target Fund	Net Assets		Fair Value of Investments		Cost of Investments
BlackRock Global Long/Short Credit Fund	$	3,895,440,220	$	3,995,285,963	$	4,091,402,212

Prior to the Reorganization’s effective date, the Target Fund began to incur expenses in connection with the realignment and consolidation of the boards of directors/trustees of certain BlackRock-advised funds. These expenses and liabilities have been assumed by the Acquiring Fund. The Manager has voluntarily agreed to reimburse certain funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Fund is informed of theex-dividend date. 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 is recognized 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.

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

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

Defensive Positions:Investment policies may vary for temporary defensive purposes during periods in which the investment adviser believes that conditions in the securities markets or other economic, financial or political conditions warrant. Under such conditions, the Fund may invest up to 100% of its total assets in U.S. Government securities, certificates of deposit, repurchase agreements that involve purchases of debt securities, bankers’ acceptances and other bank obligations, commercial paper, money market funds and/or other debt securities, or may hold its assets in cash. The investment adviser applies this defensive posture as applicable and is consistent with the Fund’s investment policies.

Segregation and Collateralization:In cases where the Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on theex-dividend date and made at least annually. 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 Fund’s Board, the independent Directors (“Independent Directors”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Fund, if applicable. Deferred compensation liabilities are included in the Directors’ and Officer’s fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards:In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

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

Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. 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. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on their relative net assets or other appropriate methods.

64 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the 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 Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices 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 may trade at lower prices than institutional round lots. 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), 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.

• Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Fund’s net assets. Each business day, the Fund uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-tradedover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at NAV each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

• 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. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• 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. 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.

• Swap agreements are valued utilizing quotes received daily by the Fund’s pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

• Commodity-Linked Notes are valued utilizing quotes received daily by the Fund’s pricing service or through brokers. The Fund’s pricing service utilizes valuation models, which incorporate a number of transaction specific data factors, such as the performance return multiple and upfront interest paid, as well as the price of the underlying index.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

NOTESTO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

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

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)  market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)  relevant news and other public sources; and (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve 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.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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.

66 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

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

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

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

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

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and arenon-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generallynon-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 London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

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

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

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, 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 Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests aremarked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
Access CIG LLC, Term Loan	$	20,358	$	20,358	$	20,124	$	(234	)
Dental Corp Perfect Smile ULC, Delayed Draw Term Loan		18,393		18,393		17,968		(425	)
							$	(659	)

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

Reverse Repurchase Agreements:Reverse repurchase agreements are agreements with qualified third party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements

68 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statement of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended January 31, 2019, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Fund were $465,305,795 and 0.39%, respectively.

Borrowed bond agreements and reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreements and reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell,re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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

Counterparty	Borrowed Bond Agreements (a)		Reverse Repurchase Agreements			Borrowed Bond at Value including Accrued Interest (b)			Exposure Due (to)/from Counterparty before Collateral			Non-cash Collateral Received		Cash Collateral Received		Fair Value of Non-cash Collateral Pledged Including Accrued Interest (c)		Cash Collateral Pledged		Net Collateral (Received)/ Pledged (c)		Net Exposure Due (to)/from Counterparty (d)
Amherst Pierpont Securities LLC	$	43,917,559	$	—		$	(44,012,997	)	$	(95,438	)	$	—	$	—	$	—	$	—	$	—	$	(95,438	)
Barclays Bank plc		166,028,399		(180,760	)		(165,487,193	)		360,446			—		—		180,760		—		180,760		541,206	(e)
BNP Paribas SA		38,111,157		—			(39,185,985	)		(1,074,828	)		—		—		847,385		—		847,385		(227,443	)
Citigroup Global Markets Holdings, Inc.		2,945,651		—			(2,818,325	)		127,326			—		—		—		—		—		127,326
Citigroup Global Markets, Inc.		39,822,143		—			(41,673,596	)		(1,851,453	)		—		—		—		1,465,000		1,465,000		(386,453	)
Goldman Sachs International		974,064		—			(988,012	)		(13,948	)		—		—		—		—		—		(13,948	)
J.P. Morgan Securities LLC		137,820,112		—			(138,510,545	)		(690,433	)		—		—		—		—		—		(690,433	)
Merrill Lynch International		4,538,978		—			(4,563,052	)		(24,074	)		—		—		—		—		—		(24,074	)
RBC Capital Markets, LLC		97,248,763		—			(98,993,678	)		(1,744,915	)		—		—		—		282,000		282,000		(1,462,915	)
RBC Europe Ltd.		28,002,878		—			(28,188,630	)		(185,752	)		—		—		—		—		—		(185,752	)
	$	559,409,704	$	(180,760	)	$	(564,422,013	)	$	(5,193,069	)	$	—	$	—	$	1,028,145	$	1,747,000	$	2,775,145	$	(2,417,924	)

^(a)  Included in Investments at value — unaffiliated in the Statement of Assets and Liabilities.

^(b)  Includes accrued interest on borrowed bonds in the amount of $6,791,043 which is included in interest expense payable in the Statement of Assets and Liabilities.

^(c)  Net collateral, including accrued interest, with a value of $206,345 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(d)  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

^(e)  Borrowed bond agreement with a value of $4,712,969 has been purchased and is pending settlement as of January 31, 2019.

Short Sale Transactions (Borrowed Bonds): In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequentlymarked-to-market to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statement of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

Short Sale Transactions (Investments Sold Short): In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short from a broker/counterparty and deliver the security to the purchaser. To close out a short position, a fund delivers the same security to the broker and records a liability to reflect the obligation to return the security to the broker. The amount of the liability is subsequentlymarked-to-market to reflect the market value of the short sale. A fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. Cash deposited with the broker is recorded as an asset in the Statement of Assets and Liabilities. Securities segregated as collateral are denoted in the Schedule of Investments. A fund may pay a financing fee for the difference between the market value of the short position and the cash collateral deposited with the broker which would be recorded as interest expense. A fund is required to repay the counterparty any dividends received on the security sold short, which, if

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued)

applicable, is shown as dividend expense in the Statement of Operations. A fund may pay a fee on the assets borrowed from the counterparty, which, if applicable, is shown as broker fees and expenses on short sales in the Statement of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain, limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts on the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract ismarked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives on the Statement of Assets and Liabilities.

Options: The Fund purchases and writes call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically “covered,” meaning that the Fund holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written on the Statement of Assets and Liabilities.

• Swaptions — The Fund purchases and writes options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Fund’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

70 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

• Foreign currency options — The Fund purchases and writes 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.

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

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

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

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

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

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

• 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 market (e.g., fixed-income) with another 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 or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit 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 themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:

Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		0.95	%
$1 Billion — $3 Billion		0.89
$3 Billion — $5 Billion		0.86
$5 Billion — $6.5 Billion		0.83
$6.5 Billion — $10 Billion		0.80
Greater than $10 Billion		0.76

With respect to the Fund, the Manager entered into separatesub-advisory agreements with BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BRS”) (collectively, the“Sub-Advisers”), each an affiliate of the Manager. The Manager pays each Sub-Adviser, for services it provides for that portion of the Fund for which the Sub-Adviser acts assub-adviser, a monthly fee that is a equal to percentage of the investment advisory fees paid by the Fund to the Manager.

72 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Service and Distribution Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

	Investor A			Investor C
Service fee		0.25	%		0.25	%
Distribution fee		—			0.75

BRIL and broker-dealers, pursuant tosub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended January 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

	Investor A		Investor C		Total
Service and distribution fees	$	191,947	$	464,759	$	656,706

Administration: The Trust, on behalf of the Fund, 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 the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below.

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

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.015% of the average daily net assets of each respective class.

For the six months ended January 31, 2019, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Statement of Operations:

Institutional		Investor A		Investor C		Class K		Total
$	161,948	$	11,518	$	6,972	$	96,454	$	276,892

Transfer Agent:Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect tosub-accounts they service. 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 January 31, 2019, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statement of Operations:

Institutional		Investor C		Total
$	4,260	$	6	$	4,266

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2019, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

Institutional		Investor A		Investor C		Class K		Total
$	2,670	$	253	$	767	$	1,328	$	5,018

For the six months ended January 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

Institutional		Investor A		Investor C		Class K		Total
$	762,868	$	55,051	$	39,071	$	4,220	$	861,210

Other Fees: For the six months ended January 31, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares, which totaled $2.

For the six months ended January 31, 2019, affiliates received CDSCs of $727 for Investor C Shares.

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to the Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements  (unaudited) (continued)

fund waiver”). 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended January 31, 2019, the amount waived was $51,740.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended January 31, 2019, the Fund waived $10,958 in investment advisory fees pursuant to this arrangement.

The Fund has incurred expenses in connection with the realignment and consolidation of the boards of directors of certain BlackRock-advised funds. The Manager has voluntarily agreed to reimburse the Fund for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended January 31, 2019, the amount reimbursed was $549,540.

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

Institutional		Investor A		Investor C		Class K
	1.20%		1.40%		2.15%		1.15%

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2019, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2019, there were no fees waived and/or reimbursed by the Manager.

With respect to the contractual expense limitation, if during the 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) the 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 the 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.

For the six months ended January 31, 2019, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:

Investor A		Investor C		Total
$	7,758	$	2,304	$	10,062

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended January 31, 2019, the Fund did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

Other Transactions: During the six months ended January 31, 2019, the Fund received reimbursements of $63,232 from an affiliate, which is included in payments by affiliate in the Statement of Operations, related to operating events.

74 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended January 31, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:

Purchases	$	10,248,148
Sales		39,455,614
Net Realized Loss		(539,203	)

7. PURCHASES AND SALES

For the six months ended January 31, 2019, purchases and sales of investments, including paydowns and excluding short-term securities, were as follows:

	Purchases		Sales
Non-U.S Government Securities	$	3,206,477,524	$	4,743,977,661
U.S Government Securities		831,850,465		877,323,298

8. INCOME TAX INFORMATION

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the four years ended July 31, 2018. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of January 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of July 31, 2018, the Fund had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains of $291,961,614.

As of January 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	3,707,661,258
Gross unrealized appreciation		39,584,270
Gross unrealized depreciation		(182,758,920	)
Net unrealized depreciation	$	(143,174,650	)

9. BANK BORROWINGS

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2019 unless extended or renewed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. 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 January 31, 2019, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also 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 or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements  (unaudited) (continued)

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately its value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer amark-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.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Fund.

For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk:The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Federal Reserve has begun to raise the Federal Funds rate, and each increase results in more pronounced interest rate risk in the current market environment.

The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on its investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

The United Kingdom is scheduled to withdraw from the European Union in March 2019, which may introduce significant new uncertainties and instability in the financial markets across Europe.

76 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/19						Year Ended 07/31/18
	Shares			Amount			Shares			Amount
Institutional
Shares sold		20,935,202		$	211,685,294			66,318,476		$	690,318,429
Shares issued in reinvestment of distributions		9,415,832			90,297,831			2,110,404			21,842,675
Shares redeemed		(61,878,476	)		(621,972,612	)		(197,395,817	)		(2,050,140,373	)
Net decrease		(31,527,442	)	$	(319,989,487	)		(128,966,937	)	$	(1,337,979,269	)
Investor A
Shares sold		927,013		$	9,405,500			3,146,070		$	32,632,057
Shares issued in reinvestment of distributions		723,582			6,939,151			108,563			1,122,546
Shares redeemed		(4,958,537	)		(49,567,397	)		(9,112,169	)		(94,428,105	)
Net decrease		(3,307,942	)	$	(33,222,746	)		(5,857,536	)	$	(60,673,502	)
Investor C
Shares sold		250,950		$	2,481,688			924,187		$	9,412,536
Shares issued in reinvestment of distributions		380,544			3,588,532			—			—
Shares redeemed		(2,168,771	)		(21,399,322	)		(4,144,923	)		(42,094,040	)
Net decrease		(1,537,277	)	$	(15,329,102	)		(3,220,736	)	$	(32,681,504	)
Class K(a)
Shares sold		20,282,450		$	207,306,043			140,558,187		$	1,460,961,828
Shares issued in reinvestment of distributions		236,751			2,272,811			50,834			526,639
Shares redeemed		(29,814,947	)		(300,406,039	)		(15,896,269	)		(165,630,245	)
Net increase (decrease)		(9,295,746	)	$	(90,827,185	)		124,712,752		$	1,295,858,222
Total Net Decrease		(45,668,407	)	$	(459,368,520	)		(13,332,457	)	$	(135,476,053	)

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statement of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended July 31, 2018 were classified as follows:

Share Class	Net Investment Income
Institutional	$	(27,141,988	)
Investor A		(1,213,068	)
Class K		(16,645,107	)

Undistributed net investment income as of July 31, 2018 was $110,459,848.

13. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 77

Disclosure of Investment Advisory Agreement andSub-Advisory Agreements

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds IV (the “Trust”) met in person on May17-18, 2018 (the “Organizational Meeting”) to consider the initial approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock Global Long/Short Credit Fund (the “Fund”), a series of the Trust, and BlackRock Advisors, LLC (the “Manager”), the Trust’s investment advisor. The Board also considered the initial approval of thesub-advisory agreement between the Manager and BlackRock International Limited (“BIL”) with respect to the Fund (the “BILSub-Advisory Agreement”) and thesub-advisory agreement between the Manager and BlackRock (Singapore) Limited (“BRS,” and together with BIL, the“Sub-Advisors”) with respect to the Fund (the “BRSSub-Advisory Agreement,” and together with the BILSub-Advisory Agreement, the“Sub-Advisory Agreements”). The Manager and theSub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and theSub-Advisory Agreements are referred to herein as the “Agreements.”

On September 17, 2018, the Fund acquired the assets, subject to the liabilities of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock Funds (the “Predecessor Trust”), through a reorganization (the “Reorganization”). The Fund has the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Predecessor Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. The Advisory Agreement is substantially similar to the advisory agreement (the “Predecessor Advisory Agreement”) between the Predecessor Trust, on behalf of the Predecessor Fund, and the Manager. Similarly, the BILSub-Advisory Agreement is substantially similar to thesub-advisory agreement between the Manager and BIL with respect to the Predecessor Fund (the “Predecessor BILSub-Advisory Agreement”), and the BRSSub-Advisory Agreement is substantially similar to thesub-advisory agreement between the Manager and BRS with respect to the Predecessor Fund (the “Predecessor BRSSub-Advisory Agreement,” and together with the Predecessor BILSub-Advisory Agreement, the “PredecessorSub-Advisory Agreements”). The Predecessor Advisory Agreement and the PredecessorSub-Advisory Agreements are referred to herein collectively as the “Predecessor Agreements.”

Activities and Composition of the Board

On the date of the Organizational Meeting, the Board consisted of thirteen individuals, eleven of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the initial approval of the Agreements. In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund (and those provided to the Predecessor Fund) by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of the Fund’s (and the Predecessor Fund’s) service providers; marketing and promotional services; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements.

Board Considerations in Approving the Agreements

The Approval Process: At the Organizational Meeting, the Board reviewed materials relating to its consideration of the proposed Agreements. The Predecessor Agreements were most recently considered and approved by the board of trustees of the Predecessor Trust (the “Predecessor Board”) at in person meetings held on April 19, 2018 (the “April Meeting”) and May17-18, 2018 (the “May Meeting”). The factors considered by the Board Members at the Organizational Meeting in connection with approval of the proposed Agreements were identical to the factors considered by them as members of the Predecessor Board at the April and May Meetings for the Predecessor Agreements. (Accordingly, references below to the “Board” mean both the Board and the Predecessor Board, and references below to the Board Members mean the members of both the Board and the Predecessor Board, unless the context requires otherwise.) These factors included, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock (and those provided by BlackRock to the Predecessor Fund); (b) the investment performance of the Predecessor Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund and the Predecessor Fund; (d) the sharing of potential economies of scale;(e) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund and the Predecessor Fund; and (f) other factors deemed relevant by the Board Members.

In determining whether to approve the Predecessor Agreements, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Predecessor Agreements. These meetings were considered by the Board in evaluating approval of the Agreements. The Board received materials in advance of the Organizational Meeting relating to its consideration of the Agreements, including, among other things, (a) fees and estimated expense ratios of the Fund and the fees and expense ratios of the Predecessor Fund in comparison to the fees and expense ratios of a peer group of funds as determined by Broadridge Financial Solutions, Inc. (“Broadridge”) (“Expense Peers”); (b) information regarding BlackRock’s economic outlook for the Predecessor Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreements. The Board also received information at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments to be made to BlackRock or its affiliates, securities lending and cash management, services related to the valuation and pricing of Fund portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

78 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreement andSub-Advisory Agreements  (continued)

A. Nature, Extent and Quality of the Services to be Provided by BlackRock: The Board, including the Independent Board Members, considered the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund and those provided to the Predecessor Fund and the resulting performance of the Predecessor Fund. Throughout the year, the Board Members compared Predecessor Fund performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers, in connection with its evaluation of the Predecessor Fund. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Predecessor Fund’s performance and the Fund’s investment objective, strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board considered BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives that had been presented in connection with the Board’s evaluation of the Predecessor Agreements.

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

B. The Investment Performance of the Predecessor Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Predecessor Fund. In connection with its review of the Predecessor Fund’s performance history, the Board had been provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Predecessor Fund’s performance as of December 31, 2017. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with this review, the Board had received and reviewed information regarding the investment performance of the Predecessor Fund as compared to its Performance Peers and certain performance metrics.

In evaluating performance, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, the Board recognized that it is possible that long-term performance can be impacted by even one period of significant outperformance or underperformance, so that a single investment theme has the ability to affect long-term performance disproportionately.

The Board noted that for each of theone-, three- and five-year periods reported, the Predecessor Fund ranked in the second quartile against its Performance Peers.

In light of the Predecessor Fund’s outcome oriented objective, BlackRock believes that certain other performance metrics may be more appropriate than the Performance Peers, and the Board was provided with a comparison of Predecessor Fund performance relative to these metrics. Under these metrics, for theone-, three-, and five-year periods, the Predecessor Fund underperformed its total return target. The overall risk of the Predecessor Fund, as measured by the standard deviation of returns, was below its target range for each of the periods.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund and the Predecessor Fund: In connection with the initial approval of the Agreements, the Board, including the Independent Board Members, considered that the Fund’s proposed contractual management fee rate was identical to the Predecessor Fund’s contractual management fee rate. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also considered that the Fund’s estimated total net expense ratio was identical to the Predecessor Fund’s total expense ratio. The Board also considered the comparison of the Predecessor Fund’s actual and contractual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any12b-1 or non12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts andsub-advised mutual funds (including mutual funds sponsored by third parties) that had been presented in connection with its evaluation of the Predecessor Agreements.

The Board considered BlackRock’s profitability methodology including an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Predecessor Fund, which would be the same services to be provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to the Predecessor Fund and other funds the Board currently oversees for the year ended December 31, 2017 compared to available aggregate estimated profitability data provided for the prior two years. The Board considered, in connection with its review of the Predecessor Agreements, BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates including BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis and the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

DISCLOSUREOF INVESTMENT ADVISORY AGREEMENTAND SUB-ADVISORY AGREEMENTS 79

Disclosure of Investment Advisory Agreement andSub-Advisory Agreements  (continued)

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. In connection with its review of the Predecessor Agreements, the Board reviewed BlackRock’s operating margin, in general, compared to that of certain other publicly-traded asset management firms and considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the estimated cost of the services to be provided to the Fund based on its review of the estimated cost of the services provided to the Predecessor Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management and distribution of the Predecessor Fund and the other funds advised by BlackRock and its affiliates. As part of this analysis, the Board had reviewed BlackRock’s methodology in allocating its costs of managing the Predecessor Fund, to the Predecessor Fund. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board Members. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund and the Predecessor Fund in contrast to what is required of BlackRock with respect to other products with similar investment mandates across theopen-end fund, exchange-traded fund,closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Predecessor Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second and first quartiles, respectively, relative to the Predecessor Fund’s Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund’s total expenses as a percentage of the Fund’s average daily net assets on aclass-by-class basis.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board. The Board also considered the extent to which the Predecessor Fund benefited from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Predecessor Fund’s asset levels and, in light of those asset levels, whether the current fee schedule was appropriate for the Fund. In its consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other potential ancillary or“fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, based on its review of the Predecessor Agreements, including both tangible and intangible benefits, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund (and the Predecessor Fund), including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also considered that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also considered information regarding BlackRock’s brokerage and soft dollar practices and reports from BlackRock which included information on brokerage commissions and trade execution practices that it had received in consideration of the Predecessor Agreements.

The Board considered the competitive nature of theopen-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.    

Conclusion

Following discussion, the Board, including the Independent Board Members, approved (i) the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for atwo-year term beginning on the effective date of the Advisory Agreement, (ii) the BILSub-Advisory Agreement between the Manager and BIL with respect to the Fund, for atwo-year term beginning on the effective date of the BILSub-Advisory Agreement and (iii) the BRSSub-Advisory Agreement between the Manager and BRS with respect to the Fund, for atwo-year term beginning on the effective date of the BRSSub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors asall-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

80 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Trustee

Karen P. Robards, Co-Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

Henry Gabbay, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Further information about the Trust’s Trustees and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

At a special meeting of shareholders held on November 21, 2018, the Fund’s shareholders elected Trustees who took office on January 1, 2019. The newly elected Trustees include two former Trustees, eight individuals who served as directors/trustees of the funds in the BlackRock Closed-End Complex and one individual who served as a director/trustee of the funds in the BlackRock Equity-Bond Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

Manager and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

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

Sub-Advisors

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

TRUSTEEAND OFFICER INFORMATION 81

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Funds IV with voting results as follows:

	Votes For			Votes Withheld
Michael J. Castellano		354,534,836			508,547
Richard E. Cavanagh		354,482,594			560,789
Cynthia L. Egan		354,528,196			515,187
Frank J. Fabozzi		354,532,665			510,718
Robert Fairbairn		354,502,863	��		540,520
Henry Gabbay		354,491,732			551,651
R. Glenn Hubbard		354,496,888			546,495
W. Carl Kester		354,487,887			555,496
Catherine A. Lynch		354,524,111			519,272
John M. Perlowski		354,492,938			550,445
Karen P. Robards		354,575,033			468,351

* Denotes Trust-wide proposal and voting results.

The above Trustees, referred to as the BlackRock Fixed-Income Board, have also been elected to serve as trustees for other BlackRock-advised non-index fixed-income mutual funds and all of the BlackRock-advised closed-end funds.

General Information

Householding

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

Availability of Quarterly Schedule of Investments

The Fund file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Fund’s FormsN-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling(800) SEC-0330. The Fund’s FormsN-Q may also be obtained upon request and without charge by calling (800)441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling (800)441-7762; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund voted proxies relating to securities held in the Fund’s portfolios during the most recent12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.com or by calling (800)441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup ofopen-end mutual funds crossing all investment styles and managed by experts in equity, fixed income andtax-exempt investing. Visithttp://www.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 reach us on the Web athttp://www.blackrock.com/funds.

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.

82 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information  (continued)

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.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding theirnon-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personalnon-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose tonon-affiliated third parties anynon-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. Thesenon-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access tonon-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect thenon-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Glossary of Terms Used in this Report

Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
JPY	Japanese Yen
USD	United States Dollar
Portfolio Abbreviations
CDX	Credit Default Swap Index
CLO	Collateralized Loan Obligation
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
OTC	Over-the-counter
PIK	Payment-In-Kind
SPDR	Standard & Poor’s Depositary Receipts
S&P	Standard & Poor’s

ADDITIONAL INFORMATION 83

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

CSGLSCMT-1/19-SAR

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 Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous FormN-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers ofClosed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 –	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 Rule30a-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 of this report based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule 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 Rule30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of 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 12 –	Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not Applicable
Item 13 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) –  Certifications – Attached hereto

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 Funds IV

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds IV

Date: April 5, 2019

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 Funds IV

Date: April 5, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds IV

Date: April 5, 2019