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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 01/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

JANUARY

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

January

31,

2023,

as

investors

navigated

changing

economic

conditions

and

volatile

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

modest

growth

in

the

second

half

of

the

year,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high

before

beginning

to

moderate.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

during

the

first

half

of

the

reporting

period.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

although

equities

began

to

recover

in

the

second

half

of

the

period

as

inflation

eased

and

economic

growth

resumed.

Emerging

market

stocks

and

international

equities

from

developed

markets

declined

overall,

pressured

by

rising

interest

rates

and

a

strong

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

fluctuating

inflation

data

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

higher

interest

rates

led

to

rising

borrowing

costs

for

corporate

issuers.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

While

the

Fed

suggested

that

additional

rate

hikes

were

likely,

it

also

gave

indications

that

the

pace

of

increases

would

slow

if

inflation

continued

to

subside.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

slowed

in

the

last

year,

we

believe

that

taming

inflation

requires

a

more

substantial

decline

that

lowers

demand

to

a

level

more

in

line

with

the

economy’s

productive

capacity.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes,

it

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

While

we

favor

an

overweight

to

equities

in

the

long-term,

several

factors

lead

us

to

take

an

underweight

stance

on

equities

overall

in

the

near

term.

We

believe

that

higher

input

costs

and

a

deteriorating

economic

backdrop

are

likely

to

challenge

corporate

earnings,

while

the

market’s

concerns

over

excessive

rate

hikes

could

remain

until

the

Fed

indicates

that

its

tightening

cycle

has

ended.

Nevertheless,

we

see

opportunities

in

credit,

where

valuations

are

attractive

and

higher

yields

provide

income

opportunities.

We

believe

that

global

investment-

grade

corporates,

global

inflation-linked

bonds,

and

U.S.

mortgage-backed

securities

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

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,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(0.44)%

(8.22)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

3.25

(3.38)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

9.52

(2.83)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.92

(12.12)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

1.58

1.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(5.60)

(11.62)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(2.37)

(8.36)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.73

(3.25)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.46

(5.22)

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

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

42

Statement

of

Operations

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

45

Statements

of

Changes

in

Net

Assets

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

46

Financial

Highlights

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

47

Notes

to

Financial

Statements

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

51

Statement

Regarding

Liquidity

Risk

Management

Program

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

64

Additional

Information

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

65

Glossary

of

Terms

Used

in

this

Report

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

67

Fund

Summary

as

of

January

31,

2023

2023

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,

2023,

the

Fund

underperformed

its

benchmark,

the

ICE

BofA

3-month

U.S.

Treasury

Bill

Index.

The

Fund

is

not

managed

specifically

to

a

benchmark

due

to

the

nature

of

its

strategy,

so

the

index

return

listed

above

is

for

reference

purposes

only.

What

factors

influenced

performance?

The

Fund’s

U.S.

and

European

Traditional

strategies

and

European

Absolute

Return

strategies

were

the

leading

positive

drivers

of

performance.

U.S.

Absolute

Return

strategies

and

European

and

U.S.

risk-management

strategies

were

the

largest

detractors.

The

Fund

used

derivatives,

including

currency

forward

contracts,

futures

and

swaps,

in

order

to

manage

its

positioning

in

an

efficient

manner.

The

use

of

derivatives

detracted

from

performance.

The

Fund

held

an

elevated

cash

weighting

at

the

end

of

the

period

to

meet

liquidity

needs

and

maintain

a

defensive

positioning.

The

cash

position

did

not

have

a

material

impact

on

performance.

Describe

recent

portfolio

activity.

The

Fund’s

investment

adviser

kept

the

Fund’s

duration

near

zero

for

the

majority

of

the

reporting

period.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

The

Fund

closed

the

period

with

its

duration

at

0.7

years

to

help

mitigate

the

impact

of

rising

rates.

The

investment

adviser

shifted

to

a

more

defensive

stance

from

a

credit

risk

perspective

by

reducing

both

the

long

and

short

positions

in

the

portfolio,

thereby

decreasing

the

Fund’s

gross

exposure.

At

a

time

in

which

traditional

correlations

broke

down,

long-short

strategies

became

less

effective.

The

Fund

also

held

an

elevated

cash

position

and

moved

up

in

credit

quality.

The

investment

adviser

used

periods

of

market

strength

to

reduce

the

Fund’s

allocations

to

high

yield

bonds

and

term

loans,

and

redeployed

the

proceeds

into

short-dated

investment-grade

corporate

bonds

that

offered

the

combination

of

attractive

yields

and

minimal

volatility.

The

investment

adviser

also

sought

to

reduce

risk

in

Europe

through

a

higher-quality

bias

believing

there

would

be

more

attractive

entry

points

in

European

corporate

bonds

in

the

coming

months

as

the

region

enters

a

period

of

sluggish

growth

and

tighter

financial

conditions.

Describe

portfolio

positioning

at

period

end.

The

Fund

held

an

allocation

to

high

yield

bonds,

investment-grade

corporate

bonds

and

term

loans

across

the

United

States

and

Europe.

The

Fund

was

positioned

in

a

relatively

defensive

fashion

with

a

high-quality

bias,

a

higher-than-normal

allocation

to

cash,

and

a

reduced

gross

exposure.

This

positioning

reflected

the

investment

adviser’s

belief

that

yield

spreads

in

many

areas

were

not

adequately

pricing

in

the

potential

for

slowing

economic

growth.

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.

Performance

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.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

5.59‌%

5.59‌%

0.42‌%

(5.40‌)%

N/A‌

1.07‌%

N/A‌

1.62‌%

N/A‌

Investor

A

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

5.15‌

5.09‌

0.42‌

(5.60‌)

(9.38‌)%

0.82‌

0.00‌

%

1.35‌

0.94‌%

Investor

C

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

4.63‌

4.56‌

(0.02‌)

(6.28‌)

(7.16‌)

0.05‌

0.05‌

0.76‌

0.76‌

Class

K

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

5.67‌

5.67‌

0.41‌

(5.41‌)

N/A‌

1.13‌

N/A‌

1.67‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(c)

.......

—‌

—‌

1.58‌

1.79‌

N/A‌

1.30‌

N/A‌

0.80‌

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)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

March

1,

2021,

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”

).

Historical

index

data

prior

to

March

1,

2021

is

for

the

3pm

pricing

variant

of

the

lndex

.

Index

data

on

and

after

March

1,

2021

is

for

the

4pm

pricing

variant

of

the

Index.

Fund

Summary

as

of

January

31,

2023

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(08/01/22)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(01/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,004.20‌

$

7.22‌

$

5.8

1‌

$

1,000.00‌

$

1,018.00‌

$

7.27‌

$

1,019.

41‌

$

5.

85‌

1.43‌%

1.1

5‌

%

Investor

A

.....

1,000.00‌

1,004.20‌

8.49‌

7.07‌

1,000.00‌

1,016.74‌

8.54‌

1,018.15‌

7.12‌

1.68‌

1.40‌

Investor

C

.....

1,000.00‌

999.80‌

12.25‌

10.84‌

1,000.00‌

1,012.96‌

12.33‌

1,014.37‌

10.92‌

2.43‌

2.15‌

Class

K

......

1,000.00‌

1,004.10‌

6.82‌

5.4

1‌

1,000.00‌

1,018.40‌

6.87‌

1,019.

81‌

5.

4

5‌

1.35‌

1.0

7‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

49.6‌

%

2.6‌

%

52.2‌

%

United

Kingdom

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

11.9‌

0.2‌

12.1‌

France

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

5.1‌

—‌

5.1‌

Germany

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

4.4‌

0.2‌

4.6‌

Ireland

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

3.8‌

—‌

3.8‌

Cayman

Islands

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

3.6‌

—‌

3.6‌

Luxembourg

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

3.3‌

—‌

3.3‌

Spain

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

2.1‌

—‌

2.1‌

Netherlands

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

1.8‌

—‌

1.8‌

Italy

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

1.5‌

0.2‌

1.7‌

Sweden

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

1.2‌

0.1‌

1.3‌

Other

(b)

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

8.1‌

0.3‌

8.4‌

Total

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

96.4‌%

3.6‌%

100.0‌%

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(d)

AAA/

Aaa

(e)

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

6.3‌

%

AA/Aa

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

1.0‌

A

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

4.5‌

BBB/Baa

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

22.8‌

BB/Ba

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

21.9‌

B

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

23.8‌

CCC/

Caa

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

3.4‌

CC/Ca

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

0.4‌

NR

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

15.9‌

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries.

(c)

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.

(d)

Excludes

short-term

securities,

options

purchased,

options

written

and

borrowed

bonds

and

investments

sold

short.

(e)

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.

The

Benefits

and

Risks

of

Leveraging

2023

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

I

nstitutional

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

table(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,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

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.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

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. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2023

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,

2023

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

3.5%

(a)(b)

ACAS

CLO

Ltd.,

Series

2015-1A,

Class

AR3,

(LIBOR

USD

3

Month

+

0.89%),

5.68%,

10/18/28

.......

USD

863

$

849,957

Allegro

CLO

V

Ltd.,

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.95%),

5.74%,

10/16/30

.......

491

485,129

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(LIBOR

USD

3

Month

+

0.95%),

5.76%,

10/20/30

.......

250

247,058

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.93%),

5.72%,

07/17/30

.......

500

496,090

Bain

Capital

Credit

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

0.96%),

5.78%,

04/23/31

1,000

989,304

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.87%),

5.66%,

07/15/29

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

533

525,794

BlueMountain

CLO

Ltd.,

Series

2013-

2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

6.00%,

10/22/30

1,923

1,906,500

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

5.76%,

04/17/31

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

1,246

1,221,708

Carlyle

US

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.02%),

5.83%,

04/20/31

.......

750

738,183

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

A1,

(LIBOR

USD

3

Month

+

0.98%),

5.79%,

04/20/31

1,000

991,042

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

(LIBOR

USD

3

Month

+

1.00%),

5.81%,

01/20/31

1,000

993,072

CIFC

Funding

Ltd.

Series

2014-2RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.05%),

5.87%,

04/24/30

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

933

926,612

Series

2015-3A,

Class

AR,

(LIBOR

USD

3

Month

+

0.87%),

5.67%,

04/19/29

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

218

216,134

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.01%),

5.83%,

04/23/29

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

1,690

1,679,550

Series

2017-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.95%),

5.76%,

04/20/30

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

491

486,939

Series

2017-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.95%),

5.77%,

10/24/30

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

484

480,461

Series

2018-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.04%),

5.85%,

04/20/31

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

1,000

992,149

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(LIBOR

USD

3

Month

+

0.82%),

5.43%,

11/15/28

.

841

834,314

Dryden

36

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(LIBOR

USD

3

Month

+

1.02%),

5.81%,

04/15/29

1,277

1,272,623

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

5.81%,

08/15/30

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

954

950,427

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Galaxy

XVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A1,

(LIBOR

USD

3

Month

+

1.10%),

5.89%,

07/15/31

USD

1,500

$

1,476,404

Galaxy

XXIII

CLO

Ltd.,

Series

2017-

23A,

Class

AR,

(LIBOR

USD

3

Month

+

0.87%),

5.69%,

04/24/29

662

655,930

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

A,

(LIBOR

USD

3

Month

+

1.02%),

5.66%,

05/16/31

.....

1,000

987,053

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

5.97%,

01/22/31

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

3,000

2,968,803

Madison

Park

Funding

XLI

Ltd.,

Series

12A,

Class

AR,

(LIBOR

USD

3

Month

+

0.83%),

5.65%,

04/22/27

1,473

1,457,407

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.94%),

5.76%,

10/21/30

498

494,048

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-23A,

Class

AR,

(LIBOR

USD

3

Month

+

0.97%),

5.78%,

07/27/31

500

496,585

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.97%),

5.79%,

04/25/29

981

973,915

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

6.00%,

07/29/30

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

1,992

1,978,651

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.92%),

5.71%,

10/15/29

500

495,407

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-17A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.03%),

5.85%,

04/22/29

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

734

729,554

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

0.92%),

5.71%,

10/18/30

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

250

247,846

OCP

CLO

Ltd.

Series

2017-13A,

Class

A1AR,

(LIBOR

USD

3

Month

+

0.96%),

5.75%,

07/15/30

..........

1,000

988,010

Series

2019-17A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

5.85%,

07/20/32

..........

500

494,400

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.95%),

5.74%,

07/15/29

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

240

238,102

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(LIBOR

USD

3

Month

+

0.95%),

5.74%,

07/15/29

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

958

951,454

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A1RR,

(LIBOR

USD

3

Month

+

0.97%),

5.77%,

07/19/30

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

968

961,303

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

5.81%,

07/17/30

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

1,000

990,365

OZLM

VII

Ltd.,

Series

2014-7RA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.01%),

5.80%,

07/17/29

.......

1,865

1,845,594

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Palmer

Square

Loan

Funding

Ltd.

Series

2020-1A,

Class

A1,

(LIBOR

USD

3

Month

+

0.80%),

5.48%,

02/20/28

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

USD

137

$

136,564

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

0.90%),

5.71%,

04/20/29

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

134

132,620

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

5.84%,

04/20/31

.......

1,979

1,955,832

Symphony

CLO

XV

Ltd.,

Series

2014-

15A,

Class

AR3,

(LIBOR

USD

3

Month

+

1.08%),

5.87%,

01/17/32

500

494,918

39,433,811

Ireland

—

3.3%

(b)(c)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(EURIBOR

3

Month

+

4.60%),

6.94%,

07/15/35

.......

EUR

1,695

1,721,019

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

8.79%,

04/15/34

1,300

1,238,110

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

8.16%,

04/25/34

700

653,297

Aqueduct

European

CLO

2

DAC,

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

6.69%,

10/15/30

919

866,428

Aqueduct

European

CLO

DAC,

Series

2022-7X,

Class

A,

(EURIBOR

3

Month

+

2.05%),

0.00%,

03/15/36

2,002

2,176,474

Aurium

CLO

DAC,

Series

4X,

Class

AR,

(EURIBOR

3

Month

+

0.73%),

3.07%,

01/16/31

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

899

958,705

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

8.21%,

06/22/34

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

700

654,749

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

6.98%,

01/12/31

1,970

1,815,546

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

8.63%,

01/12/31

2,200

1,797,439

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

643,973

Avoca

CLO

XV

DAC

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

6.42%,

04/15/31

1,765

1,578,583

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

8.13%,

04/15/31

3,425

2,704,099

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

8.36%,

07/22/34

.......

700

654,791

BlueMountain

CLO

DAC,

Series

2021-

1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

7.75%,

04/15/34

.......

700

633,140

Bridgepoint

CLO

DAC,

Series

4X,

Class

A,

(EURIBOR

3

Month

+

2.20%),

5.08%,

01/20/37

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

4,000

4,378,807

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

8.25%,

01/15/34

.......

700

660,112

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

7.90%,

01/15/34

600

550,585

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(EURIBOR

3

Month

+

0.79%),

3.08%,

04/15/34

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

EUR

4,400

$

4,643,277

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

7.69%,

06/22/34

369

336,964

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(EURIBOR

3

Month

+

3.15%),

5.20%,

12/15/34

400

390,573

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

10.36%,

07/15/32

......

852

789,410

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

7.85%,

04/17/34

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

438

399,502

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.98%,

05/15/34

280

257,537

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

8.45%,

07/22/34

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

700

655,789

Northwoods

Capital

23

Euro

DAC,

Series

2021-23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

8.26%,

03/15/34

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

597

560,834

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

8.69%,

01/15/32

.......

1,000

829,329

Sound

Point

Euro

CLO

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

8.29%,

07/25/35

700

648,433

Tikehau

CLO

DAC,

Series

7X,

Class

A,

(EURIBOR

3

Month

+

2.00%),

3.61%,

10/20/35

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

4,500

4,909,725

38,107,230

United

Kingdom

—

0.3%

Greene

King

Finance

plc,

Series

B1, (Sterling

Overnight

Index

Average

+

1.92%),

5.36%,

12/15/34

(b)

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

GBP

1,518

1,403,600

Unique

Pub

Finance

Co.

plc

(The)

(c)(d)

Series

M, 7.39%,

03/28/24

.....

266

324,549

Series

N, 6.46%,

03/30/32

.....

1,575

2,001,507

3,729,656

United

States

—

0.1%

(a)(b)

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(LIBOR

USD

3

Month

+

0.95%),

5.60%,

08/14/30

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

USD

247

244,920

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

5.59%,

05/15/30

.......

457

454,576

699,496

Total

Asset-Backed

Securities

—

7.2%

(Cost:

$88,119,294)

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

81,970,193

2023

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,

2023

Security

Shares

Shares

Value

Common

Stocks

Canada

—

0.0%

CTC

LLP

(e)(f)

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

1,318,669

$

401,405

Japan

—

0.0%

New

Topco

Stapled

(e)(f)(g)

.........

59,465

1

Netherlands

—

0.2%

Climate

Transition

Capital

Acquisition

I

BV

(e)

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

189,265

2,026,730

United

Kingdom

—

0.3%

(e)

Genius

Sports

Ltd.

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

82,175

451,141

Hedosophia

European

Growth

.....

255,490

2,749,784

NEW

Look

Retailers

(f)

...........

2,879,698

35

3,200,960

United

States

—

0.9%

Ascent

Resources

Marcellus

Holdings

LLC

(e)

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

86,655

170,624

Astra

Space,

Inc.,

Class

A

(e)

.......

45,693

29,052

Caesars

Entertainment,

Inc.

(e)

.....

2,154

112,137

California

Resources

Corp.

.......

7,273

310,775

Chesapeake

Energy

Corp.

.......

5,454

472,971

Crown

PropTech

Acquisitions

(e)

.....

29,076

296,285

Crown

PropTech

Acquisitions

(e)(f)

....

11,148

—

DiamondRock

Hospitality

Co.

......

36,679

353,219

Element

Solutions,

Inc.

..........

11,439

234,271

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

12/15/21,

cost

$1,041,005)

(e)(f)(h)

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

15,345

1,168,829

Forestar

Group,

Inc.

(e)

...........

4,202

62,526

Green

Plains,

Inc.

(e)

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

12,991

451,697

Halliburton

Co.

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

10,259

422,876

Informatica,

Inc.,

Class

A

(e)(i)

.......

66,258

1,179,392

KINS

Technology

Group,

Inc.

(e)(f)

....

33,889

33,211

Latch,

Inc.

(e)

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

31,344

28,821

Lions

Gate

Entertainment

Corp.,

Class

A

(e)

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

120,365

959,309

Marathon

Petroleum

Corp.

.......

1,619

208,074

Mr

Cooper

Group,

Inc.

(e)

.........

4,382

201,528

New

Look

Builders,

Inc.,

Class

A

(e)(f)

.

11,518,792

115

Offerpad

Solutions,

Inc.

(e)

........

44,958

41,249

Park

Hotels

&

Resorts,

Inc.

.......

17,305

254,557

Phillips

66

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

3,544

355,357

Planet

Labs

PBC,

Class

A

(e)

.......

33,200

164,340

Playstudios,

Inc.

(e)

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

50,453

233,093

Proof

Acquisition

Corp.

I

(e)(f)

.......

6,703

7,574

Rocket

Lab

USA,

Inc.,

Class

A

(e)

....

27,089

134,632

Sarcos

Technology

&

Robotics

(e)

....

210,002

126,001

Sarcos

Technology

&

Robotics

Corp.

(e)

5,273

3,058

Sarcos

Technology

&

Robotics

Corp.

(e)

19,370

11,622

Service

Properties

Trust

.........

27,352

243,706

Sonder

Holdings,

Inc.

(e)

..........

47,852

64,122

Sunstone

Hotel

Investors,

Inc.

.....

15,788

173,510

Symbotic

Corp.,

Class

A

(e)

........

132,176

1,788,341

TPB

Acquisition

Corp.

I,

Class

A

(e)

...

17,186

174,266

Xenia

Hotels

&

Resorts,

Inc.

......

20,223

301,323

10,772,463

Total

Common

Stocks

—

1.4%

(Cost:

$31,076,911)

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

16,401,559

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Argentina

—

0.0%

Genneia

SA,

8.75%

,

09/02/27

(a)

....

USD

176

$

170,060

Australia

—

0.1%

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%

,

04/15/32

(a)

...........

553

539,175

Austria

—

0.7%

(c)

ams-OSRAM

AG

(j)

0.00%,

03/05/25

(k)

...........

EUR

4,200

3,748,482

2.13%,

11/03/27

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

2,200

1,802,408

OMV

AG,

0.75%

,

12/04/23

.......

912

971,730

Raiffeisen

Bank

International

AG,

(EURIBOR

3

Month

+

1.95%),

4.75%

,

01/26/27

(b)

...........

800

866,144

7,388,764

Brazil

—

0.1%

Azul

Investments

LLP,

7.25%

,

06/15/26

(a)

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

USD

200

120,538

Gol

Finance

SA

(a)

7.00%,

01/31/25

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

139

71,611

8.00%,

06/30/26

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

200

136,850

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

193

168,553

Oi

SA

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(l)

...........

165

16,582

Suzano

Austria

GmbH

3.75%,

01/15/31

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

150

127,958

Series

DM3N,

3.13%,

01/15/32

..

120

95,400

737,492

Canada

—

0.7%

(a)

Bombardier,

Inc.

7.13%,

06/15/26

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

3,000

2,992,830

7.50%,

02/01/29

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

1,008

1,007,022

Brookfield

Residential

Properties,

Inc.,

5.00%

,

06/15/29

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

115

91,327

Garda

World

Security

Corp.,

7.75%

,

02/15/28

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

48

48,660

Mattamy

Group

Corp.

5.25%,

12/15/27

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

52

47,580

4.63%,

03/01/30

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

379

319,645

Open

Text

Corp.,

6.90%

,

12/01/27

..

3,000

3,071,250

7,578,314

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

0.00%

,

(c)(m)

....

191

246

Chile

—

0.0%

Kenbourne

Invest

SA

(a)

6.88%,

11/26/24

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

229

212,684

4.70%,

01/22/28

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

200

151,000

363,684

China

—

0.8%

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(c)(e)(j)(n)

...

EUR

8,600

8,385,857

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%

,

04/17/23

(c)(e)(n)

........

USD

200

34,500

Modern

Land

China

Co.

Ltd.,

9.80%

,

04/11/23

(c)(e)(n)

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

200

11,250

NXP

BV,

3.25%

,

11/30/51

........

91

61,611

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

(c)

152

52,762

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

China

(continued)

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

(c)(e)(n)

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

USD

200

$

4,000

8,549,980

Colombia

—

0.1%

Avianca

Midco

2

plc,

9.00%

,

12/01/28

(a)

116

87,366

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

177,413

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

400

329,480

SURA

Asset

Management

SA,

4.88%

,

04/17/24

(c)

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

231

228,300

822,559

Cyprus

—

0.1%

Bank

of

Cyprus

PCL

(EUR

Swap

Annual

1

Year

+

2.79%),

2.50%,

06/24/27

(b)(c)

..

EUR

1,110

1,011,602

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

200

197,375

France

—

4.2%

Air

France-KLM

(c)

(EURIBOR

ICE

Swap

Rate

3

Year

+

13.00%),

6.50%

(b)(j)(m)

.......

EUR

600

758,701

0.13%,

03/25/26

(j)

...........

3,835

688,701

7.25%,

05/31/26

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

1,300

1,419,655

Altice

France

SA

(c)

2.50%,

01/15/25

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

2,700

2,733,233

2.13%,

02/15/25

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

2,300

2,304,060

Atos

SE

(c)

0.00%,

11/06/24

(j)(k)

..........

2,500

2,359,387

1.75%,

05/07/25

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

100

95,398

BNP

Paribas

SA

(b)

(LIBOR

USD

6

Month

+

0.08%),

4.24%

(m)

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

USD

740

569,800

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.13%,

01/13/29

(a)

...

2,900

2,924,184

(EUR

Swap

Annual

5

Year

+

4.65%),

6.88%

(c)(m)

.........

EUR

2,800

3,040,215

Series

TMO,

(BFRTMO

-

0.25%),

0.84%

(m)

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

1,503

1,202,705

Casino

Guichard

Perrachon

SA

(b)(m)

(EURIBOR

ICE

Swap

Rate

10

Year  +

1.00%),

3.64%

......

7,464

1,266,347

(EURIBOR

ICE

Swap

Rate

5

Year

+

3.82%),

3.99%

(c)

..........

7,500

1,508,421

Credit

Agricole

SA

(c)

(EUR

Swap

Annual

5

Year

+

4.44%),

7.25%

(b)(m)

.........

800

898,942

4.88%,

10/23/29

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

GBP

1,400

1,734,306

Emeria

SASU,

7.75%

,

03/31/28

....

EUR

850

924,078

Goldstory

SASU,

5.38%

,

03/01/26

(c)

.

3,812

3,854,121

Iliad

SA,

5.38%

,

06/14/27

(c)

.......

2,200

2,391,730

Korian

SA

(c)

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(m)

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

GBP

1,300

1,224,467

(EURIBOR

6

Month

+

9.00%),

1.88%

(b)(j)(m)

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

EUR

3,032

922,351

0.88%,

03/06/27

(j)

...........

3,602

1,648,289

La

Financiere

Atalian

SASU

(c)

4.00%,

05/15/24

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

2,015

1,922,258

5.13%,

05/15/25

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

1,000

726,216

Security

Par

(000)

Par

(000)

Value

France

(continued)

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.63%

,

02/18/30

(b)(c)

EUR

4,700

$

4,694,960

Sabena

Technics

SAS

(Acquired

10/28/22,

cost

$335,306),

(3M

EURIBOR

+

5.00%),

6.58%

,

09/30/29

(b)(f)(h)

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

342

371,805

Societe

Generale

SA

(b)(m)

(USD

Swap

Semi

5

Year

+

4.30%),

7.38%

(a)

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

USD

2,430

2,416,902

(EUR

Swap

Annual

5

Year

+

5.23%),

7.88%

(c)

..........

EUR

800

900,160

Tereos

Finance

Groupe

I

SA

(c)

4.13%,

06/16/23

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

800

869,233

7.25%,

04/15/28

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

675

732,872

Verallia

SA,

1.88%

,

11/10/31

(c)

.....

1,200

1,042,751

48,146,248

Germany

—

4.1%

ADLER

Group

SA

(c)

730.00%,

11/23/23

(d)(e)(j)(n)

......

800

591,410

2.75%,

11/13/26

(e)(n)

..........

700

311,708

2.25%,

04/27/27

(e)(n)

..........

1,900

815,823

2.25%,

01/14/29

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

2,000

822,972

ADLER

Real

Estate

AG

(c)

1.88%,

04/27/23

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

300

307,881

2.13%,

02/06/24

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

747

730,394

3.00%,

04/27/26

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

700

562,017

AGPS

BondCo

plc,

3.25%

,

08/05/25

(c)(e)

(n)

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

3,500

1,593,392

Aroundtown

SA

(c)

(GBP

Swap

5

Year

+

4.38%),

4.75%

(b)(m)

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

GBP

2,097

1,202,805

2.00%,

11/02/26

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

EUR

1,000

894,181

0.38%,

04/15/27

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

3,000

2,405,213

1.45%,

07/09/28

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

3,200

2,452,228

AT

Securities

BV,

(USD

Swap

Semi

5

Year

+

3.55%),

5.25%

(b)(c)(m)

.....

USD

3,250

1,569,750

ATF

Netherlands

BV,

(EUR

Swap

Annual

5

Year

+

4.38%),

7.08%

(b)(c)(m)

EUR

1,200

691,428

Cheplapharm

Arzneimittel

GmbH,

3.50%

,

02/11/27

(c)

...........

1,527

1,493,240

Commerzbank

AG,

(EURIBOR

3

Month

+

2.40%),

5.13%

,

01/18/30

(b)(c)

...

1,400

1,548,517

Deutsche

Bank

AG

(b)(c)

(EURIBOR

ICE

Swap

Rate

5

Year

+

6.94%),

10.00%

(m)

.........

1,200

1,395,901

(EURIBOR

ICE

Swap

Rate

5

Year

+

3.30%),

4.00%,

06/24/32

....

8,300

8,329,522

Fresenius

SE

&

Co.

KGaA,

4.00%

,

02/01/24

(c)

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

881

960,700

Gruenenthal

GmbH,

4.13%

,

05/15/28

(c)

2,848

2,813,953

HT

Troplast

GmbH,

9.25%

,

07/15/25

(c)

1,536

1,611,417

Nidda

Healthcare

Holding

GmbH,

7.50%

,

08/21/26

(c)

...........

1,925

2,038,143

Rheinmetall

AG,

2.25%

,

02/07/30

...

1,600

1,739,440

Sudzucker

International

Finance

BV,

1.25%

,

11/29/23

(c)

...........

135

144,294

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

(c)

.......

636

658,095

Tele

Columbus

AG,

3.88%

,

05/02/25

(c)

5,303

4,609,358

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

440

407,251

Vantage

Towers

AG

(c)

0.00%,

03/31/25

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

EUR

1,300

1,353,061

0.38%,

03/31/27

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

400

406,432

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

0.75%,

03/31/30

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

EUR

1,000

$

1,001,754

ZF

Finance

GmbH,

5.75%

,

08/03/26

(c)

1,600

1,748,137

47,210,417

Ghana

—

0.3%

Tullow

Oil

plc,

10.25%

,

05/15/26

(a)

..

USD

4,524

3,879,330

India

—

0.2%

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

191

169,751

Natural

Foods,

0.00%

,

10/13/29

(b)

...

EUR

993

1,060,968

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(c)

..........

USD

200

176,913

8.95%,

03/11/25

(a)

...........

240

187,800

1,595,432

Indonesia

—

0.1%

Freeport

Indonesia

PT,

4.76%

,

04/14/27

(c)

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

239

231,856

JGC

Ventures

Pte.

Ltd.

(l)

0.00%,

(0.00%

Cash

or

3.00%

PIK),

06/30/25

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

19

3,903

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(c)(e)(n)

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

597

231,162

466,921

Ireland

—

0.0%

Bank

of

Ireland

Group

plc,

(EUR

Swap

Annual

1

Year

+

2.05%),

4.88%

,

07/16/28

(b)(c)

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

EUR

300

331,119

Israel

—

0.2%

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

(a)

(c)

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

USD

88

88,053

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

3.75%

,

05/09/27

EUR

2,200

2,154,500

2,242,553

Italy

—

1.4%

(c)

Atlantia

SpA,

1.63%

,

02/03/25

.....

1,600

1,631,153

Banco

BPM

SpA,

(EUR

Swap

Annual

5

Year

+

3.17%),

2.88%

,

06/29/31

(b)

2,455

2,288,627

Enel

SpA,

(EUR

Swap

Annual

5

Year

+

3.49%),

6.38%

(b)(m)

...........

1,000

1,109,015

FCA

Bank

SpA,

0.13%

,

11/16/23

...

927

981,001

Intesa

Sanpaolo

SpA,

5.15%

,

06/10/30

GBP

253

265,516

Lottomatica

SpA,

5.13%

,

07/15/25

..

EUR

3,199

3,360,104

Nexi

SpA,

0.00%

,

02/24/28

(j)(k)

.....

3,500

2,840,212

Rekeep

SpA,

7.25%

,

02/01/26

.....

1,119

1,034,043

Telecom

Italia

SpA

6.88%,

02/15/28

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

400

434,860

1.63%,

01/18/29

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

1,103

907,427

UniCredit

SpA,

(EURIBOR

3

Month

+

1.90%),

4.80%

,

01/17/29

(b)

.....

1,250

1,367,586

16,219,544

Japan

—

0.6%

Rakuten

Group,

Inc.,

10.25%

,

11/30/24

(a)

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

USD

200

202,494

SoftBank

Group

Corp.

(c)

(USD

Swap

Rate

5

Year

+

4.23%),

6.00%

(b)(m)

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

900

881,730

2.13%,

07/06/24

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

EUR

5,062

5,221,117

6,305,341

Security

Par

(000)

Par

(000)

Value

Kuwait

—

0.0%

Equate

Petrochemical

BV,

4.25%

,

11/03/26

(c)

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

USD

200

$

195,220

Luxembourg

—

2.1%

Altice

Financing

SA

(c)

2.25%,

01/15/25

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

EUR

3,400

3,450,624

3.00%,

01/15/28

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

5,929

5,166,883

Codere

New

Holdco

SA

7.50%,

11/30/27

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

1,711

481,412

Cullinan

Holdco

Scsp,

4.63%

,

10/15/26

(c)

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

1,986

1,929,069

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

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

5,132

4,240,233

7.75%,

11/01/25

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

GBP

700

653,719

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(c)

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

EUR

2,750

1,693,644

Monitchem

HoldCo

3

SA,

(EURIBOR

3

Month

+

5.25%),

7.30%

,

03/15/25

(b)(c)

179

188,518

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(c)

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

2,410

2,361,303

Vivion

Investments

SARL

(c)

3.00%,

08/08/24

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

3,700

3,378,862

3.50%,

11/01/25

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

800

700,125

24,244,392

Mexico

—

0.1%

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

(a)(b)(m)

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

USD

200

184,413

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

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

200

147,120

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

(c)

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

185

160,224

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%

,

02/11/25

(a)

.

200

103,823

595,580

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

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

238

221,757

Netherlands

—

1.0%

ABN

AMRO

Bank

NV,

4.00%

,

01/16/28

(c)

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

EUR

900

981,224

Summer

BidCo

BV

(c)(l)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

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

692

547,579

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)

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

1,216

976,776

Trivium

Packaging

Finance

BV,

5.50%

,

08/15/26

(a)(d)

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

USD

200

191,988

United

Group

BV

(c)

4.88%,

07/01/24

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

EUR

1,200

1,259,024

4.63%,

08/15/28

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

190

167,271

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

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

7,301

6,230,766

Ziggo

BV,

2.88%

,

01/15/30

(c)

......

1,710

1,519,754

11,874,382

Nigeria

—

0.0%

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(a)

.

USD

200

163,713

Oman

—

0.0%

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

(a)

200

196,850

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

Portugal

—

0.6%

(c)

Banco

Espirito

Santo

SA

(e)(n)

2.63%,

05/08/17

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

EUR

6,100

$

795,794

4.75%,

01/15/18

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

19,300

2,517,839

4.00%,

01/21/19

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

22,800

2,974,442

EDP

-

Energias

de

Portugal

SA,

(EUR

Swap

Annual

5

Year

+

3.18%),

5.94%

,

04/23/83

(b)

...........

300

325,542

6,613,617

Romania

—

0.5%

RCS

&

RDS

SA,

2.50%

,

02/05/25

(c)

..

5,900

5,972,408

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

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

USD

405

383,940

Singapore

—

0.0%

Puma

International

Financing

SA,

5.00%

,

01/24/26

(a)

...........

200

183,480

South

Africa

—

0.0%

Sasol

Financing

USA

LLC,

6.50%

,

09/27/28

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

200

192,000

Stillwater

Mining

Co.,

4.00%

,

11/16/26

(c)

200

185,000

377,000

South

Korea

—

0.8%

SK

Hynix,

Inc.

(a)

6.38%,

01/17/28

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

4,620

4,685,950

6.50%,

01/17/33

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

4,770

4,819,656

9,505,606

Spain

—

2.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EURIBOR

3

Month

+

1.70%),

4.63%

,

01/13/31

(b)(c)

..........

EUR

1,500

1,658,686

Banco

de

Sabadell

SA

(b)(c)

(EUR

Swap

Annual

1

Year

+

2.40%),

5.25%,

02/07/29

....

800

869,089

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

....

600

590,322

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

....

900

869,535

Banco

Santander

SA,

3.75%

,

01/16/26

(c)

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

1,600

1,737,353

Cellnex

Finance

Co.

SA,

2.00%

,

02/15/33

(c)

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

3,000

2,541,974

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(c)

(j)

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

600

541,493

Cirsa

Finance

International

SARL,

6.25%

,

12/20/23

(c)

...........

169

182,733

Codere

Finance

2

Luxembourg

SA

(l)

8.00%,

(8.00%

Cash

or

11.00%

PIK),

09/30/26

(c)(d)

.........

5,873

5,642,336

2.00%,

(2.00%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)

.........

USD

746

384,173

12.75%,

(12.75%

Cash

or

12.75%

PIK),

11/30/27

(b)(c)

.........

EUR

1,213

675,631

Ferrovial

Netherlands

BV,

(EUR

Swap

Annual

5

Year

+

2.13%),

2.12%

(b)(c)(m)

423

379,365

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

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

560

524,606

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(c)

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

1,057

1,052,783

Repsol

International

Finance

BV,

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

(b)(c)(m)

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

2,399

2,373,346

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Telefonica

Europe

BV,

(EUR

Swap

Annual

7

Year

+

3.35%),

6.14%

(b)(c)(m)

EUR

3,000

$

3,205,731

23,229,156

Sweden

—

0.8%

(c)

Heimstaden

Bostad

AB

(b)(m)

(EUR

Swap

Annual

5

Year

+

3.67%),

3.25%

...........

1,600

1,287,488

(EUR

Swap

Annual

5

Year

+

3.15%),

2.63%

...........

124

78,882

Intrum

AB,

3.13%

,

07/15/24

.......

1,550

1,639,862

Samhallsbyggnadsbolaget

i

Norden

AB

(EUR

Swap

Annual

5

Year

+

3.23%),

2.63%

(b)(m)

.........

291

121,983

1.13%,

09/04/26

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

300

252,674

(EUR

Swap

Annual

5

Year

+

3.22%),

2.88%

(b)(m)

.........

1,200

497,697

SBB

Treasury

OYJ

0.75%,

12/14/28

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

2,700

1,951,978

1.13%,

11/26/29

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

1,000

717,519

Securitas

AB,

1.13%

,

02/20/24

.....

1,165

1,234,003

Verisure

Holding

AB,

7.13%

,

02/01/28

979

1,065,693

8,847,779

Switzerland

—

0.3%

(b)

Credit

Suisse

Group

AG

(m)

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

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

USD

1,400

1,326,500

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(c)

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

1,637

1,551,058

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

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

500

438,800

UBS

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

5.71%

,

01/12/27

(a)

488

494,270

3,810,628

Tanzania,

United

Republic

Of

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

200

187,913

United

Arab

Emirates

—

0.1%

DP

World

Salaam,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.75%),

6.00%

(b)(c)(m)

....

200

200,125

MAF

Sukuk

Ltd.

(c)

4.64%,

05/14/29

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

200

198,788

3.93%,

02/28/30

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

200

190,162

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

33

32,914

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

355

353,735

975,724

United

Kingdom

—

10.5%

AA

Bond

Co.

Ltd.,

4.88%

,

07/31/24

(c)

.

GBP

1,220

1,471,830

BAT

Capital

Corp.

7.75%,

10/19/32

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

USD

6,010

6,700,528

3.98%,

09/25/50

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

92

64,734

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

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

GBP

4,184

4,242,656

4.50%,

02/16/26

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

321

334,382

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

A,

8.63%

,

12/15/32

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

USD

20,924

20,924,000

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

British

Telecommunications

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%

,

11/23/81

(a)(b)

..........

USD

4,484

$

3,697,551

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

11,760

11,245,500

Cornwall

Jersey

Ltd.,

0.75%

,

04/16/26

(c)

(j)

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

GBP

1,700

1,381,162

CPUK

Finance

Ltd.,

4.88%

,

08/28/25

(c)

4,800

5,602,232

eG

Global

Finance

plc,

3.63%

,

02/07/24

(c)

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

EUR

800

830,200

EnQuest

plc,

11.63%

,

11/01/27

(a)

...

USD

3,525

3,464,018

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(c)

GBP

3,707

4,019,469

Global

Switch

Finance

BV,

1.38%

,

10/07/30

(c)

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

EUR

1,000

907,118

Global

Switch

Holdings

Ltd.,

2.25%

,

05/31/27

(c)

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

600

613,474

HSBC

Bank

plc

(b)(m)

Series

2M,

(LIBOR

USD

6

Month

+

0.25%),

4.42%

...........

USD

3,050

2,302,750

Series

3M,

(LIBOR

USD

6

Month

+

0.10%),

5.25%

...........

1,180

890,900

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

5.40%

...........

5,590

4,220,450

INEOS

Quattro

Finance

2

plc,

2.50%

,

01/15/26

(c)

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

EUR

1,088

1,054,188

International

Consolidated

Airlines

Group

SA,

3.75%

,

03/25/29

(c)

....

3,800

3,459,855

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(c)(e)(j)

(n)

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

GBP

4,275

671,960

Ladbrokes

Group

Finance

plc,

5.13%

,

09/08/23

(c)

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

2,800

3,417,460

Lloyds

Banking

Group

plc

(b)

(EUR

Swap

Annual

1

Year

+

1.60%),

4.50%,

01/11/29

(c)

...

EUR

1,625

1,792,574

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/46

....

USD

3,544

2,550,997

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(l)

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

GBP

585

297,458

National

Grid

plc,

3.88%

,

01/16/29

(c)

.

EUR

1,550

1,689,386

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

USD

7,758

7,661,025

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(c)

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

GBP

2,057

2,358,099

Rolls-Royce

plc,

0.88%

,

05/09/24

(c)

..

EUR

1,600

1,652,266

Sherwood

Financing

plc,

6.00%

,

11/15/26

(c)

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

GBP

1,800

1,775,304

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

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

2,955

3,342,518

8.25%,

07/31/25

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

3,839

4,384,427

Tesco

Corporate

Treasury

Services

plc,

1.38%

,

10/24/23

(c)

...........

EUR

914

980,300

Very

Group

Funding

plc

(The),

6.50%

,

08/01/26

(c)

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

GBP

1,367

1,289,259

Virgin

Media

Secured

Finance

plc

(c)

5.25%,

05/15/29

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

2,610

2,807,734

4.25%,

01/15/30

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

108

107,650

Vmed

O2

UK

Financing

I

plc,

4.00%

,

01/31/29

(c)

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

4,054

4,123,328

Vodafone

Group

plc

(b)

(EUR

Swap

Annual

5

Year

+

3.00%),

2.63%,

08/27/80

(c)

...

EUR

1,281

1,259,197

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

....

USD

720

$

624,600

120,212,539

United

States

—

37.5%

Adient

Global

Holdings

Ltd.,

3.50%

,

08/15/24

(c)

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

EUR

1,600

1,691,884

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

USD

140

125,335

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

174

170,105

Allied

Universal

Holdco

LLC,

3.63%

,

06/01/28

(c)

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

EUR

1,400

1,263,268

Ally

Financial,

Inc.,

7.10%

,

11/15/27

.

USD

125

131,920

Altria

Group,

Inc.,

3.70%

,

02/04/51

..

189

126,101

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(f)

.....

4,079

4,073,907

American

Airlines

Pass-Through

Trust

(f)

Series

2011-1B,

Class

B,

4.87%,

04/22/25

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

2,474

2,442,891

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

4,881

4,722,005

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(f)

...........

4,322

4,279,229

American

Tower

Corp.,

3.10%

,

06/15/50

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

96

64,729

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

6,500

6,526,780

Aptiv

plc,

3.10%

,

12/01/51

........

96

62,235

Ardagh

Metal

Packaging

Finance

USA

LLC,

3.25%

,

09/01/28

(a)

.......

360

315,911

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(a)

...........

360

351,990

2.13%,

08/15/26

(c)

...........

EUR

2,259

2,118,488

4.75%,

07/15/27

(c)

...........

GBP

3,635

3,495,787

Ashton

Woods

USA

LLC

(a)

4.63%,

08/01/29

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

USD

86

71,810

4.63%,

04/01/30

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

230

190,995

AT&T,

Inc.

3.50%,

09/15/53

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

96

70,843

3.65%,

09/15/59

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

187

137,091

Bank

of

America

Corp.

(b)

(SOFR

1

Day

+

1.99%),

6.20%,

11/10/28

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

88

92,799

(SOFR

1

Day

+

1.56%),

2.97%,

07/21/52

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

191

134,673

Biogen,

Inc.,

3.15%

,

05/01/50

.....

182

130,791

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

64

65,000

Boeing

Co.

(The),

3.95%

,

08/01/59

..

92

68,383

Boyd

Gaming

Corp.,

4.75%

,

12/01/27

34

32,323

Broadcom,

Inc.,

3.75%

,

02/15/51

(a)

..

96

71,317

Buckeye

Partners

LP

4.35%,

10/15/24

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

275

266,146

4.13%,

03/01/25

(a)

...........

125

118,750

Caesars

Entertainment,

Inc.

(a)

8.13%,

07/01/27

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

374

379,610

7.00%,

02/15/30

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

1,685

1,714,488

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

129

125,549

Carnival

Corp.

(c)

10.13%,

02/01/26

...........

EUR

5,463

6,174,764

7.63%,

03/01/26

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

2,600

2,545,062

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

USD

3,897

2,994,179

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CCO

Holdings

LLC,

5.13%

,

05/01/27

(a)

USD

1,250

$

1,191,312

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

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

133

126,017

Charter

Communications

Operating

LLC

4.40%,

04/01/33

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

6,000

5,389,996

3.90%,

06/01/52

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

144

98,259

5.25%,

04/01/53

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

5,000

4,198,930

3.85%,

04/01/61

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

143

90,690

Cloud

Software

Group

Holdings,

Inc.,

6.50%

,

03/31/29

(a)

...........

7,367

6,465,199

Colgate

Energy

Partners

III

LLC

(a)

7.75%,

02/15/26

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

52

51,969

5.88%,

07/01/29

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

113

105,915

Comcast

Corp.

2.94%,

11/01/56

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

96

65,513

2.99%,

11/01/63

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

192

128,669

Consolidated

Edison

Co.

of

New

York,

Inc.,

6.15%

,

11/15/52

.........

100

116,081

Constellation

Brands,

Inc.,

5.00%

,

02/02/26

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

5,000

5,004,912

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

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

122

106,598

Cox

Communications,

Inc.,

2.95%

,

10/01/50

(a)

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

91

59,690

Crown

Castle,

Inc.,

3.15%

,

07/15/23

.

3,461

3,434,694

Dana,

Inc.,

4.25%

,

09/01/30

......

67

56,702

Dell

International

LLC,

3.45%

,

12/15/51

(a)

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

282

187,320

Dick's

Sporting

Goods,

Inc.,

4.10%

,

01/15/52

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

91

64,057

Discovery

Communications

LLC,

4.00%

,

09/15/55

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

187

128,621

Earthstone

Energy

Holdings

LLC,

8.00%

,

04/15/27

(a)

...........

660

643,500

eBay,

Inc.

5.90%,

11/22/25

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

5,000

5,164,645

5.95%,

11/22/27

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

2,000

2,101,544

6.30%,

11/22/32

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

250

272,466

Elevance

Health,

Inc.,

5.35%

,

10/15/25

3,265

3,317,354

Energy

Transfer

LP,

4.20%

,

09/15/23

1,702

1,689,098

Enterprise

Products

Operating

LLC,

5.35%

,

01/31/33

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

93

96,662

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

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

6,750

6,749,850

7.50%,

06/01/30

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

250

249,687

FirstEnergy

Corp.,

Series

C,

3.40%

,

03/01/50

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

92

65,358

Fiserv,

Inc.,

3.80%

,

10/01/23

......

3,000

2,975,776

Ford

Motor

Co.,

3.25%

,

02/12/32

...

93

73,811

Ford

Motor

Credit

Co.

LLC,

4.54%

,

03/06/25

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

GBP

1,058

1,258,703

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

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

USD

115

102,476

5.00%,

03/01/28

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

1,399

1,220,631

Freed

Corp.,

10.00%

,

12/01/23

(f)

....

1,042

1,005,377

Freedom

Mortgage

Corp.

(a)

8.13%,

11/15/24

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

369

357,018

8.25%,

04/15/25

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

325

309,021

FreeWire

Technologies,

Inc.,

(3

Month

CME

Term

SOFR

+

9.00%),

13.60%

,

03/31/25

(b)(f)

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

645

601,482

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

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

USD

6,386

$

6,098,119

5.00%,

05/01/28

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

761

691,863

6.75%,

05/01/29

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

453

388,448

8.75%,

05/15/30

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

7,594

7,869,282

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

8,360

7,757,996

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,493

1,377,845

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

118

110,000

Garden

Spinco

Corp.,

8.63%

,

07/20/30

(a)

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

5,334

5,707,393

Gen

Digital,

Inc.

(a)

6.75%,

09/30/27

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

3,978

4,033,891

7.13%,

09/30/30

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

5,317

5,398,350

General

Motors

Financial

Co.,

Inc.,

6.40%

,

01/09/33

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

30

31,185

Global

Payments,

Inc.,

4.00%

,

06/01/23

5,000

4,978,518

GLP

Capital

LP,

3.35%

,

09/01/24

...

5,000

4,825,900

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

6,736

3,390,128

GXO

Logistics,

Inc.,

2.65%

,

07/15/31

355

278,898

HCA,

Inc.

5.38%,

02/01/25

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

196

196,740

3.50%,

07/15/51

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

282

197,738

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(f)

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

1,201

1,092,910

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

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

363

336,280

Humana,

Inc.

0.65%,

08/03/23

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

7,000

6,844,987

5.75%,

03/01/28

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

50

52,197

5.88%,

03/01/33

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

125

133,773

Illumina,

Inc.

5.80%,

12/12/25

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

5,000

5,098,161

5.75%,

12/13/27

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

5,000

5,166,902

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

67

59,867

Kinder

Morgan,

Inc.,

5.63%

,

11/15/23

(a)

5,000

5,010,353

Leidos,

Inc.,

2.95%

,

05/15/23

......

6,175

6,136,368

Lessen,

Inc.,

0.00%

,

01/04/28

(b)(f)

...

1,206

1,157,354

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(j)

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

200

104,500

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

3,746

2,434,900

Lowe's

Cos.,

Inc.,

3.00%

,

10/15/50

..

96

65,924

Lumen

Technologies,

Inc.,

5.13%

,

12/15/26

(a)

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

3,000

2,565,000

Macy's

Retail

Holdings

LLC,

6.13%

,

03/15/32

(a)

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

750

671,250

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

08/15/26

.........

572

577,005

Maxar

Technologies,

Inc.,

7.75%

,

06/15/27

(a)

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

7,858

8,216,325

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

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

779

666,057

Microchip

Technology,

Inc.

4.33%,

06/01/23

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

6,000

5,980,628

2.67%,

09/01/23

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

2,215

2,183,449

0.97%,

02/15/24

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

1,000

957,305

Micron

Technology,

Inc.,

3.48%

,

11/01/51

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

91

62,199

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

USD

284

$

248,512

MPT

Operating

Partnership

LP,

3.33%

,

03/24/25

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

EUR

2,399

2,278,152

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

USD

61

56,577

5.50%,

08/15/28

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

290

253,376

5.13%,

12/15/30

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

285

230,850

5.75%,

11/15/31

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

134

107,870

Netflix,

Inc.,

4.63%

,

05/15/29

......

EUR

2,608

2,881,281

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

USD

108

93,690

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

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

17

16,193

4.75%,

11/01/28

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

185

166,996

Nine

Energy

Service,

Inc.,

13.00%

,

02/01/28

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

239

246,170

NRG

Energy,

Inc.,

5.75%

,

01/15/28

..

3,850

3,689,436

Olympus

Water

US

Holding

Corp.,

7.13%

,

10/01/27

(a)

...........

200

196,000

Oracle

Corp.

6.25%,

11/09/32

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

375

407,609

4.00%,

11/15/47

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

200

158,627

3.60%,

04/01/50

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

282

207,230

3.85%,

04/01/60

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

96

69,381

Pacific

Gas

&

Electric

Co.

3.85%,

11/15/23

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

2,500

2,472,606

4.95%,

06/08/25

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

3,000

2,969,782

5.45%,

06/15/27

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

3,000

3,012,036

5.90%,

06/15/32

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

5,000

5,028,203

6.15%,

01/15/33

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

2,255

2,317,776

4.50%,

07/01/40

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

4,250

3,498,596

6.75%,

01/15/53

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

3,500

3,665,993

Paramount

Global,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%

,

03/30/62

(b)

4,268

3,723,702

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

388

335,426

PerkinElmer,

Inc.,

0.55%

,

09/15/23

..

5,000

4,848,196

Pitney

Bowes,

Inc.

4.63%,

03/15/24

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

128

124,160

6.88%,

03/15/27

(a)

...........

9,700

8,132,625

7.25%,

03/15/29

(a)

...........

928

730,800

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

73

60,572

Prime

Security

Services

Borrower

LLC,

5.75%

,

04/15/26

(a)

...........

4,000

3,920,158

QUALCOMM,

Inc.,

6.00%

,

05/20/53

.

250

286,766

Regal

Rexnord

Corp.

(a)

6.05%,

02/15/26

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

3,250

3,302,729

6.05%,

04/15/28

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

2,870

2,913,669

6.30%,

02/15/30

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

2,175

2,217,767

6.40%,

04/15/33

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

2,000

2,050,651

Rocket

Mortgage

LLC,

3.63%

,

03/01/29

(a)

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

292

246,357

Royalty

Pharma

plc

0.75%,

09/02/23

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

2,000

1,949,461

3.35%,

09/02/51

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

91

61,260

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

6,877

7,055,492

7.38%,

09/01/25

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

5,484

5,379,075

11.25%,

12/15/27

...........

3,000

3,180,000

Seagate

HDD

Cayman

4.88%,

03/01/24

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

750

742,226

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.75%,

01/01/25

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

USD

2,000

$

1,955,430

9.63%,

12/01/32

(a)

...........

6,900

7,813,146

Sealed

Air

Corp.,

6.13%

,

02/01/28

(a)

.

327

329,910

Service

Properties

Trust

4.50%,

06/15/23

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

2,250

2,233,237

4.50%,

03/15/25

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

314

284,192

7.50%,

09/15/25

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

5,443

5,352,048

Shire

Acquisitions

Investments

Ireland

DAC,

2.88%

,

09/23/23

........

5,000

4,925,257

Sitio

Royalties

Corp.,

(3

Month

CME

Term

SOFR

+

6.50%),

11.08%

,

09/21/26

(b)(f)

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

1,982

1,950,064

Skyworks

Solutions,

Inc.,

0.90%

,

06/01/23

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

7,573

7,456,046

SM

Energy

Co.

6.75%,

09/15/26

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

2,250

2,214,799

6.63%,

01/15/27

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

2,250

2,186,655

Sonder

Corp.,

(3

Month

CME

Term

SOFR

+

9.00%),

11.10%

,

01/19/27

(b)

(f)

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

1,385

1,250,206

Southern

California

Edison

Co.,

5.85%

,

11/01/27

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

2,000

2,105,240

Southern

California

Gas

Co.,

6.35%

,

11/15/52

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

125

146,163

Splunk,

Inc.,

1.13%

,

06/15/27

(j)

.....

2,400

2,065,440

Sprint

Spectrum

Co.

LLC

(a)

4.74%,

03/20/25

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

6,188

6,138,132

5.15%,

03/20/28

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

3,000

2,994,791

Stem,

Inc.,

0.50%

,

12/01/28

(a)(j)

.....

47

31,592

SUN

Country

Marine,

Inc.

(f)

Series

2019-1C,

7.00%,

12/15/23

12,070

11,797,973

5.75%,

03/15/29

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

12,697

12,649,796

Talen

Energy

Supply

LLC

(a)(e)(n)

7.25%,

05/15/27

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

332

345,550

6.63%,

01/15/28

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

583

596,118

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

631

597,242

Tenet

Healthcare

Corp.

4.88%,

01/01/26

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

4,000

3,895,880

4.25%,

06/01/29

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

194

172,738

4.38%,

01/15/30

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

359

319,126

T-Mobile

USA,

Inc.

3.30%,

02/15/51

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

143

102,954

3.40%,

10/15/52

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

144

105,106

3.60%,

11/15/60

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

91

65,490

Transocean

Titan

Financing

Ltd.,

8.38%

,

02/01/28

(a)

...........

87

90,282

Transocean,

Inc.,

8.75%

,

02/15/30

(a)

.

549

566,019

Tri

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

10

9,409

5.70%,

06/15/28

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

29

27,207

Trimble,

Inc.,

4.15%

,

06/15/23

.....

3,727

3,716,077

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

814

761,369

Uniti

Group

LP,

7.88%

,

02/15/25

(a)

..

3,600

3,552,915

Univision

Communications,

Inc.

(a)

6.63%,

06/01/27

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

450

441,000

7.38%,

06/30/30

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

1,361

1,334,669

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

4,097

3,552,672

Viasat,

Inc.,

5.63%

,

04/15/27

(a)

.....

5,800

5,409,892

Viatris,

Inc.,

4.00%

,

06/22/50

......

91

63,076

VICI

Properties

LP

5.63%,

05/01/24

(a)

...........

1,000

997,909

4.25%,

12/01/26

(a)

...........

3,000

2,831,253

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.13%,

05/15/32

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

USD

361

$

345,332

5.63%,

05/15/52

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

130

122,022

Vistra

Operations

Co.

LLC

(a)

4.88%,

05/13/24

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

5,000

4,934,700

5.13%,

05/13/25

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

5,000

4,903,833

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

165

143,591

Western

Digital

Corp.,

1.50%

,

02/01/24

(d)(j)

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

5,750

5,520,000

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

24

23,349

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

517

461,422

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

9,750

9,069,458

XHR

LP

(a)

6.38%,

08/15/25

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

119

117,224

4.88%,

06/01/29

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

60

53,250

428,241,014

Zambia

—

0.4%

First

Quantum

Minerals

Ltd.

(a)

6.50%,

03/01/24

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

750

742,969

7.50%,

04/01/25

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

2,500

2,462,625

6.88%,

03/01/26

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

1,185

1,139,096

4,344,690

Total

Corporate

Bonds

—

70.4%

(Cost:

$903,927,473)

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

804,133,544

Floating

Rate

Loan

Interests

Canada

—

0.0%

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

8.75%

,

 11/01/26

(b)

.....

60

59,290

France

—

0.2%

Tarkett

Participation,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.68%),

6.43%

,

 04/21/28

(b)

...........

EUR

2,831

2,769,477

Germany

—

0.2%

Tele

Columbus

AG,

Facility

Term

Loan

A3,

(EURIBOR

6

Month

+

3.50%),

5.36%

,

 10/15/24

(b)

...........

1,900

1,706,690

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

(f)

(LIBOR

GBP

6

Month

+

0.00%),

16.50%, 11/10/27

(b)

........

GBP

308

284,631

0.00%, 11/09/29

(o)

...........

213

5,262

289,893

Luxembourg

—

1.1%

(b)

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(EURIBOR

3

Month

+

2.00%),

4.49%

,

 10/31/23

(f)

......

EUR

80

9

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

6.20%

,

 07/03/28

......

3,400

3,432,283

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

8.07%

,

 05/05/28

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

USD

3,135

3,130,895

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Kantar

(Summer

BC

Holdco

B

SARL),

Term

Loan,

01/01/28

(p)

........

EUR

2,633

$

2,682,337

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

(EURIBOR

3

Month

+

3.93%),

6.13%

,

 04/12/28

......

427

388,537

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2,

(EURIBOR

6

Month

+

3.50%),

4.41%

,

 02/24/29

......

2,400

2,473,640

Travelport

Finance

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

9.73%

,

 05/29/26

......

USD

377

235,978

12,343,679

Netherlands

—

0.5%

(b)

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

6.98%

,

 07/21/26

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

—

(q)

1

Median

BV,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

5.00%),

7.75%

,

 10/14/27

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

EUR

6,000

5,454,775

5,454,776

Singapore

—

0.0%

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

9.07%

,

 01/29/26

(b)

...........

USD

153

151,494

Sweden

—

0.4%

Quimper

AB,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

2.93%),

5.06%

,

 02/16/26

(b)

...........

EUR

4,675

4,739,362

United

Kingdom

—

0.4%

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

5.49%

,

 06/13/24

(b)

...........

4,424

4,389,157

United

States

—

5.2%

2U,

Inc.,

Term

Loan,

(3

Month

CME

Term

SOFR

+

6.50%),

10.93%

,

 12/28/26

(b)(f)

.........

USD

410

391,761

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

8.98%

,

 05/17/28

(b)

...........

148

119,367

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

9.26%

,

 02/02/26

(b)

.....

176

162,246

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12

Month

CME

Term

SOFR

+

5.60%),

10.51%

,

 02/01/30

(b)

.....

10,286

9,025,966

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

7.43%

,

 04/22/26

(b)

....

341

201,188

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3

Month

CME

Term

SOFR

+

5.00%),

9.73%

,

 12/30/27

(b)

...........

755

635,931

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

8.57%

,

 06/09/28

(b)

.....

93

89,658

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(1

Month

CME

Term

SOFR

+

5.25%),

9.83%

,

 02/08/29

(b)

.....

199

173,153

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

8.30%

,

 11/24/27

(b)

USD

185

$

182,816

Avaya,

Inc.,

Term

Loan

B3,

(1

Month

CME

Term

SOFR

+

10.00%),

14.48%

,

 12/15/27

(b)

..........

1,666

943,373

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.25%),

7.88%

,

 03/03/25

(b)

.....

967

904,110

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

15.00%

,

 10/15/26

(o)

....

329

345,352

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

7.71%

,

 10/02/28

(b)

...........

548

526,867

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

7.71%

,

 11/30/27

(b)

...........

103

101,739

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Week

+

3.50%),

8.07%

,

 07/21/25

(b)

.....

122

121,561

Carnival

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

7.57%

,

 06/30/25

(b)

...........

347

341,375

Central

Parent,

Inc.,

1st

Lien

Term

Loan,

(3

Month

CME

Term

SOFR

+

4.50%),

9.08%

,

 07/06/29

(b)

.....

384

382,921

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

8.33%

,

 04/05/28

(b)

.....

165

73,386

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

8.48%

,

 05/17/28

(b)

.....

89

76,115

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

8.07%

,

 09/29/28

(b)

...........

179

172,291

CoreLogic,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

11.13%

,

 06/04/29

(b)

..........

750

541,125

DirecTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

9.57%

,

 08/02/27

(b)

...........

334

327,687

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

9.82%

,

 12/21/28

(b)

...........

240

211,963

DS

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.75%),

9.92%

,

 12/10/28

(b)

...........

367

353,315

DT

Midstream,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

6.57%

,

 06/26/28

(b)

...........

124

124,346

ECL

Entertainment

LLC,

Term

Loan

B,

(1

Month

CME

Term

SOFR

+

7.50%),

12.06%

,

 05/01/28

(b)

.....

397

395,717

EIS

Group,

Ltd.,

Term

Loan

(b)(f)

 07/10/28

(p)

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

58

56,800

11.56%, 07/10/28

...........

584

567,998

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B,

(1

Month

CME

Term

SOFR

+

6.25%),

10.91%

,

 12/29/27

(b)

..........

296

274,853

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

12.32%

,

 07/31/28

(b)

.....

561

558,778

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

7.73%

,

 03/08/24

(b)

.....

USD

1,638

$

1,265,200

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

7.80%

,

 11/24/28

(b)

...........

282

281,326

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1

Month

CME

Term

SOFR

+

4.00%),

8.56%

,

 01/27/29

(b)

.....

375

370,634

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1

Month

CME

Term

SOFR

+

5.25%),

9.93%

,

 11/01/28

(b)

.....

174

150,891

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

8.57%

,

 12/01/27

(b)

4,461

4,374,454

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

9.30%

,

 08/31/27

(b)

...........

4,794

2,636,553

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

8.83%

,

 07/20/26

(b)(f)

.....

461

458,142

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3

Month

CME

Term

SOFR

+

3.50%),

7.86%

,

 02/26/29

(b)

.....

208

190,150

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.50%),

10.07%

,

 10/25/28

(b)(f)

....

170

146,441

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

7.38%

,

 10/27/28

(b)

...........

1,746

1,740,489

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

8.73%

,

 04/26/28

(b)

...........

324

313,879

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

9.32%

,

 10/04/28

(b)(f)

..........

131

129,338

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3

Month

CME

Term

SOFR

+

6.00%),

10.51%

,

 12/22/26

(b)

.....

128

126,194

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

6.31%

,

 10/19/26

(b)

.....

675

665,389

LSF11

A5

Holdco

LLC,

Term

Loan,

(1

Month

CME

Term

SOFR

+

3.50%),

8.18%

,

 10/15/28

(b)

...........

329

318,048

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

12.23%

,

 09/03/26

(b)

.....

208

163,217

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.00%),

11.57%

,

 11/01/29

(b)

461

421,815

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

7.82%

,

 10/23/28

(b)

...........

993

962,586

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

8.25%

,

 08/02/28

(b)

.....

2

2,398

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.50%),

11.31%

,

 08/02/29

(b)

.....

598

532,220

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

8.32%

,

 09/13/24

(b)

...........

992

980,211

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(3

Month

CME

Term

SOFR

+

6.25%),

10.65%

,

 02/23/29

(b)

..........

USD

637

$

572,306

MIP

V

Waste

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

7.82%

,

 12/08/28

(b)

...........

199

196,416

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3

Month

CME

Term

SOFR

+

3.25%),

7.93%

,

 01/24/29

(b)

.....

910

835,170

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3

Month

CME

Term

SOFR

+

6.00%),

10.68%

,

 01/24/30

(b)

.....

969

795,717

New

SK

Holdco

Sub

LLC,

Term

Loan,

(1

Month

CME

Term

SOFR

+

6.75%),

11.33%

,

 06/30/27

(b)

.....

1,249

1,066,718

OVG

Business

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

10.80%

,

 11/20/28

(b)(f)

....

453

436,740

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

8.00%

,

 12/28/27

(b)

.....

92

83,683

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

7.32%

,

 03/13/28

(b)

...........

485

480,613

ProFrac

Holdings

II

LLC,

Term

Loan,

(3

Month

CME

Term

SOFR

+

7.25%),

12.10%

,

 03/04/25

(b)(f)

.........

434

444,525

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

10.98%

,

 08/31/29

(b)

..........

733

703,680

RealPage,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

11.07%

,

 04/23/29

(b)

..........

1,293

1,239,573

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

9.57%

,

 04/27/28

(b)

.....

3,215

2,589,336

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

12.56%

,

 04/27/29

(b)

.....

4,548

2,558,250

Restoration

Hardware,

Inc.,

Term

Loan,

(1

Month

CME

Term

SOFR

+

3.25%),

7.91%

,

 10/20/28

(b)

.....

481

466,972

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

8.83%

,

 03/16/27

(b)

.....

438

428,584

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

8.07%

,

 09/23/27

(b)

.....

83

81,254

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

8.07%

,

 04/03/28

(b)

...........

256

182,899

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

12.73%

,

 10/09/28

(b)(f)

.........

2,250

2,233,125

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

8.33%

,

 06/08/28

(b)

61

59,454

Talen

Energy

Supply

LLC,

Term

Loan,

(3

Month

CME

Term

SOFR

+

4.75%),

9.01%

-

9.27%

,

 11/13/23

(b)

546

549,822

TIBCO

Software,

Inc.,

1st

Lien

Term

Loan

B,

(3

Month

CME

Term

SOFR

+

4.50%),

9.18%

,

 03/30/29

(b)

....

722

665,143

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

8.23%

,

 03/31/28

(b)

.....

USD

172

$

163,865

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

8.03%

,

 05/04/26

(b)

...........

496

487,621

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

8.57%

,

 04/21/28

(b)

...........

—

(q)

484

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

6.57%

,

 09/13/26

(b)

...........

599

597,056

USI,

Inc.,

Term

Loan,

(3

Month

CME

Term

SOFR

+

3.75%),

8.33%

,

 11/22/29

(b)

...........

496

496,062

Vaco

Holdings

LLC,

Term

Loan,

(3

Month

CME

Term

SOFR

+

5.00%),

9.73%

,

 01/21/29

(b)

...........

290

284,509

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

7.98%

,

 10/04/28

(b)(f)

.....

97

80,244

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

8.57%

,

 08/27/25

(b)

...........

5,687

5,671,038

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(1

Month

CME

Term

SOFR

+

3.75%),

8.31%

,

 10/19/27

(b)

.....

534

528,811

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

7.48%

,

 03/24/28

(b)

.....

60

57,669

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

8.26%

,

 12/21/27

(b)(f)

.....

149

141,873

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

7.57%

,

 03/09/27

(b)

...........

92

76,899

59,869,444

Total

Floating

Rate

Loan

Interests

—

8.0%

(Cost:

$103,882,017)

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

91,773,262

Foreign

Agency

Obligations

Colombia

—

0.1%

Ecopetrol

SA

4.13%,

01/16/25

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

243

234,799

8.88%,

01/13/33

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

179

183,260

5.88%,

05/28/45

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

114

81,638

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)

...........

200

163,913

663,610

France

—

0.5%

Electricite

de

France

SA

(b)(c)(m)

(GBP

Swap

Semi

13

Year

+

4.23%),

6.00%

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

GBP

1,000

1,138,446

(EUR

Swap

Annual

5

Year

+

4.86%),

7.50%

...........

EUR

1,200

1,335,681

(BPISDS15

+

3.32%),

5.88%

...

GBP

1,900

2,002,765

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

...........

EUR

1,600

1,374,157

5,851,049

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

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

USD

231

$

213,123

Ireland

—

0.3%

AIB

Group

plc

(b)(c)

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(m)

..........

EUR

2,063

2,113,830

(EUR

Swap

Annual

1

Year

+

1.95%),

4.63%,

07/23/29

....

1,025

1,110,931

3,224,761

Mexico

—

0.1%

Comision

Federal

de

Electricidad,

4.88%

,

01/15/24

(c)

...........

USD

223

221,230

Petroleos

Mexicanos

6.50%,

03/13/27

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

463

436,273

8.75%,

06/02/29

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

226

220,068

5.95%,

01/28/31

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

311

248,302

1,125,873

Morocco

—

0.0%

OCP

SA,

5.13%

,

06/23/51

(c)

.......

200

155,000

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(c)

...........

228

220,989

Total

Foreign

Agency

Obligations

—

1.0%

(Cost:

$12,315,099)

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

11,454,405

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%

,

09/20/29

(c)

219

219,821

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

200

177,287

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

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

336

320,838

3.88%,

04/25/27

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

340

307,764

3.13%,

04/15/31

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

200

151,163

8.00%,

04/20/33

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

200

205,287

985,052

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

6.88%,

01/29/26

(c)

...........

113

116,129

5.95%,

01/25/27

(c)

...........

140

139,501

5.50%,

02/22/29

(a)

...........

165

154,873

4.50%,

01/30/30

(a)

...........

244

212,097

4.88%,

09/23/32

(a)

...........

341

289,914

7.05%,

09/23/32

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

150

150,000

1,062,514

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.50%

,

02/16/61

(a)

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

200

129,500

Guatemala

—

0.1%

Republic

of

Guatemala

4.50%,

05/03/26

(c)

...........

200

193,350

5.25%,

08/10/29

(a)

...........

200

193,912

5.38%,

04/24/32

(a)

...........

200

195,163

582,425

Security

Par

(000)

Par

(000)

Value

Hungary

—

0.0%

Hungary

Government

Bond

5.38%,

03/25/24

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

USD

40

$

40,070

5.25%,

06/16/29

(a)

...........

200

197,750

237,820

Indonesia

—

0.1%

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(a)

.........

200

199,272

Republic

of

Indonesia

3.50%,

01/11/28

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

200

191,038

4.10%,

04/24/28

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

200

196,537

586,847

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

6.38%

,

03/03/28

(c)

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

400

387,000

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

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

295

282,758

3.25%,

04/16/30

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

239

214,995

4.88%,

05/19/33

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

207

198,720

696,473

Morocco

—

0.0%

Kingdom

of

Morocco,

2.38%

,

12/15/27

(a)

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

267

234,293

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(a)

...........

200

166,500

7.88%,

02/16/32

(c)

...........

200

151,000

317,500

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

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

258

253,163

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

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

430

410,193

3.16%,

01/23/30

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

343

301,047

711,240

Paraguay

—

0.0%

Republic

of

Paraguay

4.95%,

04/28/31

(a)

...........

200

193,725

5.40%,

03/30/50

(c)

...........

200

178,038

371,763

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

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

241

203,539

1.86%,

12/01/32

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

173

129,080

332,619

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

228

224,295

2.88%,

03/11/29

(c)

...........

EUR

165

153,067

2.50%,

02/08/30

(c)

...........

174

151,804

2.12%,

07/16/31

(c)

...........

231

183,954

713,120

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

(c)

4.50%,

04/17/30

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

USD

200

200,162

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

(continued)

2.25%,

02/02/33

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

USD

353

$

288,313

488,475

Senegal

—

0.0%

Republic

of

Senegal,

6.25%

,

05/23/33

(c)

200

173,000

South

Africa

—

0.1%

Republic

of

South

Africa

4.85%,

09/30/29

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

200

182,000

5.88%,

04/20/32

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

200

185,250

5.00%,

10/12/46

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

257

186,967

554,217

Ukraine

—

0.0%

Ukraine

Government

Bond

(e)(n)

7.75%,

09/01/25

(c)

...........

112

25,571

8.99%,

02/01/26

(c)

...........

224

50,442

7.75%,

09/01/27

(c)

...........

220

46,928

7.25%,

03/15/35

(a)

...........

234

45,601

168,542

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

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

195

215,692

Total

Foreign

Government

Obligations

—

0.8%

(Cost:

$10,911,139)

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

9,598,363

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

3.5%

United

States

—

3.5%

(a)(b)

BX

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

7.26%,

06/15/38

..........

3,692

3,517,923

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

7.26%,

05/15/38

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

4,110

3,873,307

CSMC

Trust,

Series

2015-RPL1,

Class

A,

(SOFR

1

Day

+

0.03%),

3.95%,

02/15/24

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

4,000

3,912,180

Extended

Stay

America

Trust

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

7.31%,

07/15/38

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

7,126

6,912,111

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

8.16%,

07/15/38

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

5,772

5,526,565

Med

Trust

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

8.46%,

11/15/38

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

2,991

2,811,455

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

9.71%,

11/15/38

..........

8,571

7,917,293

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

6.56%,

04/15/38

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

5,486

5,307,073

39,777,907

Total

Non-Agency

Mortgage-Backed

Securities

—

3.5%

(Cost:

$41,690,447)

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

39,777,907

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.4%

United

States

—

0.4%

(f)

Aiven,

Inc.

(Preference),

Series

D

...

6,597

$

669,991

Cap

Hill

Brands

(Preference)

......

506,652

790,377

Dream

Finders

Homes,

Inc.,

9.00%

..

2,261

2,080,120

Lessen,

Inc.

(Preference),

Series

C

..

16,373

211,970

Versa

Networks,

Inc.,

Series

E

(Acquired

10/14/22,

cost

$567,638)

(h)

194,516

525,193

4,277,651

Total

Preferred

Securities

—

0.4%  

(Cost:

$4,683,241)

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

4,277,651

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

,

0.25%, 06/30/25

(r)

USD

4,850

4,439,645

Total

U.S.

Treasury

Obligations

—

0.4%

(Cost:

$4,854,604)

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

4,439,645

Shares

Shares

Warrants

Germany

—

0.0%

Tonies

SE

(Issued/Exercisable

04/29/21,

1

share

for

1

warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(e)

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

109,736

29,825

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/Exercisable

02/18/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(e)

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

71,516

78

Netherlands

—

0.0%

Climate

Transition

Capital

Acquisition

I

BV

(Issued/Exercisable

06/29/21,

1

share

for

1

warrant,

Expires

06/29/26,

Strike

Price

EUR

11.50)

(e)

94,710

9,370

United

Kingdom

—

0.0%

Hedosophia

European

Growth

(Issued/

Exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

(e)

..........

167,092

5,449

United

States

—

0.0%

(e)

Ascent

Resources

Marcellus

Minerals

(Issued/Exercisable

03/30/18,

2

shares

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.60)

(f)

1,007,612

5,672

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

1,905

571

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

2,585

2023

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,

2023

Security

Shares

Shares

Value

United

States

(continued)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

12.50)

(f)

...........

16,190

$

—

Embark

Technology,

Inc.

(Issued/

Exercisable

03/05/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

1,393

97

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

8,135

Freewire

Warrants

TA

(Issued/

Exercisable

03/31/22,

1

share

for

1

warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(f)

...........

70,430

52,822

KINS

Technology

Group,

Inc.

(Issued/

Exercisable

02/04/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

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

45,102

3,261

Kinsey

Interests,

Inc.

(Issued/

Exercisable

10/13/20,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

(f)

...........

53,160

3,190

Latch,

Inc.

(Issued/Exercisable

06/04/21,

1

share

for

1

warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

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

6,894

620

Lightning

eMotors,

Inc.

(Issued/

Exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

17,391

6,124

M3-Brigade

Acquisition

II

Corp.

(Issued/

Exercisable

02/17/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

80,000

6,808

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

share

for

1

warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

1,012

Pear

Therapeutics,

Inc.

(Issued/

Exercisable

03/23/21,

1

share

for

1

warrant,

Expires

12/01/26,

Strike

Price

USD

11.50)

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

4,828

507

Pivotal

Investment

Corp.

III

(Issued/

Exercisable

0,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

2,377

119

Proof

Acquisition

Corp.

I

(Issued/

Exercisable

09/27/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(f)

...........

16,758

503

Rotor

Acquisition

Corp.

(Issued/

Exercisable

06/15/21,

1

share

for

1

warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

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

5,599

504

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

12/21/20,

1

share

for

1

warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

20,304

1,706

Service

King

Midas

International

(Issued/Exercisable

07/14/22,

1

share

for

1

warrant,

Expires

06/30/27,

Strike

Price

USD

10.00)

(f)

1,375

—

Security

Shares

Shares

Value

United

States

(continued)

Sonder

Holdings,

Inc.

(Issued/

Exercisable

01/19/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

12.50)

(f)

...........

18,705

$

187

TPB

Acquisition

Corp.

I

(Issued/

Exercisable

02/19/21,

1

share

for

1

warrant,

Expires

02/19/23,

Strike

Price

USD

11.50)

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

5,728

2,732

Versa

Networks,

Inc.,

Series

E

(Acquired

10/14/22,

cost

$0)

(Issued/

Exercisable

10/14/22,

1

share

for

1

warrant,

Expires

10/07/32,

Strike

Price

USD

0.01)

(f)(h)

..........

23,975

61,855

Volta,

Inc.

(Issued/Exercisable

10/22/20,

1

share

for

1

warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

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

9,180

1,862

160,872

Total

Warrants

—

0.0%

(Cost:

$1,096,233)

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

205,594

Total

Long-Term

Investments

—

93.1%

(Cost:

$1,202,556,458)

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

1,064,032,123

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

—

3.3%

(s)

Barclays

Bank

plc,

4.15%, 02/07/23

(Purchased

on

01/20/23

to

be

repurchased

at

USD

4,035,699,

collateralized

by

Tenet

Healthcare

Corp.,

6.13%,

due

at

10/01/28,

par

and

fair

value

of

USD

4,250,000

and

$3,974,090,

respectively)

......

USD

4,030

4,030,124

Barclays

Bank

plc,

(1.00)%, Open

(Purchased

on

01/30/23

to

be

repurchased

at

USD

305,939,

collateralized

by

Rakuten

Group,

Inc.,

5.13

%,

par

and

fair

value

of

USD

339,000

and

$293,659,

respectively)

(t)

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

306

305,948

Barclays

Bank

plc,

4.00%, Open

(Purchased

on

12/28/22

to

be

repurchased

at

USD

5,121,776,

collateralized

by

AthenaHealth

Group,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

6,500,000

and

$5,385,329,

respectively)

(t)

..

5,103

5,102,500

Barclays

Bank

plc,

4.10%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

4,903,883,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

5,921,000

and

$4,957,565,

respectively)

(t)

.....

4,870

4,870,022

Barclays

Bank

plc,

4.15%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

180,149,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

201,000

and

$183,367,

respectively)

(t)

.......

179

178,890

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

4.15%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

107,023,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

156,000

and

$108,861,

respectively)

(t)

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

USD

106

$

106,275

Barclays

Bank

plc,

4.17%, Open

(Purchased

on

01/12/23

to

be

repurchased

at

USD

3,716,286,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

4,250,000

and

$3,530,039,

respectively)

(t)

.....

3,708

3,708,125

Barclays

Capital,

Inc.,

4.15%, 02/03/23

(Purchased

on

01/11/23

to

be

repurchased

at

USD

218,483,

collateralized

by

Freedom

Mortgage

Corp.,

6.63%,

due

at

01/15/27,

par

and

fair

value

of

USD

252,000

and

$209,694,

respectively)

........

218

217,980

BNP

Paribas

SA,

4.31%, 02/01/23

(Purchased

on

01/31/23

to

be

repurchased

at

USD

4,506,915,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,512,916,

respectively)

......

4,506

4,506,375

BNP

Paribas

SA,

(1.00)%, Open

(Purchased

on

01/04/23

to

be

repurchased

at

USD

1,229,706,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,100,000

and

$1,268,556,

respectively)

(t)

.....

GBP

998

1,230,557

Goldman

Sachs

International,

1.50%, Open

(Purchased

on

01/11/23

to

be

repurchased

at

USD

1,581,796,

collateralized

by

Heimstaden

Bostad

Treasury

BV,

1.00%,

due

at

04/13/28,

par

and

fair

value

of

EUR

1,900,000

and

$1,588,517,

respectively)

(t)

.....

EUR

1,454

1,580,544

J.P.

Morgan

Securities

LLC,

3.45%, 02/08/23

(Purchased

on

01/10/23

to

be

repurchased

at

USD

111,103,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

132,000

and

$110,522,

respectively)

USD

111

110,880

J.P.

Morgan

Securities

LLC,

4.00%, 02/08/23

(Purchased

on

01/10/23

to

be

repurchased

at

USD

243,492,

collateralized

by

Home

Point

Capital,

Inc.,

5.00%,

due

at

02/01/26,

par

and

fair

value

of

USD

316,000

and

$227,641,

respectively)

243

242,925

J.P.

Morgan

Securities

plc,

0.90%, Open

(Purchased

on

01/26/23

to

be

repurchased

at

USD

350,075,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

345,000

and

$346,337,

respectively)

(t)

.......

EUR

322

350,031

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

1.30%, Open

(Purchased

on

01/26/23

to

be

repurchased

at

USD

1,198,448,

collateralized

by

Jaguar

Land

Rover

Automotive

plc,

4.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

1,200,000

and

$1,201,205,

respectively)

(t)

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

EUR

1,102

$

1,198,361

J.P.

Morgan

Securities

plc,

1.65%, Open

(Purchased

on

01/26/23

to

be

repurchased

at

USD

1,618,761,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,614,308,

respectively)

(t)

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

1,489

1,618,390

J.P.

Morgan

Securities

plc,

1.70%, Open

(Purchased

on

01/26/23

to

be

repurchased

at

USD

1,618,772,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,614,308,

respectively)

(t)

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

1,489

1,618,391

Merrill

Lynch

International,

0.65%, Open

(Purchased

on

01/10/23

to

be

repurchased

at

USD

1,584,752,

collateralized

by

Vonovia

Finance

BV,

1.00%,

due

at

07/09/30,

par

and

fair

value

of

EUR

1,900,000

and

$1,635,869,

respectively)

(t)

.....

1,457

1,584,180

Nomura

Securities

International,

Inc.,

4.17%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

1,259,285,

collateralized

by

PG&E

Corp.,

5.25%,

due

at

07/01/30,

par

and

fair

value

of

USD

1,350,000

and

$1,242,000,

respectively)

(t)

.....

USD

1,250

1,250,438

RBC

Capital

Markets

LLC,

(0.20)%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

127,895,

collateralized

by

CP

Atlas

Buyer,

Inc.,

7.00%,

due

at

12/01/28,

par

and

fair

value

of

USD

168,000

and

$129,780,

respectively)

(t)

....

128

127,890

RBC

Capital

Markets

LLC,

2.50%, Open

(Purchased

on

01/12/23

to

be

repurchased

at

USD

310,492,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

329,000

and

$310,194,

respectively)

(t)

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

310

310,082

RBC

Capital

Markets

LLC,

3.20%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

96,637,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

108,000

and

$98,526,

respectively)

(t)

96

96,120

2023

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,

2023

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

3.80%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

600,145,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

725,000

and

$607,032,

respectively)

(t)

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

USD

596

$

596,312

RBC

Capital

Markets

LLC,

3.95%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

704,054,

collateralized

by

PG&E

Corp.,

5.00%,

due

at

07/01/28,

par

and

fair

value

of

USD

750,000

and

$702,788,

respectively)

(t)

.......

699

699,375

RBC

Capital

Markets

LLC,

4.15%, Open

(Purchased

on

01/12/23

to

be

repurchased

at

USD

695,270,

collateralized

by

Chemours

Co.

(The),

5.75%,

due

at

11/15/28,

par

and

fair

value

of

USD

750,000

and

$683,438,

respectively)

(t)

....

694

693,750

RBC

Capital

Markets

LLC,

4.17%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

256,535,

collateralized

by

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

at

04/01/28,

par

and

fair

value

of

USD

314,000

and

$270,040,

respectively)

(t)

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

255

254,733

RBC

Capital

Markets

LLC,

4.17%, Open

(Purchased

on

11/29/22

to

be

repurchased

at

USD

233,609,

collateralized

by

Carnival

Corp.,

5.75%,

due

at

03/01/27,

par

and

fair

value

of

USD

314,000

and

$260,620,

respectively)

(t)

.......

232

231,968

RBC

Europe

Ltd.,

0.80%, Open

(Purchased

on

01/04/23

to

be

repurchased

at

USD

1,453,837,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

1,455,000

and

$1,460,637,

respectively)

(t)

..

EUR

1,336

1,452,965

Total

Borrowed

Bond

Agreements

—

3.3%

(Cost:

$38,183,535)

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

38,274,131

Certificates

of

Deposit

—

0.1%

Domestic

—

0.1%

Citibank

NA,

4.06%, 08/01/23

.....

USD

911

906,240

Total

Certificates

of

Deposit

—

0.1%

(Cost:

$911,000)

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

906,240

Security

Shares

Shares

Value

Money

Market

Funds

—

5.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.07%

(u)(v)

....

60,250,400

$

60,250,400

Total

Money

Market

Funds

—

5.3%

(Cost:

$60,250,400)

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

60,250,400

Total

Short-Term

Securities

—

8.7%

(Cost:

$99,344,935)

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

99,430,771

Total

Options

Purchased

—

0.1%

(Cost:

$2,183,452

)

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

1,056,993

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

101.9%

(Cost:

$1,304,084,845)

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

1,164,519,887

Total

Options

Written

—

(0.0)%

(Premiums

Received

—

$(316,807))

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

(164,973)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(3.0)%

Austria

—

(0.3)%

Erste

Group

Bank

AG,

(EURIBOR

ICE

Swap

Rate

5

Year

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

EUR

(3,600)

(3,228,616)

Germany

—

(0.2)%

Vonovia

Finance

BV,

1.00%

,

 07/09/30

(1,900)

(1,635,869)

Italy

—

(0.2)%

International

Design

Group

SpA,

6.50%

,

 11/15/25

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

(1,800)

(1,806,974)

Japan

—

(0.0)%

Rakuten

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.58%),

5.13%

(b)(m)

USD

(339)

(293,659)

Sweden

—

(0.1)%

Heimstaden

Bostad

Treasury

BV,

1.00%

,

 04/13/28

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

EUR

(1,900)

(1,588,517)

United

Kingdom

—

(0.2)%

Jaguar

Land

Rover

Automotive

plc,

4.50%

,

 01/15/26

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

(1,200)

(1,201,205)

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,100)

(1,268,556)

(2,469,761)

United

States

—

(2.0)%

AthenaHealth

Group,

Inc.,

6.50%

,

 02/15/30

(a)

...........

USD

(6,500)

(5,385,329)

Carnival

Corp.,

5.75%

,

 03/01/27

(a)

...

(314)

(260,620)

Chemours

Co.

(The),

5.75%

,

 11/15/28

(a)

(750)

(683,438)

CP

Atlas

Buyer,

Inc.,

7.00%

,

 12/01/28

(a)

(168)

(129,780)

Freedom

Mortgage

Corp.,

6.63%

,

 01/15/27

(a)

...........

(252)

(209,694)

Home

Point

Capital,

Inc.,

5.00%

,

 02/01/26

(a)

...........

(316)

(227,641)

McAfee

Corp.,

7.38%

,

 02/15/30

(a)

...

(4,250)

(3,530,039)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(6,778)

(5,675,119)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

(156)

(108,861)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(329)

(310,194)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

PG&E

Corp.

5.00%

,

 07/01/28

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

USD

(750)

$

(702,788)

5.25%

,

 07/01/30

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

(1,350)

(1,242,000)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(309)

(281,893)

Royal

Caribbean

Cruises

Ltd.,

5.50%

,

 04/01/28

(a)

...........

(314)

(270,040)

Tenet

Healthcare

Corp.,

6.13%

,

 10/01/28

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

(4,250)

(3,974,090)

(22,991,526)

U.S.

Treasury

Obligations

—

(0.4)%

United

States

—

(0.4)%

U.S.

Treasury

Notes,

0.25%

,

 05/31/25

(4,925)

(4,512,916)

Total

Borrowed

Bonds

—

(3.4)%

(Proceeds:

$(40,522,296))

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

(38,527,838)

Security

Shares

Shares

Value

Investments

Sold

Short

Common

Stocks

United

States

—

(0.0)%

Carrols

Restaurant

Group,

Inc.

(e)

....

(42,500)

$

(91,375)

Total

Common

Stocks

—

(0.0)%

(Proceeds:

$(76,354))

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

(91,375)

Investment

Companies

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(v)

..........

(12,500)

(1,098,875)

Total

Investment

Companies

—

(0.1)%

(Proceeds:

$(1,088,009))

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

(1,098,875)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$(1,164,363)

)

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

(1,190,250)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

98.4%

(Cost:

$1,262,081,379)

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

1,124,636,826

Other

Assets

Less

Liabilities

—

1.6%

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

18,360,607

Net

Assets

—

100.0%

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

$

1,142,997,433

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Non-income

producing

security.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$2,127,682,

representing

0.19%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,943,949.

(i)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(j)

Convertible

security.

(k)

Zero-coupon

bond.

(l)

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.

(m)

Perpetual

security

with

no

stated

maturity

date.

(n)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(o)

Fixed

rate.

(p)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(q)

Rounds

to

less

than

1,000.

(r)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(s)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(t)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(u)

Annualized

7-day

yield

as

of

period

end.

(v)

Affiliate

of

the

Fund.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/23

Shares

Held

at

01/31/23

Income

(

Expense

)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

175,866,951

$

—

$

(115,616,551)

(a)

$

—

$

—

$

60,250,400

60,250,400

$

1,656,945

$

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(b)

.....

—

1,019,405

(1,008,568)

(10,837)

—

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

.....

—

(4,019,208)

3,960,479

58,729

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

—

4

03,

326

(415,393)

12

,

067

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

—

(10,

417

,

125

)

10

,

282

,

513

134

,

612

—

—

—

(3,043)

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

—

(13,837,798)

12,721,679

28,110

(10,866)

(1,098,875)

(12,500)

(70,524)

—

iShares

MSCI

Europe

Financials

ETF

(b)

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

(476,700)

(445,233)

973,530

(87,229)

35,632

—

—

—

—

iShares

U.S.

Preferred

Stock

ETF

(b)

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

—

(3,405,006)

3,549,532

(144,526)

—

—

—

(51,715)

—

$

(9,074)

$

24,766

$

59,151,525

$

1,531,663

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10

Year

Note

Interest

Rate

Put

Options,

Strike

Price

USD

112.00

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

150

02/24/23

$

14

$

(28,353)

Short

Contracts

Euro-Bobl

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

42

03/08/23

5,356

48,197

Euro-Bund

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

181

03/08/23

26,923

702,833

EURO

STOXX

50

Index

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

179

03/17/23

8,155

(492,451)

EURO

STOXX

Banks

Price

Index

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

200

03/17/23

1,217

(202,620)

NASDAQ

100

E-Mini

Index

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

8

03/17/23

1,944

(65,788)

Russell

2000

E-Mini

Index

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

60

03/17/23

5,818

(317,868)

S&P

500

E-Mini

Index

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

20

03/17/23

4,090

(121,193)

U.S.

Treasury

10

Year

Note

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

248

03/22/23

28,474

(414,042)

U.S.

Treasury

10

Year

Ultra

Note

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

11

03/22/23

1,338

(24,320)

U.S.

Treasury

Long

Bond

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

48

03/22/23

6,269

(256,996)

U.S.

Treasury

Ultra

Bond

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

44

03/22/23

6,295

(202,476)

Long

Gilt

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

38

03/29/23

4,896

25,655

U.S.

Treasury

2

Year

Note

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

74

03/31/23

15,226

(67,753)

U.S.

Treasury

5

Year

Note

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

71

03/31/23

7,772

(84,312)

(1,473,134)

$

(1,501,487)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

2,252,001

USD

2,413,309

Bank

of

America

NA

03/15/23

$

41,202

EUR

19,081,000

USD

20,413,136

Deutsche

Bank

AG

03/15/23

383,707

EUR

3,433,832

USD

3,664,589

Morgan

Stanley

&

Co.

International

plc

03/15/23

78,028

GBP

281,543

USD

342,470

Bank

of

America

NA

03/15/23

4,935

GBP

9,544,000

USD

11,691,819

Deutsche

Bank

AG

03/15/23

84,852

GBP

4,650,000

USD

5,626,558

Morgan

Stanley

&

Co.

International

plc

03/15/23

111,238

USD

153,791

EUR

141,000

Bank

of

America

NA

03/15/23

111

USD

1,409,656

EUR

1,291,244

BNP

Paribas

SA

03/15/23

2,298

USD

38,376

GBP

31,000

Bank

of

America

NA

03/15/23

124

USD

984,986

GBP

791,822

BNP

Paribas

SA

03/15/23

7,929

USD

1,134,043

GBP

915,000

Citibank

NA

03/15/23

4,993

USD

1,718,621

GBP

1,391,000

Morgan

Stanley

&

Co.

International

plc

03/15/23

2,218

721,635

EUR

8,310,386

USD

9,082,973

JPMorgan

Chase

Bank

NA

03/15/23

(25,283)

USD

8,796,785

EUR

8,187,761

Bank

of

America

NA

03/15/23

(127,254)

USD

370,661

EUR

348,000

Barclays

Bank

plc

03/15/23

(8,633)

USD

7,210,394

EUR

6,662,255

BNP

Paribas

SA

03/15/23

(50,958)

USD

5,937,089

EUR

5,486,929

JPMorgan

Chase

Bank

NA

03/15/23

(43,247)

USD

319,038,067

EUR

297,856,779

Morgan

Stanley

&

Co.

International

plc

03/15/23

(5,603,235)

USD

296,866

EUR

280,170

Royal

Bank

of

Canada

03/15/23

(8,498)

USD

1,602,282

EUR

1,506,000

State

Street

Bank

and

Trust

Co.

03/15/23

(39,142)

USD

267,721

GBP

217,000

Bank

of

America

NA

03/15/23

(43)

USD

945,008

GBP

778,867

Barclays

Bank

plc

03/15/23

(16,062)

USD

233,333

GBP

193,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/15/23

(4,817)

USD

70,871,680

GBP

57,989,000

Deutsche

Bank

AG

03/15/23

(682,950)

USD

235,647

GBP

195,567

JPMorgan

Chase

Bank

NA

03/15/23

(5,670)

USD

146,636

JPY

19,821,000

Morgan

Stanley

&

Co.

International

plc

03/15/23

(6,473)

(6,622,265)

$

(5,900,630)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

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

400

02/17/23

USD

425.00

USD

16,259

$

31,200

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

175

02/17/23

USD

160.00

USD

2,467

2,887

Lions

Gate

Entertainment

Corp.

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

500

03/17/23

USD

12.50

USD

381

3,750

Lions

Gate

Entertainment

Corp.

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

1,000

03/17/23

USD

7.50

USD

762

70,000

Lions

Gate

Entertainment

Corp.

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

1,000

03/17/23

USD

10.00

USD

762

12,500

Intel

Corp.

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

350

06/16/23

USD

42.50

USD

989

1,575

Intel

Corp.

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

1,000

06/16/23

USD

40.00

USD

2,826

8,500

Lions

Gate

Entertainment

Corp.

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

1,250

06/16/23

USD

10.00

USD

953

53,125

183,537

Put

EURO

STOXX

50

Index

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

343

02/10/23

EUR

4,100.00

EUR

14,281

92,850

Carnival

Corp.

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

500

02/17/23

USD

7.00

USD

541

1,000

Caterpillar,

Inc.

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

300

02/17/23

USD

175.00

USD

7,569

600

EURO

STOXX

50

Index

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

169

02/17/23

EUR

3,800.00

EUR

7,036

8,084

EURO

STOXX

50

Index

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

420

02/17/23

EUR

4,000.00

EUR

17,486

77,623

Ford

Motor

Co.

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

1,000

02/17/23

USD

10.00

USD

1,351

1,500

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,400

02/17/23

USD

71.00

USD

10,686

4,200

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

750

02/17/23

USD

108.00

USD

8,315

19,500

iShares

Russell

2000

ETF

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

250

02/17/23

USD

160.00

USD

4,787

1,375

iShares

Russell

2000

ETF

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

350

02/17/23

USD

180.00

USD

6,702

28,700

Sabre

Corp.

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

250

02/17/23

USD

5.00

USD

170

875

Seagate

Technology

Holdings

plc

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

800

02/17/23

USD

56.00

USD

5,422

9,200

SoFi

Technologies,

Inc.

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

350

02/17/23

USD

4.00

USD

243

700

SPDR

EURO

STOXX

50

ETF

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

650

02/17/23

USD

36.00

USD

2,831

1,950

SPDR

S&P

Retail

ETF

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

750

02/17/23

USD

55.00

USD

5,264

16,875

Xerox

Holdings

Corp.

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

500

02/17/23

USD

12.00

USD

819

5,000

Carnival

Corp.

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

500

03/17/23

USD

6.00

USD

541

1,750

Caterpillar,

Inc.

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

500

03/17/23

USD

200.00

USD

12,615

27,500

Ford

Motor

Co.

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

750

03/17/23

USD

9.00

USD

1,013

2,625

Hudson

Pacific

Properties,

Inc.

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

250

03/17/23

USD

7.50

USD

285

4,375

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,600

03/17/23

USD

73.00

USD

12,213

44,800

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,798

03/17/23

USD

74.00

USD

13,724

79,112

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

..

500

03/17/23

USD

84.00

USD

4,396

30,250

Office

Properties

Income

Trust

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

250

03/17/23

USD

12.50

USD

429

2,500

S&P

500

Index

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

11

03/17/23

USD

3,950.00

USD

4,484

60,720

Vertiv

Holdings

Co.

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

650

03/17/23

USD

10.00

USD

924

9,750

Ally

Financial,

Inc.

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

850

04/21/23

USD

25.00

USD

2,762

38,250

Brandywine

Realty

Trust

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

250

04/21/23

USD

5.00

USD

164

3,750

Invesco

Senior

Loan

ETF

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

1,500

04/21/23

USD

20.00

USD

3,167

9,750

Invesco

Senior

Loan

ETF

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

2,000

04/21/23

USD

19.00

USD

4,222

20,000

Invesco

Senior

Loan

ETF

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

2,000

04/21/23

USD

18.00

USD

4,222

133,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

771

04/21/23

USD

74.00

USD

5,885

60,909

Owl

Rock

Capital

Corp.

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

1,000

04/21/23

USD

10.00

USD

1,307

15,000

Sabre

Corp.

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

500

04/21/23

USD

5.00

USD

341

7,750

821,823

$

1,005,360

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

Quarterly

Goldman

Sachs

International

04/19/23

USD

1

05

.0

0

USD

35,000

$

22,378

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

Quarterly

Barclays

Bank

plc

02/15/23

USD

95.00

USD

10,000

$

2,765

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

Quarterly

Deutsche

Bank

AG

02/15/23

USD

96.00

USD

10,000

3,118

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

Quarterly

JPMorgan

Chase

Bank

NA

03/15/23

USD

97.50

USD

12,500

23,372

$

51,633

(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

Put

EURO

STOXX

50

Index

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

343

02/10/23

EUR

4,000.00

EUR

14,281

$

(31,882)

EURO

STOXX

50

Index

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

420

02/17/23

EUR

3,900.00

EUR

17,486

(36,985)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

750

02/17/23

USD

104.00

USD

8,315

(4,875)

iShares

Russell

2000

ETF

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

350

02/17/23

USD

167.00

USD

6,702

(5,075)

Seagate

Technology

Holdings

plc

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

800

02/17/23

USD

50.00

USD

5,422

(3,200)

SPDR

S&P

Retail

ETF

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

750

02/17/23

USD

50.00

USD

5,264

(3,750)

Caterpillar,

Inc.

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

500

03/17/23

USD

160.00

USD

12,615

(3,500)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

798

03/17/23

USD

71.00

USD

6,091

(10,773)

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

...

500

03/17/23

USD

79.00

USD

4,396

(8,250)

S&P

500

Index

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

11

03/17/23

USD

3,800.00

USD

4,484

(31,625)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

771

04/21/23

USD

71.00

USD

5,885

(25,058)

$

(164,973)

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)

iTraxx

Europe

Crossover

Index

Series

38.V1

.

5.00

%

Quarterly

12/20/27

EUR

473

$

(20,277)

$

(595)

$

(19,682)

iTraxx

Europe

Crossover

Index

Series

38.V1

.

5.00

Quarterly

12/20/27

EUR

42,576

(1,825,181)

1,019,766

(2,844,947)

iTraxx

Europe

Main

Index

Series

38.V1

.....

1.00

Quarterly

12/20/27

EUR

1,500

(16,944)

12,325

(29,269)

iTraxx

Europe

Senior

Financials

Index

Series

38.V1

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

1.00

Quarterly

12/20/27

EUR

4,596

(31,502)

61,323

(92,825)

iTraxx

Europe

Subordinated

Financials

Index

Series

38.V1

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

1.00

Quarterly

12/20/27

EUR

42,873

1,092,525

2,534,518

(1,441,993)

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

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

5.00

Quarterly

12/20/27

USD

22,373

(757,547)

634,773

(1,392,320)

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

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

5.00

Quarterly

12/20/27

USD

16,563

(555,958)

674,483

(1,230,441)

$

(2,114,884)

$

4,936,593

$

(7,051,477)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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)

0.18%

Quarterly

1

day

EFFR

Quarterly

10/21/25

USD

143

$

13,506

$

—

$

13,506

1

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(13,654)

—

(13,654)

$

(148)

$

—

$

(148)

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)

Staples,

Inc.

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

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/23

USD

1,150

$

5,704

$

14,220

$

(8,516)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

77,337

90,303

(12,966)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

370

28,615

34,364

(5,749)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

750

58,003

63,557

(5,554)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

750

58,003

61,921

(3,918)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

1,500

116,006

97,115

18,891

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

1,000

77,337

61,171

16,166

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

380

29,388

35,322

(5,934)

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

500

18,779

40,685

(21,906)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

525

19,718

36,107

(16,389)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

1,500

18,213

39,654

(21,441)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(15,548)

8,551

(24,099)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(199,492)

(122,726)

(76,766)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(86,339)

(78,166)

(8,173)

Vue

International

Bidco

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

740

3,213

55,923

(52,710)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(69,022)

(45,246)

(23,776)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(103,533)

(67,858)

(35,675)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(16,566)

16,013

(32,579)

Electricite

de

France

SA

.....

1.00

Quarterly

Citibank

NA

06/20/25

EUR

4,530

(46,799)

(22,140)

(24,659)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

42,672

266,446

(223,774)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

145,778

249,650

(103,872)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(13,096)

51,425

(64,521)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(15,715)

46,971

(62,686)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(56,641)

173,109

(229,750)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

5,150

(126,042)

(118,201)

(7,841)

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

820

(69,065)

(35,095)

(33,970)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(10,942)

16,623

(27,565)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(10,942)

16,623

(27,565)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,201

(14,618)

20,797

(35,415)

Henkel

AG

&

Co.

KGaA

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

3,450

(110,088)

(42,768)

(67,320)

Henkel

AG

&

Co.

KGaA

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

3,450

(110,088)

(41,276)

(68,812)

Koninklijke

DSM

NV

........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(54,738)

(25,872)

(28,866)

Koninklijke

DSM

NV

........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

2,300

(72,984)

(37,087)

(35,897)

Paramount

Global

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

2,100

64,498

61,573

2,925

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,533

(104,143)

(90,441)

(13,702)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,500

(103,160)

(58,306)

(44,854)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

500

(14,737)

(10,060)

(4,677)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,300

(156,214)

(145,597)

(10,617)

Telia

Co.

AB

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

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,855

(45,400)

(27,505)

(17,895)

Telia

Co.

AB

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

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,855

(45,400)

(29,721)

(15,679)

Telia

Co.

AB

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

1,855

(45,400)

(32,503)

(12,897)

Altice

France

SA

..........

5.00

Quarterly

Barclays

Bank

plc

12/20/27

EUR

1,023

85,125

83,128

1,997

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

2,047

170,251

178,230

(7,979)

BASF

SE

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

6,300

(138,086)

65,177

(203,263)

BASF

SE

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

1,567

(34,339)

33,567

(67,906)

BMW

Finance

NV

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

EUR

3,133

(59,414)

31,237

(90,651)

BMW

Finance

NV

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

1,567

(29,707)

14,946

(44,653)

BMW

Finance

NV

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

3,200

(60,678)

26,804

(87,482)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

2,000

(26,990)

27,121

(54,111)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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)

Caterpillar,

Inc.

...........

1.00

%

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,000

$

(129,486)

$

(91,983)

$

(37,503)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

4,000

(103,589)

(69,793)

(33,796)

Ford

Motor

Co.

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

USD

2,550

(219,572)

(64,817)

(154,755)

Intesa

S

anpaolo

S

p

A

.......

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

2,100

127,772

165,878

(38,106)

NatWest

Group

plc

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

3,550

86,881

174,049

(87,168)

Paramount

Global

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,700

68,291

71,457

(3,166)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

510

137,476

129,614

7,862

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

300

80,868

80,250

618

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

450

123,750

123,750

–

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

500

134,780

127,143

7,637

Santander

Issuances

SAU

....

1.00

Quarterly

Bank

of

America

NA

12/20/27

EUR

3,500

105,936

190,726

(84,790)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,250

(46,485)

79,955

(126,440)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

3,650

(32,318)

55,693

(88,011)

Solvay

SA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

6,300

(90,172)

84,759

(174,931)

Solvay

SA

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

1,567

(22,424)

33,567

(55,991)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/27

USD

8,070

(5,723)

159,536

(165,259)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/27

USD

2,000

(1,418)

31,301

(32,719)

Standard

Chartered

plc

......

1.00

Quarterly

Barclays

Bank

plc

12/20/27

EUR

7,000

105,589

269,190

(163,601)

Stellantis

NV

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

6,700

(1,133,865)

(770,394)

(363,471)

Tesco

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

8,300

24,189

136,235

(112,046)

UniCredit

SpA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

2,100

136,246

163,631

(27,385)

UniCredit

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

1,939

125,800

137,165

(11,365)

United

Mexican

States

......

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

2,000

14,691

77,224

(62,533)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

5,000

46,548

46,548

–

Xerox

Corp.

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

1.00

Quarterly

Citibank

NA

12/20/27

USD

490

55,795

55,896

(101)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

830

94,510

95,019

(509)

$

–

$

–

$

–

$

(1,363,216)

$

2,479,364

$

(3,842,580)

$

–

$

–

$

–

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)

Casino

Guichard

Perrachon

SA

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

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

CCC+

EUR

720

$

(19,801)

$

(85,112)

$

65,311

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

Citibank

NA

06/20/23

CCC+

EUR

966

(26,578)

(60,076)

33,498

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

Credit

Suisse

International

06/20/23

CCC+

EUR

800

(22,001)

(34,539)

12,538

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

Credit

Suisse

International

06/20/23

CCC+

EUR

720

(19,801)

(88,452)

68,651

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/23

CCC+

EUR

360

(9,900)

(35,546)

25,646

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

452

(6,584)

(12,069)

5,485

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

258

(3,753)

(7,370)

3,617

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

B+

EUR

4,482

108,004

(107,971)

215,975

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

B+

EUR

2,900

69,882

(73,962)

143,844

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/23

B+

EUR

2,800

67,472

(66,310)

133,782

thyssenkrupp

AG

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

BB

EUR

1,680

(8,041)

(33,780)

25,739

Telecom

Italia

SpA

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/24

B+

EUR

500

29,382

19,193

10,189

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

667

70,191

59,836

10,355

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

3,000

315,861

215,662

100,199

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,000

210,574

156,646

53,928

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

32

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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)

Sprint

Communications

LLC

5.00

%

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

$

231,631

$

196,581

$

35,050

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,300

136,873

112,953

23,920

Altice

France

SA

......

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B

EUR

1,023

(16,243)

(23,498)

7,255

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

2,047

(32,486)

(50,108)

17,622

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

545

43,541

58,612

(15,071)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

909

72,568

97,640

(25,072)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

2,000

159,649

205,388

(45,739)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

545

43,541

59,109

(15,568)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

BNP

Paribas

SA

06/20/26

B+

EUR

1,200

(58,960)

(71,826)

12,866

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

B-

EUR

1,400

(189,291)

(121,869)

(67,422)

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

667

(21,824)

(25,852)

4,028

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

700

(22,915)

(29,553)

6,638

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

950

(64,176)

32,622

(96,798)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

500

(33,777)

18,255

(52,032)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B+

EUR

950

(64,176)

38,281

(102,457)

K+S

AG

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

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB+

EUR

1,500

181,319

130,630

50,689

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

3,000

(116,501)

(177,592)

61,091

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

2,000

(77,667)

(127,925)

50,258

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

700

(27,184)

(43,350)

16,166

Picard

Bondco

SA

.....

5.00

Quarterly

Citibank

NA

12/20/26

CCC+

EUR

870

(42,840)

33,888

(76,728)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

850

37,874

(10,312)

48,186

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

2,000

(102,925)

(263,825)

160,900

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,900

(129,196)

(59,917)

(69,279)

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,120

(76,157)

(18,472)

(57,685)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

150

(10,200)

(4,210)

(5,990)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,125

(76,497)

(31,585)

(44,912)

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

760

8,475

(14,152)

22,627

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

460

5,130

(23,579)

28,709

Saipem

Finance

International

BV

....

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB+

EUR

1,470

16,393

(53,593)

69,986

Saipem

Finance

International

BV

....

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

760

8,475

(14,152)

22,627

Saipem

Finance

International

BV

....

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

760

8,475

(28,649)

37,124

Saipem

Finance

International

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

380

4,238

(7,326)

11,564

United

Group

BV

......

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B

EUR

1,770

(243,653)

(95,979)

(147,674)

United

Group

BV

......

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

470

(64,699)

(23,070)

(41,629)

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

06/20/27

B

EUR

860

(118,385)

(79,343)

(39,042)

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,770

(243,653)

(107,945)

(135,708)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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)

ADLER

Real

Estate

AG

.

5.00

%

Quarterly

Bank

of

America

NA

12/20/27

CCC-

EUR

506

$

(97,861)

$

(116,987)

$

19,126

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC-

EUR

304

(58,822)

(69,200)

10,378

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC-

EUR

855

(165,338)

(194,509)

29,171

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC-

EUR

248

(47,976)

(58,101)

10,125

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC-

EUR

519

(100,402)

(118,931)

18,529

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC-

EUR

377

(72,797)

(86,163)

13,366

Apache

Corp.

........

1.00

Quarterly

Citibank

NA

12/20/27

BB+

USD

2,000

(59,252)

(87,086)

27,834

AT&T,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

12/20/27

BBB

USD

3,000

18,604

(44,079)

62,683

AT&T,

Inc.

...........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB

USD

5,000

31,007

(90,791)

121,798

AT&T,

Inc.

...........

1.00

Quarterly

Citibank

NA

12/20/27

BBB

USD

2,000

12,403

(17,767)

30,170

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB

USD

3,000

18,604

(51,458)

70,062

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB

USD

2,000

12,403

(30,934)

43,337

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB

USD

3,000

18,604

(38,067)

56,671

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

12/20/27

BB+

EUR

800

90,377

(25,959)

116,336

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

BB+

EUR

1,187

134,097

(42,476)

176,573

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/27

BB+

EUR

2,390

270,006

(55,858)

325,864

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB-

USD

2,000

344,363

287,889

56,474

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB-

USD

2,000

344,363

285,416

58,947

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

BBB-

USD

3,000

516,545

493,634

22,911

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

BBB-

USD

2,000

344,363

284,703

59,660

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

12/20/27

BBB-

USD

1,000

172,182

153,751

18,431

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB-

USD

5,000

860,908

659,739

201,169

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB-

USD

2,000

29,823

4,031

25,792

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

12/20/27

BBB-

USD

5,000

74,557

10,698

63,859

NRG

Energy,

Inc.

......

5.00

Quarterly

Citibank

NA

12/20/27

BB+

USD

1,000

56,052

39,195

16,857

NRG

Energy,

Inc.

......

5.00

Quarterly

Goldman

Sachs

International

12/20/27

BB+

USD

1,000

56,052

36,359

19,693

Oracle

Corp.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

BBB

USD

5,000

64,324

(30,183)

94,507

Oracle

Corp.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

BBB

USD

5,000

64,324

(32,084)

96,408

Oracle

Corp.

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

BBB

USD

3,000

38,594

(24,149)

62,743

Oracle

Corp.

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

BBB

USD

3,000

38,594

—

38,594

Oracle

Corp.

.........

1.00

Quarterly

Deutsche

Bank

AG

12/20/27

BBB

USD

2,000

25,729

(1,698)

27,427

Oracle

Corp.

.........

1.00

Quarterly

Deutsche

Bank

AG

12/20/27

BBB

USD

5,000

64,324

(27,762)

92,086

Oracle

Corp.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB

USD

3,000

38,594

6,476

32,118

Oracle

Corp.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB

USD

2,000

25,729

(10,136)

35,865

Petroleos

Mexicanos

...

1.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB

USD

5,000

(778,930)

(778,930)

—

Petroleos

Mexicanos

...

1.00

Quarterly

Citibank

NA

12/20/27

BBB

USD

2,000

(306,534)

(343,427)

36,893

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Barclays

Bank

plc

12/20/27

B-

USD

1,000

31,615

24,356

7,259

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Barclays

Bank

plc

12/20/27

B-

USD

2,000

63,229

(7,253)

70,482

Tenet

Healthcare

Corp.

..

5.00

Quarterly

BNP

Paribas

SA

12/20/27

B-

USD

2,000

63,229

(16,563)

79,792

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B-

USD

1,000

31,615

(2,955)

34,570

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B-

USD

2,500

79,036

56,456

22,580

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B-

USD

1,000

31,615

(10,820)

42,435

Tenet

Healthcare

Corp.

..

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B-

USD

2,000

63,229

34,853

28,376

UnitedHealth

Group,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

12/20/27

A+

USD

5,000

115,379

93,964

21,415

UnitedHealth

Group,

Inc.

.

1.00

Quarterly

Bank

of

America

NA

12/20/27

A+

USD

5,000

115,379

96,171

19,208

UnitedHealth

Group,

Inc.

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

A+

USD

3,000

69,227

62,416

6,811

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

34

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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)

Verizon

Communications,

Inc.

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

1.00

%

Quarterly

Barclays

Bank

plc

12/20/27

BBB+

USD

3,000

$

15,074

$

(17,111)

$

32,185

Verizon

Communications,

Inc.

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

1.00

Quarterly

Barclays

Bank

plc

12/20/27

BBB+

USD

3,000

15,074

(53,912)

68,986

Verizon

Communications,

Inc.

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

1.00

Quarterly

Citibank

NA

12/20/27

BBB+

USD

2,000

10,050

(21,117)

31,167

Verizon

Communications,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

BBB+

USD

3,000

15,074

(38,059)

53,133

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/27

BB

USD

1,000

(768)

(6,455)

5,687

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

BB

USD

1,000

(768)

(22,133)

21,365

Telecom

Italia

SpA

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/29

B+

EUR

2,000

(360,136)

(371,098)

10,962

$

2,314,450

$

(991,677)

$

3,306,127

(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/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

BNP

Paribas

SA

03/20/23

EUR

8,800

$

(109,345)

$

12,263

$

(121,608)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

BNP

Paribas

SA

03/20/23

EUR

6,200

(77,038)

8,640

(85,678)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

03/20/23

EUR

6,100

(578,784)

156

(578,940)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

03/20/23

EUR

3,320

(41,253)

4,627

(45,880)

Pitney

Bowes,

Inc.

...

Quarterly

1

day

SOFR

minus

0.25%

Quarterly

Citibank

NA

06/13/23

USD

10

(5,260)

—

(5,260)

$

(811,680)

$

25,686

$

(837,366)

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

$

2,201,627

$

(48,702)

(c)

$

2,172,474

0.8

%

Quarterly

Merrill

Lynch

International

&

Co.

(d)

02/15/23

(470,000)

200

(e)

(469,800)

(

0.0

)

(f)

$

(48,502)

$

1,702,674

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

(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:

(b)

(d)

Range:

8-26

basis

points

0-0

basis

points

Benchmarks:

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(c)

Amount

includes

$(19,549)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$0

of

net

dividends

and

financing

fees.

(f)

Amount

is

greater

than

(0.1)%.

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

period

end,

termination

date

February

15,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Belgium

Telenet

Group

Holding

NV

...

125,512

$

2,163,463

99.6

%

Germany

ADLER

Group

SA

.........

26,636

40,453

1.9

Ghana

Tullow

Oil

plc

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

965,300

429,868

19.8

Italy

Telecom

Italia

SpA

........

2,854,550

821,850

37.8

United

Kingdom

EnQuest

plc

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

2,969,582

802,885

37.0

Liberty

Global

plc,

Class

A

...

60,802

1,318,795

60.7

2,121,680

United

States

Altice

USA,

Inc.,

Class

A

....

59,932

293,667

13.5

Total

Reference

Entity

—

Long

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

5,870,981

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

France

Fnac

Darty

SA

...........

(201)

$

(7,460)

(0.4)

%

Germany

BASF

SE

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

(24,308)

(1,393,710)

(64.2)

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(20,721)

(2,297,337)

(105.7)

Total

Reference

Entity

—

Short

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

(3,698,507)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

2,172,474

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

February

15,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Pitney

Bowes,

Inc.

........

(30,000)

$

(129,300)

27.5

%

Sabre

Corp.

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

(50,000)

(340,500)

72.5

(469,800)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

(469,800)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

EFFR

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

Effective

Federal

Funds

Rate

4.33

%

1

day

SOFR

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

Secured

Overnight

Financing

Rate

4.31

3

month

EURIBOR

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

Euro

Interbank

Offered

Rate

2.51

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

4,937,188

$

(595)

$

13,506

$

(7,065,131)

$

—

OTC

Swaps

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

8,598,008

(7,084,635)

4,401,229

(5,823,550)

—

Options

Written

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

N/A

N/A

154,003

(2,169)

(164,973)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

36

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(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)

......

$

—

$

—

$

—

$

—

$

776,685

$

—

$

776,685

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

721,635

—

—

721,635

Options

purchased

Investments

at

value

—

unaffiliated

(b)

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

—

51,633

1,005,360

—

—

—

1,056,993

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

13,506

—

13,506

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

12,973,351

200

—

25,686

—

12,999,237

$

—

$

13,024,984

$

1,005,560

$

721,635

$

815,877

$

—

$

15,568,056

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

1,199,920

—

1,078,252

—

2,278,172

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

6,622,265

—

—

6,622,265

Options

written

Options

written

at

value

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

—

—

164,973

—

—

—

164,973

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

7,051,477

—

—

13,654

—

7,065,131

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

12,022,117

53,962

—

832,106

—

12,908,185

$

—

$

19,073,594

$

1,418,855

$

6,622,265

$

1,924,012

$

—

$

29,038,726

(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

period

ended

January

31,

2023,

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

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

$

—

$

—

$

(1,797,466)

$

—

$

7,358,516

$

—

$

5,561,050

Forward

foreign

currency

exchange

contracts

....

—

—

—

22,318,113

—

—

22,318,113

Options

purchased

(a)

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

—

(5,229,707)

(21,287,806)

—

(29,504)

—

(26,547,017)

Options

written

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

—

3,578,898

12,078,796

—

—

—

15,657,694

Swaps

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

—

(9,417,937)

(652,519)

—

(5,481,583)

—

(15,552,039)

$

—

$

(11,068,746)

$

(11,658,995)

$

22,318,113

$

1,847,429

$

—

$

1,437,801

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

217,297

$

—

$

5,928,009

$

—

$

6,145,306

Forward

foreign

currency

exchange

contracts

....

—

—

—

(30,803,158)

—

—

(30,803,158)

Options

purchased

(b)

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

—

1,416,694

8,949,078

—

—

—

10,365,772

Options

written

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

—

—

(5,189,346)

—

—

—

(5,156,108)

Swaps

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

—

1,352,449

125,772

—

2,751,199

—

4,229,420

$

—

$

2,802,381

$

4,102,801

$

(30,803,158)

$

8,679,208

$

—

$

(15,218,768)

(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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

647,016

Average

notional

value

of

contracts

—

short

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

$

137,112,367

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

448,325,100

Average

amounts

sold

—

in

USD

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

$

90,640,821

Options

Average

value

of

option

contracts

purchased

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

$

2,525,394

Average

value

of

option

contracts

written

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

$

1,110,943

Average

notional

value

of

swaption

contracts

purchased

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

$

96,195,025

Average

notional

value

of

swaption

contracts

written

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

$

71,429,075

Credit

default

swaps

Average

notional

value

—

buy

protection

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

$

371,133,927

Average

notional

value

—

sell

protection

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

$

181,658,208

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

143,110

Average

notional

value

—

receives

fixed

rate

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

$

143,110

Total

return

swaps

Average

notional

value

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

$

56,068,110

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

7,475

$

604,636

Forward

foreign

currency

exchange

contracts

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

721,635

6,622,265

Options

(a)

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

1,056,993

164,973

Swaps

—

centrally

cleared

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

100,274

—

Swaps

—

OTC

(b)

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

12,999,237

12,908,185

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

14,885,614

$

20,300,059

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(1,113,109)

(769,609)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

13,772,505

$

19,530,450

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

965,372

$

(764,101)

$

—

$

—

$

201,271

Barclays

Bank

plc

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

2,908,037

(1,930,756)

—

(977,281)

—

BNP

Paribas

SA

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

2,050,310

(1,433,964)

—

(540,000)

76,346

Citibank

NA

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

1,214,873

(1,214,873)

—

—

—

Credit

Suisse

International

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

1,058,821

(741,705)

—

—

317,116

Deutsche

Bank

AG

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

591,190

(591,190)

—

—

—

Goldman

Sachs

International

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

1,697,234

(1,697,234)

—

—

—

JPMorgan

Chase

Bank

NA

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

2,680,024

(2,680,024)

—

—

—

Merrill

Lynch

International

&

Co.

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

200

(200)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

606,444

(606,444)

—

—

—

$

13,772,505

$

(11,660,491)

$

—

$

(1,517,281)

$

594,733

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

38

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

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

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d)(e)

Bank

of

America

NA

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

$

764,101

$

(764,101)

$

—

$

—

$

—

Barclays

Bank

plc

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

1,930,756

(1,930,756)

—

—

—

BNP

Paribas

SA

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

1,433,964

(1,433,964)

—

—

—

Citibank

NA

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

1,469,658

(1,214,873)

(86,443)

(168,342)

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

4,817

—

—

—

4,817

Credit

Suisse

International

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

741,705

(741,705)

—

—

—

Deutsche

Bank

AG

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

712,410

(591,190)

—

—

121,220

Goldman

Sachs

International

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

2,062,277

(1,697,234)

—

(365,043)

—

JPMorgan

Chase

Bank

NA

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

3,704,642

(2,680,024)

—

(1,024,618)

—

Merrill

Lynch

International

&

Co.

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

48,702

(200)

—

(48,502)

—

Morgan

Stanley

&

Co.

International

plc

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

6,609,777

(606,444)

—

(

530

,

000

)

5,473,333

Royal

Bank

of

Canada

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

8,498

—

—

—

8,498

State

Street

Bank

and

Trust

Co.

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

39,143

—

—

—

39,143

$

19,530,450

$

(11,660,491)

$

(86,443)

$

(

2

,

136

,

505

)

$

5,647,011

(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/pledged,

if

any,

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)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

written

receivable/payable

on

the

Statement

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

81,970,193

$

—

$

81,970,193

Common

Stocks

Canada

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

—

—

401,405

401,405

Japan

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

—

—

1

1

Netherlands

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

2,026,730

—

—

2,026,730

United

Kingdom

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

3,200,925

—

35

3,200,960

United

States

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

6,914,033

2,648,701

1,209,729

10,772,463

Corporate

Bonds

Argentina

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

—

170,060

—

170,060

Australia

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

—

539,175

—

539,175

Austria

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

—

7,388,764

—

7,388,764

Brazil

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

—

737,492

—

737,492

Canada

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

—

7,578,314

—

7,578,314

Cayman

Islands

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

—

246

—

246

Chile

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

—

363,684

—

363,684

China

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

—

8,549,980

—

8,549,980

Colombia

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

—

822,559

—

822,559

Cyprus

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

—

1,011,602

—

1,011,602

Dominican

Republic

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

—

197,375

—

197,375

France

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

—

47,774,443

371,805

48,146,248

Germany

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

—

47,210,417

—

47,210,417

Ghana

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

—

3,879,330

—

3,879,330

India

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

—

1,595,432

—

1,595,432

Indonesia

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

—

466,921

—

466,921

Ireland

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

—

331,119

—

331,119

Israel

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

—

2,242,553

—

2,242,553

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Level

1

Level

2

Level

3

Total

Italy

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

$

—

$

16,219,544

$

—

$

16,219,544

Japan

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

—

6,305,341

—

6,305,341

Kuwait

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

—

195,220

—

195,220

Luxembourg

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

—

24,244,392

—

24,244,392

Mexico

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

—

595,580

—

595,580

Morocco

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

—

221,757

—

221,757

Netherlands

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

—

11,874,382

—

11,874,382

Nigeria

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

—

163,713

—

163,713

Oman

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

—

196,850

—

196,850

Portugal

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

—

6,613,617

—

6,613,617

Romania

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

—

5,972,408

—

5,972,408

Saudi

Arabia

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

—

383,940

—

383,940

Singapore

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

—

183,480

—

183,480

South

Africa

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

—

377,000

—

377,000

South

Korea

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

—

9,505,606

—

9,505,606

Spain

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

—

23,229,156

—

23,229,156

Sweden

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

—

8,847,779

—

8,847,779

Switzerland

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

—

3,810,628

—

3,810,628

Tanzania,

United

Republic

Of

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

—

187,913

—

187,913

United

Arab

Emirates

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

—

975,724

—

975,724

United

Kingdom

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

—

120,212,539

—

120,212,539

United

States

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

—

381,217,820

47,023,194

428,241,014

Zambia

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

—

4,344,690

—

4,344,690

Floating

Rate

Loan

Interests

Canada

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

—

59,290

—

59,290

France

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

—

2,769,477

—

2,769,477

Germany

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

—

1,706,690

—

1,706,690

Jersey,

Channel

Islands

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

—

—

289,893

289,893

Luxembourg

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

—

12,343,670

9

12,343,679

Netherlands

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

—

5,454,776

—

5,454,776

Singapore

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

—

151,494

—

151,494

Sweden

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

—

4,739,362

—

4,739,362

United

Kingdom

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

—

4,389,157

—

4,389,157

United

States

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

—

54,782,457

5,086,987

59,869,444

Foreign

Agency

Obligations

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

—

11,454,405

—

11,454,405

Foreign

Government

Obligations

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

—

9,598,363

—

9,598,363

Non-Agency

Mortgage-Backed

Securities

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

—

39,777,907

—

39,777,907

Preferred

Securities

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

—

—

4,277,651

4,277,651

U.S.

Treasury

Obligations

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

—

4,439,645

—

4,439,645

Warrants

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

74,737

6,628

124,229

205,594

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

38,274,131

—

38,274,131

Certificates

of

Deposit

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

—

906,240

—

906,240

Money

Market

Funds

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

60,250,400

—

—

60,250,400

Options

Purchased

Credit

contracts

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

—

51,633

—

51,633

Equity

contracts

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

1,005,360

—

—

1,005,360

Liabilities

Borrowed

Bonds

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

—

(38,527,838)

—

(38,527,838)

Investment

Sold

Short

Common

Stocks

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

(91,375)

—

—

(91,375)

Investment

Companies

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

(1,098,875)

—

—

(1,098,875)

$

72,281,935

$

993,734,926

$

58,784,938

$

1,124,801,799

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

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

$

—

$

4,401,029

$

—

$

4,401,029

Equity

contracts

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

—

200

—

200

Foreign

currency

exchange

contracts

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

—

721,635

—

721,635

Interest

rate

contracts

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

776,685

13,506

—

790,191

Liabilities

Credit

contracts

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

—

(11,988,959)

—

(11,988,959)

Equity

contracts

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

(669,822)

(749,033)

—

(1,418,855)

Foreign

currency

exchange

contracts

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

—

(6,622,265)

—

(6,622,265)

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

40

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

Level

1

Level

2

Level

3

Total

Interest

rate

contracts

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

$

(1,078,252)

$

(845,760)

$

—

$

(1,924,012)

$

(971,389)

$

(15,069,647)

$

—

$

(16,041,036)

(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.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

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

Preferred

Stocks

Warrants

Total

Investments

Assets

Opening

balance,

as

of

July

31,

2022

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

$

1,459,363

$

49,161,103

$

11,316,378

$

3,760,186

$

119,134

$

65,816,164

Transfers

into

Level

3

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

—

—

2,779,466

—

—

2,779,466

Transfers

out

of

Level

3

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

(13,393)

—

(2,159,328)

—

—

(2,172,721)

Accrued

discounts/premiums

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

—

17,811

13,939

—

—

31,750

Net

realized

gain

(loss)

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

(1,320)

1,373

(99,103)

—

—

(99,050)

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

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

254,702

1,064,940

210,148

(262,143)

5,095

1,272,742

Purchases

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

—

3,617,491

3,057,027

779,608

—

7,454,126

Sales

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

(88,182)

(6,467,719)

(9,741,638)

—

—

(16,297,539)

Closing

balance,

as

of

January

31,

2023

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

$

1,611,170

$

47,394,999

$

5,376,889

$

4,277,651

$

124,229

$

58,784,938

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2023

(b)

........

$

254,702

$

1,064,940

$

(77,177)

$

(262,143)

$

5,095

$

985,417

(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,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2023

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

in

the

amount

of

$4,924,570.

A

significant

change

in

the

third-party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

(b)

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

$

1,611,019

Market

Time

to

Exit

0.9

–

1.4

years

1.4

years

Volatility

35%

–

75%

38%

Corporate

Bonds

(c)

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

47,394,999

Income

Discount

Rate

6%

–

35%

9%

Floating

Rate

Interests

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

458,142

Income

Discount

Rate

8%

–

11%

10%

Preferred

Stocks

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

4,277,651

Market

Discount

Rate

12%

—

Revenue

Multiple

6.75x

–

12.00x

9.69x

Gross

Profit

Multiple

5.89x

—

EBITDA

Multiple

15.00x

—

Warrants

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

118,557

Market

Time

to

Exit

0.4

–

0.9

years

0.8

years

Volatility

40%

–

69%

60%

Revenue

Multiple

6.75x

–

12.25x

9.28x

$

53,860,368

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

The

fund

valued

certain

of

its

Level

3

Common

Stocks

using

recent

transaction

prices

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$1,168,829

as

of

January

31,

2023.

(c)

For

the

period

end

January

31,

2023,

the

valuation

technique

for

investments

classified

as

Corporate

Bonds

amounting

to

$601,482

changed

to

Discount

Cash

Flow

approach.

The

investments

were

previously

valued

utilizing

an

Option

Pricing

Model.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

42

BlackRock

Global

Long/Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

1,104,269,487‌

Investments,

at

value

—

affiliated

(b)

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

60,250,400‌

Cash

pledged:

–‌

Collateral

—

borrowed

bond

agreements

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

644,000‌

Collateral

—

exchange-traded

options

written

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

6,180,000‌

Collateral

—

OTC

derivatives

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

31,038,484‌

Futures

contracts

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

4,349,880‌

Centrally

cleared

swaps

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

6,312,710‌

Foreign

currency,

at

value

(c)

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

7,117,042‌

Receivables:

–‌

Investments

sold

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

17,069,487‌

Swaps  

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

196,923‌

Capital

shares

sold

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

7,050,634‌

Dividends

—

unaffiliated

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

5,470‌

Dividends

—

affiliated

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

166,010‌

Interest

—

unaffiliated

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

13,016,590‌

From

the

Manager

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

2,831‌

Due

from

broker

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

518,452‌

Variation

margin

on

futures

contracts

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

7,475‌

Variation

margin

on

centrally

cleared

swaps

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

100,274‌

Swap

premiums

paid

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

8,598,008‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

721,635‌

OTC

swaps

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

4,401,229‌

Prepaid

expenses

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

114,501‌

Total

assets

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

1,272,131,522‌

LIABILITIES

Investments

sold

short,

at

value

—

unaffiliated

(d)

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

91,375‌

Investments

sold

short,

at

value

—

affiliated

(e)

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

1,098,875‌

Bank

overdraft

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

15,777,897‌

Cash

received:

–‌

Collateral

—

OTC

derivatives

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

1,879,990‌

Borrowed

bonds,

at

value

(f)

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

38,527,838‌

Options

written,

at

value

(g)

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

164,973‌

Payables:

–‌

Investments

purchased

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

39,073,872‌

Swaps  

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

1,042,371‌

Administration

fees

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

52,848‌

Capital

shares

redeemed

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

8,864,803‌

Interest

expense

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

721,738‌

Investment

advisory

fees

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

906,703‌

Trustees'

and

Officer's

fees

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

17,708‌

Other

affiliate

fees

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

3,675‌

Professional

fees

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

168,427‌

Service

and

distribution

fees

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

56,779‌

Variation

margin

on

futures

contracts

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

604,636‌

Other

accrued

expenses

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

549,131‌

Swap

premiums

received

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

7,084,635‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

6,622,265‌

OTC

swaps

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

5,823,550‌

Total

liabilities

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

129,134,089‌

NET

ASSETS

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

$

1,142,997,433‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2023

43

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

1,829,028,123‌

Accumulated

loss

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

(686,030,690‌)

NET

ASSETS

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

$

1,142,997,433‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

1,243,834,445‌

(b)

  Investments,

at

cost

—

affiliated

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

$

60,250,400‌

(c)

  Foreign

currency,

at

cost

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

$

7,115,338‌

(d)

  Proceeds

received

from

short

sales

—

un

affiliated

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

$

76,354‌

(e)

  Proceeds

received

from

short

sales

—

affiliated

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

$

1,088,009‌

(f)

  Proceeds

received

from

borrowed

bonds

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

$

40,522,296‌

(g)

  Premiums

received

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

$

316,807‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

44

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

836,507,491‌

Shares

outstanding

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

97,381,554‌

Net

asset

value

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

$

8.59‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

70,415,154‌

Shares

outstanding

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

8,182,656‌

Net

asset

value

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

$

8.61‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

6,314,959‌

Shares

outstanding

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

737,258‌

Net

asset

value

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

$

8.57‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

229,759,829‌

Shares

outstanding

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

26,734,756‌

Net

asset

value

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

$

8.59‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2023

45

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

183,404‌

Dividends

—

affiliated

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

1,656,945‌

Interest

—

unaffiliated

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

37,169,376‌

Total

investment

income

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

39,009,725‌

EXPENSES

Investment

advisory

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

6,292,518‌

Transfer

agent

—

class

specific

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

457,903‌

Administration

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

271,294‌

Accounting

services

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

242,638‌

Service

and

distribution

—

class

specific

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

168,533‌

Professional

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

122,645‌

Administration

—

class

specific

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

100,956‌

Registration

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

78,992‌

Custodian

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

71,578‌

Printing

and

postage

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

11,374‌

Trustees

and

Officer

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

9,222‌

Miscellaneous

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

85,822‌

Total

expenses

excluding

dividend

expense,

and

interest

expense

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

7,913,475‌

Dividends

expense

—

unaffiliated

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

27,931‌

Dividends

expense

—

affiliated

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

125,282‌

Interest

expense

....................................................................................................

1,705,764‌

Total

expenses

.......................................................................................................

9,772,452‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(43,434‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

..........................................................

(17,740‌)

Administration

fees

waived

by

the

Manager

—

class

specific

.......................................................................

(8,288‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

9,702,990‌

Net

investment

income

..................................................................................................

29,306,735‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(31,668,518‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(132,026,738‌)

Investments

—

affiliated

.............................................................................................

1,230‌

Borrowed

bonds

..................................................................................................

7,318,753‌

Forward

foreign

currency

exchange

contracts

...............................................................................

22,318,113‌

Foreign

currency

transactions

.........................................................................................

(2,629,527‌)

Futures

contracts

..................................................................................................

5,561,050‌

Options

written

...................................................................................................

15,657,694‌

Short

sales

—

unaffiliated

............................................................................................

460,285‌

Short

sales

—

affiliated

..............................................................................................

(10,304‌)

Swaps

.........................................................................................................

(15,552,039‌)

A

(98,901,483‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

95,256,968‌

Borrowed

bonds

..................................................................................................

(3,332,503‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(30,803,158‌)

Foreign

currency

translations

..........................................................................................

853,824‌

Futures

contracts

..................................................................................................

6,145,306‌

Options

written

...................................................................................................

(5,156,108‌)

Short

sales

—

unaffiliated

............................................................................................

14,450‌

Short

sales

—

affiliated

..............................................................................................

24,766‌

Swaps

.........................................................................................................

4,229,420‌

A

67,232,965‌

Net

realized

and

unrealized

loss

............................................................................................

(31,668,518‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(2,361,783‌)

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Semi-Annual

Report

to

Shareholders

46

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

29,306,735

‌

$

48,221,335

‌

Net

realized

gain

(loss)

..............................................................................

(98,901,483

)

20,470,365

‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

67,232,965

‌

(182,231,749

)

Net

decrease

in

net

assets

resulting

from

operations

............................................................

(2,361,783

)

(113,540,049

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(66,995,894

)

(45,186,861

)

Investor

A

.....................................................................................

(5,315,056

)

(3,089,685

)

Investor

C

.....................................................................................

(433,580

)

(347,824

)

Class

K

.......................................................................................

(20,255,590

)

(10,375,706

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(93,000,120

)

(59,000,076

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(303,471,382

)

107,073,742

‌

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(398,833,285

)

(65,466,383

)

Beginning

of

period

..................................................................................

1,541,830,718

‌

1,607,297,101

‌

End

of

period

......................................................................................

$

1,142,997,433

‌

$

1,541,830,718

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

47

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

..............

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

$

10.36

‌

$

10.36

‌

Net

investment

income

(a)

......................

0.20

‌

0.28

‌

0.38

‌

0.37

‌

0.37

‌

0.33

‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.17

)

(0.92

)

0.48

‌

(0.27

)

(0.10

)

(0.21

)

Net

increase

(decrease)

from

investment

operations

.....

0.03

‌

(0.64

)

0.86

‌

0.10

‌

0.27

‌

0.12

‌

Distributions

from

net

investment

income

(b)

.........

(0.70

)

(0.35

)

(0.39

)

(0.37

)

(0.58

)

(0.12

)

Net

asset

value,

end

of

period

...................

$

8.59

‌

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

$

10.36

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

.......................

0.42

%

(d)

(6.42

)%

8.95

%

0.96

%

(e)

2.83

%

(e)

1.16

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................

1.44

%

(g)

1.34

%

1.46

%

1.85

%

2.03

%

2.00

%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

1.43

%

(g)

1.33

%

1.45

%

1.85

%

2.01

%

1.98

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expense

s

on

short

sales

...................

1.15

%

(g)

1.12

%

1.09

%

1.12

%

1.07

%

1.05

%

Net

investment

income

........................

4.37

%

(g)

2.89

%

3.80

%

3.74

%

3.67

%

3.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

836,507

‌

$

1,077,774

‌

$

1,202,628

‌

$

1,223,282

‌

$

1,747,346

‌

$

2,305,172

‌

Portfolio

turnover

rate

..........................

69

%

149

%

156

%

232

%

226

%

185

%

(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)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

48

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

..............

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

$

10.33

‌

$

10.31

‌

Net

investment

income

(a)

......................

0.18

‌

0.26

‌

0.35

‌

0.34

‌

0.34

‌

0.31

‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.15

)

(0.93

)

0.49

‌

(0.27

)

(0.10

)

(0.23

)

Net

increase

(decrease)

from

investment

operations

.....

0.03

‌

(0.67

)

0.84

‌

0.07

‌

0.24

‌

0.08

‌

Distributions

from

net

investment

income

(b)

.........

(0.66

)

(0.33

)

(0.36

)

(0.34

)

(0.54

)

(0.06

)

Net

asset

value,

end

of

period

...................

$

8.61

‌

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

$

10.33

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

.......................

0.42

%

(d)

(6.75

)%

8.69

%

0.69

%

(e)

2.60

%

(e)

0.81

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................

1.73

%

(g)

1.61

%

1.73

%

2.10

%

2.29

%

(h)

2.25

%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

1.68

%

(g)

1.60

%

1.72

%

2.10

%

2.27

%

2.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...................

1.40

%

(g)

1.39

%

1.36

%

1.37

%

1.33

%

1.31

%

Net

investment

income

........................

4.03

%

(g)

2.70

%

3.53

%

3.49

%

3.43

%

2.99

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

70,415

‌

$

136,073

‌

$

86,176

‌

$

101,727

‌

$

117,093

‌

$

168,471

‌

Portfolio

turnover

rate

..........................

69

%

149

%

156

%

232

%

226

%

185

%

(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)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(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%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

49

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

.............

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

$

10.12

‌

$

10.10

‌

Net

investment

income

(a)

.....................

0.15

‌

0.18

‌

0.27

‌

0.27

‌

0.26

‌

0.23

‌

Net

realized

and

unrealized

gain

(loss)

............

(0.16

)

(0.91

)

0.47

‌

(0.26

)

(0.10

)

(0.21

)

Net

increase

(decrease)

from

investment

operations

....

(0.01

)

(0.73

)

0.74

‌

0.01

‌

0.16

‌

0.02

‌

Distributions

from

net

investment

income

(b)

........

(0.56

)

(0.22

)

(0.23

)

(0.25

)

(0.46

)

—

‌

Net

asset

value,

end

of

period

..................

$

8.57

‌

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

$

10.12

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

......................

(0.02

)%

(d)

(7.37

)%

7.75

%

0.03

%

(e)

1.72

%

(e)

0.20

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.............................

2.48

%

(g)

2.37

%

2.50

%

2.86

%

3.05

%

(h)

3.02

%

Total

expenses

after

fees

waived

and/or

reimbursed

....

2.43

%

(g)

2.36

%

2.49

%

2.86

%

3.03

%

3.01

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

..................

2.15

%

(g)

2.15

%

2.13

%

2.13

%

2.09

%

2.08

%

Net

investment

income

.......................

3.36

%

(g)

1.88

%

2.71

%

2.75

%

2.65

%

2.25

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..................

$

6,315

‌

$

9,827

‌

$

18,771

‌

$

29,291

‌

$

68,930

‌

$

100,645

‌

Portfolio

turnover

rate

.........................

69

%

149

%

156

%

232

%

226

%

185

%

(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)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

50

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Six

Months

Ended

01/31/23

(unaudited)

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Year

Ended

07/31/18

Net

asset

value,

beginning

of

period

..............

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

$

10.37

‌

$

10.37

‌

Net

investment

income

(a)

......................

0.20

‌

0.29

‌

0.39

‌

0.38

‌

0.38

‌

0.35

‌

Net

realized

and

unrealized

gain

(loss)

.............

(0.18

)

(0.92

)

0.48

‌

(0.27

)

(0.11

)

(0.21

)

Net

increase

(decrease)

from

investment

operations

.....

0.02

‌

(0.63

)

0.87

‌

0.11

‌

0.27

‌

0.14

‌

Distributions

from

net

investment

income

(b)

.........

(0.70

)

(0.36

)

(0.40

)

(0.38

)

(0.58

)

(0.14

)

Net

asset

value,

end

of

period

...................

$

8.59

‌

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

$

10.37

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

.......................

0.41

%

(d)

(6.35

)%

9.02

%

1.04

%

(e)

2.91

%

(e)

1.34

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................

1.36

%

(g)

1.26

%

1.39

%

1.77

%

1.96

%

1.94

%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

1.35

%

(g)

1.26

%

1.38

%

1.76

%

1.94

%

1.93

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...................

1.07

%

(g)

1.05

%

1.02

%

1.04

%

1.00

%

0.99

%

Net

investment

income

........................

4.45

%

(g)

2.97

%

3.85

%

3.85

%

3.75

%

3.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

229,760

‌

$

318,157

‌

$

299,722

‌

$

399,165

‌

$

1,104,061

‌

$

1,323,371

‌

Portfolio

turnover

rate

..........................

69

%

149

%

156

%

232

%

226

%

185

%

(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)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

51

Notes

to

Financial

Statements

1.

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

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

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

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

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.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized

its

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared and

paid

at

least

annually.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

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

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

52

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.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

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.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

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. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

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

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

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)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

54

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

55

Notes

to

Financial

Statements

(“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

a

fund

to

make

future

cash

payments. As

of

January

31,

2023

,

the Fund

had

outstanding

commitments

of

$434,860.

These

commitments

are

not

included

in

the

net

assets

of

the Fund

as

of

January

31,

2023

.

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,

2023,

the

average

daily

amount

of

reverse

repurchase

agreements outstanding and

the

weighted

average

interest

rate

for

the

Fund

were

$167,302

and

4.72%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/

or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

56

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

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.

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statement

of

Assets

and

Liabilities. 

Securities

segregated

as

collateral

are

denoted

in

the

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

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.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

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)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

BlackRock

Global

Long/Short

Credit

Fund

Barclays

Bank

plc

..............

$

18,301,884‌

$

(18,

981

,

47

1‌)

$

(

679

,

58

7‌)

$

—‌

$

—‌

$

—‌

$

644,000‌

$

644,000‌

$

(35

,

587‌)

Barclays

Capital,

Inc.

............

217,980‌

(210,478‌)

7,502‌

—‌

—‌

—‌

—‌

—‌

7,502‌

BNP

Paribas

SA

...............

5,736,932‌

(5,818,486‌)

(81,554‌)

—‌

—‌

—‌

—‌

—‌

(81,554‌)

Goldman

Sachs

International

.......

1,580,544‌

(1,605,155‌)

(24,611‌)

—‌

—‌

—‌

—‌

—‌

(24,611‌)

J.P.

Morgan

Securities

LLC

........

353,805‌

(348,406‌)

5,399‌

—‌

—‌

—‌

—‌

—‌

5,399‌

J.P.

Morgan

Securities

plc

.........

4,785,173‌

(4,791,499‌)

(6,326‌)

—‌

—‌

—‌

—‌

—‌

(6,326‌)

Merrill

Lynch

International

.........

1,584,180‌

(1,647,583‌)

(63,403‌)

—‌

—‌

—‌

—‌

—‌

(63,403‌)

Nomura

Securities

International,

Inc.

..

1,250,438‌

(1,248,069‌)

2,369‌

—‌

—‌

—‌

—‌

—‌

2,369‌

RBC

Capital

Markets

LLC

.........

3,010,230‌

(3,115,638‌)

(105,408‌)

—‌

—‌

—‌

—‌

—‌

(105,408‌)

RBC

Europe

Ltd.

...............

1,452,965‌

(1,482,791‌)

(29,826‌)

—‌

—‌

—‌

—‌

—‌

(29,826‌)

$

38,274,131‌

$

(3

9

,

249

,

57

6‌)

$

(

975

,

445‌

)

$

—‌

$

—‌

$

—‌

$

644,000‌

$

644,000‌

$

(

331

,

44

5‌

)

...........................................

(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

$721,738

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

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)

57

Notes

to

Financial

Statements

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

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

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

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

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

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.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

58

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

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between 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)

59

Notes

to

Financial

Statements

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.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

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,

2023,

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,

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.

For

the

six

months

ended

January

31,

2023,

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,

2023,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

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

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Share

Class

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

128,869‌

Investor

C

........................................................................................................

39,664‌

$

168,533‌

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

Institutional

Investor

A

Investor

C

Class

K

Total

Administration

fees

-

class

specific

..........................................

$

71,691‌

$

7,732‌

$

595‌

$

20,938‌

$

100,956‌

Institutional

.............................................................................................................

$

435‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

60

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,

2023,

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,

2023,

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,

2023

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$29

.

For

the six

months

ended

January

31,

2023,

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

June

30,

202

4

.

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

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

January

31,

2023,

the

amount

waived

was

$43,434.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

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.

For

the

six

months

ended

January

31,

2023,

there

were

no

fees

waived

by

the

Manager

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:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

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,

2023,

class

specific

expense

waivers

and/

or

reimbursements

were

as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

("SEC"),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

January

31,

2023,

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. 

Institutional

Investor

A

Investor

C

Class

K

Total

Amount

............................................................

$

1,373‌

$

501‌

$

412‌

$

297‌

$

2,583‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

..........................................

$

389,705‌

$

62,328‌

$

4,892‌

$

978‌

$

457,903‌

Fund

Name

Investor

A

Investor

C

BlackRock

Global

Long/Short

Credit

Fund

.............................................................................

$

23,841‌

$

2,779‌

Institutional

Investor

A

Investor

C

Class

K

Expense

Limitations

................................................

1.20‌%

1.40‌%

2.15‌%

1.15‌%

Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Investor

A

.....................................................................................

$

7,714‌

$

16,35

6‌

Investor

C

.....................................................................................

574‌

1,384‌

$

8,288‌

$

17,74

0‌

Notes

to

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Financial

Statements

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,

2023,

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:

7.

PURCHASES

AND

SALES 

For

the six

months

ended

January

31,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

securities,

were $761,687,043

and

$1,007,478,619,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2023,

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,

2022, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$428,257,330. 

As

of

January

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust, on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), are

party

to

a

364-day,

$2.50

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)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2023

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,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

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.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Purchases

...............................................................................................................

$

1,162,257‌

Sales

...................................................................................................................

7,463,606‌

Net

Realized

Loss

..........................................................................................................

(509,614‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,31

0

,

73

1,

122‌

$

16

,

144

,

090‌

$

(176,110,982‌)

$

(

159

,

966

,

892‌

)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

62

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

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

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the recent

period

of

historically

low

interest rates. The

Federal

Reserve

has

recently

begun

to

raise

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

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

as

well

as

acts

of

war

in

the

region.

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.

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.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states. The

impact

of

these

actions,

especially

if

they

occur

in

a

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of LIBOR.

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

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.

Six

Months

Ended

01/31/23

Year

Ended

07/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

.............................................

22,086,576‌

$

197,891,700‌

57,816,380‌

$

571,072,733‌

Shares

issued

in

reinvestment

of

distributions

........................

6,464,375‌

54,430,040‌

3,348,270‌

33,114,387‌

Shares

redeemed

.........................................

(47,585,179‌)

(425,745,458‌)

(62,089,562‌)

(597,211,870‌)

(19,034,228‌)

$

(173,423,718‌)

(924,912‌)

$

6,975,250‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

1,213,139‌

$

11,028,598‌

9,388,064‌

$

91,780,264‌

Shares

issued

in

reinvestment

of

distributions

........................

564,634‌

4,765,509‌

275,553‌

2,725,220‌

Shares

redeemed

.........................................

(8,314,352‌)

(74,665,098‌)

(3,362,577‌)

(32,660,728‌)

(6,536,579‌)

$

(58,870,991‌)

6,301,040‌

$

61,844,756‌

Investor

C

Shares

sold

.............................................

31,141‌

$

270,865‌

145,849‌

$

1,439,754‌

Shares

issued

in

reinvestment

of

distributions

........................

51,209‌

430,667‌

35,116‌

344,834‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(420,482‌)

(3,734,429‌)

(966,171‌)

(9,367,981‌)

(338,132‌)

$

(3,032,897‌)

(785,206‌)

$

(7,583,393‌)

Class

K

Shares

sold

.............................................

2,632,014‌

$

23,752,803‌

17,555,604‌

$

167,819,896‌

Shares

issued

in

reinvestment

of

distributions

........................

343,658‌

2,897,041‌

167,164‌

1,653,256‌

Shares

redeemed

.........................................

(10,571,683‌)

(94,793,620‌)

(12,611,383‌)

(123,636,023‌)

(7,596,011‌)

$

(68,143,776‌)

5,111,385‌

$

45,837,129‌

(33,504,950‌)

$

(303,471,382‌)

9,702,307‌

$

107,073,742‌

Statement

Regarding

Liquidity

Risk

Management

Program

2023

BlackRock

Semi-Annual

Report

to

Shareholders

64

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

10-11,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC,

the

investment

adviser

to

the

Fund,

as

the

program

administrator

for

the

Fund’s

Program.

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

the

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,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

the

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

the

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

the

Fund’s

liquidity

risk,

as

follows:

a)

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

the

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

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

A

fund’s

derivative

exposure

was

also

considered

in

such

calculation.

b)

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

redemption

activity

and

used

this

information

as

a

component

to

establish

the

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

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.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Fund,

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,

and

BlackRock

Floating

Rate

Loan

ETF,

a

series

of

BlackRock

ETF

Trust

II).

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

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

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

65

Additional

Information

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,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

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

without

charge,

upon

request (1)

by

calling

(800)

441-7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

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.

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.

Additional

Information

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

66

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

10001

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

67

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

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-1/23-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(a) 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)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – 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: March 24, 2023

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: March 24, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: March 24, 2023