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

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23341

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: 07/31/2021

Date of reporting period: 01/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

January

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2021

has

been

a

time

of

sudden

change,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

virus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimuli.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment

and

posted

positive

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

dropped

to

historic

lows.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

continue

to

ramp

up.

Significant

additional

U.S.

stimulus

spending

in

early

2021

is

being

negotiated

in

Congress,

which

would

provide

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

somewhat

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

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

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

January

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.47%

17.25%

U.S.

small

cap

equities

(Russell

2000

®

Index)

40.89

30.17

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

17.58

8.94

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

24.07

27.89

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.54

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.56)

4.91

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(0.91)

4.72

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.06

3.85

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.72

7.38

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

The

Benefits

and

Risks

of

Leveraging

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

6

About

Fund

Performance 

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

6

Disclosure

of

Expenses

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

7

Derivative

Financial

Instruments

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

7

Financial

Statements:

Schedule

of

Investments

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

8

Statement

of

Assets

and

Liabilities

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

46

Statement

of

Operations

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

48

Statements

of

Changes

in

Net

Assets

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

49

Financial

Highlights

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

50

Notes

to

Financial

Statements

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

54

Statement

Regarding

Liquidity

Risk

Management

Program

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

68

Additional

Information

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

69

Glossary

of

Terms

Used

in

this

Report

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

71

Fund

Summary

as

of

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

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,

2021,

the

Fund

outperformed

its

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

Fund’s

European

absolute

return

strategies

were

the

leading

contributors

to

Fund

performance.

Specifically,

event

trades

in

telecommunications

and

lease

financing,

along

with

relative

value

trades

in

European

high

yield

bonds,

contributed

positively.

U.S.

absolute

return

strategies,

particularly

event

trades

related

to

special

purpose

acquisition

companies

and

telecommunications,

also

contributed.

In

U.S.

carry

(income)

strategies,

exposure

to

enhanced

equipment

trust

certificates

helped

performance.

European

carry

strategies,

which

primarily

consisted

of

floating

rate

loan

interests

(“bank

loan”)

positions,

were

accretive

to

performance.

Directional

risk

positions

in

European

high

yield

debt,

capital

securities,

and

securitized

assets

also

performed

well.

(Capital

securities

are

dividend-paying

securities

that

combine

some

features

of

both

corporate

bonds

and

preferred

stocks,

while

generally

providing

higher

yields

to

compensate

for

being

less

senior

in

the

issuers’

capital

structures.)

Hedging

strategies

in

both

the

United

States

and

Europe,

including

U.S.

equity

hedges

in

the

form

of

put

options,

were

the

largest

detractors

from

performance

as

markets

continued

to

recover

from

the

sell-off

of

early

2020.

Idiosyncratic

short

positions

in

the

Fund’s

U.S.

absolute

return

strategies

also

detracted.

Directional

risk

strategies

in

European

financials

hurt

performance,

as

well.

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

to

express

positive

or

negative

views

on

a

particular

issuer

or

sector,

or

to

manage

overall

credit

risk.

Derivatives

may

also

serve

as

a

more

liquid

way

to

establish

positions,

and—depending

on

the

market

environment—the

Fund

may

use

various

instruments,

including

not

but

limited

to

bonds,

equities

and

derivatives.

The

Fund’s

use

of

derivatives

had

a

negative

impact

on

Fund

performance

in

the

six-month

period.

The

Fund’s

cash

position

was

somewhat

elevated

during

the

period.

This

was

partially

a

result

of

the

fact

that

the

Fund

may

express

long

and

short

positions

through

derivatives,

including

credit

default

swaps,

which

does

not

require

a

cash

outlay

like

that

of

traditional

cash

bonds.

The

Fund

sold

sovereign,

investment

grade

and

high

yield

bonds

and

utilized

more

credit

default

swaps

during

the

period,

causing

its

weighting

in

cash

to

increase.

The

cash

position

did

not

have

a

material

impact

on

the

Fund’s

performance.

Describe

recent

portfolio

activity.

The

Fund

started

the

period

with

a

net

long

position

of

54%

and

subsequently

cut

risk,

and

it

ended

January

with

a

net

long

position

of

49%.

The

net

long

reduction

was

primarily

due

to

reduced

long

positions

and

increased

short

positions

in

both

the

United

States

and

Europe.

The

Fund

increased

its

allocation

to

carry

strategies

in

the

United

States

and

Europe,

most

notably

within

bank

loans

as

the

asset

class

became

more

attractive

on

a

relative

value

basis.

Additionally,

the

Fund

increased

both

its

long

and

short

positions

in

European

investment-grade

cash

bonds,

while

decreasing

long

positions

in

U.S.

investment-

grade

and

high

yield

cash

bonds.

Lastly,

the

Fund

increased

long

positions

in

U.S.

high

yield

credit

default

indexes

(“CDX”)

and

investment-grade

CDX

in

Europe.

Overall,

the

Fund

was

positioned

with

a

continued

emphasis

on

absolute

return

strategies.

The

Fund

sought

opportunities

in

individual

issuers

with

a

potential

catalyst,

as

well

as

relative-value

opportunities

between

asset

classes.

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

diversified

exposure

to

credit

risk,

reflecting

the

investment

adviser’s

belief

that

the

current

market

environment

argues

for

an

emphasis

on

diversification.

The

Fund

maintained

a

larger

allocation

to

absolute

return

strategies,

which

the

investment

adviser

believes

stand

to

benefit

from

a

wider

dispersion

of

returns

in

an

economic

recovery

from

the

COVID-19

pandemic.

Carry

exposure

was

higher

following

the

rotation

into

bank

loans,

given

the

category’s

relative

underperformance

in

2020.

While

directional

risk

is

an

element

of

the

portfolio,

it

was

at

a

relatively

low

level

by

the

Fund’s

historical

standards,

and

it

was

primarily

present

in

Europe

through

a

diversified

bucket

of

credit

risk

across

capital

securities,

high

yield

bonds,

and

collateralized

loan

obligations.

The

Fund

ended

the

period

with

a

net

long

credit

position

in

Europe

of

9%

of

net

assets,

37%

in

the

United

States,

3%

in

Asia

and

the

emerging

markets,

and

49%

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.

Fund

Summary

as

of

January

31,

2021

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

Performance

Summary

for

the

Period

Ended

January

31,

2021

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

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

2.88‌%

2.88‌%

6.40‌%

4.27‌%

N/A‌

3.56‌%

N/A‌

3.03‌%

N/A‌

Investor

A

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

2.51‌

2.51‌

6.25‌

3.91‌

(0.25‌)%

3.28‌

2.44‌%

2.77‌

2.32‌%

Investor

C

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

1.85‌

1.85‌

5.83‌

3.24‌

2.24‌

2.53‌

2.53‌

2.12‌

2.12‌

Class

K

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

2.96‌

2.95‌

6.47‌

4.34‌

N/A‌

3.66‌

N/A‌

3.09‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(d)

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

—‌

—‌

0.06‌

0.54‌

N/A‌

1.20‌

N/A‌

0.67‌

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”

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

tracks

3-Month

U.S.

Treasury

securities.

N/A

—

Not

Applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

43‌

%

2‌

%

45‌

%

United

Kingdom

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

10‌

1‌

11‌

Spain

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

7‌

1‌

8‌

France

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

7‌

—‌

(b)

7‌

Italy

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

5‌

—‌

(b)

5‌

Netherlands

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

4‌

1‌

5‌

Luxembourg

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

3‌

1‌

4‌

Ireland

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

2‌

1‌

3‌

Germany

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

3‌

—‌

(b)

3‌

Canada

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

2‌

—‌

(b)

2‌

Other

(c)

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

7‌

—‌

7‌

Total

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

93‌%

7‌%

100‌%

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

excludes

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

(c)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AAA/

Aaa

(c)

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

1‌

%

AA/Aa

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

1‌

A

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

5‌

BBB/Baa

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

14‌

BB/Ba

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

29‌

B

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

2

7‌ 

CCC/

Caa

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

4‌

CC/Ca

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

—‌

(d)

NR

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

19‌

(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

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities,

options

purchased,

options

written

and

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

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

(d)

Represents

less

than

1%

of

the

Fund's

total

investments.

The

Benefits

and

Risks

of

Leveraging

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

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

inception

date

of

March

28,

2016

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%

and

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.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

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

page(s)

assume

reinvestment

of

all

distributions,

if

any,

at

NAV

on

the

ex-dividend

date

or

payable

date,

as

applicable.

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

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

7

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

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,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on August

1,

2020 and

held

through

January

31,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

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 share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

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

examples

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

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.

Actual

Hypothetical

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Including

Interest

Expense

Excluding

Interest

Expense

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(08/01/20)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(01/31/21)

Expenses

Paid

During

the

Period

(c)

Institutional

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

$

1,000.00

$

1,064.00

$

8.06

$

5

.7

7

$

1,000.00

$

1,017.39

$

7.88

$

1,019.

6

1

$

5.

6

5

Investor

A

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

1,000.00

1,062.50

9.46

7.17

1,000.00

1,016.03

9.25

1,018.25

7.02

Investor

C

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

1,000.00

1,058.30

13.39

11.

10

1,000.00

1,012.20

13.09

1,014.

42

10

.87

Class

K

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

1,000.00

1,064.70

7.70

5.41

1,000.00

1,017.74

7.53

1,019.96

5.30

(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

(1.55%

for

Institutional,

1.82%

for

Investor

A,

2.58%

for

Investor

C

and

1.48%

for

Class

K),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

(c)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(1.

11%

for

Institutional,

1.38%

for

Investor

A,

2.

14

%

for

Investor

C

and

1.04%

for

Class

K),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

3.1%

Cayman

Islands

—

0.7%

(a)(b)

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

2.02%,

01/24/29

.......

USD

2,000

$

2,000,460

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A2R,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

07/15/29

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

1,800

1,801,132

CarVal

CLO

II

Ltd.,

Series

2019-1A,

Class

D,

(LIBOR

USD

3

Month

+

4.15%),

4.37%,

04/20/32

.......

250

250,337

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

10/15/30

.......

1,000

1,000,539

Madison

Park

Funding

XIX

Ltd.,

Series

2015-19A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.50%),

1.72%,

01/22/28

2,000

1,988,964

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.40%,

04/25/29

1,000

999,999

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-21A,

Class

CR,

(LIBOR

USD

3

Month

+

1.60%),

1.82%,

04/20/27

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

1,000

987,718

Palmer

Square

Loan

Funding

Ltd.,

Series

2019-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.82%,

08/20/27

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

1,500

1,497,344

Regatta

Funding

LP,

Series

2013-2A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.25%),

1.49%,

01/15/29

.......

500

500,266

11,026,759

Ireland

—

1.6%

(b)

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/31

EUR

1,300

1,544,680

Aqueduct

European

CLO

2

DAC,

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

919

1,031,466

Avoca

CLO

XV

DAC:

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

1,765

1,990,966

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

5.84%,

04/15/31

3,425

3,687,713

Series

15X,

Class

M1,

0.00%,

04/15/31

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

5,300

4,499,112

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

.......

700

818,015

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

600

697,157

CVC

Cordatus

Loan

Fund

VI

DAC,

Series

6X,

Class

SUB,

0.00%,

04/15/32

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

4,445

2,319,681

Harvest

CLO

XXIII

DAC,

Series

23X,

Class

E,

(EURIBOR

3

Month

+

5.33%),

5.33%,

10/20/32

.......

473

555,018

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

0.00%,

04/25/34

..........

700

828,248

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

.......

EUR

1,095

$

1,318,451

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

01/15/34

.......

400

463,576

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

.......

400

473,939

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

.......

1,000

1,135,628

OZLME

V

DAC,

Series

5X,

Class

SUB,

0.00%,

01/14/32

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

950

733,656

Voya

Euro

CLO

I

DAC,

Series

1X,

Class

SUB,

(EURIBOR

3

Month

+

0.00%),

0.00%,

10/15/30

.......

2,894

2,800,504

24,897,810

Netherlands

—

0.6%

(b)

Avoca

CLO

XIV

DAC:

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

4.70%,

01/12/31

1,970

2,272,859

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

6.35%,

01/12/31

2,200

2,491,135

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

1,206,861

OZLME

III

DAC,

Series

3X,

Class

SUB,

0.00%,

08/24/30

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

5,300

3,896,310

9,867,165

United

Kingdom

—

0.2%

Greene

King

Finance

plc

(b)

:

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.84%,

12/15/34

....

GBP

1,500

1,541,419

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.12%,

03/15/36

....

800

876,896

2,418,315

Total

Asset-Backed

Securities

—

3.1%

(Cost:

$54,705,815)

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

48,210,049

Shares

Shares

Common

Stocks

—

3.2%

Brazil

—

0.1%

Oi

SA,

ADR

(c)

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

674,820

1,248,417

China

—

0.0%

KE

Holdings,

Inc.,

ADR

(c)

.........

895

52,894

France

—

0.9%

Social

Capital

Hedosophia

Holdings

II

Corp.

(Acquired

12/16/2020,

cost

$5,500,000)

(c)(d)

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

550,000

14,182,434

Italy

—

0.0%

Telecom

Italia

SpA

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

164,091

77,665

Netherlands

—

0.1%

NXP

Semiconductors

NV

........

6,000

962,820

United

Kingdom

—

0.0%

Arrow

Global

Group

plc

..........

26,652

76,301

New

Look

Secured

Issuer

plc

(c)(e)

...

21,796,216

298,641

374,942

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Shares

Shares

Value

United

States

—

2.1%

26

Capital

Acquisition

Corp.

(c)

......

4,161

$

43,690

Advanced

Micro

Devices,

Inc.

(c)

....

15,000

1,284,600

Altice

USA,

Inc.,

Class

A

(c)

........

7,063

251,231

Caesars

Entertainment,

Inc.

(c)

.....

12,600

886,914

Cinemark

Holdings,

Inc.

.........

9,132

184,832

Climate

Real

Impact

Solutions

II

Acquisition

Corp.

(c)

...........

4,192

47,244

ConocoPhillips

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

5,035

201,551

DiamondRock

Hospitality

Co.

(c)

.....

45,846

375,937

dMY

Technology

Group,

Inc.

II,

Class

A

(c)

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

4,085

84,764

Dragoneer

Growth

Opportunities

Corp.,

Class

A

(c)

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

24,185

325,772

Forestar

Group,

Inc.

(c)

...........

6,842

147,034

Freeport-McMoRan,

Inc.

(c)

........

40,000

1,076,400

HCA

Healthcare,

Inc.

...........

2,532

411,399

KINS

Technology

(c)(e)

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

28,241

21,463

KINS

Technology

Group,

Inc.

(c)

.....

90,204

942,632

Liberty

Media

Acquisition

Corp.

(c)

...

270,758

3,384,475

Lions

Gate

Entertainment

Corp.,

Class

A

(c)

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

285,440

3,993,306

NMG,

Inc.

(c)

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

153

9,792

Northern

Genesis

Acquisition

Corp.

II

(c)

4,180

47,359

Park

Hotels

&

Resorts,

Inc.

.......

21,620

360,622

Playtika

Holding

Corp.

(c)

.........

442

12,880

Queen's

Gambit

Growth

Capital

(c)

...

16,273

177,376

Rotor

Acquisition

Corp.

(c)

.........

20,599

212,170

Rotor

Acquisition

Corp.

(c)(e)

........

5,680

6,277

Science

Strategic

Acquisition

Corp.

Alpha

(c)

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

12,748

133,981

Service

Properties

Trust

.........

34,153

362,363

Sunstone

Hotel

Investors,

Inc.

.....

31,570

337,799

Taylor

Morrison

Home

Corp.

(c)

.....

33,384

867,316

Thoma

Bravo

Advantage,

Class

A

(c)

..

734,638

8,771,578

Tribune

Resources

LLC,

Class

A

(c)

..

86,655

48,093

UWM

Holdings

Corp.

(Acquired

1/20/2021,

cost

$1,822,970)

(c)(d)

..

182,297

1,765,916

Western

Digital

Corp.

...........

94,500

5,332,635

Xenia

Hotels

&

Resorts,

Inc.

......

25,277

365,758

XL

Feet

Corp.

(Acquired

12/21/2020,

cost

$319,000)

(c)(d)

...........

31,900

596,885

33,072,044

Total

Common

Stocks

—

3.2%

(Cost:

$43,853,289)

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

49,971,216

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

66.4%

Argentina

—

0.0%

MercadoLibre,

Inc.,

2.38%

,

01/14/26

.

USD

53

53,397

Australia

—

0.3%

FMG

Resources

August

2006

Pty.

Ltd.

(a)

:

4.75%,

05/15/22

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

35

36,006

5.13%,

03/15/23

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

24

25,185

5.13%,

05/15/24

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

36

39,119

Glencore

Funding

LLC,

0.00%

,

03/27/25

(f)(g)

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

3,200

3,031,616

Pacific

National

Finance

Pty.

Ltd.,

4.75%

,

03/22/28

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

200

212,869

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.87%

,

06/17/46

(b)

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

USD

277

$

303,017

Santos

Finance

Ltd.,

5.25%

,

03/13/29

400

454,709

4,102,521

Austria

—

0.6%

ams

AG

(f)

:

0.88%,

09/28/22

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

600

569,214

0.00%,

03/05/25

(g)

...........

EUR

1,000

976,374

2.13%,

11/03/27

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

5,900

7,754,589

9,300,177

Belgium

—

0.1%

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%

,

03/01/28

(a)

......

USD

2,000

2,116,000

Brazil

—

0.6%

Oi

SA:

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(h)

..........

9,326

9,689,714

Canada

—

1.6%

(a)

1011778

BC

ULC:

4.25%,

05/15/24

(i)

...........

9,442

9,607,991

5.75%,

04/15/25

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

3,456

3,682,748

Bombardier,

Inc.:

8.75%,

12/01/21

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

5,750

6,023,125

5.75%,

03/15/22

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

4,030

4,135,787

Brookfield

Residential

Properties,

Inc.,

6.25%

,

09/15/27

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

52

54,860

Mattamy

Group

Corp.:

5.25%,

12/15/27

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

52

54,730

4.63%,

03/01/30

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

379

393,212

23,952,453

China

—

1.0%

Agile

Group

Holdings

Ltd.

(b)(j)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

9.22%),

6.87%

...........

200

203,187

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

..........

200

211,625

Bi

Hai

Co.

Ltd.,

6.25%

,

03/05/22

....

200

193,188

China

Aoyuan

Group

Ltd.,

6.35%

,

02/08/24

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

200

207,187

China

Construction

Bank

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.15%),

2.45%

,

06/24/30

(b)

...........

300

307,125

China

Development

Bank

Financial

Leasing

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

2.88%

,

09/28/30

(b)

200

204,760

China

Evergrande

Group,

4.25%

,

02/14/23

(f)

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

HKD

7,000

893,644

China

Huadian

Overseas

Development

2018

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.07%),

3.38%

(b)(j)

.......

USD

225

229,078

China

Resources

Land

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.14%),

3.75%

(b)(j)

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

245

251,125

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

China

(continued)

China

Shuifa

Singyes

Energy

Holdings

Ltd.,

2.00%

,

(2.00%

Cash

or

6.00%

PIK),

12/19/22

(h)

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

USD

290

$

261,765

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(b)(j)

290

296,072

Country

Garden

Holdings

Co.

Ltd.,

5.40%

,

05/27/25

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

200

216,152

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(c)(f)(k)

....

EUR

9,500

6,110,224

Hilong

Holding

Ltd.,

8.25%

,

09/26/22

(c)(k)

USD

200

151,937

Hopson

Capital

International

Group

Co.

Ltd.,

6.00%

,

02/17/21

.........

500

500,000

Huachen

Energy

Co.

Ltd.,

6.63%

,

05/18/20

(c)(k)

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

446

169,341

Huarong

Finance

2019

Co.

Ltd.:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.98%),

4.25%

(b)(j)

.........

200

206,000

3.38%,

02/24/30

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

300

304,406

Jingrui

Holdings

Ltd.,

9.45%

,

04/23/21

200

197,938

Kaisa

Group

Holdings

Ltd.:

6.75%,

02/18/21

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

345

344,892

8.50%,

06/30/22

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

200

201,688

10.88%,

07/23/23

...........

200

205,312

9.38%,

06/30/24

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

200

189,900

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(b)(j)

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

400

342,250

Leader

Goal

International

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.92%),

4.25%

(b)(j)

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

200

204,063

Pearl

Holding

III

Ltd.,

9.50%

,

12/11/22

400

120,249

Prime

Bloom

Holdings

Ltd.,

6.95%

,

07/05/22

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

1,003

220,347

Redsun

Properties

Group

Ltd.,

11.50%

,

03/04/21

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

500

502,812

Ronshine

China

Holdings

Ltd.,

5.50%

,

02/01/22

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

200

199,224

Scenery

Journey

Ltd.,

11.50%

,

10/24/22

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

265

250,591

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%

,

08/05/29

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

230

240,422

Sunny

Express

Enterprises

Corp.,

3.13%

,

04/23/30

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

295

309,376

Tencent

Holdings

Ltd.,

3.24%

,

06/03/50

250

249,335

Union

Life

Insurance

Co.

Ltd.,

3.00%

,

09/19/21

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

386

359,101

Yango

Justice

International

Ltd.,

6.80%

,

03/11/21

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

495

494,845

Yuzhou

Group

Holdings

Co.

Ltd.:

6.00%,

10/25/23

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

230

233,953

7.38%,

01/13/26

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

200

210,000

15,993,114

France

—

3.5%

Accor

SA,

0.70%

,

12/07/27

(f)

......

EUR

8,325

4,967,269

Adevinta

ASA:

2.63%,

11/15/25

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

100

123,721

3.00%,

11/15/27

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

100

124,838

Altice

France

SA:

5.88%,

02/01/27

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

2,374

3,088,444

Security

Par

(000)

Par

(000)

Value

France

(continued)

4.13%,

01/15/29

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

EUR

4,023

$

4,961,446

BNP

Paribas

SA

(j)

:

6.50%

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

USD

20

20,103

(LIBOR

USD

6

Month

+

0.08%),

0.34%

(b)

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

740

622,044

(USD

Swap

Rate

5

Year

+

4.15%),

6.63%

(b)

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

600

649,680

(USD

Swap

Semi

5

Year

+

4.15%),

6.63%

(a)(b)

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

2,400

2,598,720

(USD

Swap

Semi

5

Year

+

5.15%),

7.38%

(b)

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

1,400

1,617,333

CAB

SELAS,

3.38%

,

02/01/28

.....

EUR

100

121,355

Carrefour

SA,

0.00%

,

06/14/23

(f)(g)

...

USD

1,800

1,756,890

Casino

Guichard

Perrachon

SA:

(EURIBOR

Swap

Rate

10

Year

+

1.00%),

0.77%

(b)(j)

.........

EUR

1,619

665,276

(EUR

Swap

Annual

5

Year

+

3.82%),

3.99%

(b)(j)

.........

5,500

3,670,321

3.58%,

02/07/25

(l)

...........

100

109,961

Cie

Generale

des

Etablissements

Michelin

SCA,

0.00%

,

01/10/22

(f)(g)

USD

1,800

1,820,268

CMA

CGM

SA:

6.50%,

07/15/22

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

EUR

200

246,096

7.50%,

01/15/26

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

100

129,654

Credit

Agricole

SA

(b)(j)

:

(USD

Swap

Semi

5

Year

+

4.32%),

6.87%

(a)

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

USD

800

885,000

(GBP

Swap

5

Year

+

4.54%),

7.50%

GBP

1,564

2,531,318

Credit

Lyonnais

SACA,

(BFRTMO

-

0.30%),

0.00%

(b)(j)

...........

EUR

1,310

1,383,315

Faurecia

SE,

3.75%

,

06/15/28

.....

100

127,564

Getlink

SE,

3.50%

,

10/30/25

......

132

165,305

La

Financiere

Atalian

SASU:

4.00%,

05/15/24

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

2,000

2,281,474

5.13%,

05/15/25

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

600

688,042

Loxam

SAS:

4.25%,

04/15/24

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

100

122,438

3.25%,

01/14/25

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

100

119,988

3.75%,

07/15/26

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

400

488,915

Orano

SA,

2.75%

,

03/08/28

.......

300

383,710

Picard

Groupe

SAS,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

11/30/23

(b)

300

362,128

Quatrim

SASU,

5.88%

,

01/15/24

...

100

126,234

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.63%

,

02/18/30

(b)

400

490,575

Renault

SA:

2.38%,

05/25/26

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

1,700

2,091,039

1.13%,

10/04/27

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

300

344,325

Societe

Generale

SA

(b)(j)

:

(USD

Swap

Semi

5

Year

+

6.24%),

7.38%

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

USD

2,200

2,257,750

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

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

500

587,580

(USD

Swap

Semi

5

Year

+

3.93%),

6.75%

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

2,000

2,210,000

SPIE

SA,

2.63%

,

06/18/26

.......

EUR

100

125,299

Tereos

Finance

Groupe

I

SA,

7.50%

,

10/30/25

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

100

127,423

TOTAL

SE,

Series

FP,

0.50%

,

12/02/22

(f)

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

USD

4,600

4,670,610

Valeo

SA,

0.00%

,

06/16/21

(f)(g)

.....

4,400

4,371,825

54,235,276

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Germany

—

2.3%

ADLER

Group

SA,

2.75%

,

11/13/26

.

EUR

100

$

121,983

ADLER

Real

Estate

AG,

3.00%

,

04/27/26

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

400

502,143

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.37%

(b)(j)

.......

200

250,967

AT

Securities

BV,

(USD

Swap

Semi

5

Year

+

3.55%),

5.25%

(b)(j)

.......

USD

3,750

3,911,250

BASF

SE,

0.93%

,

03/09/23

(f)

......

2,250

2,264,445

Brenntag

Finance

BV,

1.88%

,

12/02/22

(f)

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

2,000

2,206,480

CeramTec

BondCo

GmbH,

5.25%

,

12/15/25

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

EUR

2,336

2,886,459

Cheplapharm

Arzneimittel

GmbH,

3.50%

,

02/11/27

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

466

564,164

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(b)(j)

.....

2,000

2,554,523

Consus

Real

Estate

AG,

9.63%

,

05/15/24

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

491

636,967

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

....

200

234,822

HT

Troplast

GmbH,

9.25%

,

07/15/25

.

100

133,915

IHO

Verwaltungs

GmbH

(h)

:

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)

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

252

316,565

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

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

USD

200

212,313

Infineon

Technologies

AG,

(EUR

Swap

Annual

5

Year

+

3.39%),

2.88%

(b)(j)

EUR

200

250,571

Nidda

Healthcare

Holding

GmbH:

3.50%,

09/30/24

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

663

798,499

Peach

Property

Finance

GmbH:

3.50%,

02/15/23

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

100

123,561

4.38%,

11/15/25

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

300

375,647

Platin

1426

GmbH,

5.38%

,

06/15/23

.

100

121,355

Rebecca

Bidco

GmbH,

5.75%

,

07/15/25

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

129

164,219

Schaeffler

AG,

3.38%

,

10/12/28

....

100

133,488

Summit

Properties

Ltd.,

2.00%

,

01/31/25

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

302

359,294

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

........

300

377,353

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

,

07/15/25

........

200

239,043

thyssenkrupp

AG:

1.88%,

03/06/23

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

127

153,665

2.88%,

02/22/24

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

7,179

8,790,136

2.50%,

02/25/25

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

1

1,221

Vertical

Midco

GmbH,

4.38%

,

07/15/27

215

272,915

Vertical

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

440

459,683

Volkswagen

International

Finance

NV,

(EUR

Swap

Annual

10

Year

+

3.37%),

3.87%

(b)(j)

...........

EUR

2,900

3,772,216

WEPA

Hygieneprodukte

GmbH,

(EURIBOR

3

Month

+

2.88%),

2.88%

,

12/15/26

(b)

...........

133

161,291

ZF

Europe

Finance

BV:

2.00%,

02/23/26

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

300

357,409

3.00%,

10/23/29

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

900

1,103,226

ZF

Finance

GmbH:

3.00%,

09/21/25

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

100

124,468

3.75%,

09/21/28

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

200

257,710

35,193,966

Security

Par

(000)

Par

(000)

Value

Hong

Kong

—

0.1%

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%),

4.00%

,

05/29/30

(b)

...........

USD

250

$

262,812

CMB

International

Leasing

Management

Ltd.,

2.00%

,

02/04/26

200

198,933

NWD

MTN

Ltd.,

4.13%

,

07/18/29

...

400

412,125

873,870

India

—

0.1%

Adani

Electricity

Mumbai

Ltd.,

3.95%

,

02/12/30

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

275

287,891

Adani

Transmission

Ltd.,

4.00%

,

08/03/26

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

295

319,061

Vedanta

Resources

Finance

II

plc,

13.88%

,

01/21/24

...........

200

214,450

821,402

Indonesia

—

0.0%

JGC

Ventures

Pte.

Ltd.,

10.75%

,

08/30/21

(c)(k)

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

500

152,500

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

235

283,314

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

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

200

223,000

658,814

Ireland

—

0.9%

AIB

Group

plc

(b)(j)

:

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

...........

EUR

1,000

1,268,160

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

...........

4,975

6,671,339

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

........

GBP

4,400

6,186,913

14,126,412

Israel

—

0.0%

Teva

Pharmaceutical

Finance

Netherlands

II

BV:

4.50%,

03/01/25

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

EUR

100

127,005

1.88%,

03/31/27

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

200

224,507

1.63%,

10/15/28

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

200

218,136

569,648

Italy

—

4.6%

Assicurazioni

Generali

SpA,

(EURIBOR

3

Month

+

5.35%),

5.50%

,

10/27/47

(b)

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

100

146,569

Autostrade

per

l'Italia

SpA:

6.25%,

06/09/22

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

GBP

100

144,230

5.88%,

06/09/24

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

EUR

400

553,185

4.38%,

09/16/25

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

100

136,164

2.00%,

12/04/28

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

5,541

6,707,470

1.88%,

09/26/29

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

8,870

10,665,459

2.00%,

01/15/30

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

100

119,608

Centurion

Bidco

SpA,

5.88%

,

09/30/26

100

125,445

Diocle

Spa,

(EURIBOR

3

Month

+

3.88%),

3.87%

,

06/30/26

(b)

.....

344

417,780

Gamma

Bidco

SpA,

6.25%

,

07/15/25

149

187,148

Intesa

Sanpaolo

SpA:

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(b)(j)

.........

7,300

10,553,182

(EUR

Swap

Annual

5

Year

+

4.27%),

4.12%

(b)(j)

.........

750

824,835

5.15%,

06/10/30

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

GBP

3,400

5,419,431

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(b)(j)

.........

EUR

2,225

$

2,989,875

Rossini

SARL:

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(b)

.........

100

121,173

6.75%,

10/30/25

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

258

333,149

Sofima

Holding

SpA:

3.75%,

01/15/28

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

100

121,822

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(b)

.........

100

121,780

Telecom

Italia

Capital

SA,

7.72%

,

06/04/38

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

USD

6,520

9,160,600

Telecom

Italia

Finance

SA,

7.75%

,

01/24/33

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

EUR

3,123

5,603,323

Telecom

Italia

SpA:

1.13%,

03/26/22

(f)

...........

2,600

3,154,094

4.00%,

04/11/24

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

266

348,720

2.75%,

04/15/25

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

1,508

1,925,140

1.63%,

01/18/29

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

207

248,065

UniCredit

SpA

(b)

:

(EUR

Swap

Annual

5

Year

+

9.30%),

9.25%

(j)

..........

1,034

1,354,558

(EUR

Swap

Annual

5

Year

+

6.39%),

6.62%

(j)

..........

3,900

4,957,655

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(j)

..........

2,600

3,648,235

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.87%,

02/20/29

....

400

527,912

Unione

di

Banche

Italiane

SpA,

(EUR

Swap

Annual

5

Year

+

5.75%),

5.87%

,

03/04/29

(b)

...........

200

270,136

Unipol

Gruppo

SpA,

3.25%

,

09/23/30

125

160,148

Webuild

SpA,

5.88%

,

12/15/25

.....

100

121,912

71,168,803

Japan

—

1.2%

Nissan

Motor

Co.

Ltd.,

3.52%

,

09/17/25

(a)

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

USD

648

693,970

SoftBank

Group

Corp.:

(USD

Swap

Rate

5

Year

+

4.23%),

6.00%

(b)(j)

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

5,220

5,102,550

4.75%,

09/19/24

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

200

212,293

4.75%,

07/30/25

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

EUR

200

264,296

3.13%,

09/19/25

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

300

374,642

5.00%,

04/15/28

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

4,140

5,638,946

4.00%,

09/19/29

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

5,035

6,535,496

18,822,193

Jersey

—

0.0%

LHC3

plc,

4.13%

,

(4.13%

Cash

or

9.00%

PIK),

08/15/24

(h)

........

503

621,399

Luxembourg

—

1.8%

Altice

Financing

SA:

2.25%,

01/15/25

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

115

134,674

7.50%,

05/15/26

(a)

...........

USD

600

629,250

3.00%,

01/15/28

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

EUR

195

225,141

Altice

France

Holding

SA,

8.00%

,

05/15/27

(a)

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

100

133,005

Garfunkelux

Holdco

3

SA:

6.75%,

11/01/25

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

1,500

1,862,302

7.75%,

11/01/25

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

GBP

847

1,185,561

INEOS

Finance

plc,

3.38%

,

03/31/26

EUR

165

206,263

LHMC

Finco

2

SARL

(h)

:

0.00%,

(0.00%

Cash

or

8.00%

PIK),

10/02/25

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

2,317

2,234,690

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

7.25%,

(7.25%

Cash

or

8.00%

PIK),

10/02/25

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

EUR

600

$

578,666

Matterhorn

Telecom

SA:

3.13%,

09/15/26

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

3,300

3,964,668

4.00%,

11/15/27

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

300

369,599

Monitchem

HoldCo

2

SA,

9.50%

,

09/15/26

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

100

130,447

Monitchem

HoldCo

3

SA,

5.25%

,

03/15/25

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

322

402,486

SES

SA,

(EUR

Swap

Annual

5

Year

+

5.40%),

5.63%

(b)(j)

...........

500

664,439

Summer

BC

Holdco

A

SARL,

9.25%

,

10/31/27

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

3,703

4,775,057

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

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

8,511

10,767,486

28,263,734

Macau

—

0.0%

Sands

China

Ltd.,

4.38%

,

06/18/30

..

USD

230

252,886

Malaysia

—

0.0%

Cindai

Capital

Ltd.,

0.00%

,

02/08/23

(f)(g)

567

573,977

Mexico

—

0.0%

Cemex

SAB

de

CV:

3.13%,

03/19/26

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

EUR

300

373,508

Netherlands

—

1.2%

ING

Groep

NV

(b)(j)

:

(USD

Swap

Rate

5

Year

+

4.20%),

6.75%

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

USD

700

757,750

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%

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

600

658,560

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%

...........

1,400

1,517,250

Intertrust

Group

BV,

3.38%

,

11/15/25

EUR

367

453,479

IPD

3

BV,

5.50%

,

12/01/25

.......

100

124,692

Koninklijke

KPN

NV,

(EUR

Swap

Annual

5

Year

+

2.34%),

2.03%

(b)(j)

100

121,044

OCI

NV:

3.13%,

11/01/24

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

100

123,868

3.63%,

10/15/25

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

300

379,082

PPF

Telecom

Group

BV,

3.25%

,

09/29/27

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

175

228,607

Stichting

AK

Rabobank

Certificaten,

0.00%

(j)(l)

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

6,316

10,060,066

Summer

BidCo

BV,

0.00%

,

(0.00%

Cash

or

9.75%

PIK),

11/15/25

(b)(h)

.

151

186,838

Trafigura

Funding

SA,

3.88%

,

02/02/26

100

121,333

Trivium

Packaging

Finance

BV,

3.75%

,

08/15/26

(l)

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

580

718,360

United

Group

BV:

4.88%,

07/01/24

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

160

198,051

4.00%,

11/15/27

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

1,333

1,603,451

UPCB

Finance

VII

Ltd.,

3.63%

,

06/15/29

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

300

374,897

Ziggo

BV:

4.25%,

01/15/27

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

112

141,808

2.88%,

01/15/30

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

106

129,813

17,898,949

Portugal

—

0.5%

Banco

Espirito

Santo

SA

(c)(k)

:

2.63%,

05/08/17

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

6,100

962,345

4.75%,

01/15/18

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

19,300

3,044,797

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Portugal

(continued)

4.00%,

01/21/19

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

EUR

22,800

$

3,596,962

7,604,104

South

Korea

—

0.0%

(b)(j)

KDB

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.66%),

7.50%

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

USD

300

302,063

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%),

5.87%

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

200

217,312

519,375

Spain

—

5.3%

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(b)(j)

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

EUR

2,900

3,604,441

Banco

de

Sabadell

SA,

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%

,

01/17/30

(b)

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

300

353,658

Banco

Santander

SA

(b)(j)

:

(EUR

Swap

Annual

5

Year

+

6.80%),

6.75%

...........

2,200

2,797,160

(EUR

Swap

Annual

5

Year

+

5.00%),

5.25%

...........

2,000

2,527,218

(EUR

Swap

Annual

5

Year

+

4.53%),

4.38%

...........

200

241,800

Bankia

SA,

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

(b)(j)

...........

3,600

4,644,555

CaixaBank

SA,

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

(b)(j)

.......

200

266,261

Cellnex

Telecom

SA:

1.50%,

01/16/26

(f)

...........

1,200

2,378,669

1.75%,

10/23/30

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

3,100

3,746,987

0.75%,

11/20/31

(f)

...........

17,500

20,456,024

Cirsa

Finance

International

SARL:

6.25%,

12/20/23

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

4,256

5,046,593

7.88%,

12/20/23

(a)

...........

USD

1,300

1,283,750

4.75%,

05/22/25

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

EUR

2,433

2,818,905

Codere

Finance

2

Luxembourg

SA:

10.75%,

09/30/23

(l)

..........

5,065

6,452,202

10.75%,

(10.75%

Cash

or

10.75%

PIK),

11/01/23

(h)

...........

7,800

5,898,774

11.63%,

(11.63%

Cash

or

11.63%

PIK),

11/01/23

(a)(h)

.........

USD

1,100

683,753

ContourGlobal

Power

Holdings

SA,

4.13%

,

08/01/25

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

EUR

191

237,013

Lorca

Telecom

Bondco

SA:

4.00%,

09/18/27

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

5,602

7,157,938

Repsol

International

Finance

BV,

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(b)(j)

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

100

129,850

Telefonica

Europe

BV

(b)(j)

:

(EUR

Swap

Annual

10

Year

+

4.30%),

5.87%

...........

2,300

3,120,590

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

...........

100

131,064

(EUR

Swap

Annual

8

Year

+

2.97%),

3.87%

...........

2,500

3,269,000

Tendam

Brands

SAU:

5.00%,

09/15/24

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

4,071

4,594,536

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(b)

.........

100

112,557

81,953,298

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.3%

Heimstaden

Bostad

AB

(b)(j)

:

(EUR

Swap

Annual

5

Year

+

3.91%),

3.37%

...........

EUR

100

$

124,255

(EUR

Swap

Annual

5

Year

+

3.15%),

1.00%

...........

963

1,144,388

Intrum

AB,

3.50%

,

07/15/26

.......

101

121,269

Skandinaviska

Enskilda

Banken

AB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%),

5.13%

(b)(j)

...........

USD

1,600

1,676,000

Verisure

Holding

AB:

3.50%,

05/15/23

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

EUR

100

122,649

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(b)

.........

300

371,084

3.88%,

07/15/26

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

140

174,201

3.25%,

02/15/27

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

198

241,421

Verisure

Midholding

AB,

5.25%

,

02/15/29

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

109

135,239

4,110,506

Switzerland

—

1.0%

Cembra

Money

Bank

AG,

0.00%

,

07/09/26

(f)(g)

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

CHF

3,600

4,027,392

Credit

Suisse

Group

AG

(b)(j)

:

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

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

USD

600

653,088

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

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

400

435,392

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.33%),

7.25%

...........

1,800

2,026,080

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.33%),

7.25%

(a)

..........

800

900,480

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%),

4.50%

(a)

..........

2,000

1,980,000

Dufry

One

BV:

2.50%,

10/15/24

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

EUR

100

114,354

2.00%,

02/15/27

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

194

216,159

UBS

Group

AG

(b)(j)

:

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)

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

USD

2,700

2,963,250

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.13%

...........

1,250

1,334,375

14,650,570

Thailand

—

0.1%

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%

,

09/25/34

(b)

400

419,250

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%

,

10/02/31

(b)

330

345,263

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%

,

06/18/50

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

240

236,145

1,000,658

Turkey

—

0.3%

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%

,

03/15/27

(a)

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

5,237

4,453,431

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

Arab

Emirates

—

0.0%

Esic

Sukuk

Ltd.,

3.94%

,

07/30/24

...

USD

425

$

440,937

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%

,

03/31/36

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

200

201,218

642,155

United

Kingdom

—

8.5%

Arrow

Global

Finance

plc,

5.13%

,

09/15/24

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

GBP

200

274,167

B&M

European

Value

Retail

SA,

3.63%

,

07/15/25

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

100

141,835

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(b)(j)

.......

USD

1,045

1,131,213

BP

Capital

Markets

plc:

1.00%,

04/28/23

(f)

...........

GBP

6,900

9,795,609

(EUR

Swap

Annual

5

Year

+

3.88%),

3.25%

(b)(j)

.........

EUR

200

259,003

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.17%),

4.25%

(b)(j)

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

GBP

200

293,017

Cabot

Financial

Luxembourg

SA,

7.50%

,

10/01/23

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

176

245,947

CPUK

Finance

Ltd.,

4.88%

,

08/28/25

1,500

2,033,193

eG

Global

Finance

plc:

4.38%,

02/07/25

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

EUR

100

119,389

6.25%,

10/30/25

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

347

431,335

EnQuest

plc

(h)

:

0.00%,

(0.00%

Cash

or

7.00%

PIK),

10/15/23

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

GBP

1,714

1,711,570

7.00%,

(7.00%

Cash

or

7.00%

PIK),

10/15/23

(a)(b)

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

USD

7,386

5,382,745

FCE

Bank

plc,

1.62%

,

05/11/23

....

EUR

300

364,309

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

.

GBP

105

151,059

Heathrow

Finance

plc

(l)

:

5.25%,

03/01/24

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

100

141,756

4.62%,

09/01/29

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

115

156,228

HSBC

Holdings

plc,

(USD

Swap

Rate

5

Year

+

3.75%),

6.00%

(b)(j)

.......

USD

2,000

2,166,840

Hurricane

Finance

plc,

8.00%

,

10/15/25

GBP

100

147,086

InterContinental

Hotels

Group

plc,

3.38%

,

10/08/28

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

100

146,708

International

Consolidated

Airlines

Group

SA:

0.63%,

11/17/22

(f)

...........

EUR

600

646,434

0.50%,

07/04/23

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

100

108,747

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(c)(f)(k)

GBP

6,900

1,678,091

Intu

Metrocentre

Finance

plc,

4.13%

,

12/06/23

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

800

493,154

Ithaca

Energy

North

Sea

plc,

9.38%

,

07/15/24

(a)

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

USD

5,461

5,474,652

J

Sainsbury

plc,

(GBP

Swap

5

Year

+

9.73%),

2.88%

(b)(f)(j)

...........

GBP

900

1,266,158

Jaguar

Land

Rover

Automotive

plc:

4.50%,

01/15/26

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

EUR

100

121,022

4.50%,

10/01/27

(a)

...........

USD

13,900

13,486,232

Jerrold

Finco

plc,

5.25%

,

01/15/27

..

GBP

3,000

4,072,428

Legal

&

General

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.38%),

5.62%

(b)

(j)

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

2,650

3,983,145

Marks

&

Spencer

plc

(l)

:

6.00%,

06/12/25

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

1,262

1,927,955

4.50%,

07/10/27

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

300

428,708

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)

(j)

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

GBP

100

$

140,440

National

Westminster

Bank

plc

(b)(j)

:

Series

C,

(LIBOR

USD

3

Month

+

0.25%),

0.50%

...........

USD

9,820

9,217,641

Series

A,

(LIMEAN

USD

6

Month

+

0.25%),

0.50%

...........

100

93,808

Series

B,

(LIBOR

USD

6

Month

+

0.25%),

0.41%

...........

1,300

1,219,504

Natwest

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.99%),

5.12%

(b)(j)

..........

GBP

1,000

1,442,083

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

USD

10,098

9,870,795

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

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

GBP

100

139,790

Premier

Foods

Finance

plc,

6.25%

,

10/15/23

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

500

704,257

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%),

6.00%

(b)(j)

USD

1,200

1,303,560

Stonegate

Pub

Co.

Financing

plc:

8.00%,

07/13/25

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

GBP

6,955

9,547,499

(EURIBOR

3

Month

+

5.75%),

5.75%,

07/31/25

(b)

.........

EUR

2,300

2,675,164

8.25%,

07/31/25

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

GBP

4,400

6,200,477

Synlab

Bondco

plc,

(EURIBOR

3

Month

+

4.75%),

4.75%

,

07/01/25

(b)

....

EUR

306

376,916

Synthomer

plc,

3.88%

,

07/01/25

....

100

127,071

Thames

Water

Kemble

Finance

plc:

4.63%,

05/19/26

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

GBP

200

277,428

Top

Gun

Realisations

203

plc,

5.00%

,

05/03/24

(a)(b)

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

2,353

72,540

Tullow

Oil

Jersey

Ltd.:

6.63%,

07/12/21

(f)

...........

USD

4,200

3,780,000

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%

,

03/30/32

(l)

.....

GBP

7,176

9,487,627

Virgin

Media

Finance

plc,

3.75%

,

07/15/30

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

EUR

1,471

1,825,298

Virgin

Media

Secured

Finance

plc:

5.00%,

04/15/27

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

GBP

100

143,866

5.25%,

05/15/29

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

200

296,281

5.50%,

05/15/29

(a)

...........

USD

1,500

1,609,665

4.25%,

01/15/30

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

GBP

800

1,130,538

4.13%,

08/15/30

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

450

629,947

4.50%,

08/15/30

(a)

...........

USD

1,125

1,164,938

Vmed

O2

UK

Financing

I

plc:

4.00%,

01/31/29

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

GBP

1,318

1,841,975

3.25%,

01/31/31

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

EUR

2,212

2,738,060

Vodafone

Group

plc

(b)

:

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

....

200

276,082

(EUR

Swap

Annual

5

Year

+

2.67%),

3.10%,

01/03/79

....

200

251,205

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

....

3,500

4,396,085

131,760,275

United

States

—

30.5%

Advanced

Micro

Devices,

Inc.,

7.50%

,

08/15/22

(i)(m)

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

USD

37,819

41,033,615

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

140

147,000

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(a)

...........

USD

37

$

38,000

5.75%,

03/15/25

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

9

9,304

7.50%,

03/15/26

(a)

...........

31

34,177

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

46

46,730

4.75%,

08/01/25

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

37

38,110

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(e)

....

9,645

9,234,992

American

Airlines

Pass-Through

Trust

(e)

:

Series

2017-2,

Class

A,

4.13%,

06/15/22

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

40,000

37,700,000

Series

2011-1,

Class

B,

4.87%,

04/22/25

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

5,519

4,918,646

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

7,963

7,564,969

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(e)

...........

9,469

8,771,060

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

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

150

155,812

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

23

23,489

5.00%,

02/01/28

(a)

...........

55

57,343

Ardagh

Packaging

Finance

plc:

2.13%,

08/15/26

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

EUR

200

243,310

4.75%,

07/15/27

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

GBP

200

284,141

Ashland

Services

BV,

2.00%

,

01/30/28

EUR

5,241

6,368,484

Avaya

Holdings

Corp.,

2.25%

,

06/15/23

(f)

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

USD

500

545,362

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

5,001

5,315,638

Bausch

Health

Cos.,

Inc.

(a)

:

5.50%,

11/01/25

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

95

97,821

5.75%,

08/15/27

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

19

20,449

Belden,

Inc.:

4.13%,

10/15/26

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

EUR

210

262,491

3.88%,

03/15/28

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

100

126,573

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

USD

64

67,720

Boxer

Parent

Co.,

Inc.:

6.50%,

10/02/25

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

EUR

573

743,554

7.13%,

10/02/25

(a)

...........

USD

2,286

2,471,989

Boyd

Gaming

Corp.:

8.63%,

06/01/25

(a)

...........

150

165,750

4.75%,

12/01/27

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

34

34,844

Buckeye

Partners

LP:

4.15%,

07/01/23

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

202

207,280

4.35%,

10/15/24

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

275

282,172

4.13%,

03/01/25

(a)

...........

125

126,719

BY

Crown

Parent

LLC,

4.25%

,

01/31/26

(a)

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

82

84,050

Caesars

Entertainment,

Inc.

(a)

:

6.25%,

07/01/25

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

1,170

1,233,081

8.13%,

07/01/27

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

374

410,465

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

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

225

236,147

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

129

127,871

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

31

32,085

Carnival

Corp.:

11.50%,

04/01/23

(a)

..........

6,475

7,346,470

10.13%,

02/01/26

...........

EUR

101

140,547

7.63%,

03/01/26

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

100

127,441

Catalent

Pharma

Solutions,

Inc.:

2.38%,

03/01/28

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

394

476,991

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CCO

Holdings

LLC,

5.00%

,

02/01/28

(a)

USD

266

$

279,433

Cedar

Fair

LP:

5.50%,

05/01/25

(a)

...........

397

412,511

5.38%,

04/15/27

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

24

24,060

5.25%,

07/15/29

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

24

24,022

Centene

Corp.:

5.38%,

06/01/26

(a)

...........

86

89,952

5.38%,

08/15/26

(a)

...........

35

36,706

4.25%,

12/15/27

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

166

175,609

Centennial

Resource

Production

LLC,

5.38%

,

01/15/26

(a)

...........

24

20,160

Charles

River

Laboratories

International,

Inc.,

5.50%

,

04/01/26

(a)

24

25,050

Cheniere

Energy

Partners

LP:

5.25%,

10/01/25

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

70

71,838

5.63%,

10/01/26

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

52

54,098

4.50%,

10/01/29

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

19

20,425

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(a)

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

183

191,464

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

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

29

30,341

Clarios

Global

LP,

4.38%

,

05/15/26

..

EUR

4,401

5,508,002

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

USD

25

26,322

Colfax

Corp.,

6.00%

,

02/15/24

(a)

....

29

29,942

Commercial

Metals

Co.:

4.88%,

05/15/23

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

47

49,468

5.75%,

04/15/26

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

22

22,840

5.38%,

07/15/27

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

172

181,890

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

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

3,350

3,420,852

CommScope,

Inc.

(a)

:

6.00%,

03/01/26

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

12,135

12,847,931

8.25%,

03/01/27

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

8,126

8,751,215

Coty,

Inc.:

4.00%,

04/15/23

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

EUR

1,698

1,927,039

4.75%,

04/15/26

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

100

109,852

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

USD

226

224,903

CSC

Holdings

LLC,

5.50%

,

05/15/26

(a)

2,750

2,852,327

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

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

24

25,380

DaVita,

Inc.,

4.63%

,

06/01/30

(a)

....

593

622,840

Diamondback

Energy,

Inc.,

5.38%

,

05/31/25

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

27

27,989

Dun

&

Bradstreet

Corp.

(The)

(a)

:

6.88%,

08/15/26

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

3,904

4,177,280

10.25%,

02/15/27

...........

12,140

13,566,450

Elanco

Animal

Health,

Inc.

(l)

:

4.91%,

08/27/21

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

23

23,493

5.27%,

08/28/23

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

36

38,880

Encore

Capital

Group,

Inc.,

4.88%

,

10/15/25

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

EUR

100

126,415

ESH

Hospitality,

Inc.,

5.25%

,

05/01/25

(a)

USD

2,975

3,034,500

Ford

Motor

Credit

Co.

LLC,

2.33%

,

11/25/25

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

EUR

300

366,534

Forestar

Group,

Inc.,

5.00%

,

03/01/28

(a)

USD

1,399

1,458,457

Frontier

Communications

Corp.

(a)

:

5.88%,

10/15/27

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

4,000

4,298,800

5.00%,

05/01/28

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

2,511

2,603,593

6.75%,

05/01/29

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

3,753

3,941,870

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

3,250

3,413,735

Gap,

Inc.

(The),

8.38%

,

05/15/23

(a)

..

1,550

1,783,476

GLP

Capital

LP,

4.00%

,

01/15/31

...

213

231,808

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Goodyear

Tire

&

Rubber

Co.

(The),

9.50%

,

05/31/25

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

USD

4,156

$

4,654,720

Gray

Oak

Pipeline

LLC

(a)

:

2.00%,

09/15/23

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

302

306,918

2.60%,

10/15/25

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

387

400,030

Hanesbrands,

Inc.

(a)

:

4.63%,

05/15/24

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

42

44,327

5.38%,

05/15/25

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

4,818

5,136,133

Hilton

Domestic

Operating

Co.,

Inc.:

5.13%,

05/01/26

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

71

73,606

5.75%,

05/01/28

(a)

...........

700

755,125

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

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

28

29,280

Howard

Hughes

Corp.

(The)

(a)

:

5.38%,

03/15/25

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

151

155,683

5.38%,

08/01/28

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

363

382,965

Hyatt

Hotels

Corp.,

5.38%

,

04/23/25

.

197

221,815

iHeartCommunications,

Inc.:

6.38%,

05/01/26

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

40

43,092

5.25%,

08/15/27

(a)

...........

36

37,331

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

67

74,685

International

Game

Technology

plc,

3.50%

,

07/15/24

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

EUR

200

249,922

IQVIA,

Inc.,

5.00%

,

10/15/26

(a)

.....

USD

3,500

3,635,625

IRB

Holding

Corp.,

7.00%

,

06/15/25

(a)

157

170,513

Iron

Mountain

UK

plc,

3.88%

,

11/15/25

GBP

758

1,051,681

Iron

Mountain,

Inc.

(a)

:

4.88%,

09/15/27

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

USD

500

522,500

5.00%,

07/15/28

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

7,525

7,908,323

5.25%,

07/15/30

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

2,000

2,120,000

Jaguar

Holding

Co.

II/PPD

Development

LP

(a)

:

4.63%,

06/15/25

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

1,720

1,803,850

5.00%,

06/15/28

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

80

84,818

JBS

USA

LUX

SA

(a)

:

5.75%,

06/15/25

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

49

50,348

6.75%,

02/15/28

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

46

50,744

6.50%,

04/15/29

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

71

80,733

KFC

Holding

Co.,

5.25%

,

06/01/26

(a)

.

3,545

3,673,506

Kraft

Heinz

Foods

Co.:

3.88%,

05/15/27

(i)

...........

8,429

9,228,198

4.38%,

06/01/46

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

1,700

1,810,295

Kraton

Polymers

LLC,

5.25%

,

05/15/26

EUR

200

248,838

Lamar

Media

Corp.,

5.75%

,

02/01/26

USD

31

31,896

Lamb

Weston

Holdings,

Inc.

(a)

:

4.63%,

11/01/24

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

2,039

2,124,230

4.88%,

11/01/26

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

40

41,500

Legends

Hospitality

Holding

Co.

LLC,

5.00%

,

02/01/26

(a)

...........

1,034

1,050,802

Lennar

Corp.,

4.75%

,

11/15/22

(l)

....

148

156,713

Level

3

Financing,

Inc.:

5.38%,

01/15/24

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

399

399,359

5.25%,

03/15/26

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

36

37,123

4.25%,

07/01/28

(a)

...........

760

778,780

3.63%,

01/15/29

(a)

...........

491

488,551

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%

,

05/23/59

(b)

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

EUR

100

123,862

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

USD

10,001

10,463,546

Macy's,

Inc.,

8.38%

,

06/15/25

(a)

....

9,547

10,573,302

Marriott

International,

Inc.,

4.63%

,

06/15/30

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

155

177,379

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(a)

...........

USD

351

$

369,940

6.50%,

09/15/26

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

37

38,486

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

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

24

25,695

MGM

Growth

Properties

Operating

Partnership

LP:

4.63%,

06/15/25

(a)

...........

70

74,200

5.75%,

02/01/27

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

101

113,211

Microchip

Technology,

Inc.,

4.25%

,

09/01/25

(a)

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

16,436

17,215,282

Molina

Healthcare,

Inc.,

5.38%

,

11/15/22

(l)

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

34

35,997

MPT

Operating

Partnership

LP,

5.00%

,

10/15/27

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

67

71,020

NCR

Corp.,

8.13%

,

04/15/25

(a)

.....

5,000

5,475,000

Netflix,

Inc.:

3.88%,

11/15/29

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

EUR

249

369,203

3.63%,

06/15/30

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

152

223,427

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

USD

108

111,645

Nexstar

Broadcasting,

Inc.

(a)

:

5.63%,

07/15/27

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

17

18,045

4.75%,

11/01/28

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

185

190,550

Nordstrom,

Inc.,

8.75%

,

05/15/25

(a)

..

3,395

3,799,138

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

49

51,376

6.63%,

01/15/27

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

59

61,987

5.75%,

01/15/28

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

40

43,489

5.25%,

06/15/29

(a)

...........

35

38,500

Occidental

Petroleum

Corp.:

8.00%,

07/15/25

(i)

...........

5,275

5,962,069

5.50%,

12/01/25

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

3,328

3,494,400

OI

European

Group

BV:

3.13%,

11/15/24

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

EUR

300

376,279

2.88%,

02/15/25

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

300

368,882

Outfront

Media

Capital

LLC,

5.00%

,

08/15/27

(a)

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

USD

31

31,955

Park

Intermediate

Holdings

LLC,

5.88%

,

10/01/28

(a)

...........

41

42,948

Parsley

Energy

LLC,

4.13%

,

02/15/28

(a)

75

79,688

PBF

Holding

Co.

LLC,

9.25%

,

05/15/25

(a)

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

445

429,269

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

695

745,582

PetSmart,

Inc.:

5.88%,

06/01/25

(a)

...........

2,000

2,060,000

4.75%,

02/15/28

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

1,382

1,382,000

7.75%,

02/15/29

(a)

...........

392

392,000

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

41

43,632

PTC,

Inc.,

3.63%

,

02/15/25

(a)

......

2,500

2,562,500

PulteGroup,

Inc.,

5.50%

,

03/01/26

..

58

69,062

Quicken

Loans

LLC,

3.63%

,

03/01/29

(a)

292

292,131

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(a)

47

50,173

Refinitiv

US

Holdings,

Inc.,

4.50%

,

05/15/26

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

EUR

288

366,670

Sabre

GLBL,

Inc.

(a)

:

9.25%,

04/15/25

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

USD

6,007

7,127,005

7.38%,

09/01/25

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

2,734

2,945,885

SeaWorld

Parks

&

Entertainment,

Inc.

(a)

:

8.75%,

05/01/25

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

399

428,925

9.50%,

08/01/25

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

117

125,483

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

USD

1,481

$

1,582,449

Service

Properties

Trust:

5.00%,

08/15/22

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

497

500,727

4.50%,

06/15/23

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

3,245

3,266,093

7.50%,

09/15/25

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

129

145,221

Silgan

Holdings,

Inc.:

3.25%,

03/15/25

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

EUR

300

366,839

2.25%,

06/01/28

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

232

285,047

Sirius

XM

Radio,

Inc.

(a)

:

4.63%,

07/15/24

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

USD

1,596

1,650,200

5.38%,

07/15/26

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

47

48,809

5.00%,

08/01/27

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

72

75,675

5.50%,

07/01/29

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

84

91,403

SM

Energy

Co.:

1.50%,

07/01/21

(f)

...........

502

477,915

10.00%,

01/15/25

(a)

..........

2,519

2,792,941

Solera

LLC,

10.50%

,

03/01/24

(a)

....

250

256,680

Sprint

Corp.

(i)

:

7.88%,

09/15/23

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

13,018

15,035,790

7.13%,

06/15/24

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

14,020

16,347,881

SRM

Escrow

Issuer

LLC,

6.00%

,

11/01/28

(a)

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

927

974,092

Standard

Industries,

Inc.:

2.25%,

11/21/26

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

EUR

109

134,344

5.00%,

02/15/27

(a)

...........

USD

24

24,990

Staples,

Inc.

(a)

:

7.50%,

04/15/26

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

9,509

9,700,036

10.75%,

04/15/27

...........

1,000

969,850

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(e)

........

17,784

16,272,197

Sunoco

LP:

5.50%,

02/15/26

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

37

38,024

6.00%,

04/15/27

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

28

29,645

4.50%,

05/15/29

(a)

...........

58

59,282

Talen

Energy

Supply

LLC:

6.50%,

06/01/25

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

103

81,821

7.25%,

05/15/27

(a)

...........

92

97,290

Talos

Production,

Inc.,

12.00%

,

01/15/26

(a)

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

830

786,425

Targa

Resources

Partners

LP:

5.13%,

02/01/25

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

24

24,651

5.38%,

02/01/27

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

24

24,803

6.50%,

07/15/27

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

39

41,925

6.88%,

01/15/29

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

39

43,046

Taylor

Morrison

Communities,

Inc.,

5.88%

,

06/15/27

(a)

...........

45

50,837

TEGNA,

Inc.,

4.63%

,

03/15/28

(a)

....

11

11,136

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

24

25,377

Tempur

Sealy

International,

Inc.,

5.50%

,

06/15/26

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

28

29,015

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

86

87,531

4.63%,

09/01/24

(a)

...........

28

28,735

5.13%,

05/01/25

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

65

65,854

4.88%,

01/01/26

(a)

...........

97

101,184

6.25%,

02/01/27

(a)

...........

72

75,845

4.63%,

06/15/28

(a)

...........

45

47,074

Terex

Corp.,

5.63%

,

02/01/25

(a)

....

28

28,665

Toll

Brothers

Finance

Corp.,

4.88%

,

11/15/25

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

38

42,845

Tri

Pointe

Homes,

Inc.:

5.25%,

06/01/27

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

10

10,860

5.70%,

06/15/28

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

29

32,553

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

UGI

International

LLC,

3.25%

,

11/01/25

EUR

200

$

248,171

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

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

USD

3,315

3,389,587

Series

2020-1,

Class

A,

5.88%,

10/15/27

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

1,056

1,179,285

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

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

49

51,631

5.50%,

05/15/27

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

49

52,362

4.88%,

01/15/28

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

78

82,895

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

814

856,735

US

Concrete,

Inc.,

6.38%

,

06/01/24

.

9

9,236

Veritas

US,

Inc.,

7.50%

,

09/01/25

(a)

..

389

399,698

VICI

Properties

LP

(a)

:

3.50%,

02/15/25

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

36

36,585

4.63%,

12/01/29

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

35

37,275

Vistra

Operations

Co.

LLC

(a)

:

3.55%,

07/15/24

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

788

853,532

5.50%,

09/01/26

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

48

49,906

5.63%,

02/15/27

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

62

65,404

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

165

171,600

WESCO

Distribution,

Inc.

(a)

:

7.13%,

06/15/25

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

4,227

4,599,377

7.25%,

06/15/28

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

3,490

3,920,544

Western

Digital

Corp.,

4.75%

,

02/15/26

(i)

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

4,565

5,051,949

William

Carter

Co.

(The)

(a)

:

5.50%,

05/15/25

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

3,500

3,718,750

5.63%,

03/15/27

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

24

25,350

WPX

Energy,

Inc.,

5.88%

,

06/15/28

.

50

54,138

Wyndham

Destinations,

Inc.,

6.63%

,

07/31/26

(a)

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

85

94,928

Wyndham

Hotels

&

Resorts,

Inc.,

5.38%

,

04/15/26

(a)

...........

24

24,570

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

517

526,813

Xerox

Holdings

Corp.

(a)

:

5.00%,

08/15/25

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

18,010

18,888,528

5.50%,

08/15/28

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

6,000

6,230,400

XHR

LP,

6.38%

,

08/15/25

(a)

.......

119

124,355

XPO

Logistics,

Inc.

(a)

:

6.13%,

09/01/23

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

25

25,406

6.75%,

08/15/24

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

50

52,880

Yum!

Brands,

Inc.,

7.75%

,

04/01/25

(a)

2,472

2,713,292

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

2,500

2,507,050

472,563,654

Total

Corporate

Bonds

—

66.4%

(Cost:

$1,042,564,860)

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

1,028,920,239

Floating

Rate

Loan

Interests

—

20.6%

Canada

—

0.3%

(b)

Nuvei

Technologies

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 09/29/25

(e)

...........

1,400

1,407,000

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.27%

,

 03/28/25

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

1,401

1,370,264

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(e)

...........

USD

1,188

$

1,183,833

3,961,097

France

—

1.0%

(b)

Banijay

Entertainment

SAS,

Facility

Term

Loan

B,

03/01/25

(n)

.......

EUR

4,000

4,833,667

CAB,

Term

Loan

B,

01/28/28

(n)

.....

5,000

6,062,714

Claudius

Finance

SARL,

Facility

Term

Loan

B6,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 09/16/23

......

1,391

1,688,048

Elsan

SAS,

Facility

Term

Loan

B3,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 10/30/24

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

1,000

1,211,802

Group

Inovie,

Facility

Term

Loan

B,

12/08/27

(n)

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

1,000

1,212,798

15,009,029

Germany

—

0.6%

(b)

A.

Friedrich

Flender

AG

Term

Loan

B,

01/21/28

(n)

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

1,000

1,220,698

CTC

AcquiCo

GmbH,

Facility

Term

Loan

B1,

03/07/25

(n)

..........

4,000

4,720,224

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 01/16/25

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

3,000

3,551,163

9,492,085

Luxembourg

—

1.0%

(b)

Altice

Financing

SA,

Term

Loan,

01/31/26

(n)

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

3,990

4,777,150

Claudius

Finance

SARL,

Facility

Term

Loan

B5,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 09/16/23

......

609

739,051

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(EURIBOR

6

Month

+

0.00%),

2.00%

,

 10/30/21

(e)

.....

77

9

Eircom

Finco

SARL,

Facility

Term

Loan

B,

(EURIBOR

1

Month

+

2.75%),

2.75%

,

 05/15/26

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

3,000

3,628,199

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(EURIBOR

6

Month

+

2.63%),

2.63%

,

 01/29/27

1,000

1,203,696

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.39%

,

 06/30/25

......

USD

993

990,415

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 10/01/26

3,146

3,152,648

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.25%

,

 05/29/26

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

374

280,006

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 02/28/25

310

307,130

15,078,304

Netherlands

—

2.4%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 02/06/27

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

EUR

1,000

1,214,618

Klockner

Pentaplast

of

America,

Inc.,

Term

Loan,

(EURIBOR

1

Month

+

4.75%),

4.75%

,

 06/30/22

......

3,000

3,633,369

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

NewCo

I

BV,

Facility

Term

Loan

AW1,

01/31/29

(n)

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

EUR

4,200

$

5,110,927

Peer

Holding

III

BV,

Facility

Term

Loan

B

(b)

:

(EURIBOR

6

Month

+

3.25%),

3.25%, 03/07/25

..........

6,500

7,837,986

 01/18/27

(n)

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

5,500

6,657,838

UPC

Broadband

Holding

BV,

Facility

Term

Loan

AW,

01/31/29

(n)

......

4,200

5,110,926

Ziggo

BV,

Facility

Term

Loan

H,

01/31/29

(n)

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

6,900

8,343,434

37,909,098

Norway

—

0.2%

Adevinta

ASA,

Facility

Term

Loan

B1,

10/22/27

(b)(n)

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

2,000

2,434,187

Singapore

—

0.2%

Grab

Holdings,

Inc.,

Term

Loan,

01/29/26

(b)(n)

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

USD

2,803

2,788,985

Spain

—

1.5%

(b)

Invictus

Media

SLU,

Facility

2nd

Lien

Term

Loan,

(EURIBOR

6

Month

+

7.50%),

7.50%

,

 12/26/25

......

EUR

3,500

3,403,249

Lorca

Holdco

Ltd.,

Term

Loan

B2,

09/17/27

(n)

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

3,000

3,657,943

Pax

Midco

Spain

SLU,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 07/01/26

......

1,281

1,405,470

Piolin

BidCo

SAU,

Term

Loan,

09/16/26

(n)

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

4,600

5,144,117

Promotora

de

Informaciones

SA,

Term

Loan,

03/31/25

(n)

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

8,683

9,856,347

23,467,126

Sweden

—

0.5%

Verisure

Holding

AB,

Term

Loan,

01/15/28

(b)(n)

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

7,000

8,499,522

United

Kingdom

—

1.2%

(b)

BBD

Bidco

Ltd.,

Facility

Term

Loan

B1,

11/13/26

(n)

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

GBP

1,900

2,574,415

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 12/11/26

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

USD

893

893,637

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.37%

,

 01/29/27

966

960,114

Jackpotjoy

plc,

Facility

Term

Loan

B,

(LIBOR

GBP

1

Month

+

4.25%),

4.25%

,

 12/05/24

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

GBP

1,000

1,364,162

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

4.00%

,

 06/13/24

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

EUR

2,984

3,586,034

Sigma

Holdco

BV,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 07/02/25

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

2,000

2,399,795

Synlab

Bondco

plc,

Facility

Term

Loan,

(EURIBOR

6

Month

+

3.75%),

3.75%

,

 07/01/27

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

1,250

1,517,484

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

M,

(LIBOR

GBP

1

Month

+

3.25%),

3.28%

,

 11/15/27

.....

GBP

3,000

4,042,998

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

VMED

O2

UK

Holdco

4

Ltd.,

Facility

Term

Loan

R,

01/31/29

(n)

.......

EUR

789

$

959,724

18,298,363

United

States

—

11.7%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.75%

,

 02/02/26

(b)(e)

....

USD

180

179,550

Airbnb,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 04/17/25

(b)

...........

407

440,403

AlixPartners,

LLP,

Term

Loan,

01/01/28

(b)(n)

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

EUR

1,000

1,221,135

Athenahealth,

Inc.,

Term

Loan

B,

0.00%

,

 02/11/26

(b)

...........

USD

64

64,160

Avaya,

Inc.,

Term

Loan

B,

12/15/24

(b)(n)

1,208

1,206,751

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 03/03/25

(b)

.....

982

825,600

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

(LIBOR

USD

3

Month

+

15.00%),

15.00%

,

 10/15/26

(b)

....

284

321,953

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

(b)

.....

3,073

3,071,634

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

(b)

.....

1,810

1,837,150

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

(b)

348

343,648

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

(b)

...........

98

97,814

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(b)

...........

105

104,999

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.62%

,

 07/21/25

(b)

.....

217

217,183

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

(b)

.....

875

877,187

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

(b)

.....

48

48,179

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

(b)

...........

1,735

1,740,082

Clarios

Global

LP,

1st

Lien

Term

Loan,

04/30/26

(b)(n)

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

EUR

7,000

8,468,346

Cloudera,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 12/22/27

(b)(e)

..........

USD

842

845,158

Coty,

Inc.,

Term

Loan

A,

04/05/23

(b)(e)(n)

EUR

7,505

8,675,087

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/05/24

(b)

...........

USD

226

225,903

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

(b)

.....

1,558

1,564,335

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

(b)

...........

5,855

5,876,137

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

(b)

...........

USD

2,559

$

2,613,379

Douglas

Dynamics

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/08/26

(b)

...........

114

114,809

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

02/06/26

(b)(n)

...........

10,299

10,313,581

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

(b)

.....

561

583,861

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

5.25%

,

 07/30/27

(b)

...........

786

788,186

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

(b)

.....

1,970

1,742,968

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

(b)

.....

997

1,000,197

Everi

Payments,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

10.50%),

11.50%

,

 05/09/24

(b)(e)

.........

80

82,784

Filtration

Group

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 03/29/25

(b)

...........

1,205

1,209,872

Flexera

Software

LLC,

1st

Lien

Term

Loan

(b)(n)

:

 02/26/25

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

997

999,930

 01/26/28

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

2,430

2,440,643

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

(b)

...........

539

539,887

Frontier

Communications

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.75%

,

 10/08/21

(b)

.....

4,276

4,271,981

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.38%

,

 07/02/25

(b)

....

18,225

18,201,780

Go

Daddy

Operating

Co.,

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

2.65%

,

 08/10/27

(b)

.....

407

406,617

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

-

3.50%

,

 10/04/23

(b)

.....

248

242,557

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

(b)

.....

2,000

2,006,000

GTT

Communications

BV,

Term

Loan,

05/31/25

(b)(n)

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

EUR

—

(o)

1

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.62%

,

 08/05/24

(b)

.....

USD

750

746,250

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)

.....

487

490,431

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.91%

-

2.97%

,

 04/25/25

(b)

.....

282

279,211

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hyland

Software,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 07/01/24

(b)

.....

USD

3,025

$

3,034,187

Illuminate

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.12%

,

 06/30/27

(b)

...........

785

786,508

I-Logic

Technologies

Bidco

Ltd.,

Term

Loan,

(EURIBOR

3

Month

+

2.75%),

3.75%

,

 12/21/24

(b)

...........

EUR

1,000

1,202,422

Informatica

LLC,

2nd

Lien

Term

Loan,

7.13%

,

 02/25/25

(p)

...........

USD

11,176

11,427,460

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.37%

,

 02/25/27

(b)

...........

10,284

10,250,759

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(b)(n)

...........

487

487,427

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(b)(n)

....

108

108,317

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.94%

,

 10/19/26

(b)

.....

689

668,163

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.88%

,

 08/31/27

(b)

...........

6,873

6,838,635

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.87%

,

 09/30/24

(b)

...........

3,680

3,688,264

Metro-Goldwyn-Mayer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.63%

,

 07/03/25

(b)

.....

1,492

1,486,307

Metro-Goldwyn-Mayer,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 07/03/26

(b)

.....

1,020

1,019,368

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

(b)

...........

883

883,966

MI

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

(b)(e)

....

254

255,905

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

(b)

.....

1,223

1,250,674

Milano

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

(b)

.....

877

878,649

Misys

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/13/24

(b)

...........

1,500

1,471,410

Mitchell

International,

Inc.,

Facility

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 11/29/24

(b)

431

430,200

Optiv

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 02/01/24

(b)

...........

501

475,950

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

12/28/27

(b)(n)

...........

94

94,141

PetSmart,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 03/11/22

(b)

...........

1,067

1,066,302

PetSmart,

Inc.,

Term

Loan

B,

4.50%

,

 01/27/28

(b)

...........

1,212

1,210,485

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

6.75%

,

 06/23/25

(b)

...........

769

775,288

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.97%),

4.10%

,

 07/24/26

(b)

USD

118

$

118,018

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/01/27

(b)

...........

651

651,778

Sabre

GLBL,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/17/27

(b)

...........

820

827,692

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.25%

,

 09/03/26

(b)

...........

941

946,861

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 09/23/27

(b)

.....

167

167,046

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 10/09/28

(b)(e)

..........

2,250

2,317,500

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/07/27

(b)

1,126

1,129,097

Sotheby's,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.50%),

6.50%

,

 01/15/27

(b)

...........

746

748,818

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/02/26

(b)

...........

1,332

1,329,033

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.38%

,

 03/03/28

(b)

.....

632

639,419

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.87%

,

 11/16/26

(b)

...........

356

355,508

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.37%

,

 12/09/25

(b)

...........

990

972,160

UKG

Inc.,

1st

Lien

Term

Loan

(b)

:

(LIBOR

USD

1

Month

+

3.75%),

3.87%, 05/04/26

..........

2,173

2,176,790

 05/04/26

(n)

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

7,676

7,703,393

UKG

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 05/03/27

(b)

...........

1,433

1,479,572

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

0.13%

,

 01/20/28

(b)

.....

674

677,613

Veritas

US,

Inc.,

Term

Loan

B:

(LIBOR

USD

3

Month

+

5.50%),

6.50%, 09/01/25

(b)

.........

6,207

7,163,150

Vertiv

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.14%

,

 03/02/27

(b)

...........

993

993,095

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

2.63%

,

 01/31/28

(b)

.....

1,500

1,492,005

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.12%

,

 02/28/27

(b)

...........

4,671

4,662,254

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

(b)

...........

702

704,239

Wilsonart

LLC,

Term

Loan

D,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/19/23

(b)

...........

496

495,836

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

12

Month

+

3.75%),

4.50%

,

 12/21/27

(b)

.....

USD

152

$

152,444

Zaxby's

Operating

Co.,

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/28/27

(b)

.....

3,394

3,415,213

Zaxby's

Operating

Co.,

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

7.25%

,

 12/28/28

(b)

.....

2,109

2,130,090

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.12%

,

 03/09/27

(b)

...........

1,336

1,327,112

181,893,842

Total

Floating

Rate

Loan

Interests

—

20.6%

(Cost:

$311,399,206)

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

318,831,638

Foreign

Agency

Obligations

—

2.9%

France

—

2.2%

Electricite

de

France

SA:

0.00%,

09/14/24

(f)(g)

..........

EUR

25,054

4,223,222

(GBP

Swap

13

Year

+

3.96%),

6.00%

(b)(j)

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

GBP

2,600

4,037,057

(GBP

Swap

15

Year

+

3.05%),

5.88%

(b)(j)

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

500

789,549

(EUR

Swap

Annual

5

Year

+

4.00%),

3.37%

(b)(j)

.........

EUR

11,000

14,278,678

2.00%,

12/09/49

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

3,900

5,370,596

5.13%,

09/22/50

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

GBP

900

1,947,984

6.00%,

01/23/14

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

1,500

3,692,372

34,339,458

India

—

0.1%

Oil

India

Ltd.,

5.13%

,

02/04/29

.....

USD

240

273,525

Power

Finance

Corp.

Ltd.:

3.75%,

12/06/27

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

200

212,375

3.35%,

05/16/31

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

200

200,648

686,548

Indonesia

—

0.0%

Pertamina

Persero

PT,

4.18%

,

01/21/50

350

373,625

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%

,

01/25/49

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

200

263,687

637,312

Italy

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA:

3.63%,

09/24/24

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

EUR

571

737,308

2.63%,

04/28/25

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

1,454

1,825,554

2,562,862

Mexico

—

0.4%

Petroleos

Mexicanos,

6.88%

,

08/04/26

USD

6,000

6,427,500

Total

Foreign

Agency

Obligations

—

2.9%

(Cost:

$41,534,116)

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

44,653,680

Foreign

Government

Obligations

—

0.0%

Maldives

—

0.0%

Republic

of

Maldives,

7.00%

,

06/07/22

200

171,438

Security

Par

(000)

Par

(000)

Value

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka:

7.85%,

03/14/29

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

USD

225

$

135,844

7.55%,

03/28/30

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

200

120,562

256,406

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$624,500)

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

427,844

Shares

Shares

Investment

Companies

—

0.4%

Invesco

Senior

Loan

ETF

........

150,000

3,333,000

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

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

20,139

2,183,068

Total

Investment

Companies

—

0.4%

(Cost:

$5,548,146)

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

5,516,068

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.4%

United

Kingdom

—

0.4%

Lloyds

Banking

Group

plc

(b)(j)

:

(LIBOR

USD

3

Month

+

1.50%),

6.41%

(a)

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

1,252

1,577,520

(LIBOR

USD

3

Month

+

1.27%),

6.66%

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

701

902,538

(LIBOR

USD

3

Month

+

1.27%),

6.66%

(a)

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

2,694

3,468,525

5,948,583

Total

Capital

Trusts

—

0.4%  

(Cost:

$5,321,920)

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

5,948,583

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

0.25%, 06/30/25

(i)

(q)

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

4,850

4,828,213

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$4,858,503)

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

4,828,213

Shares

Shares

Warrants

—

0.1%

United

States

—

0.1%

(c)

Decarbonization

Plus

Acquisition

Corp.

(Issued/exercisable

12/23/20,

1

share

for

1

warrant,

Expires

10/02/25,

Strike

Price

USD

11.50)

15,531

42,865

dMY

Technology

Group,

Inc.

II

(Issued/

exercisable

12/07/20,

1

share

for

1

warrant,

Expires

07/29/27,

Strike

Price

USD

11.50)

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

25,619

153,714

Dragoneer

Growth

Opportunities

Corp.

(Issued/exercisable

11/23/20,

1

share

for

1

warrant,

Expires

08/14/25,

Strike

Price

USD

11.50)

4,837

17,848

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

11/11/20,

Strike

Price

USD

10.00)

(e)

..........

53,160

$

45,718

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

0.00)

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

6,030

6,030

SM

Energy

Co.

(Issued/exercisable

06/17/20,

1

share

for

1

warrant,

Expires

06/30/23,

Strike

Price

USD

0.01)

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

67,242

563,488

Tribune

Resources

LLC

(Issued/

exercisable

04/06/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.00)

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

566,782

56,678

Tribune

Resources

LLC

(Issued/

exercisable

04/06/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.00)

(e)

...........

440,830

22,042

Total

Warrants

—

0.1%

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

908,383

Total

Long-Term

Investments

—

97.4%

(Cost:

$1,511,257,832)

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

1,508,215,913

Par

(000)

Pa

r

(

000)

Short-Term

Securities

—

14.7%

Borrowed

Bond

Agreements

—

7.5%

(r)(s)

Barclays

Bank

plc,

(2.25)%, Open

(Purchased

on

09/09/20

to

be

repurchased

at

EUR

2,449,424,

collateralized

by

eircom

Finance

DAC,

1.75%,

due

at

11/01/24,

par

and

fair

value

of

EUR

2,500,000

and

$3,013,093,

respectively)

......

EUR

2,468

2,994,708

Barclays

Bank

plc,

(0.95)%, Open

(Purchased

on

12/21/20

to

be

repurchased

at

EUR

954,546,

collateralized

by

easyJet

plc,

0.88%,

due

at

06/11/25,

par

and

fair

value

of

EUR

1,000,000

and

$1,124,393,

respectively)

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

956

1,159,875

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

10/28/20

to

be

repurchased

at

EUR

2,488,344,

collateralized

by

Cooperatieve

Rabobank

UA,

4.37%,

par

and

fair

value

of

EUR

2,400,000

and

$3,217,228,

respectively)

(j)

.....

2,495

3,027,972

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

09/09/20

to

be

repurchased

at

EUR

4,154,992,

collateralized

by

ARD

Finance

SA,

5.00%,

due

at

06/30/27,

par

and

fair

value

of

EUR

4,100,000

and

$5,104,283,

respectively)

......

4,167

5,056,457

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

12/11/20

to

be

repurchased

at

EUR

4,039,163,

collateralized

by

easyJet

plc,

0.88%,

due

at

06/11/25,

par

and

fair

value

of

EUR

4,200,000

and

$4,722,450,

respectively)

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

4,045

4,908,477

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

01/05/21

to

be

repurchased

at

EUR

1,571,770,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.00%,

par

and

fair

value

of

EUR

1,400,000

and

$1,868,867,

respectively)

(j)

.....

EUR

1,573

$

1,908,844

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

on

01/22/21

to

be

repurchased

at

USD

1,097,402,

collateralized

by

Sprint

Capital

Corp.,

6.88%,

due

at

11/15/28,

par

and

fair

value

of

USD

850,000

and

$1,091,188,

respectively)

......

USD

1,098

1,097,563

Barclays

Bank

plc,

(0.70)%, Open

(Purchased

on

01/20/21

to

be

repurchased

at

EUR

4,665,534,

collateralized

by

Cellnex

Telecom

SA,

1.88%,

due

at

06/26/29,

par

and

fair

value

of

EUR

4,500,000

and

$5,568,556,

respectively)

......

EUR

4,667

5,663,195

Barclays

Bank

plc,

(0.40)%, Open

(Purchased

on

05/19/20

to

be

repurchased

at

USD

1,823,528,

collateralized

by

Air

Canada,

7.75%,

due

at

04/15/21,

par

and

fair

value

of

USD

1,900,000

and

$1,911,875,

respectively)

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

USD

1,829

1,828,750

Barclays

Bank

plc,

(0.20)%, Open

(Purchased

on

09/22/20

to

be

repurchased

at

USD

1,342,897,

collateralized

by

Zayo

Group

Holdings,

Inc.,

6.13%,

due

at

03/01/28,

par

and

fair

value

of

USD

1,300,000

and

$1,352,218,

respectively)

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

1,344

1,343,875

BNP

Paribas

SA,

(1.40)%, Open

(Purchased

on

10/01/20

to

be

repurchased

at

EUR

1,521,696,

collateralized

by

INEOS

Finance

plc,

2.88%,

due

at

05/01/26,

par

and

fair

value

of

EUR

1,564,000

and

$1,921,717,

respectively)

......

EUR

1,528

1,853,901

BNP

Paribas

SA,

(0.75)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

1,728,136,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

1,800,000

and

$2,162,546,

respectively)

......

1,732

2,101,689

BNP

Paribas

SA,

(0.20)%, Open

(Purchased

on

09/10/20

to

be

repurchased

at

USD

1,492,313,

collateralized

by

Lions

Gate

Capital

Holdings

LLC,

5.88%,

due

at

11/01/24,

par

and

fair

value

of

USD

1,450,000

and

$1,479,913,

respectively)

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

USD

1,494

1,493,500

BNP

Paribas

SA,

(0.10)%, Open

(Purchased

on

11/25/20

to

be

repurchased

at

USD

4,429,188,

collateralized

by

Uber

Technologies,

Inc.,

7.50%,

due

at

09/15/27,

par

and

fair

value

of

USD

4,000,000

and

$4,385,040,

respectively)

......

4,430

4,430,000

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

(0.10)%, Open

(Purchased

on

11/03/20

to

be

repurchased

at

USD

3,407,561,

collateralized

by

Tenet

Healthcare

Corp.,

6.75%,

due

at

06/15/23,

par

and

fair

value

of

USD

3,145,000

and

$3,412,325,

respectively)

......

USD

3,408

$

3,408,394

BNP

Paribas

SA,

0.03%, Open

(Purchased

on

11/25/20

to

be

repurchased

at

USD

4,913,138,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,905,954,

respectively)

......

4,913

4,912,688

Citigroup

Global

Markets

Ltd.,

(0.85)%, Open

(Purchased

on

01/27/21

to

be

repurchased

at

EUR

2,227,509,

collateralized

by

Ryanair

DAC,

1.13%,

due

at

08/15/23,

par

and

fair

value

of

EUR

2,200,000

and

$2,671,278,

respectively)

......

EUR

2,228

2,703,503

Citigroup

Global

Markets

Ltd.,

(0.80)%, Open

(Purchased

on

01/27/21

to

be

repurchased

at

EUR

2,951,106,

collateralized

by

Refinitiv

US

Holdings,

Inc.,

6.88%,

due

at

11/15/26,

par

and

fair

value

of

EUR

2,700,000

and

$3,532,047,

respectively)

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

2,951

3,581,701

Citigroup

Global

Markets

Ltd.,

0.00%, Open

(Purchased

on

01/28/21

to

be

repurchased

at

EUR

4,495,095,

collateralized

by

INEOS

Quattro

Finance

2

plc,

2.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

4,500,000

and

$5,460,975,

respectively)

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

4,495

5,455,022

Citigroup

Global

Markets

Ltd.,

0.00%, Open

(Purchased

on

01/28/21

to

be

repurchased

at

EUR

2,225,080,

collateralized

by

INEOS

Quattro

Finance

1

plc,

3.75%,

due

at

07/15/26,

par

and

fair

value

of

EUR

2,200,000

and

$2,705,426,

respectively)

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

2,225

2,700,246

Citigroup

Global

Markets,

Inc.,

(0.20)%, Open

(Purchased

on

01/21/21

to

be

repurchased

at

USD

2,722,699,

collateralized

by

Kraft

Heinz

Foods

Co.,

4.88%,

due

at

10/01/49,

par

and

fair

value

of

USD

2,350,000

and

$2,658,951,

respectively)

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

USD

2,723

2,722,866

Citigroup

Global

Markets,

Inc.,

(0.15)%, Open

(Purchased

on

08/03/20

to

be

repurchased

at

USD

3,861,523,

collateralized

by

Southwest

Airlines

Co.,

5.13%,

due

at

06/15/27,

par

and

fair

value

of

USD

3,650,000

and

$4,322,341,

respectively)

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

3,864

3,864,438

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Citigroup

Global

Markets,

Inc.,

(0.10)%, Open

(Purchased

on

09/04/20

to

be

repurchased

at

USD

536,970,

collateralized

by

Bombardier,

Inc.,

7.88%,

due

at

04/15/27,

par

and

fair

value

of

USD

750,000

and

$692,377,

respectively)

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

USD

537

$

537,187

Credit

Suisse

Securities

USA

LLC,

(0.10)%, Open

(Purchased

on

12/04/20

to

be

repurchased

at

USD

542,416,

collateralized

by

Kraft

Heinz

Foods

Co.,

3.75%,

due

at

04/01/30,

par

and

fair

value

of

USD

500,000

and

$536,326,

respectively)

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

542

542,432

Credit

Suisse

Securities

USA

LLC,

(0.10)%, Open

(Purchased

on

09/25/20

to

be

repurchased

at

USD

1,421,946,

collateralized

by

Lions

Gate

Capital

Holdings

LLC,

6.38%,

due

at

02/01/24,

par

and

fair

value

of

USD

1,435,000

and

$1,467,288,

respectively)

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

1,422

1,422,444

Goldman

Sachs

International,

(2.00)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

2,110,283,

collateralized

by

eircom

Finance

DAC,

1.75%,

due

at

11/01/24,

par

and

fair

value

of

EUR

2,200,000

and

$2,651,522,

respectively)

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

EUR

2,122

2,575,673

Goldman

Sachs

International,

(0.90)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

2,497,352,

collateralized

by

eircom

Finance

DAC,

3.50%,

due

at

05/15/26,

par

and

fair

value

of

EUR

2,500,000

and

$3,106,779,

respectively)

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

2,504

3,038,486

JP

Morgan

Securities

plc,

(1.85)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

716,995,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

750,000

and

$901,061,

respectively)

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

721

874,739

JP

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

1,267,426,

collateralized

by

ARD

Finance

SA,

5.00%,

due

at

06/30/27,

par

and

fair

value

of

EUR

1,300,000

and

$1,618,431,

respectively)

...

1,271

1,541,835

JP

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

EUR

3,186,631,

collateralized

by

INEOS

Finance

plc,

2.88%,

due

at

05/01/26,

par

and

fair

value

of

EUR

3,300,000

and

$4,054,774,

respectively)

...

3,194

3,876,564

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

JP

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

01/12/21

to

be

repurchased

at

EUR

1,109,105,

collateralized

by

Altice

Finco

SA,

4.75%,

due

at

01/15/28,

par

and

fair

value

of

EUR

1,125,000

and

$1,321,223,

respectively)

...

EUR

1,110

$

1,346,567

JP

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

01/11/21

to

be

repurchased

at

EUR

6,701,487,

collateralized

by

Altice

Finco

SA,

4.75%,

due

at

01/15/28,

par

and

fair

value

of

EUR

6,750,000

and

$7,927,337,

respectively)

...

6,705

8,136,498

JP

Morgan

Securities

plc,

(0.70)%, Open

(Purchased

on

12/08/20

to

be

repurchased

at

EUR

2,535,134,

collateralized

by

ams

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

2,335,000

and

$3,045,482,

respectively)

......

2,538

3,080,364

JP

Morgan

Securities

plc,

(0.70)%, Open

(Purchased

on

11/20/20

to

be

repurchased

at

EUR

3,438,918,

collateralized

by

AT&T,

Inc.,

Series

B,

2.88%,

par

and

fair

value

of

EUR

3,400,000

and

$4,115,755,

respectively)

(j)

......

3,445

4,180,204

JP

Morgan

Securities

plc,

(0.45)%, Open

(Purchased

on

10/27/20

to

be

repurchased

at

GBP

594,200,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

614,000

and

$817,102,

respectively)

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

GBP

595

815,462

JP

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

09/28/20

to

be

repurchased

at

GBP

578,007,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

600,000

and

$798,471,

respectively)

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

579

792,749

JP

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

11/30/20

to

be

repurchased

at

GBP

886,050,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

886,000

and

$1,179,076,

respectively)

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

887

1,215,009

JP

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

11/30/20

to

be

repurchased

at

GBP

1,400,080,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

1,400,000

and

$1,863,100,

respectively)

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

1,401

1,919,879

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Merrill

Lynch

International,

(1.45)%, Open

(Purchased

on

10/01/20

to

be

repurchased

at

EUR

1,446,301,

collateralized

by

Nouryon

Holding

BV,

6.50%,

due

at

10/01/26,

par

and

fair

value

of

EUR

1,397,000

and

$1,772,972,

respectively)

...

EUR

1,452

$

1,762,295

Merrill

Lynch

International,

(1.45)%, Open

(Purchased

on

10/01/20

to

be

repurchased

at

EUR

2,381,169,

collateralized

by

Nouryon

Holding

BV,

6.50%,

due

at

10/01/26,

par

and

fair

value

of

EUR

2,300,000

and

$2,918,995,

respectively)

...

2,391

2,901,416

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

on

12/04/20

to

be

repurchased

at

USD

1,559,036,

collateralized

by

Terrier

Media

Buyer,

Inc.,

8.88%,

due

at

12/15/27,

par

and

fair

value

of

USD

1,380,000

and

$1,492,125,

respectively)

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

USD

1,559

1,559,400

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

on

10/29/20

to

be

repurchased

at

USD

4,772,130,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

4,400,000

and

$4,659,600,

respectively)

...

4,774

4,774,000

RBC

Europe

Ltd.,

(0.30)%, Open

(Purchased

on

01/27/21

to

be

repurchased

at

GBP

784,640,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

790,000

and

$1,051,321,

respectively)

...

GBP

785

1,075,123

Total

Borrowed

Bond

Agreements

—

7.5%

(Cost:

$114,861,527)

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

116,185,990

Shares

Shares

Money

Market

Funds

—

7.2%

(t)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

*

......

106,388,351

106,388,351

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

4,412,080

4,412,080

Total

Money

Market

Funds

—

7.2%

(Cost:

$110,800,431)

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

110,800,431

Total

Short-Term

Securities

—

14.7%

(Cost:

$225,661,958)

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

226,986,421

Total

Options

Purchased

—

0.6%

(Cost:

$10,981,684)

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

10,345,098

Total

Investments

Before

Options

Written

and

Borrowed

Bonds

—

112.7%

(Cost:

$1,747,901,474)

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

1,745,547,432

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$3,292,507)

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

(3,764,083)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Borrowed

Bonds

—

(7.5)%

Corporate

Bonds

—

(6.8)%

Austria

—

(0.2)%

ams

AG,

6.00%

,

 07/31/25

........

EUR

2,335

$

(3,045,482)

Canada

—

(0.2)%

(a)

Air

Canada,

7.75%

,

 04/15/21

......

USD

1,900

(1,911,875)

Bombardier,

Inc.,

7.88%

,

 04/15/27

..

750

(692,377)

(2,604,252)

Ireland

—

(0.9)%

eircom

Finance

DAC:

1.75%

,

 11/01/24

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

EUR

4,700

(5,664,615)

2.63%

,

 02/15/27

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

2,550

(3,063,607)

3.50%

,

 05/15/26

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

2,500

(3,106,779)

Ryanair

DAC,

1.13%

,

 08/15/23

.....

2,200

(2,671,278)

(14,506,279)

Luxembourg

—

(1.4)%

Altice

Finco

SA,

4.75%

,

 01/15/28

...

7,875

(9,248,560)

ARD

Finance

SA,

5.00%

,

(5.00%

Cash

or

5.75%

PIK), 06/30/27

(b)(h)

.....

5,400

(6,722,714)

INEOS

Finance

plc,

2.88%

,

 05/01/26

4,864

(5,976,491)

(21,947,765)

Netherlands

—

(0.5)%

Cooperatieve

Rabobank

UA,

(EUR

Swap

Annual

5

Year

+

4.68%),

4.37%

(b)(j)

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

2,400

(3,217,228)

Nouryon

Holding

BV,

6.50%

,

 10/01/26

3,697

(4,691,967)

(7,909,195)

Spain

—

(0.3)%

Cellnex

Telecom

SA,

1.88%

,

 06/26/29

4,500

(5,568,556)

United

Kingdom

—

(1.3)%

easyJet

plc,

0.88%

,

 06/11/25

......

5,200

(5,846,843)

INEOS

Quattro

Finance

1

plc,

3.75%

,

 07/15/26

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

2,200

(2,705,426)

INEOS

Quattro

Finance

2

plc,

2.50%

,

 01/15/26

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

4,500

(5,460,975)

TalkTalk

Telecom

Group

plc,

3.88%

,

 02/20/25

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

GBP

4,290

(5,709,070)

(19,722,314)

United

States

—

(2.0)%

Clarios

Global

LP,

8.50%

,

 05/15/27

(a)

.

USD

4,400

(4,659,600)

Kraft

Heinz

Foods

Co.

(a)

:

3.75%

,

 04/01/30

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

500

(536,326)

4.88%

,

 10/01/49

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

2,350

(2,658,951)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lions

Gate

Capital

Holdings

LLC

(a)

:

5.88%

,

 11/01/24

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

USD

1,450

$

(1,479,913)

6.38%

,

 02/01/24

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

1,435

(1,467,288)

Refinitiv

US

Holdings,

Inc.,

6.88%

,

 11/15/26

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

EUR

2,700

(3,532,047)

Southwest

Airlines

Co.,

5.13%

,

 06/15/27

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

USD

3,650

(4,322,341)

Sprint

Capital

Corp.,

6.88%

,

 11/15/28

850

(1,091,188)

Tenet

Healthcare

Corp.,

6.75%

,

 06/15/23

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

3,145

(3,412,325)

Terrier

Media

Buyer,

Inc.,

8.88%

,

 12/15/27

(a)

...........

1,380

(1,492,125)

Uber

Technologies,

Inc.,

7.50%

,

 09/15/27

(a)

...........

4,000

(4,385,040)

Zayo

Group

Holdings,

Inc.,

6.13%

,

 03/01/28

(a)

...........

1,300

(1,352,218)

(30,389,362)

Total

Corporate

Bonds

—

(6.8)%

(Proceeds:

$99,520,075)

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

(105,693,205)

Preferred

Securities

—

(0.4)%

Spain

—

(0.1)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(b)(j)

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

EUR

1,400

(1,868,867)

United

States

—

(0.3)%

AT&T,

Inc.,

Series

B,

(EURIBOR

Swap

Rate

5

Year

+

3.14%),

2.88%

(b)(j)

..

3,400

(4,115,755)

Total

Preferred

Securities

—

(0.4)%

(Proceeds:

$5,583,664)

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

(5,984,622)

U.S.

Treasury

Obligations

—

(0.3)%

United

States

—

(0.3)%

U.S.

Treasury

Notes,

0.25%

,

 05/31/25

USD

4,925

(4,905,954)

Total

U.S.

Treasury

Obligations

—

(0.3)%

(Proceeds:

$4,902,955)

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

(4,905,954)

Total

Borrowed

Bonds

—

(7.5)%

(Proceeds:

$110,006,694)

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

(116,583,781)

Total

Investments

Net

of

Options

Written

and

Borrowed

Bonds

—

104.9%

(Cost:

$1,634,602,273)

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

1,625,199,568

Liabilities

in

Excess

of

Other

Assets

—

(4.9)%

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

(76,559,388)

Net

Assets

—

100.0%

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

$

1,548,640,180

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Non-income

producing

security.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$16,545,235,

representing

1.07%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$7,641,970.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Convertible

security.

(g)

Zero-coupon

bond.

(h)

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.

(i)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(l)

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.

(m)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(n)

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.

(o)

Amount

is

less

than

500.

(p)

Fixed

rate.

(q)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(r)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(s)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(t)

Annualized

7-day

yield

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/21

Shares

Held

at

01/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

19,476,089

$

86,912,262

$

—

$

—

$

—

$

106,388,351

106,388,351

$

10,040

$

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

.....

2,841,950

—

(2,822,921)

20,649

(39,678)

—

—

11,334

—

$

20,649

$

(39,678)

$

106,388,351

$

21,374

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

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)

BNP

Paribas

SA

.......

0.11

%

10/23/20

Open  

$

3,735,938

$

3,737,510

U.S.

Treasury

Obligations

Open/Demand

Barclays

Bank

plc

......

0.10

11/04/20

Open  

4,500,000

4,501,087

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

11/04/20

Open  

13,389,100

13,407,305

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

11/09/20

Open  

12,204,375

12,219,851

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

11/09/20

Open  

7,447,500

7,457,058

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

11/10/20

Open  

4,068,556

4,073,591

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

11/12/20

Open  

15,215,000

15,233,829

Corporate

Bonds

Open/Demand

BNP

Paribas

SA

.......

0.75

01/21/21

Open  

8,219,745

8,221,629

Corporate

Bonds

Open/Demand

$

68,780,214

$

68,851,860

(a)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

Euro-

Bobl

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

27

03/08/21

$

4,432

$

(7,503)

Euro-BTP

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

82

03/08/21

15,026

5,893

Euro-Bund

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

233

03/08/21

50,119

48,473

Euro-OAT

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

38

03/08/21

7,704

23,110

Russell

2000

E-Mini

Index

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

100

03/19/21

10,341

(577,771)

U.S.

Treasury

10

Year

Note

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

160

03/22/21

21,935

167,281

U.S.

Treasury

10

Year

Ultra

Note

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

22

03/22/21

3,388

62,571

U.S.

Treasury

Long

Bond

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

23

03/22/21

3,887

(64)

U.S.

Treasury

Ultra

Bond

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

4

03/22/21

821

29,762

Long

Gilt

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

103

03/29/21

18,921

66,323

U.S.

Treasury

2

Year

Note

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

9

03/31/21

1,989

(2,152)

U.S.

Treasury

5

Year

Note

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

324

03/31/21

40,801

(20,334)

$

(204,411)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

1,521,000

USD

2,068,322

State

Street

Bank

and

Trust

Co.

03/17/21

$

16,163

USD

1,650,643

CHF

1,459,000

Royal

Bank

of

Canada

03/17/21

10,640

USD

1,827,976

CHF

1,622,000

UBS

AG

03/17/21

4,751

USD

809,765

EUR

664,000

Bank

of

America

NA

03/17/21

3,195

USD

13,205,644

EUR

10,832,289

Deutsche

Bank

AG

03/17/21

47,503

USD

122,487,834

EUR

100,784,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

64,030

USD

1,268,270

HKD

9,831,574

Bank

of

America

NA

03/17/21

143

146,425

USD

1,269,151

GBP

929,000

Westpac

Banking

Corp.

02/03/21

(3,724)

EUR

139,461,000

USD

170,090,530

Morgan

Stanley

&

Co.

International

plc

03/17/21

(685,206)

HKD

3,013,917

USD

388,820

Morgan

Stanley

&

Co.

International

plc

03/17/21

(70)

USD

335,899,053

EUR

280,774,580

Citibank

NA

03/17/21

(5,161,950)

USD

168,781,852

EUR

139,461,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(623,471)

USD

7,019,856

EUR

5,805,185

Royal

Bank

of

Canada

03/17/21

(31,787)

USD

31,970,216

GBP

23,952,123

Citibank

NA

03/17/21

(855,450)

USD

4,483,822

GBP

3,317,965

Deutsche

Bank

AG

03/17/21

(63,350)

USD

52,988,018

GBP

39,544,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(1,205,848)

USD

4,230,868

GBP

3,112,000

State

Street

Bank

and

Trust

Co.

03/17/21

(34,035)

(8,664,891)

$

(8,518,466)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

NXP

Semiconductors

NV

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

500

02/05/21

USD

185.00

USD

8,024

$

22,000

EURO

STOXX

50

Index

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

883

02/19/21

EUR

3,700.00

EUR

30,741

58,400

EURO

STOXX

50

Index

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

888

02/19/21

EUR

3,600.00

EUR

30,915

309,281

Freeport-McMoRan,

Inc.

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

275

02/19/21

USD

35.00

USD

740

3,025

Microsoft

Corp.

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

500

02/19/21

USD

245.00

USD

11,598

113,500

S&P

500

Index

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

78

02/19/21

USD

3,850.00

USD

28,971

146,640

S&P

500

Index

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

78

02/19/21

USD

4,000.00

USD

28,971

15,210

Western

Digital

Corp.

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

800

02/19/21

USD

55.00

USD

4,514

284,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Caesars

Entertainment,

Inc.

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

103

03/19/21

USD

40.00

USD

725

$

315,695

Caesars

Entertainment,

Inc.

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

120

03/19/21

USD

50.00

USD

845

257,100

Caesars

Entertainment,

Inc.

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

138

03/19/21

USD

60.00

USD

971

187,680

EURO

STOXX

50

Index

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

259

03/19/21

EUR

3,800.00

EUR

9,017

27,502

EURO

STOXX

50

Index

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

1,058

03/19/21

EUR

3,700.00

EUR

36,834

326,762

EURO

STOXX

50

Index

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

1,058

03/19/21

EUR

3,900.00

EUR

36,834

23,753

EURO

STOXX

Bank

Index

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

112

03/19/21

EUR

80.00

EUR

394

5,946

Freeport-McMoRan,

Inc.

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

500

03/19/21

USD

32.00

USD

1,346

41,250

Lions

Gate

Entertainment

Corp.

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

850

03/19/21

USD

17.00

USD

1,189

46,750

STOXX

Europe

600

Banks

Index

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

730

03/19/21

EUR

120.00

EUR

3,844

39,865

Western

Digital

Corp.

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

535

03/19/21

USD

62.50

USD

3,019

127,865

Electricite

de

France

SA

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

1,695

04/16/21

EUR

13.00

EUR

1,742

55,538

EURO

STOXX

50

Index

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

638

04/16/21

EUR

3,700.00

EUR

22,212

327,506

S&P

500

Index

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

75

04/16/21

USD

4,000.00

USD

27,857

264,375

Western

Digital

Corp.

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

200

04/16/21

USD

75.00

USD

1,129

18,100

Western

Digital

Corp.

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

1,000

04/16/21

USD

80.00

USD

5,643

67,500

Freeport-McMoRan,

Inc.

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

750

05/21/21

USD

35.00

USD

2,018

93,375

STOXX

Europe

600

Banks

Index

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

930

06/18/21

EUR

130.00

EUR

4,897

76,181

STOXX

Europe

600

Telecommunications

Index

.......

1,706

06/18/21

EUR

230.00

EUR

18,131

258,790

Liberty

Global

plc

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

1,209

07/16/21

USD

30.00

USD

2,919

87,653

3,601,242

Put

SPDR

S&P

500

ETF

Trust

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

1,010

02/01/21

USD

360.00

USD

37,377

83,830

Invesco

QQQ

Trust

1

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

500

02/05/21

USD

310.00

USD

15,728

240,250

American

Airlines

Group,

Inc.

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

1,500

02/19/21

USD

6.00

USD

2,576

9,000

American

Airlines

Group,

Inc.

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

2,000

02/19/21

USD

10.00

USD

3,434

12,000

EURO

STOXX

50

Index

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

483

02/19/21

EUR

3,000.00

EUR

16,815

45,426

EURO

STOXX

50

Index

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

563

02/19/21

EUR

3,550.00

EUR

19,601

785,371

Invesco

QQQ

Trust

1

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

200

02/19/21

USD

290.00

USD

6,291

73,600

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,584

02/19/21

USD

86.00

USD

22,473

126,616

iShares

Russell

2000

ETF

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

325

02/19/21

USD

200.00

USD

6,681

167,700

iShares

Russell

2000

ETF

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

400

02/19/21

USD

190.00

USD

8,222

108,200

S&P

500

Index

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

32

02/19/21

USD

3,300.00

USD

11,886

62,880

S&P

500

Index

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

77

02/19/21

USD

3,750.00

USD

28,600

847,000

S&P

500

Index

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

77

02/19/21

USD

3,450.00

USD

28,600

272,580

S&P

500

Index

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

92

02/19/21

USD

3,700.00

USD

34,171

846,400

Seagate

Technology

plc

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

750

02/19/21

USD

50.00

USD

4,959

13,125

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

1,750

02/19/21

USD

107.00

USD

18,970

96,250

SPDR

S&P

500

ETF

Trust

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

350

02/19/21

USD

360.00

USD

12,952

232,575

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

1,462

02/19/21

USD

60.00

USD

9,404

260,236

STOXX

Europe

600

Banks

Index

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

840

02/19/21

EUR

102.50

EUR

4,423

131,245

VanEck

Vectors

Semiconductor

ETF

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

500

02/19/21

USD

210.00

USD

11,331

131,500

ams

AG

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

901

03/19/21

CHF

16.00

CHF

2,015

26,299

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

1,000

03/19/21

USD

107.00

USD

10,840

120,000

Uber

Technologies,

Inc.

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

750

03/19/21

USD

35.00

USD

3,820

24,375

American

Airlines

Group,

Inc.

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

1,000

05/21/21

USD

6.00

USD

1,717

43,000

ams

AG

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

466

06/18/21

CHF

16.00

CHF

1,042

24,850

American

Airlines

Group,

Inc.

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

750

07/16/21

USD

8.00

USD

1,288

45,000

4,829,308

$

8,430,550

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SoftBank

Group

Corp.

.....

BNP

Paribas

SA

295

03/31/21

JPY

7,750.00

JPY

2,392

$

115,587

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Call

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.

V1

Quarterly

5.00

%

Quarterly

Citibank

NA

03/17/21

EUR

200.00

EUR

44,100

$

18,676

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.

V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

02/17/21

EUR

225.00

EUR

42,000

13,629

32,305

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

CDX.NA.HY.35.V1

Quarterly

Goldman

Sachs

International

03/17/21

USD

103.00

USD

11,000

44,985

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Bank

of

America

NA

02/17/21

USD

105.00

USD

12,000

23,475

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Deutsche

Bank

AG

02/17/21

USD

105.00

USD

10,000

19,563

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Goldman

Sachs

International

02/17/21

USD

105.00

USD

10,500

20,541

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Bank

of

America

NA

03/17/21

USD

106.00

USD

11,000

78,100

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Barclays

Bank

plc

02/17/21

USD

108.00

USD

12,500

105,980

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

JPMorgan

Chase

Bank

NA

02/17/21

USD

108.00

USD

11,000

93,263

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V2

Quarterly

Barclays

Bank

plc

04/21/21

EUR

275.00

EUR

28,600

566,933

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V2

Quarterly

BNP

Paribas

SA

03/17/21

EUR

275.00

EUR

28,800

413,023

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V1

Quarterly

Barclays

Bank

plc

02/17/21

EUR

300.00

EUR

57,200

277,693

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V1

Quarterly

Barclays

Bank

plc

02/17/21

EUR

350.00

EUR

35,290

60,298

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V2

Quarterly

Barclays

Bank

plc

02/17/21

EUR

400.00

EUR

28,800

23,639

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

V1

Quarterly

BNP

Paribas

SA

02/17/21

EUR

400.00

EUR

45,000

39,163

1,766,656

$

1,798,961

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

NXP

Semiconductors

NV

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

750

02/05/21

USD

200.00

USD

12,035

$

(18,750)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Caesars

Entertainment,

Inc.

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

126

02/19/21

USD

80.00

USD

887

$

(21,987)

HCA

Healthcare,

Inc.

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

20

02/19/21

USD

170.00

USD

325

(7,300)

Microsoft

Corp.

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

750

02/19/21

USD

260.00

USD

17,397

(45,750)

Opendoor

Technologies,

Inc.

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

1

02/19/21

USD

20.00

USD

3

(620)

Western

Digital

Corp.

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

800

02/19/21

USD

65.00

USD

4,514

(60,000)

EURO

STOXX

Bank

Index

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

112

03/19/21

EUR

90.00

EUR

394

(849)

Gores

Holdings

IV,

Inc.

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

504

03/19/21

USD

15.00

USD

499

(39,060)

Lions

Gate

Entertainment

Corp.

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

350

03/19/21

USD

15.00

USD

490

(41,125)

Western

Digital

Corp.

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

535

03/19/21

USD

70.00

USD

3,019

(47,615)

(283,056)

Put

SPDR

S&P

500

ETF

Trust

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

1,515

02/01/21

USD

345.00

USD

56,066

(21,968)

Invesco

QQQ

Trust

1

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

500

02/05/21

USD

295.00

USD

15,728

(86,250)

EURO

STOXX

50

Index

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

80

02/19/21

EUR

3,400.00

EUR

2,785

(55,726)

EURO

STOXX

50

Index

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

966

02/19/21

EUR

3,200.00

EUR

33,631

(235,630)

Invesco

QQQ

Trust

1

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

200

02/19/21

USD

270.00

USD

6,291

(31,400)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

2,584

02/19/21

USD

84.00

USD

22,473

(58,140)

iShares

Russell

2000

ETF

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

325

02/19/21

USD

185.00

USD

6,681

(62,563)

iShares

Russell

2000

ETF

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

400

02/19/21

USD

170.00

USD

8,222

(26,600)

S&P

500

Index

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

124

02/19/21

USD

3,500.00

USD

46,057

(533,200)

S&P

500

Index

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

154

02/19/21

USD

3,600.00

USD

57,199

(974,820)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

1,750

02/19/21

USD

103.00

USD

18,970

(30,625)

SPDR

S&P

500

ETF

Trust

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

350

02/19/21

USD

340.00

USD

12,952

(107,450)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

1,462

02/19/21

USD

55.00

USD

9,404

(105,264)

VanEck

Vectors

Semiconductor

ETF

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

500

02/19/21

USD

200.00

USD

11,331

(63,500)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

1,000

03/19/21

USD

101.00

USD

10,840

(37,500)

(2,430,636)

$

(2,713,692)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SoftBank

Group

Corp.

........

BNP

Paribas

SA

295

03/31/21

JPY

7,000.00

JPY

2,392

$

(86,907)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

%

Quarterly

Bank

of

America

NA

03/17/21

NR

USD

101.00

USD

11,000

$

(25,300)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

02/17/21

NR

USD

104.00

USD

12,500

(16,854)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

JPMorgan

Chase

Bank

NA

02/17/21

NR

USD

104.00

USD

11,000

(14,831)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

SA

03/17/21

NR

EUR

275.00

EUR

11,800

(177,511)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V2

Quarterly

5.00

Quarterly

Barclays

Bank

plc

04/21/21

NR

EUR

350.00

EUR

57,200

(529,827)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V2

Quarterly

5.00

%

Quarterly

BNP

Paribas

SA

03/17/21

NR

EUR

350.00

EUR

28,800

$

(149,380)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

02/17/21

NR

EUR

400.00

EUR

57,200

(49,781)

$

(963,484)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

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.33.V12

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

5.00

%

Quarterly

12/20/24

USD

2,717

$

(247,443)

$

(225,143)

$

(22,300)

CDX.NA.HY.35.V1

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

5.00

Quarterly

12/20/25

USD

59,260

(5,117,330)

(4,320,012)

(797,318)

ITRAXX.EUR.CROSSOVER.34.V2

........

5.00

Quarterly

12/20/25

EUR

43,208

(5,743,667)

(7,303,379)

1,559,712

ITRAXX.FINSR.34.V1

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

1.00

Quarterly

12/20/25

EUR

970

(22,511)

(22,540)

29

ITRAXX.FINSUB.34.V1

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

1.00

Quarterly

12/20/25

EUR

116,860

1,094,440

2,836,138

(1,741,698)

$

(10,036,511)

$

(9,034,936)

$

(1,001,575)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.MAIN.34.V1

1.00

%

Quarterly

12/20/25

NR

EUR

30,900

$

925,864

$

959,396

$

(33,532)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.05%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/22

USD

2,267

$

664

$

—

$

664

1

day

SOFR

Quarterly

0.05%

Quarterly

10/21/22

USD

2,267

(321)

—

(321)

0.18%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/25

USD

143

952

—

952

1

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(834)

—

(834)

$

461

$

—

$

461

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

32

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

Holding

SA

.....

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/21

EUR

14,110

$

(398,228)

$

(239,517)

$

(158,711)

Altice

Luxembourg

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/21

EUR

2,220

(62,655)

(27,385)

(35,270)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Barclays

Bank

plc

06/20/21

USD

3,000

19,394

363,035

(343,641)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

19,394

324,439

(305,045)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

19,394

523,843

(504,449)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Goldman

Sachs

International

06/20/21

EUR

660

(14,134)

6,904

(21,038)

Delta

Air

Lines,

Inc.

........

5.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

3,000

(58,494)

47,712

(106,206)

Ford

Motor

Co.

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

1,710

(35,219)

16,778

(51,997)

HP,

Inc.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

5,500

(26,105)

19,988

(46,093)

Carnival

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/21

USD

2,040

37,380

95,734

(58,354)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

2,240

(46,716)

53,101

(99,817)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/21

EUR

2,500

(52,138)

(5,508)

(46,630)

JPMorgan

Structured

Products

BV

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/21

EUR

1,850

(10,850)

68,754

(79,604)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

1,650

(20,804)

12,532

(33,336)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/21

EUR

960

(12,104)

48,445

(60,549)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

03/20/22

EUR

1,700

(14,888)

(26,964)

12,076

Altice

Luxembourg

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

EUR

2,480

(167,890)

(34,907)

(132,983)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Barclays

Bank

plc

06/20/22

USD

3,000

233,742

1,095,369

(861,627)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

Citibank

NA

06/20/22

USD

1,680

(77,936)

65,407

(143,343)

Bausch

Health

Cos.,

Inc.

.....

5.00

Quarterly

Citibank

NA

06/20/22

USD

3,350

(213,969)

(169,638)

(44,331)

Ford

Motor

Co.

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,020

(52,975)

42,298

(95,273)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,100

5,421

27,377

(21,956)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Deutsche

Bank

AG

06/20/22

EUR

800

3,943

16,871

(12,928)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,650

(36,317)

132,161

(168,478)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

875

(19,259)

77,660

(96,919)

Staples,

Inc.

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

USD

1,000

(22,010)

121,062

(143,072)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,650

(8,256)

(4,978)

(3,278)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Citibank

NA

06/20/22

EUR

2,640

(13,210)

(57,331)

44,121

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

06/20/22

EUR

1,650

(8,256)

10,673

(18,929)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Barclays

Bank

plc

12/20/22

EUR

900

4,372

15,363

(10,991)

Jaguar

Land

Rover

Automotive

plc

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

5.00

Quarterly

Barclays

Bank

plc

12/20/22

EUR

1,400

(67,796)

(65,821)

(1,975)

Jaguar

Land

Rover

Automotive

plc

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

5.00

Quarterly

Barclays

Bank

plc

12/20/22

EUR

7,490

(362,709)

137,393

(500,102)

Novafives

SAS

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/22

EUR

904

61,465

41,135

20,330

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

970

2,195

38,005

(35,810)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

1,470

3,326

34,658

(31,332)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Goldman

Sachs

International

06/20/23

USD

1,710

(194,022)

(114,509)

(79,513)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

Goldman

Sachs

International

06/20/23

USD

2,000

(120,831)

45,260

(166,091)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

Barclays

Bank

plc

06/20/23

USD

960

(57,999)

(17,864)

(40,135)

Deutsche

Lufthansa

AG

.....

1.00

Quarterly

Citibank

NA

06/20/23

EUR

3,240

201,184

210,834

(9,650)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,480

(236,557)

(180,348)

(56,209)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,398

(223,397)

(162,027)

(61,370)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

EUR

1,434

(229,165)

(175,259)

(53,906)

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

3,725

97,697

75,622

22,075

Accor

SA

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

5,692

154,844

(47,016)

201,860

Accor

SA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

1,898

51,633

(11,735)

63,368

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(16,949)

17,603

(34,552)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(393,824)

(252,680)

(141,144)

Devon

Energy

Corp.

........

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

1,000

4,653

(2,208)

6,861

Devon

Energy

Corp.

........

1.00

Quarterly

Citibank

NA

12/20/24

USD

2,250

10,470

(11,507)

21,977

Financial

Guaranty

Insurance

Company

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

800

(11,147)

19,060

(30,207)

Hess

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

1,300

6,708

32,617

(25,909)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

560

59,655

228,131

(168,476)

Republic

of

Italy

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

39,430

(310,537)

618,178

(928,715)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

5,000

(32,038)

(37,143)

5,105

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(64,075)

(160,738)

96,663

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

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)

Staples,

Inc.

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

5.00

%

Quarterly

BNP

Paribas

SA

12/20/24

USD

500

$

21,917

$

6,074

$

15,843

Sunrise

Communications

AG

..

5.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

4,090

(952,501)

(696,237)

(256,264)

Sunrise

Communications

AG

..

5.00

Quarterly

Credit

Suisse

International

12/20/24

EUR

5,290

(1,231,964)

(968,390)

(263,574)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

4,000

79,182

230,492

(151,310)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(246,449)

(124,531)

(121,918)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(164,299)

(83,034)

(81,265)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(15,292)

29,434

(44,726)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,000

(97,784)

(51,303)

(46,481)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

5,000

(162,973)

(94,119)

(68,854)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,150

(70,078)

(37,655)

(32,423)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,000

(130,378)

(50,972)

(79,406)

Crown

European

Holdings

SA

.

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

700

(141,051)

(111,807)

(29,244)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

4,350

(45,190)

231,867

(277,057)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

5,000

(51,942)

211,864

(263,806)

Halliburton

Co.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

3,150

(29,053)

266,159

(295,212)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,350

(12,451)

113,907

(126,358)

Lumen

Technologies,

Inc.

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

2,220

116,660

254,669

(138,009)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

2,215

334,611

487,534

(152,923)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

347,452

489,497

(142,045)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,320

162,911

327,705

(164,794)

Republic

of

Italy

...........

1.00

Quarterly

Bank

of

America

NA

06/20/25

USD

19,700

(93,508)

1,093,716

(1,187,224)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

(24,573)

34,916

(59,489)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,710

(24,717)

43,892

(68,609)

Simon

Property

Group

LP

....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

4,250

(46,308)

266,640

(312,948)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(10,896)

94,524

(105,420)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(13,075)

86,291

(99,366)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(47,125)

318,027

(365,152)

SoftBank

Group

Corp.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

JPY

411,470

152,841

194,075

(41,234)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(4,786)

46,866

(51,652)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(4,786)

46,866

(51,652)

Stora

Enso

OYJ

...........

5.00

Quarterly

Citibank

NA

06/20/25

EUR

3,400

(817,766)

(603,778)

(213,988)

Stora

Enso

OYJ

...........

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

4,140

(995,750)

(713,172)

(282,578)

Stora

Enso

OYJ

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

(408,883)

(315,168)

(93,715)

Telefonica

Emisiones

SA

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

EUR

3,360

(60,557)

(22,895)

(37,662)

Telefonica

Emisiones

SA

.....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

EUR

3,700

(66,685)

90,868

(157,553)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,360

72,288

152,361

(80,073)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

1,375

42,117

110,955

(68,838)

Xerox

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,200

67,387

210,992

(143,605)

Ardagh

Packaging

Finance

plc

.

5.00

Quarterly

Citibank

NA

12/20/25

EUR

4,490

(690,588)

(509,645)

(180,943)

Ashland

LLC

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,437

(304,458)

(293,376)

(11,082)

Auchan

Holding

SA

........

1.00

Quarterly

Bank

of

America

NA

12/20/25

EUR

1,480

(2,669)

(8,474)

5,805

Auchan

Holding

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,960

(5,339)

(16,948)

11,609

Auchan

Holding

SA

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

1,480

(2,669)

(6,767)

4,098

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

Citibank

NA

12/20/25

USD

631

(32,922)

23,992

(56,914)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

USD

631

(32,922)

26,991

(59,913)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

947

(49,383)

33,739

(83,122)

Boparan

Finance

plc

.......

5.00

Quarterly

Citibank

NA

12/20/25

EUR

296

17,093

7,696

9,397

Boparan

Finance

plc

.......

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

2,664

153,838

81,528

72,310

BP

Capital

Markets

plc

......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,050

(79,008)

(6,815)

(72,193)

British

Telecommunications

plc

.

1.00

Quarterly

Citibank

NA

12/20/25

EUR

6,510

(84,974)

(26,081)

(58,893)

Cellnex

Telecom

SA

........

5.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

2,063

(434,270)

(421,253)

(13,017)

Cellnex

Telecom

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/25

EUR

2,357

(496,308)

(489,274)

(7,034)

Cie

Generale

des

Etablissements

Michelin

SCA

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

3,210

(121,373)

(113,360)

(8,013)

Clariant

AG

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

6,410

(72,044)

(25,099)

(46,945)

Electricite

de

France

SA

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/25

EUR

3,123

(102,243)

(100,181)

(2,062)

Electricite

de

France

SA

.....

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

3,124

(102,276)

(100,144)

(2,132)

Electricite

de

France

SA

.....

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

2,811

(92,028)

(90,354)

(1,674)

Electricite

de

France

SA

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,562

(51,138)

(50,072)

(1,066)

Federative

Republic

of

Brazil

..

1.00

Quarterly

BNP

Paribas

SA

12/20/25

USD

8,490

280,204

610,265

(330,061)

Glencore

Finance

Europe

Ltd.

.

5.00

Quarterly

Bank

of

America

NA

12/20/25

EUR

8,020

(1,779,188)

(1,393,466)

(385,722)

Glencore

Finance

Europe

Ltd.

.

5.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

2,010

(445,906)

(422,442)

(23,464)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

34

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

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)

Halliburton

Co.

...........

1.00

%

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

$

(10,345)

$

44,670

$

(55,015)

HeidelbergCement

AG

......

5.00

Quarterly

Citibank

NA

12/20/25

EUR

3,210

(806,357)

(755,844)

(50,513)

Hess

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

28,411

77,277

(48,866)

HSBC

Holdings

plc

........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

12,190

(116,235)

273,439

(389,674)

INEOS

Group

Holdings

SA

...

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,450

(190,630)

(177,209)

(13,421)

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

3,610

187,191

178,851

8,340

ITV

plc

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

5,130

(1,155,027)

(916,179)

(238,848)

JPMorgan

Structured

Products

BV

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

1.00

Quarterly

Citibank

NA

12/20/25

EUR

3,210

186,082

317,728

(131,646)

Koninklijke

KPN

NV

........

1.00

Quarterly

Bank

of

America

NA

12/20/25

EUR

1,565

(7,119)

(10,643)

3,524

Koninklijke

KPN

NV

........

1.00

Quarterly

BNP

Paribas

SA

12/20/25

EUR

1,565

(7,119)

(10,706)

3,587

Koninklijke

KPN

NV

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,480

(6,733)

12,564

(19,297)

Koninklijke

KPN

NV

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,480

(6,733)

14,241

(20,974)

LANXESS

AG

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

1.00

Quarterly

BNP

Paribas

SA

12/20/25

EUR

2,982

(82,990)

(78,701)

(4,289)

LANXESS

AG

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

7,770

(216,268)

(193,014)

(23,254)

LANXESS

AG

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

2,928

(81,508)

(77,108)

(4,400)

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

2,940

(7,356)

7,006

(14,362)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

4,500

386,280

416,585

(30,305)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

1,500

128,760

146,028

(17,268)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

602

51,711

60,605

(8,894)

Matterhorn

Telecom

SA

......

5.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

572

(90,910)

(93,442)

2,532

Matterhorn

Telecom

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,002

(318,186)

(310,644)

(7,542)

Next

Group

plc

...........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

8,570

33,827

180,740

(146,913)

Next

Group

plc

...........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

3,240

12,789

75,046

(62,257)

Next

Group

plc

...........

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,540

6,079

32,478

(26,399)

Next

Group

plc

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,600

6,315

31,120

(24,805)

Nokia

OYJ

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

5.00

Quarterly

Bank

of

America

NA

12/20/25

EUR

1,502

(351,714)

(322,306)

(29,408)

Nokia

OYJ

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

5.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,432

(335,351)

(312,367)

(22,984)

Nokia

OYJ

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

5.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,533

(358,893)

(333,215)

(25,678)

Nokia

OYJ

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

5.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,532

(358,749)

(338,855)

(19,894)

Nokia

OYJ

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,210

(751,518)

(702,621)

(48,897)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(46,379)

(49,306)

2,927

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(46,379)

(39,008)

(7,371)

Repsol

International

Finance

BV

1.00

Quarterly

Citibank

NA

12/20/25

EUR

4,810

(63,329)

26,915

(90,244)

Repsol

International

Finance

BV

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

6,000

(78,997)

(35,998)

(42,999)

Repsol

International

Finance

BV

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

3,200

(42,132)

(5,422)

(36,710)

Repsol

International

Finance

BV

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

2,950

(38,840)

(39,427)

587

Repsol

International

Finance

BV

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

3,200

(42,132)

(7,284)

(34,848)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

4,300

254,128

253,701

427

Santander

Issuances

SAU

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

3,210

47,860

132,819

(84,959)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,548

(17,866)

13,746

(31,612)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,095

(35,732)

27,493

(63,225)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,548

(17,866)

13,746

(31,612)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

3,650

(28,913)

92,263

(121,176)

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

12/20/25

JPY

286,240

127,469

129,145

(1,676)

Solvay

SA

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

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

3,108

(99,611)

(87,289)

(12,322)

Solvay

SA

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

4,662

(149,417)

(117,959)

(31,458)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/25

USD

2,000

322

59,577

(59,255)

Sudzucker

International

Finance

BV

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

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

2,640

32,275

14,738

17,537

Sudzucker

International

Finance

BV

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

3,338

40,809

(24,517)

65,326

Sudzucker

International

Finance

BV

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

4,692

57,362

(34,461)

91,823

UniCredit

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

3,605

67,385

76,920

(9,535)

UniCredit

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

3,605

67,385

76,920

(9,535)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

2,000

(6,533)

(13,383)

6,850

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/25

USD

500

(1,633)

(2,877)

1,244

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

12/20/25

USD

3,000

(9,800)

(15,001)

5,201

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

12/20/25

USD

500

(1,633)

(4,063)

2,430

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

3,000

(9,800)

(24,382)

14,582

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/25

USD

3,750

154,723

205,877

(51,154)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

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)

Xerox

Corp.

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

1.00

%

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,585

$

65,396

$

104,259

$

(38,863)

$

–

$

–

$

–

$

(15,854,788)

$

(880,225)

$

(14,974,563)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

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)

Advanced

Micro

Devices,

Inc.

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

5.00

%

Quarterly

Barclays

Bank

plc

06/20/24

BB+

USD

1,000

$

161,325

$

132,688

$

28,637

Financial

Guaranty

Insurance

Company

..

1.00

Quarterly

Citibank

NA

06/20/24

BBB-

USD

23,695

367,271

(1,227,942)

1,595,213

Financial

Guaranty

Insurance

Company

..

1.00

Quarterly

Citibank

NA

06/20/24

BBB-

USD

7,900

122,451

(409,402)

531,853

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

06/20/24

NR

USD

4,900

691,369

555,433

135,936

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

12/20/24

BB+

USD

14,150

2,563,928

2,293,843

270,085

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

BNP

Paribas

SA

12/20/24

BB+

USD

1,000

181,196

171,528

9,668

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/24

NR

USD

1,500

234,975

192,089

42,886

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

SA

12/20/24

NR

USD

5,000

783,249

736,206

47,043

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

NR

USD

2,950

462,117

403,876

58,241

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

NR

USD

5,800

908,569

868,545

40,024

Republic

of

Italy

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

BBB

USD

39,430

785,761

28,637

757,124

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

EUR

1,830

258,465

(17,361)

275,826

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

EUR

520

73,444

11,569

61,875

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

B

EUR

60

6,414

6,071

343

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BBB

USD

5,250

84,654

(129,746)

214,400

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BBB

USD

3,050

49,180

(56,901)

106,081

AT&T,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BBB

USD

2,000

32,249

18,826

13,423

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BBB

USD

3,000

48,374

19,191

29,183

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB-

USD

1,000

168,573

167,199

1,374

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Citibank

NA

06/20/25

BB+

USD

2,000

4,498

15,391

(10,893)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

2,700

6,072

19,607

(13,535)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

USD

2,000

4,498

12,811

(8,313)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BB

EUR

1,026

(57,957)

(115,376)

57,419

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

750

127,333

95,091

32,242

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

1,275

216,466

161,548

54,918

NRG

Energy,

Inc.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

1,500

254,666

204,222

50,444

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

USD

2,125

360,776

254,977

105,799

OI

European

Group

BV

..

5.00

Quarterly

Credit

Suisse

International

06/20/25

B+

EUR

684

92,941

30,577

62,364

Republic

of

Italy

.......

1.00

Quarterly

Bank

of

America

NA

06/20/25

BBB

USD

19,700

385,503

(625,522)

1,011,025

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

36

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

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)

Rolls-Royce

plc

.......

1.00

%

Quarterly

BNP

Paribas

SA

06/20/25

BB-

EUR

1,700

$

(176,995)

$

(212,053)

$

35,058

Rolls-Royce

plc

.......

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BB-

EUR

1,640

(170,748)

(204,569)

33,821

Rolls-Royce

plc

.......

1.00

Quarterly

Citibank

NA

06/20/25

BB-

EUR

31

(3,261)

(4,948)

1,687

Rolls-Royce

plc

.......

1.00

Quarterly

Citibank

NA

06/20/25

BB-

EUR

69

(7,151)

(10,852)

3,701

Rolls-Royce

plc

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB-

EUR

70

(7,288)

(9,020)

1,732

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

2,200

404,075

361,136

42,939

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

3,000

551,011

396,204

154,807

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

667

122,447

109,796

12,651

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

2,000

367,341

287,480

79,861

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

1,300

238,772

207,501

31,271

thyssenkrupp

AG

......

1.00

Quarterly

Credit

Suisse

International

06/20/25

BB-

EUR

980

(63,836)

(74,816)

10,980

thyssenkrupp

AG

......

1.00

Quarterly

Credit

Suisse

International

06/20/25

BB-

EUR

1,710

(111,388)

(264,435)

153,047

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,115

(2,036)

(2,360)

324

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/25

NR

USD

2,540

(4,638)

(21,372)

16,734

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/25

NR

USD

2,000

(3,652)

13,665

(17,317)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

NR

USD

1,500

(2,739)

(6,341)

3,602

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B-

EUR

2,280

341,526

319,251

22,275

Altice

France

SA

......

5.00

Quarterly

Citibank

NA

12/20/25

B

EUR

5,000

492,140

510,105

(17,965)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/25

B

EUR

1,610

158,469

96,575

61,894

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

1,000

98,428

78,747

19,681

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

10,900

1,072,866

652,250

420,616

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

1,021

100,495

80,400

20,095

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

1,170

115,161

94,708

20,453

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BBB

USD

2,000

28,411

9,456

18,955

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

545

100,721

99,023

1,698

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

909

167,868

165,145

2,723

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

2,000

369,310

347,408

21,902

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

545

100,721

99,863

858

Dell,

Inc.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

1,250

(26,647)

(38,916)

12,269

Dell,

Inc.

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

1.00

Quarterly

Citibank

NA

12/20/25

BB-

USD

1,000

(21,317)

(23,537)

2,220

Dell,

Inc.

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

1.00

Quarterly

Credit

Suisse

International

12/20/25

BB-

USD

1,400

(29,844)

(29,781)

(63)

Dell,

Inc.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

BB-

USD

1,000

(21,317)

(31,132)

9,815

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

875

(18,653)

(17,039)

(1,614)

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

875

(18,653)

(15,032)

(3,621)

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

875

(18,653)

(15,032)

(3,621)

GKN

Holdings

Ltd.

.....

1.00

Quarterly

Citibank

NA

12/20/25

BB+

EUR

40

(1,839)

(2,047)

208

International

Business

Machines

Corp.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/25

A

USD

4,250

115,791

114,726

1,065

International

Business

Machines

Corp.

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

A

USD

4,650

126,689

134,632

(7,943)

International

Game

Technology

plc

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

EUR

872

84,066

83,925

141

Intrum

AB

...........

5.00

Quarterly

Bank

of

America

NA

12/20/25

BB

EUR

1,470

124,350

107,927

16,423

Intrum

AB

...........

5.00

Quarterly

Citibank

NA

12/20/25

BB

EUR

1,560

131,964

44,699

87,265

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

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)

Intrum

AB

...........

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

EUR

3,000

$

253,776

$

229,348

$

24,428

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

BB+

USD

1,538

(1,749)

(725)

(1,024)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

1,030

(1,171)

(969)

(202)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

1,500

(1,705)

1,413

(3,118)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

1,500

(1,705)

2,120

(3,825)

Loxam

SAS

.........

5.00

Quarterly

Goldman

Sachs

International

12/20/25

CCC+

EUR

1,430

(11,192)

(11,173)

(19)

Mondelez

International,

Inc.

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BBB

USD

4,650

135,621

150,793

(15,172)

Novafives

SAS

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

2,000

(405,226)

(320,670)

(84,556)

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB+

USD

1,600

291,186

246,771

44,415

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

1,500

272,987

226,036

46,951

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

2,000

363,983

343,543

20,440

Petroleos

Mexicanos

...

1.00

Quarterly

Barclays

Bank

plc

12/20/25

BBB

USD

2,000

(270,631)

(270,354)

(277)

Petroleos

Mexicanos

...

1.00

Quarterly

BNP

Paribas

SA

12/20/25

BBB

USD

500

(67,658)

(67,519)

(139)

Petroleos

Mexicanos

...

1.00

Quarterly

Citibank

NA

12/20/25

BBB

USD

500

(67,658)

(64,158)

(3,500)

Picard

Bondco

SA

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

CCC+

EUR

1,470

204,741

176,603

28,138

Picard

Bondco

SA

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

CCC+

EUR

885

123,262

88,046

35,216

Renault

SA

..........

1.00

Quarterly

Citibank

NA

12/20/25

BB+

EUR

3,200

(190,799)

(128,263)

(62,536)

Rolls-Royce

plc

.......

1.00

Quarterly

Bank

of

America

NA

12/20/25

BB-

EUR

2,000

(240,946)

(296,961)

56,015

thyssenkrupp

AG

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BB-

EUR

1,430

(114,428)

(114,236)

(192)

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

1,000

188,237

184,580

3,657

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

769

144,798

144,191

607

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

1,400

263,531

263,355

176

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

600

112,942

112,363

579

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

462

86,878

84,281

2,597

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BB

USD

769

144,798

141,675

3,123

United

Group

BV

......

5.00

Quarterly

Bank

of

America

NA

12/20/25

B

EUR

606

56,054

44,412

11,642

Virgin

Media

Finance

plc

.

5.00

Quarterly

BNP

Paribas

SA

12/20/25

B

EUR

1,500

208,472

196,684

11,788

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

2,880

400,265

374,555

25,710

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

40

5,559

5,202

357

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

3,000

416,943

394,587

22,356

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

2,960

411,384

357,383

54,001

Yum!

Brands,

Inc.

.....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B+

USD

1,500

(11,238)

(705)

(10,533)

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B-

EUR

1,550

235,803

226,425

9,378

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,520

535,501

489,799

45,702

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,090

470,085

439,607

30,478

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

1,610

244,931

222,007

22,924

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/27

B

EUR

697

1,934

(38,133)

40,067

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

38

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

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

JPMorgan

Chase

Bank

NA

12/20/27

B-

EUR

1,570

$

218,677

$

194,950

$

23,727

$

18,486,569

$

11,275,878

$

7,210,691

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iBoxx

EUR

Liquid

High

Yield

Index

......

At

Termination

3

month

EURIBOR

Quarterly

Citibank

NA

03/20/21

EUR

10,302

$

(36,386)

$

(6,932)

$

(29,454)

iBoxx

EUR

Liquid

High

Yield

Index

......

At

Termination

3

month

EURIBOR

Quarterly

Barclays

Bank

plc

06/20/21

EUR

4,300

18,906

(2,471)

21,377

iBoxx

EUR

Liquid

High

Yield

Index

......

At

Termination

3

month

EURIBOR

Quarterly

BNP

Paribas

SA

06/20/21

EUR

8,600

8,830

(5,453)

14,283

Seagate

Technology

plc

Quarterly

3

month

LIBOR

Quarterly

Merrill

Lynch

International

&

Co.

08/09/21

USD

21

(167,239)

—

(167,239)

ConocoPhillips

.....

Quarterly

3

month

LIBOR

minus

0.30%

Quarterly

Credit

Suisse

International

10/18/21

USD

5

29,625

—

29,625

Choice

Hotels

International,

Inc.

..

Quarterly

3

month

LIBOR

minus

0.20%

Quarterly

BNP

Paribas

SA

11/15/21

USD

2

8,637

—

8,637

$

(137,627)

$

(14,856)

$

(122,771)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Merrill

Lynch

International

&

Co.

(b)

02/15/23

$

20,825,245

$

(747,347)

(c)

$

20,079,589

2.7

%

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(c)

Amount

includes

$(1,691)

of

net

dividends

and

financing

fees.

i

(b)

Range:

20-28

basis

points

Benchmarks:

Euro

Interbank

Offer

Rate:

EUR

1

Week

Intercontinental

Exchange

LIBOR:

CHF

1

Week

GBP

1

Week

JPY

1

Week

USD

1

Month

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

January

31,

2021,

expiration

date

02/15/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Belgium

Telenet

Group

Holding

NV

...

66,828

$

2,847,486

14.2

%

Brazil

Oi

SA,

ADR

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

804,710

1,488,713

7.4

Ghana

Tullow

Oil

plc

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

4,201,137

1,464,932

7.3

Italy

Telecom

Italia

SpA

........

9,439,670

4,467,810

22.3

Portugal

NOS

SGPS

SA

...........

472,247

1,628,504

8.1

South

Africa

Anglo

American

plc

........

51,742

1,701,973

8.5

Spain

Cellnex

Telecom

SA

.......

47,123

2,760,646

13.7

United

Kingdom

Arrow

Global

Group

plc

.....

1,286,873

3,684,125

18.4

Liberty

Global

plc,

Class

A

...

79,158

1,910,874

9.5

5,594,999

United

States

Ardagh

Group

SA

.........

77,908

1,324,436

6.6

Bausch

Health

Cos.,

Inc.

....

69,093

1,761,871

8.8

Shares

Value

%

of

Basket

Value

United

States

(continued)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

55,000

$

4,783,350

23.8

%

Southwest

Airlines

Co.

......

10,000

439,400

2.2

8,309,057

Total

Reference

Entity

—

Long

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

30,264,120

Reference

Entity

—

Short

Austria

ams

AG

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

(83,980)

(2,100,576)

(10.5)

France

Accor

SA

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

(8,073)

(271,461)

(1.4)

Japan

SoftBank

Group

Corp.

......

(6,074)

(470,571)

(2.3)

United

Kingdom

EnQuest

plc

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

(2,045,774)

(344,948)

(1.7)

Next

plc

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

(14,774)

(1,559,748)

(7.8)

(1,904,696)

United

States

Allegiant

Travel

Co.

........

(5,000)

(907,450)

(4.5)

CommScope

Holding

Co.,

Inc.

(98,460)

(1,446,377)

(7.2)

iShares

Russell

2000

ETF

...

(15,000)

(3,083,400)

(15.4)

(5,437,227)

Total

Reference

Entity

—

Short

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

(10,184,531)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

20,079,589

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

Fed

Funds

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

1

day

Fed

Funds

0.07

%

1

day

SOFR

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

Secured

Overnight

Financing

Rate

0.07

3

month

EURIBOR

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

Euro

Interbank

Offered

Rate

(0.55)

3

month

LIBOR

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

London

Interbank

Offered

Rate

0.20

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

40

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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)

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

$

3,795,534

$

(11,871,074)

$

1,561,357

$

(2,596,003)

$

—

OTC

Swaps

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

30,160,177

(19,779,380)

8,395,006

(17,028,996)

—

Options

Written

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

N/A

N/A

418,532

(890,108)

(3,764,083)

(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.

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

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

—

$

403,413

$

—

$

403,413

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

146,425

—

—

146,425

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

1,798,961

8,546,137

—

—

—

10,345,098

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,559,741

—

—

1,616

—

1,561,357

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

38,481,261

38,262

—

35,660

—

38,555,183

$

—

$

41,839,963

$

8,584,399

$

146,425

$

440,689

$

—

$

51,011,476

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

577,771

—

30,053

—

607,824

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

8,664,891

—

—

8,664,891

Options

written

Options

written

at

value

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

—

963,484

2,800,599

—

—

—

3,764,083

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

2,594,848

—

—

1,155

—

2,596,003

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

35,849,480

914,586

—

44,310

—

36,808,376

$

—

$

39,407,812

$

4,292,956

$

8,664,891

$

75,518

$

—

$

52,441,177

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

six

months

ended

January

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

(4,994,110)

$

—

$

(907,195)

$

—

$

(5,901,305)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(39,338,371)

—

—

(39,338,371)

Options

purchased

(a)

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

—

(8,749,039)

(13,084,961)

—

(144,127)

—

(21,978,127)

Options

written

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

—

5,448,160

14,923,393

—

—

—

20,371,553

Swaps

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

—

(15,495,634)

1,449,193

—

(3,501,246)

—

(17,547,687)

$

—

$

(18,796,513)

$

(1,706,485)

$

(39,338,371)

$

(4,552,568)

$

—

$

(64,393,937)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

(446,092)

—

1,970,418

—

1,524,326

Forward

foreign

currency

exchange

contracts

....

—

—

—

18,115,871

—

—

18,115,871

Options

purchased

(b)

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

—

28,416

1,445,849

—

—

—

1,474,265

Options

written

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

—

(261,255)

(625,612)

—

—

—

(886,867)

Swaps

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

—

(3,309,594)

343,742

—

3,634,206

—

668,354

$

—

$

(3,542,433)

$

717,887

$

18,115,871

$

5,604,624

$

—

$

20,895,949

(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.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

short

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

$

170,139,967

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

978,134,021

Average

amounts

sold

—

in

USD

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

391,738,164

Options:

Average

value

of

option

contracts

purchased

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

7,391,461

Average

value

of

option

contracts

written

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

2,511,537

Average

notional

value

of

swaption

contracts

purchased

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

506,760,196

Average

notional

value

of

swaption

contracts

written

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

341,103,483

Credit

default

swaps:

Average

notional

value

—

buy

protection

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

819,666,181

Average

notional

value

—

sell

protection

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

315,944,433

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

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

18,909,806

Average

notional

value

—

receives

fixed

rate

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

2,409,806

Total

return

swaps:

Average

notional

value

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

29,942,071

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

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

$

475,762

$

—

Forward

foreign

currency

exchange

contracts

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

146,425

8,664,891

Options

(a)

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

10,345,098

3,764,083

Swaps

—

Centrally

cleared

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

—

49,354

Swaps

—

OTC

(b)

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

38,555,183

36,808,376

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

49,522,468

$

49,286,704

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(8,906,312)

(2,763,046)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

40,616,156

$

46,523,658

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

42

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

2,455,402

$

(2,455,402)

$

—

$

—

$

—

Barclays

Bank

plc

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

9,369,538

(5,653,107)

—

(3,716,431)

—

BNP

Paribas

SA

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

5,786,291

(3,447,127)

—

(2,030,000)

309,164

Citibank

NA

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

4,928,655

(4,928,655)

—

—

—

Credit

Suisse

International

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

2,041,457

(2,041,457)

—

—

—

Deutsche

Bank

AG

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

83,937

(76,278)

—

—

7,659

Goldman

Sachs

Bank

USA

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

848,282

(809,494)

—

—

38,788

Goldman

Sachs

International

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

4,881,272

(4,881,272)

—

—

—

JPMorgan

Chase

Bank

NA

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

9,034,674

(4,073,269)

—

(4,840,000)

121,405

Morgan

Stanley

&

Co.

International

plc

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

1,155,094

(1,155,094)

—

—

—

Royal

Bank

of

Canada

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

10,640

(10,640)

—

—

—

State

Street

Bank

and

Trust

Co.

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

16,163

(16,163)

—

—

—

UBS

AG

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

4,751

—

—

—

4,751

$

40,616,156

$

(29,547,958)

$

—

$

(10,586,431)

$

481,767

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(e)

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

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

$

4,285,026

$

(2,455,402)

$

—

$

(1,829,624)

$

—

Barclays

Bank

plc

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

5,653,107

(5,653,107)

—

—

—

BNP

Paribas

SA

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

3,447,127

(3,447,127)

—

—

—

Citibank

NA

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

12,419,910

(4,928,655)

(1,084,198)

(6,407,057)

—

Credit

Suisse

International

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

4,169,188

(2,041,457)

—

(2,127,731)

—

Deutsche

Bank

AG

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

76,278

(76,278)

—

—

—

Goldman

Sachs

Bank

USA

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

809,494

(809,494)

—

—

—

Goldman

Sachs

International

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

6,873,044

(4,881,272)

—

(1,991,772)

—

JPMorgan

Chase

Bank

NA

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

4,073,269

(4,073,269)

—

—

—

Merrill

Lynch

International

&

Co.

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

914,586

—

—

(914,586)

—

Morgan

Stanley

&

Co.

International

plc

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

3,733,083

(1,155,094)

—

(760,000)

1,817,989

Royal

Bank

of

Canada

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

31,787

(10,640)

—

—

21,147

State

Street

Bank

and

Trust

Co.

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

34,035

(16,163)

—

—

17,872

Westpac

Banking

Corp.

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

3,724

—

—

—

3,724

$

46,523,658

$

(29,547,958)

$

(1,084,198)

$

(14,030,770)

$

1,860,732

(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)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

43

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

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

$

—

$

48,210,049

$

—

$

48,210,049

Common

Stocks:

Brazil

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

1,248,417

—

—

1,248,417

China

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

52,894

—

—

52,894

France

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

—

14,182,434

—

14,182,434

Italy

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

—

77,665

—

77,665

Netherlands

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

962,820

—

—

962,820

United

Kingdom

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

—

76,301

298,641

374,942

United

States

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

30,623,618

2,420,686

27,740

33,072,044

Corporate

Bonds:

Argentina

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

—

53,397

—

53,397

Australia

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

—

4,102,521

—

4,102,521

Austria

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

—

9,300,177

—

9,300,177

Belgium

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

—

2,116,000

—

2,116,000

Brazil

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

—

9,689,714

—

9,689,714

Canada

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

—

23,952,453

—

23,952,453

China

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

—

15,993,114

—

15,993,114

France

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

—

54,235,276

—

54,235,276

Germany

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

—

35,193,966

—

35,193,966

Hong

Kong

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

—

873,870

—

873,870

India

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

—

821,402

—

821,402

Indonesia

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

—

658,814

—

658,814

Ireland

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

—

14,126,412

—

14,126,412

Israel

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

—

569,648

—

569,648

Italy

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

—

71,168,803

—

71,168,803

Japan

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

—

18,822,193

—

18,822,193

Jersey

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

—

621,399

—

621,399

Luxembourg

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

—

28,263,734

—

28,263,734

Macau

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

—

252,886

—

252,886

Malaysia

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

—

573,977

—

573,977

Mexico

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

—

373,508

—

373,508

Netherlands

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

—

17,898,949

—

17,898,949

Portugal

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

—

7,604,104

—

7,604,104

South

Korea

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

—

519,375

—

519,375

Spain

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

—

81,953,298

—

81,953,298

Sweden

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

—

4,110,506

—

4,110,506

Switzerland

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

—

14,650,570

—

14,650,570

Thailand

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

—

1,000,658

—

1,000,658

Turkey

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

—

4,453,431

—

4,453,431

United

Arab

Emirates

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

—

642,155

—

642,155

United

Kingdom

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

—

131,760,275

—

131,760,275

United

States

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

—

388,101,790

84,461,864

472,563,654

Floating

Rate

Loan

Interests:

Canada

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

—

1,370,264

2,590,833

3,961,097

France

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

—

15,009,029

—

15,009,029

Germany

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

—

9,492,085

—

9,492,085

Luxembourg

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

—

15,078,295

9

15,078,304

Netherlands

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

—

37,909,098

—

37,909,098

Norway

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

—

2,434,187

—

2,434,187

Singapore

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

—

2,788,985

—

2,788,985

Spain

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

—

23,467,126

—

23,467,126

Sweden

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

—

8,499,522

—

8,499,522

United

Kingdom

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

—

18,298,363

—

18,298,363

United

States

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

—

169,537,858

12,355,984

181,893,842

Foreign

Agency

Obligations

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

—

44,653,680

—

44,653,680

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

44

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

Level

1

Level

2

Level

3

Total

Foreign

Government

Obligations

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

$

—

$

427,844

$

—

$

427,844

Investment

Companies

....................................

5,516,068

—

—

5,516,068

Preferred

Securities

......................................

—

5,948,583

—

5,948,583

U.S.

Treasury

Obligations

...................................

—

4,828,213

—

4,828,213

Warrants

..............................................

214,427

626,196

67,760

908,383

Short-Term

Securities:

Borrowed

Bond

Agreements

.................................

—

116,185,990

—

116,185,990

Money

Market

Funds

......................................

110,800,431

—

—

110,800,431

Options

Purchased:

Credit

contracts

..........................................

—

1,798,961

—

1,798,961

Equity

contracts

..........................................

8,430,550

115,587

—

8,546,137

Liabilities:

Borrowed

Bonds

.........................................

—

(116,583,781)

—

(116,583,781)

$

157,849,225

$

1,371,311,595

$

99,802,831

$

1,628,963,651

Derivative

Financial

Instruments

(a)

Assets:

Credit

contracts

...........................................

$

—

$

9,880,825

$

—

$

9,880,825

Equity

contracts

...........................................

—

38,262

—

38,262

Foreign

currency

exchange

contracts

............................

—

146,425

—

146,425

Interest

rate

contracts

.......................................

403,413

37,276

—

440,689

Liabilities:

Credit

contracts

...........................................

—

(19,643,288)

—

(19,643,288)

Equity

contracts

...........................................

(3,291,463)

(1,001,493)

—

(4,292,956)

Foreign

currency

exchange

contracts

............................

—

(8,664,891)

—

(8,664,891)

Interest

rate

contracts

.......................................

(30,053)

(30,609)

—

(60,662)

$

(2,918,103)

$

(19,237,493)

$

—

$

(22,155,596)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

The

Fund

may

hold

assets

and/or

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

$68,851,860

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

July

31,

2020

.......................................................

$

285,313

$

81,446,905

$

19,245,957

$

22,042

$

101,000,217

Transfers

into

level

3

.................................................................

—

—

7,146,026

—

7,146,026

Transfers

out

of

level

3

................................................................

—

—

—

—

—

Accrued

discounts/premiums

.............................................................

—

—

191,936

—

191,936

Net

realized

gain

....................................................................

—

—

741,172

—

741,172

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

...........................................

34,665

8,653,470

1,122,062

(7,442)

9,802,755

Purchases

.........................................................................

6,653

—

12,475,769

53,160

12,535,582

Sales

............................................................................

(250)

(5,638,511)

(25,976,096)

—

(31,614,857)

Closing

balance,

as

of

January

31,

2021

.....................................................

$

326,381

$

84,461,864

$

14,946,826

$

67,760

$

99,802,831

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2021

(b)

..............

$

34,665

$

8,653,470

$

328,066

$

(7,442)

$

9,008,759

(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,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

investments

as

of

period

end.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$15,267,500.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

investments

as

of

period

end.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$15,267,500.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

45

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2021

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

investments

as

of

period

end.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$15,273,777.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approaches

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Common

Stocks

...........................

$

21,463

Market

Time

to

Exit

2.4

years

—

Volatility

49%

—

Corporate

Bonds

...........................

84,461,864

Income

Discount

Rate

6%

-

12%

9%

Floating

Rate

Interest

........................

9

Market

Estimated

Recovery

Value

—

—

Warrants

................................

45,718

Market

Time

to

Exit

1.5

years

—

Volatility

53%

—

$

84,529,054

Glossary

of

Terms

Used

in

this

Report

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

46

See

notes

to

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

ASSETS

Investments

at

value

—

unaffiliated

(cost

—

$1,641,513,123)

............................................................................

$

1,639,159,081‌

Investments

at

value

—

affiliated

(cost

—

$106,388,351)

...............................................................................

106,388,351‌

Cash

pledged:

–‌

Collateral

—

borrowed

bond

agreements

........................................................................................

1,736,382‌

Collateral

—

OTC

derivatives

................................................................................................

44,605,000‌

Futures

contracts

........................................................................................................

2,804,880‌

Centrally

cleared

swaps

....................................................................................................

11,329,710‌

Foreign

currency

at

value

(cost

—

$7,472,407)

......................................................................................

7,492,756‌

Receivables:

–‌

Investments

sold

........................................................................................................

72,746,968‌

Swaps  

..............................................................................................................

676,182‌

Capital

shares

sold

.......................................................................................................

7,887,289‌

Dividends

—

affiliated

.....................................................................................................

1,356‌

Dividends

—

unaffiliated

...................................................................................................

343‌

Interest

—

unaffiliated

.....................................................................................................

16,921,695‌

Variation

margin

on

futures

contracts

...........................................................................................

475,762‌

Swap

premiums

paid

.......................................................................................................

30,160,177‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

146,425‌

OTC

swaps

............................................................................................................

8,395,006‌

Prepaid

expenses

.........................................................................................................

22,342‌

Total

assets

.............................................................................................................

1,950,949,705‌

LIABILITIES

Bank

overdraft

............................................................................................................

16,125,116‌

Cash

received

as

collateral

for

OTC

derivatives

.....................................................................................

11,280,000‌

Borrowed

bonds

at

value

(proceeds

$110,006,694)

...................................................................................

116,583,781‌

Options

written

at

value

(premium

received

$3,292,507)

...............................................................................

3,764,083‌

Reverse

repurchase

agreements

at

value

.........................................................................................

68,851,860‌

Payables:

–‌

Investments

purchased

....................................................................................................

126,691,291‌

Swaps  

..............................................................................................................

336,806‌

Administration

fees

.......................................................................................................

72,568‌

Capital

shares

redeemed

...................................................................................................

9,362,822‌

Interest

expense

........................................................................................................

1,136,214‌

Investment

advisory

fees

..................................................................................................

1,228,668‌

Trustees'

and

Officer's

fees

.................................................................................................

18,143‌

Other

affiliate

fees

.......................................................................................................

6,302‌

Service

and

distribution

fees

.................................................................................................

72,437‌

Variation

margin

on

centrally

cleared

swaps

......................................................................................

49,354‌

Other

accrued

expenses

...................................................................................................

1,256,813‌

Swap

premiums

received

....................................................................................................

19,779,380‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

8,664,891‌

OTC

swaps

............................................................................................................

17,028,996‌

Total

liabilities

............................................................................................................

402,309,525‌

NET

ASSETS

............................................................................................................

$

1,548,640,180‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

2,003,151,448‌

Accumulated

loss

.........................................................................................................

(454,511,268‌)

NET

ASSETS

............................................................................................................

$

1,548,640,180‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2021

47

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

1,119,067,943‌

Shares

outstanding

.................................................................................................

111,766,004‌

Net

asset

value

....................................................................................................

$

10.01‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

A

Net

assets

........................................................................................................

$

81,004,634‌

Shares

outstanding

.................................................................................................

8,089,348‌

Net

asset

value

....................................................................................................

$

10.01‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

C

Net

assets

........................................................................................................

$

23,246,146‌

Shares

outstanding

.................................................................................................

2,346,525‌

Net

asset

value

....................................................................................................

$

9.91‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Class

K

Net

assets

........................................................................................................

$

325,321,457‌

Shares

outstanding

.................................................................................................

32,475,621‌

Net

asset

value

....................................................................................................

$

10.02‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

48

See

notes

to

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

21,374‌

Dividends

—

unaffiliated

...................................................................................................

215,391‌

Interest

—

unaffiliated

....................................................................................................

46,150,289‌

Foreign

taxes

withheld

....................................................................................................

(1,372‌)

Total

investment

income

.....................................................................................................

46,385,682‌

EXPENSES

Investment

advisory

......................................................................................................

7,653,660‌

Transfer

agent

—

class

specific

..............................................................................................

469,580‌

Administration

.........................................................................................................

328,647‌

Service

and

distribution

—

class

specific

........................................................................................

237,926‌

Accounting

services

......................................................................................................

128,303‌

Administration

—

class

specific

..............................................................................................

123,905‌

Professional

...........................................................................................................

111,911‌

Custodian

.............................................................................................................

65,923‌

Registration

...........................................................................................................

58,340‌

Printing

and

postage

.....................................................................................................

22,891‌

Trustees

and

Officer

......................................................................................................

9,870‌

Miscellaneous

..........................................................................................................

76,668‌

Total

expenses

excluding

interest

expense

.........................................................................................

9,287,624‌

Interest

expense

..........................................................................................................

3,686,547‌

Total

expenses

...........................................................................................................

12,974,171‌

Less:

–‌

Administration

fees

waived

—

class

specific

......................................................................................

(238‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(22,103‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

12,951,830‌

Net

investment

income

......................................................................................................

33,433,852‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

66,044,263‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

20,649‌

Investments

—

unaffiliated

...............................................................................................

28,842,431‌

Borrowed

bonds

......................................................................................................

(6,104,632‌)

Forward

foreign

currency

exchange

contracts

...................................................................................

(39,338,371‌)

Foreign

currency

transactions

.............................................................................................

9,842,904‌

Futures

contracts

......................................................................................................

(5,901,305‌)

Options

written

.......................................................................................................

20,371,553‌

Short

sales

—

unaffiliated

................................................................................................

(4,840,264‌)

Swaps

.............................................................................................................

(17,547,687‌)

A

(14,654,722‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(39,678‌)

Investments

—

unaffiliated

...............................................................................................

60,072,698‌

Borrowed

bonds

......................................................................................................

2,535,272‌

Forward

foreign

currency

exchange

contracts

...................................................................................

18,115,871‌

Foreign

currency

translations

..............................................................................................

(1,293,276‌)

Futures

contracts

......................................................................................................

1,524,326‌

Options

written

.......................................................................................................

(886,867‌)

Short

sales

—

unaffiliated

................................................................................................

2,285‌

Swaps

.............................................................................................................

668,354‌

A

80,698,985‌

Net

realized

and

unrealized

gain

...............................................................................................

66,044,263‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

99,478,115‌

Statements

of

Changes

in

Net

Assets

49

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

07/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

33,433,852‌

$

79,182,791‌

Net

realized

loss

..................................................................................

(14,654,722‌)

(5,345,045‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

80,698,985‌

(60,066,146‌)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

99,478,115‌

13,771,600‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(43,617,993‌)

(56,516,836‌)

Investor

A

.....................................................................................

(2,536,547‌)

(3,569,137‌)

Investor

C

.....................................................................................

(563,231‌)

(1,423,344‌)

Class

K

.......................................................................................

(13,282,311‌)

(20,490,733‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(60,000,082‌)

(82,000,050‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(244,303,220‌)

(1,215,736,095‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(204,825,187‌)

(1,283,964,545‌)

Beginning

of

period

..................................................................................

1,753,465,367‌

3,037,429,912‌

End

of

period

......................................................................................

$

1,548,640,180‌

$

1,753,465,367‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

50

(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:

(g)

Annualized.

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

$

9.91‌

$

10.51‌

Net

investment

income

(a)

.......................

0.20‌

0.37‌

0.37‌

0.33‌

0.30‌

0.27‌

Net

realized

and

unrealized

gain

(loss)

.............

0.42‌

(0.27‌)

(0.10‌)

(0.21‌)

0.15‌

(0.37‌)

Net

increase

(decrease)

from

investment

operations

......

0.62‌

0.10‌

0.27‌

0.12‌

0.45‌

(0.10‌)

Distributions

from

net

investment

income

(b)

..........

(0.39‌)

(0.37‌)

(0.58‌)

(0.12‌)

—‌

(0.50‌)

Net

asset

value,

end

of

period

....................

$

10.01‌

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

$

9.91‌

Total

Return

(c)

6.40%

0.96%

2.83%

1.16%

—

—

Based

on

net

asset

value

........................

6.40%

(d)

0.96%

(e)

2.83%

(e)

1.16%

(e)

4.54%

(0.92)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.56%

(g)

1.85%

2.03%

2.00%

1.86%

2.08%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.55%

(g)

1.85%

2.01%

1.98%

1.86%

2.07%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.11%

(g)

1.12%

1.07%

1.05%

1.08%

1.09%

Net

investment

income

.........................

4.06%

(g)

3.74%

3.67%

3.21%

2.91%

2.69%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,119,068‌

$

1,223,282‌

$

1,747,346‌

$

2,305,172‌

$

3,640,459‌

$

3,378,151‌

Portfolio

turnover

rate

..........................

77%

232%

226%

185%

229%

253%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

51

Financial

Highlights

(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:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees

for

the

year

ended

July

31,

2019,

the

expense

ratio

would

have

been

2.28%.

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

$

9.88‌

$

10.48‌

Net

investment

income

(a)

.......................

0.19‌

0.34‌

0.34‌

0.31‌

0.26‌

0.24‌

Net

realized

and

unrealized

gain

(loss)

.............

0.42‌

(0.27‌)

(0.10‌)

(0.23‌)

0.17‌

(0.36‌)

Net

increase

(decrease)

from

investment

operations

......

0.61‌

0.07‌

0.24‌

0.08‌

0.43‌

(0.12‌)

Distributions

from

net

investment

income

(b)

..........

(0.36‌)

(0.34‌)

(0.54‌)

(0.06‌)

—‌

(0.48‌)

Net

asset

value,

end

of

period

....................

$

10.01‌

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

$

9.88‌

Total

Return

(c)

6.25%

0.69%

2.60%

0.81%

—

—

Based

on

net

asset

value

........................

6.25%

(d)

0.69%

(e)

2.60%

(e)

0.81%

(e)

4.35%

(1.15)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.83%

(g)

2.10%

2.29%

(h)

2.25%

2.13%

2.29%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.82%

(g)

2.10%

2.27%

2.24%

2.12%

2.29%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.38%

(g)

1.37%

1.33%

1.31%

1.35%

1.34%

Net

investment

income

.........................

3.79%

(g)

3.49%

3.43%

2.99%

2.63%

2.41%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

81,005‌

$

101,727‌

$

117,093‌

$

168,471‌

$

228,373‌

$

422,079‌

Portfolio

turnover

rate

..........................

77%

232%

226%

185%

229%

253%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

52

(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:

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

$

9.76‌

$

10.38‌

Net

investment

income

(a)

.......................

0.15‌

0.27‌

0.26‌

0.23‌

0.19‌

0.17‌

Net

realized

and

unrealized

gain

(loss)

.............

0.41‌

(0.26‌)

(0.10‌)

(0.21‌)

0.15‌

(0.36‌)

Net

increase

(decrease)

from

investment

operations

......

0.56‌

0.01‌

0.16‌

0.02‌

0.34‌

(0.19‌)

Distributions

from

net

investment

income

(b)

..........

(0.23‌)

(0.25‌)

(0.46‌)

—‌

—‌

(0.43‌)

Net

asset

value,

end

of

period

....................

$

9.91‌

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

$

9.76‌

Total

Return

(c)

5.83%

0.03%

1.72%

0.20%

—

—

Based

on

net

asset

value

........................

5.83%

(d)

0.03%

(e)

1.72%

(e)

0.20%

(e)

3.48%

(1.85)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

2.58%

(g)

2.86%

3.05%

(h)

3.02%

2.87%

3.06%

Total

expenses

after

fees

waived

and/or

reimbursed

......

2.58%

(g)

2.86%

3.03%

3.01%

2.87%

3.06%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

2.14%

(g)

2.13%

2.09%

2.08%

2.10%

2.09%

Net

investment

income

.........................

3.03%

(g)

2.75%

2.65%

2.25%

1.88%

1.69%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

23,246‌

$

29,291‌

$

68,930‌

$

100,645‌

$

132,965‌

$

215,364‌

Portfolio

turnover

rate

..........................

77%

232%

226%

185%

229%

253%

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

53

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

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:

(h)

Annualized.

(i)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

Period

from

03/28/16

(a)

to

07/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

$

9.92‌

$

9.70‌

Net

investment

income

(b)

.......................

0.21‌

0.38‌

0.38‌

0.35‌

0.30‌

0.11‌

Net

realized

and

unrealized

gain

(loss)

.............

0.42‌

(0.27‌)

(0.11‌)

(0.21‌)

0.15‌

0.11‌

Net

increase

from

investment

operations

..............

0.63‌

0.11‌

0.27‌

0.14‌

0.45‌

0.22‌

Distributions

from

net

investment

income

(c)

..........

(0.40‌)

(0.38‌)

(0.58‌)

(0.14‌)

—‌

—‌

Net

asset

value,

end

of

period

....................

$

10.02‌

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

$

9.92‌

Total

Return

(d)

6.47%

1.04%

2.91%

1.34%

—

—

Based

on

net

asset

value

........................

6.47%

(e)

1.04%

(f)

2.91%

(f)

1.34%

(f)

4.54%

2.27%

(e)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...............................

1.49%

(h)

1.77%

1.96%

1.94%

1.79%

2.14%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.48%

(h)

1.76%

1.94%

1.93%

1.79%

2.14%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.04%

(h)

1.04%

1.00%

0.99%

1.02%

1.01%

(h)

Net

investment

income

.........................

4.13%

(h)

3.85%

3.75%

3.33%

2.97%

3.35%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

325,321‌

$

399,165‌

$

1,104,061‌

$

1,323,371‌

$

30,093‌

$

27,712‌

Portfolio

turnover

rate

..........................

77%

232%

226%

185%

229%

253%

(

i

)

Six

Months

Ended

01/31/21

(unaudited)

Year

Ended

July

31,

Period

from

03/28/16

(a)

to

07/31/16

2020

2019

2018

2017

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

54

ORGANIZATION 

BlackRock

Funds

IV (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-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

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

Shares

are

generally

sold

with

an

initial

sales

charge,

and

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.

Investor

C

Shares

may

be

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

non-

index

fixed-income

mutual

funds

and

all

BlackRock-advised

closed-end

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

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

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

55

Notes

to

Financial

Statements

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

borrowings

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

and

paid

at

least

annually. 

Distributions

of

capital

gains

are

recorded

on

the

ex-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

Board

of

Trustees

of

the

Trust

(the

“Board”), the trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

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

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

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. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

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

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

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-traded

and

over-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.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

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),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published

net

asset

value

(“NAV”). 

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

56

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

independent pricing

services

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. 

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

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 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

an

arm’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

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

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

applicable

to 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

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

57

Notes

to

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

58

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

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.

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate

the

Fund

to

make

future

cash

payments. 

As

of

January

31,

2021

,

the Fund

had

outstanding

commitments

of

$3,757,970.

These

commitments

are

not

included

in

the

net

assets

of

the Fund

as

of

January

31,

2021

.

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

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,

2021,

the

average

amount

of

reverse

repurchase

agreements

outstanding and

the

daily

weighted

average

interest

rate

for

the

Fund

were

$41,805,028

and

0.62%,

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

Notes

to

Financial

Statements

(unaudited)

(continued)

59

Notes

to

Financial

Statements

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:

Short

Sale

Transactions:

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

in

the

Statement

of

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.

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

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Counterparty

Borrowed

Bond

Agreements

(a)

Reverse

Repurchase

Agreements

Borrowed

Bonds

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

Net

Exposure

Due

(to)/from

Counterparty

(d)

Barclays

Bank

plc

.

$

28,989,716‌

$

(4,501,087‌)

$

(29,213,253‌)

$

(4,724,624‌)

$

—‌

$

—‌

$

4,724,624‌

$

—‌

$

4,724,624‌

$

—‌

BNP

Paribas

SA

..

18,200,172‌

(11,959,139‌)

(18,460,737‌)

(12,219,704‌)

—‌

—‌

12,219,704‌

—‌

12,219,704‌

—‌

Citigroup

Global

Markets

Ltd.

.....

14,440,472‌

—‌

(14,432,252‌)

8,220‌

—‌

—‌

—‌

—‌

—‌

8,220‌

Citigroup

Global

Markets,

Inc.

.....

7,124,491‌

—‌

(7,754,679‌)

(630,188‌)

—‌

—‌

—‌

527,626‌

527,626‌

(102,562‌)

Credit

Suisse

Securities

USA

LLC

1,964,876‌

—‌

(2,055,705‌)

(90,829‌)

—‌

—‌

—‌

90,829‌

90,829‌

—‌

Goldman

Sachs

International

.....

5,614,159‌

—‌

(5,793,055‌)

(178,896‌)

—‌

—‌

—‌

178,896‌

178,896‌

—‌

J.P.

Morgan

Securities

plc

....

27,779,870‌

—‌

(27,901,219‌)

(121,349‌)

—‌

—‌

—‌

121,349‌

121,349‌

—‌

Merrill

Lynch

International

.....

4,663,711‌

—‌

(4,790,510‌)

(126,799‌)

—‌

—‌

—‌

—‌

—‌

(126,799‌)

RBC

Capital

Markets

LLC

...........

6,333,400‌

(52,391,634‌)

(6,248,461‌)

(52,306,695‌)

—‌

—‌

52,306,695‌

—‌

52,306,695‌

—‌

RBC

Europe

Ltd.

..

1,075,123‌

—‌

(1,070,124‌)

4,999‌

—‌

—‌

—‌

—‌

—‌

4,999‌

$

116,185,990‌

$

(68,851,860‌)

$

(117,719,995‌)

$

(70,385,865‌)

$

—‌

$

—‌

$

69,251,023‌

$

918,700‌

$

70,169,723‌

$

(216,142‌)

(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

$1,136,214

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

Net

collateral,

including

accrued

interest,

with

a

value

of

$83,974,048

has

been

pledged

in

connection

with

open

reverse

repurchase

agreements.

(d)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

60

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

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

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

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,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

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

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

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. 

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

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

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

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

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

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Notes

to

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Financial

Statements

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

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk). 

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

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.

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, a

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 a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

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

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

62

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

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:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BRS”)

(collectively,

the

“Sub-

Advisers'),

each

an

affiliate

of

the

Manager. The

Manager

pays

BIL

and

BRS, for

services

they

provides

for

that

portion

of

the

Fund

for

which

BIL

and

BRS,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

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

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

January

31,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

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.

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.

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

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

105,513‌

Investor

C

........................................................................................................

132,413‌

$

237,926‌

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

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

For

the

six

months

ended

January

31,

2021,

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:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2021,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2021,

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:

For

the

six

months ended

January

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

six

months

ended 

January

31,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares of

$190

.

For

the six

months

ended

January

31,

2021,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

November

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

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,

2021,

the

amount

waived

was

$21,062.

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,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

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,

2021,

the

Manager

waived

$1,041

in

investment

advisory

fees

pursuant

to

this

arrangement.

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

.......................................................................................................

$

88,217‌

Investor

A

........................................................................................................

6,338‌

Investor

C

........................................................................................................

1,988‌

Class

K

.........................................................................................................

27,362‌

$

123,905‌

Institutional

....................................................................................................

$

922‌

Investor

A

.....................................................................................................

174‌

Investor

C

.....................................................................................................

108‌

Class

K

......................................................................................................

120‌

$

1,324‌

Institutional

.......................................................................................................

$

412,474‌

Investor

A

........................................................................................................

38,916‌

Investor

C

........................................................................................................

14,405‌

Class

K

.........................................................................................................

3,785‌

$

469,580‌

Investor

A

$

3,274‌

Investor

C

44‌

Institutional

..........................................................................................................

1.20‌%

Investor

A

...........................................................................................................

1.40‌

Investor

C

...........................................................................................................

2.15‌

Class

K

............................................................................................................

1.15‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

64

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

November

30,

2021,

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,

2021,

there

were

no

investment

advisory

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

These

amounts

waived

and/or

reimbursed

are

included

in

administration

fees

waived

—

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

January

31,

2021,

class

specific

expense

waivers

and/or

reimbursements

are

as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

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

period

ended

January

31,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors 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:

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,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

PURCHASES

AND

SALES 

For

the

six

months ended

January

31,

2021,

purchases

and

sales

of

investments,

including

paydowns,

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2021,

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,

2020,

the

Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$403,744,692.

As

of

January

31,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

Administration

Fees

Waived

Investor

C

........................................................................................................

$

238‌

Purchases

...............................................................................................................

$

743,348‌

Sales

...................................................................................................................

8,734,085‌

Net

Realized

Gain

..........................................................................................................

431,216‌

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

BlackRock

Global

Long/Short

Credit

Fund

...................................

$

4,858,723‌

$

—‌

$

1,220,548,019‌

$

1,491,241,721‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,762,229,493‌

$

89,431,807‌

$

(131,554,044‌)

$

(42,122,237‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

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

a

364-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

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

 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.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

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,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

66

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:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

The

Fund

invests

a

substantial

amount

of

its

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

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

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

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

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

Six

Months

Ended

01/31/21

Year

Ended

07/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

.............................................

15,483,699‌

$

154,289,813‌

37,242,261‌

$

364,920,209‌

Shares

issued

in

reinvestment

of

distributions

........................

3,233,135‌

32,072,694‌

4,364,363‌

43,294,485‌

Shares

redeemed

.........................................

(31,999,201‌)

(318,172,220‌)

(90,408,343‌)

(883,285,188‌)

Net

decrease

..............................................

(13,282,367‌)

$

(131,809,713‌)

(48,801,719‌)

$

(475,070,494‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

1,925,661‌

$

19,196,378‌

3,845,781‌

$

37,756,275‌

Shares

issued

in

reinvestment

of

distributions

........................

228,585‌

2,269,850‌

337,860‌

3,351,574‌

Shares

redeemed

.........................................

(4,484,142‌)

(44,409,653‌)

(5,438,906‌)

(53,440,400‌)

Net

decrease

..............................................

(2,329,896‌)

$

(22,943,425‌)

(1,255,265‌)

$

(12,332,551‌)

Investor

C

Shares

sold

.............................................

16,287‌

$

159,385‌

148,852‌

$

1,461,364‌

Shares

issued

in

reinvestment

of

distributions

........................

56,765‌

557,997‌

132,496‌

1,294,486‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(785,409‌)

(7,656,839‌)

(4,240,321‌)

(40,869,430‌)

Net

decrease

..............................................

(712,357‌)

$

(6,939,457‌)

(3,958,973‌)

$

(38,113,580‌)

Class

K

Shares

sold

.............................................

2,728,408‌

$

27,061,915‌

7,407,680‌

$

72,103,260‌

Shares

issued

in

reinvestment

of

distributions

........................

119,787‌

1,189,489‌

73,812‌

732,947‌

Shares

redeemed

.........................................

(11,142,914‌)

(110,862,029‌)

(76,472,535‌)

(763,055,677‌)

Net

decrease

..............................................

(8,294,719‌)

$

(82,610,625‌)

(68,991,043‌)

$

(690,219,470‌)

Total

Net

Decrease

(24,619,339‌)

$

(244,303,220‌)

(123,007,000‌)

$

(1,215,736,095‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

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.

Statement

Regarding

Liquidity

Risk

Management

Program

2021

BlackRock

Semi-Annual

Report

to

Shareholders

68

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

IV

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund

met

on

November

18-19,

2020

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

Funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Additional

Information

69

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

the

third

quarter

of

2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

so

that

a

failure

to

comply

with

the

limits

would

result

in

a

statutory

violation

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

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

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

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)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

70

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

their

non-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

personal

non-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

to

non-affiliated

third

parties

any

non-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.

These

non-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

to

non-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

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

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

Glossary

of

Terms

Used

in

this

Report

71

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

LIMEAN

London

Interbank

Mean

Rate

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

CSGLSCMT-1/21-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 Registrant – 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 Form N-CSR filing.

Item 7 –           Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –           Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –           Purchases of Equity Securities by Closed-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 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-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 Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-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) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

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, 2021

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, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: April 5, 2021