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

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-23341

Name of Fund: 

BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds IV, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2021

Date of reporting period: 07/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

 Not Applicable

July

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

July

31,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States,

along

with

most

of

the

world,

began

the

reporting

period

emerging

from

a

severe

recession,

prompted

by

pandemic-related

restrictions

that

disrupted

many

aspects

of

daily

life.

However,

easing

restrictions

and

robust

government

intervention

led

to

a

strong

rebound,

and

the

economy

grew

at

a

significant

pace

for

the

reporting

period,

eventually

regaining

the

output

lost

from

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

strong

fiscal

and

monetary

support,

as

well

as

the

development

of

vaccines,

made

investors

increasingly

optimistic

about

the

economic

outlook.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

two

additional

fiscal

stimulus

packages

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

returns

of

small-capitalization

stocks,

which

benefited

the

most

from

the

resumption

of

in-person

activities,

outpaced

large-capitalization

stocks.

International

equities

also

gained,

as

both

developed

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

solid

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

In

response

to

rising

inflation

late

in

the

period,

the

Fed

changed

its

market

guidance,

raising

the

likelihood

of

less

bond

purchasing

and

the

possibility

of

higher

rates

in

2023.

Looking

ahead,

we

believe

that

the

global

expansion

will

continue

to

broaden

as

Europe

and

other

developed

market

economies

gain

momentum,

although

the

Delta

variant

remains

a

threat,

particularly

in

emerging

markets.

While

we

expect

inflation

to

remain

elevated

in

the

medium-term

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

healthcare,

are

particularly

attractive

in

the

long-term.

U.S.

small-capitalization

stocks

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

Chinese

government

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

July

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

19.19%

36.45%

U.S.

small

cap

equities

(Russell

2000

®

Index)

7.86

51.97

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

10.83

30.31

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.76)

20.64

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.08

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(0.59)

(5.12)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

0.21

(0.70)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.38

3.47

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.66

10.62

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summary

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

4

The

Benefits

and

Risks

of

Leveraging

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

7

About

Fund

Performance 

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

7

Disclosure

of

Expenses

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

8

Derivative

Financial

Instruments

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

8

Financial

Statements:

Schedule

of

Investments

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

9

Statement

of

Assets

and

Liabilities

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

50

Statement

of

Operations

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

53

Statements

of

Changes

in

Net

Assets

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

54

Financial

Highlights

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

55

Notes

to

Financial

Statements

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

59

Report

of

Independent

Registered

Public

Accounting

Firm

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

73

Important

Tax

Information

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

74

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

75

Trustee

and

Officer

Information

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

78

Additional

Information

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

81

Glossary

of

Terms

Used

in

this

Report

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

83

Fund

Summary

as

of

July

31,

2021

2021

BlackRock

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

12-month

period

ended

July

31,

2021,

the

Fund

outperformed

its

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

Fund’s

European

absolute

return

strategies

led

performance,

highlighted

by

event

trades

in

the

telecommunications,

energy

and

financials

sectors.

Relative

value

positions

in

European

high

yield

also

made

strong

contributions.

In

the

United

States,

absolute

return

strategies—specifically,

event

trades

in

technology

and

telecommunications,

along

with

idiosyncratic

long

positions

in

technology—were

key

contributors.

U.S.

carry

(income)

strategies

were

a

meaningful

contributor,

as

well.

A

continued

recovery

in

enhanced

equipment

trust

certificates,

which

benefited

from

a

rebound

in

the

airline

industry,

made

the

largest

contribution

in

this

segment

of

the

Fund.

U.S.

and

European

hedging

strategies

detracted

from

performance,

as

did

idiosyncratic

short

positions

within

the

U.S.

absolute

strategy.

As

part

of

its

investment

strategy,

the

Fund

uses

derivatives

to

manage

duration

(sensitivity

to

interest

rate

movements)

and

currency

risk.

The

Fund

also

has

the

flexibility

to

use

derivatives

to

express

positive

or

negative

views

on

a

particular

issuer

or

sector,

or

to

manage

overall

credit

risk.

Derivatives

may

also

serve

as

a

more

liquid

way

to

establish

positions,

and—depending

on

the

market

environment—the

Fund

may

use

various

instruments,

including

but

not

limited

to

bonds,

equities

and

derivatives.

Derivatives,

such

as

swaps

and

options

to

hedge

potential

downside

moves

in

equities

or

on

single

issuers,

were

a

net

detractor

to

performance

over

the

period.

Describe

recent

portfolio

activity.

The

Fund

started

the

period

with

a

net

long

position

of

58%

and

subsequently

added

risk,

ending

the

period

with

a

net

long

position

of

64%.

The

increase

was

mainly

due

to

a

reduction

in

the

portfolio’s

short

positions

globally,

along

with

an

overall

increase

in

carry

exposure.

The

investment

adviser

reduced

the

Fund’s

position

in

high

yield

bonds

in

the

United

States

and

Europe.

It

also

increased

the

allocation

to

senior

loans,

which

did

not

keep

pace

with

high

yield

due

to

elevated

levels

of

new-issue

supply.

The

investment

adviser

reduced

the

Fund’s

short

position

in

derivatives

linked

to

credit

default

indexes

in

Europe.

The

investment

adviser

also

increased

the

Fund’s

allocation

to

equities,

while

using

options

to

manage

risk.

The

investment

adviser

marginally

added

to

commercial

mortgage-backed

securities

on

the

view

the

sector

offered

the

combination

of

attractive

yields

and

below-average

price

volatility.

Overall,

the

Fund

was

positioned

with

a

continued

emphasis

on

absolute

return

strategies.

The

Fund

sought

individual

issuers

with

a

potential

catalyst,

as

well

as

relative-

value

opportunities

between

asset

classes.

The

Fund’s

cash

position

was

somewhat

elevated,

in

part

because

the

investment

adviser

can

express

long

and

short

positions

via

the

credit

default

swap

market,

which

does

not

require

a

cash

outlay

as

with

traditional

cash

bonds.

In

addition,

the

investment

adviser

increased

cash

in

order

to

have

a

more

defensive

posture

given

tight

yield

spreads

and,

more

recently,

the

emergence

of

the

Delta

variant.

The

cash

position

did

not

have

a

material

impact

on

Fund

performance.

Describe

portfolio

positioning

at

period

end.

The

Fund

sought

to

maintain

diversified

exposure

to

credit

risk.

The

investment

adviser

continued

to

construct

the

portfolio

with

an

emphasis

on

absolute

return

trades.

This

includes

building

positions

around

companies

experiencing

earnings

recoveries,

as

well

as

candidates

for

ratings

upgrades

or

consolidation.

The

portfolio

continued

to

have

historically

low

outright

long

exposure

to

high

yield

and

investment

grade

bonds,

but

the

investment

adviser

found

some

select

ideas

in

these

areas.

The

investment

adviser

also

identified

opportunities

in

European

high

yield,

particularly

short-term,

B

rated

issues

where

there

was

potential

for

a

further

compression

of

yield

spreads

as

Europe

started

to

reopen

and

growth

in

the

services

sector

recovered.

The

Fund

ended

the

period

with

a

net

long

position

of

42%

of

net

assets

in

the

United

States,

18%

in

Europe,

2%

each

in

Asia

and

the

emerging

markets,

and

64%

of

net

assets

overall.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

July

31,

2021

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

Total

Return

based

on

a

$10,000

Investment

Performance

Summary

for

the

Period

Ended

July

31,

2021

(a)

Commencement

of

operations.

(b)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(c)

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.

(d)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

3/1/2021

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

3/1/2021

is

for

the

3pm

pricing

variant

of

the

lndex

.

Index

data

on

and

after

3/1/2021

is

for

the

4pm

pricing

variant

of

the

Index.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

Since

Inception

(c)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

Institutional

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

2.04‌%

2.04‌%

8.95‌%

N/A‌

3.65‌%

N/A‌

3.12‌%

N/A‌

Investor

A

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

1.70‌

1.70‌

8.69‌

4.34‌%

3.39‌

2.55‌%

2.86‌

2.44‌%

Investor

C

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

1.02‌

1.02‌

7.75‌

6.75‌

2.60‌

2.60‌

2.25‌

2.25‌

Class

K

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

2.12‌

2.12‌

9.02‌

N/A‌

3.73‌

N/A‌

3.18‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

..........

—‌

—‌

0.08‌

N/A‌

1.17‌

N/A‌

0.64‌

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

the

Predecessor

Fund,

a

series

of

BlackRock

Funds

SM

,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

The

Predecessor

Fund

commenced

operations

on

September

30,

2011.

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.

Fund

Summary

as

of

July

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Global

Long/Short

Credit

Fund

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

43‌

%

1‌

%

44‌

%

United

Kingdom

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

11‌

1‌

12‌

France

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

7‌

1‌

8‌

Luxembourg

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

5‌

1‌

6‌

Ireland

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

3‌

1‌

4‌

Spain

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

4‌

—‌

(b)

4‌

Netherlands

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

4‌

—‌

(b)

4‌

Germany

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

3‌

—‌

(b)

3‌

Italy

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

3‌

—‌

(b)

3‌

Switzerland

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

2‌

—‌

(b)

2‌

Other

(c)

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

9‌

1‌

10‌

Total

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

94‌%

6‌%

100‌%

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

(c)

Includes

holdings

within

countries

that

are

less

than

1%

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries/geographic

regions.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AAA/

Aaa

(c)

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

1‌

%

AA/Aa

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

—‌

(d)

A

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

2‌

BBB/Baa

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

7‌

BB/Ba

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

27‌

B

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

38‌

CCC/

Caa

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

4‌

CC/Ca

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

—‌

(d)

NR

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

21‌ 

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities,

options

purchased,

options

written,

borrowed

bonds

and

investments

sold

short.

(c)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

(d)

Represents

less

than

1%

of

the

Fund's

total

investments.

The

Benefits

and

Risks

of

Leveraging

7

The

Benefits

and

Risks

of

Leveraging

/

About

Fund

Performance

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

About

Fund

Performance 

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Institutional

Shares.

The

performance

of

the

Fund’s

Class

K

Shares

would

be

substantially

similar

to

Institutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

4.00%

and

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

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

2021

BlackRock

Annual

Report

to

Shareholders

8

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

on February

1,

2021 and

held

through

July

31,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Beginning

Account

Value

(02/01/21)

Ending

Account

Value

(07/31/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(02/01/21)

Ending

Account

Value

(07/31/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(07/31/21)

Expenses

Paid

During

the

Period

(c)

Institutional

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

$

1,000.00

$

1,024.00

$

6.77

$

5.42

$

1,000.00

$

1,018.10

$

6.76

$

1,019.44

$

5.41

Investor

A

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

1,000.00

1,023.00

8.13

6.77

1,000.00

1,016.76

8.10

1,018.10

6.76

Investor

C

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

1,000.00

1,018.20

11.86

10.51

1,000.00

1,013.04

11.83

1,014.38

10.49

Class

K

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

1,000.00

1,024.00

6.37

5.02

1,000.00

1,018.50

6.36

1,019.84

5.01

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(1.35%

for

Institutional,

1.62%

for

Investor

A,

2.37%

for

Investor

C

and

1.27%

for

Class

K),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

(c)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(1.08%

for

Institutional,

1.35%

for

Investor

A,

2.10%

for

Investor

C

and

1.00%

for

Class

K),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

July

31,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

2.8%

Cayman

Islands

—

0.3%

(a)(b)

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

10/15/30

.......

USD

1,000

$

1,000,284

Madison

Park

Funding

XIX

Ltd.,

Series

2015-19A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.50%),

1.64%,

01/22/28

2,000

1,989,697

Palmer

Square

Loan

Funding

Ltd.,

Series

2019-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.76%,

08/20/27

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

1,500

1,500,415

4,490,396

Ireland

—

2.1%

(b)

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

EUR

1,300

1,533,555

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

700

816,869

Aqueduct

European

CLO

2

DAC,

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

919

1,037,009

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

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

700

820,129

Avoca

CLO

XIV

DAC:

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

4.70%,

01/12/31

1,970

2,284,736

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

6.35%,

01/12/31

2,200

2,489,992

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

1,259,418

Avoca

CLO

XV

DAC:

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

1,765

2,023,458

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

5.84%,

04/15/31

3,425

3,797,800

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

(c)

.....

700

822,071

BlueMountain

CLO

DAC,

Series

2021-

1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(c)

.....

700

817,446

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

.......

700

806,392

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

600

696,037

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

369

421,785

Harvest

CLO

XXIII

DAC,

Series

23X,

Class

E,

(EURIBOR

3

Month

+

5.33%),

5.33%,

10/20/32

.......

473

537,598

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(c)

...........

700

821,116

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

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

539

630,442

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

.......

1,036

1,214,504

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

.......

EUR

400

$

463,814

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

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

438

496,218

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

280

323,136

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(c)

...........

700

809,032

Northwoods

Capital

23

Euro

DAC,

Series

2021-23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

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

597

692,183

OCP

Euro

CLO

DAC:

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

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

1,000

1,145,390

Series

2019-3X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

04/20/33

..........

523

602,927

OZLME

V

DAC,

Series

5X,

Class

SUB,

0.00%,

01/14/32

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

950

696,682

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

6.26%,

07/18/34

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

700

822,071

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

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

400

453,410

Rockford

Tower

Europe

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

578

667,613

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

700

810,979

Voya

Euro

CLO

I

DAC,

Series

1X,

Class

SUB,

(EURIBOR

3

Month

+

0.00%),

0.00%,

10/15/30

.......

2,894

2,712,051

33,525,863

Netherlands

—

0.2%

OZLME

III

DAC,

Series

3X,

Class

SUB,

0.00%,

08/24/30

(b)

...........

5,300

3,509,508

United

Kingdom

—

0.2%

Greene

King

Finance

plc

(b)

:

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.88%,

12/15/34

....

GBP

1,678

1,941,820

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.16%,

03/15/36

....

800

901,265

2,843,085

Total

Asset-Backed

Securities

—

2.8%

(Cost:

$47,865,884)

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

44,368,852

Shares

Shares

Common

Stocks

—

2.9%

Brazil

—

0.1%

Oi

SA,

ADR

(d)

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

674,820

762,547

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Shares

Shares

Value

Canada

—

0.1%

CTC

Triangle

BV

(c)(d)

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

1,393,669

$

1,653,254

Germany

—

0.2%

468

Spac

I

SE,

Class

A

(d)

.........

329,208

3,827,125

Italy

—

0.0%

Telecom

Italia

SpA

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

21,011

9,796

Luxembourg

—

0.2%

Lakestar

Spac

I

SE

(d)

...........

276,413

3,239,602

Netherlands

—

0.1%

Climate

Transition

Capital

Acquisition

I

BV

(d)

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

189,265

2,177,801

United

Kingdom

—

0.2%

(d)

Genius

Sports

Ltd.

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

16,831

288,147

Hedosophia

European

Growth

.....

255,490

3,024,688

NEW

Look

Retailers

(c)

...........

2,879,698

40

3,312,875

United

States

—

2.0%

Alight

Group,

Inc.,

(Acquired

07/02/21,

cost

$470,160)

(d)(e)

...........

47,016

431,114

Altice

USA,

Inc.,

Class

A

(d)

........

7,063

217,046

ArcLight

Clean

Transition

Corp.

II

(d)

..

10,160

101,600

Astra

Space,

Inc.,

(Acquired

06/30/21,

cost

$456,930)

(d)(e)

...........

45,693

372,889

Berkshire

Grey,

Inc.,

(Acquired

07/19/21,

cost

$809,520)

(d)(e)

....

80,952

742,619

Caesars

Entertainment,

Inc.

(d)

.....

4,306

376,172

California

Resources

Corp.

(d)

......

27,902

784,325

Cano

Health,

Inc.,

(Acquired

06/03/21,

cost

$452,280)

(d)(e)

...........

45,228

486,201

CareMax

,

Inc.

(d)

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

28,803

290,334

Climate

Real

Impact

Solutions

II

Acquisition

Corp.

(d)

...........

4,192

41,794

Crown

PropTech

Acquisitions

(c)(d)

...

11,148

6,243

Crown

PropTech

Acquisitions

(d)

.....

29,076

288,434

Devon

Energy

Corp.

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

5,231

135,169

Diamondback

Energy,

Inc.

........

1,911

147,395

DiamondRock

Hospitality

Co.

(d)

....

45,846

394,734

Evgo

,

Inc.,

(Acquired

07/01/21,

cost

$169,140)

(d)(e)

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

16,914

195,859

Forestar

Group,

Inc.

(d)

...........

6,842

140,056

Frontier

Communications

Parent,

Inc.

(d)

216,760

6,483,292

Green

Plains,

Inc.

(d)

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

17,312

612,152

HCA

Healthcare,

Inc.

...........

532

132,042

Hyzon

Motors,

Inc.,

(Acquired

07/16/21,

cost

$101,450)

(d)(e)

...........

10,145

66,266

KINS

TECHNOLOGY

(c)(d)

.........

28,241

21,746

KINS

Technology

Group,

Inc.

(d)

.....

90,204

928,199

Latch,

Inc.,

(Acquired

06/04/21,

cost

$391,800)

(d)(e)

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

39,180

522,269

Liberty

Media

Acquisition

Corp.

(d)

...

320,758

3,364,751

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

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

70,365

1,057,586

Lucid

Group,

Inc.,

(Acquired

07/23/21,

cost

$1,421,700)

(d)(e)

..........

94,780

2,177,614

Markforged

Holding

Corp.

(Acquired

07/14/21,

cost

$140,800)

(d)(e)

....

14,080

145,210

New

Look

Builders,

Inc.

(c)(d)

.......

11,518,792

115

Northern

Genesis

Acquisition

Corp.

II

(d)

4,180

43,138

Ovintiv

,

Inc.

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

5,341

137,050

Park

Hotels

&

Resorts,

Inc.

(d)

......

21,620

399,970

Pivotal

Investment

Corp.

III

(d)

......

11,885

117,780

Playstudios

,

Inc.,

(Acquired

06/17/21,

cost

$624,530)

(d)(e)

...........

62,453

412,190

Security

Shares

Shares

Value

United

States

(continued)

Reinvent

Technology

Partners

Y

(d)

...

15,247

$

153,690

Rotor

Acquisition

Corp.

(d)

.........

20,599

217,113

Rotor

Acquisition

Corp.

(c)(d)

........

5,680

29,650

Science

Strategic

Acquisition

Corp.

Alpha

(d)

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

12,748

127,353

Service

Properties

Trust

.........

34,153

380,123

Sharecare

,

Inc.,

(Acquired

07/01/21,

cost

$167,800)

(d)(e)

...........

16,780

131,828

Sunlight

Financial

Holding,

Inc.,

(Acquired

07/09/21,

cost

$313,120)

(d)

(e)

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

31,312

250,002

Sunstone

Hotel

Investors,

Inc.

(d)

....

31,570

364,318

Taboola

Ltd.,

(Acquired

06/30/21,

cost

$207,000)

(d)(e)

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

20,700

188,908

Taylor

Morrison

Home

Corp.

(d)

.....

20,557

551,339

Thimble

Point

Acquisition

Corp.

(d)

...

14,484

148,461

Tishman

Speyer

Innovation

Corp.

II

(d)

7,610

76,557

Tribune

Resources

LLC,

Class

A

(d)

..

86,655

77,990

UWM

Holdings

Corp.

,

(Acquired

2/19/21,

cost

$860,977)

(e)

......

23,042

175,810

Western

Digital

Corp.

(d)

..........

94,500

6,135,885

Xenia

Hotels

&

Resorts,

Inc.

(d)

.....

25,277

446,897

31,229,278

Total

Common

Stocks

—

2.9%

(Cost:

$52,036,361)

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

46,212,278

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

57.0%

Argentina

—

0.0%

Genneia

SA,

8.75%

,

01/20/22

(a)

....

USD

248

240,188

Australia

—

0.1%

Pacific

National

Finance

Pty.

Ltd.,

4.75%

,

03/22/28

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

200

219,972

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.87%

,

06/17/46

(b)

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

277

309,241

Santos

Finance

Ltd.,

5.25%

,

03/13/29

400

456,156

985,369

Austria

—

0.6%

ams

AG

(f)

:

0.00%,

03/05/25

(g)

...........

EUR

3,600

3,614,978

2.13%,

11/03/27

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

2,000

2,275,939

Lenzing

AG,

(EUR

Swap

Annual

5

Year

+

11.21%),

5.75%

(b)(h)

.........

3,100

3,937,182

9,828,099

Bahrain

—

0.0%

BBK

BSC,

5.50%

,

07/09/24

.......

USD

200

210,788

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

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

200

221,787

432,575

Brazil

—

0.6%

Azul

Investments

LLP,

7.25%

,

06/15/26

(a)

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

200

187,405

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(a)

...........

222

250,416

Gol

Finance

SA

(a)

:

7.00%,

01/31/25

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

139

128,488

8.00%,

06/30/26

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

200

197,250

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

Itau

Unibanco

Holding

SA,

5.13%

,

05/13/23

(a)

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

USD

200

$

210,100

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

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

252

248,094

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

200

207,940

Oi

Movel

SA,

8.75%

,

07/30/26

.....

2,725

2,806,750

Oi

SA:

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(

i

)

...........

3,064

3,011,912

Petrobras

Global

Finance

BV:

5.30%,

01/27/25

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

112

125,461

8.75%,

05/23/26

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

95

121,268

6.00%,

01/27/28

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

130

148,005

5.60%,

01/03/31

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

318

353,536

Rumo

Luxembourg

SARL,

5.88%

,

01/18/25

(a)

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

237

247,117

Simpar

Europe

SA,

5.20%

,

01/26/31

(a)

246

251,197

Suzano

Austria

GmbH:

3.75%,

01/15/31

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

150

156,270

3.13%,

01/15/32

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

120

118,770

Vale

Overseas

Ltd.:

6.25%,

08/10/26

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

200

240,580

3.75%,

07/08/30

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

233

248,436

XP,

Inc.,

3.25%

,

07/01/26

(a)

.......

200

195,310

9,454,305

Canada

—

0.4%

(a)

1011778

BC

ULC,

5.75%

,

04/15/25

..

3,456

3,641,760

Bombardier,

Inc.,

7.13%

,

06/15/26

..

1,834

1,907,323

Brookfield

Residential

Properties,

Inc.,

5.00%

,

06/15/29

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

115

117,070

Mattamy

Group

Corp.:

5.25%,

12/15/27

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

52

54,072

4.63%,

03/01/30

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

379

392,758

6,112,983

Chile

—

0.1%

Celulosa

Arauco

y

Constitucion

SA,

4.20%

,

01/29/30

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

200

217,538

Kenbourne

Invest

SA

(a)

:

6.88%,

11/26/24

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

229

241,781

4.70%,

01/22/28

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

200

200,000

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

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

236

246,950

VTR

Comunicaciones

SpA

(a)

:

5.13%,

01/15/28

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

200

208,700

4.38%,

04/15/29

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

200

199,350

1,314,319

China

—

1.4%

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(b)(h)

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

200

191,788

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(b)(h)

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

200

208,163

Blossom

Joy

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.80%),

3.10%

(b)(h)

.....

200

204,562

Central

China

Real

Estate

Ltd.,

7.65%

,

08/27/23

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

400

351,000

Security

Par

(000)

Par

(000)

Value

China

(continued)

China

Aoyuan

Group

Ltd.,

6.35%

,

02/08/24

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

USD

200

$

179,000

China

Evergrande

Group:

8.25%,

03/23/22

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

400

222,000

9.50%,

04/11/22

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

200

107,000

China

Huadian

Overseas

Development

2018

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.07%),

3.38%

(b)(h)

......

225

231,933

China

Resources

Land

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.14%),

3.75%

(b)(h)

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

245

254,922

China

SCE

Group

Holdings

Ltd.:

7.25%,

04/19/23

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

200

201,225

7.00%,

05/02/25

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

200

191,250

CIFI

Holdings

Group

Co.

Ltd.,

4.45%

,

08/17/26

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

200

190,000

CITIC

Ltd.,

4.00%

,

01/11/28

.......

200

222,537

CMHI

Finance

BVI

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

3

Year

+

6.35%),

3.50%

(b)(h)

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

200

204,600

CNAC

HK

Finbridge

Co.

Ltd.,

4.13%

,

07/19/27

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

200

217,225

CNOOC

Petroleum

North

America

ULC,

7.40%

,

05/01/28

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

200

259,562

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(b)(h)

290

291,142

Contemporary

Ruiding

Development

Ltd.,

2.63%

,

09/17/30

.........

200

202,538

Country

Garden

Holdings

Co.

Ltd.:

5.40%,

05/27/25

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

200

208,975

7.25%,

04/08/26

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

200

216,287

Easy

Tactic

Ltd.:

12.38%,

11/18/22

...........

200

169,600

11.75%,

08/02/23

...........

200

149,100

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(d)(f)(j)

....

EUR

8,600

8,259,439

Fantasia

Holdings

Group

Co.

Ltd.:

11.75%,

04/17/22

...........

USD

200

171,100

10.88%,

01/09/23

...........

200

156,000

Fortune

Star

BVI

Ltd.:

5.00%,

05/18/26

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

200

198,063

5.05%,

01/27/27

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

200

197,537

Fuqing

Investment

Management

Ltd.,

3.25%

,

06/23/25

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

200

200,037

Greenland

Global

Investment

Ltd.,

5.60%

,

11/13/22

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

200

171,287

Haidilao

International

Holding

Ltd.,

2.15%

,

01/14/26

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

200

195,020

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

.

407

358,160

Hopson

Development

Holdings

Ltd.,

7.00%

,

05/18/24

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

200

198,563

Huachen

Energy

Co.

Ltd.,

6.63%

,

05/18/20

(d)(j)

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

446

171,849

Huarong

Finance

II

Co.

Ltd.,

4.63%

,

06/03/26

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

300

202,500

Kaisa

Group

Holdings

Ltd.:

11.50%,

01/30/23

...........

200

171,600

9.38%,

06/30/24

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

200

155,100

11.70%,

11/11/25

...........

200

154,500

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

China

(continued)

KWG

Group

Holdings

Ltd.,

5.88%

,

11/10/24

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

USD

200

$

191,913

Leader

Goal

International

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.92%),

4.25%

(b)(h)

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

200

205,162

Logan

Group

Co.

Ltd.,

5.75%

,

01/14/25

200

200,037

Longfor

Group

Holdings

Ltd.,

4.50%

,

01/16/28

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

200

219,287

Modern

Land

China

Co.

Ltd.,

9.80%

,

04/11/23

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

200

173,663

New

Metro

Global

Ltd.,

4.50%

,

05/02/26

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

200

185,663

Pearl

Holding

III

Ltd.,

9.50%

,

12/11/22

(d)

(j)

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

400

144,694

Prime

Bloom

Holdings

Ltd.,

6.95%

,

07/05/22

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

1,003

178,221

Redsun

Properties

Group

Ltd.,

10.50%

,

10/03/22

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

200

198,663

RKPF

Overseas

2019

A

Ltd.,

6.00%

,

09/04/25

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

200

203,500

RKPF

Overseas

2020

A

Ltd.,

5.20%

,

01/12/26

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

200

196,500

Ronshine

China

Holdings

Ltd.:

5.50%,

02/01/22

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

200

194,250

8.95%,

01/22/23

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

200

189,787

Scenery

Journey

Ltd.,

11.50%

,

10/24/22

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

265

102,025

Seazen

Group

Ltd.,

6.45%

,

06/11/22

.

200

201,250

Shimao

Group

Holdings

Ltd.,

5.60%

,

07/15/26

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

200

204,025

Shui

On

Development

Holding

Ltd.,

5.50%

,

03/03/25

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

200

200,000

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%

,

08/05/29

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

230

224,077

Sunac

China

Holdings

Ltd.:

7.50%,

02/01/24

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

200

192,600

7.00%,

07/09/25

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

200

181,500

Tencent

Holdings

Ltd.,

3.24%

,

06/03/50

250

243,719

Times

China

Holdings

Ltd.:

6.75%,

07/08/25

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

200

190,975

6.20%,

03/22/26

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

200

183,100

Union

Life

Insurance

Co.

Ltd.,

3.00%

,

09/19/21

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

386

372,804

Vanke

Real

Estate

Hong

Kong

Co.

Ltd.,

3.98%

,

11/09/27

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

200

215,038

Weibo

Corp.,

3.38%

,

07/08/30

.....

200

201,725

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

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

200

186,288

Yanlord

Land

HK

Co.

Ltd.,

5.13%

,

05/20/26

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

200

200,000

Yuzhou

Group

Holdings

Co.

Ltd.:

8.50%,

02/26/24

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

200

164,000

8.38%,

10/30/24

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

200

155,810

7.38%,

01/13/26

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

200

137,000

Zhenro

Properties

Group

Ltd.,

7.88%

,

04/14/24

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

200

188,162

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

3.13%

,

07/16/25

.........

200

200,538

22,061,140

Security

Par

(000)

Par

(000)

Value

Colombia

—

0.1%

Avianca

Holdings

SA,

(LIBOR

USD

3

Month

+

12.00%),

12.15%

,

11/10/21

(b)

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

USD

42

$

41,126

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)

(h)

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

200

210,000

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%

,

04/16/31

(a)(b)

..........

200

203,787

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

202,400

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

200

197,190

Millicom

International

Cellular

SA,

5.13%

,

01/15/28

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

282

293,725

1,148,228

Cyprus

—

0.0%

Bank

of

Cyprus

PCL:

(EUR

Swap

Annual

5

Year

+

2.79%),

2.50%,

06/24/27

(b)

...

EUR

424

492,438

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

400

418,450

France

—

3.4%

Accor

SA,

0.70%

,

12/07/27

(f)

......

EUR

127

77,880

Air

France-KLM,

3.88%

,

07/01/26

...

100

116,384

Altice

France

SA:

5.88%,

02/01/27

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

505

632,753

4.13%,

01/15/29

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

7,580

9,104,172

BNP

Paribas

SA

(b)(h)

:

(LIBOR

USD

6

Month

+

0.08%),

0.28%

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

USD

740

701,120

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

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

EUR

1,503

1,664,768

CAB

SELAS,

3.38%

,

02/01/28

.....

100

119,663

Carrefour

SA,

0.00%

,

06/14/23

(f)(g)

...

USD

1,800

1,769,580

Casino

Guichard

Perrachon

SA:

(EURIBOR

Swap

Rate

10

Year

+

1.00%),

1.00%

(b)(h)

.........

EUR

3,764

1,852,994

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(b)(h)

.........

7,400

6,321,077

5.25%,

04/15/27

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

100

118,338

Chrome

Bidco

SASU,

3.50%

,

05/31/28

107

129,321

Chrome

Holdco

SASU,

5.00%

,

05/31/29

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

100

121,591

CMA

CGM

SA,

7.50%

,

01/15/26

....

100

131,377

Faurecia

SE,

3.75%

,

06/15/28

.....

100

124,979

Getlink

SE,

3.50%

,

10/30/25

......

351

429,906

Goldstory

SASU,

5.38%

,

03/01/26

..

4,300

5,215,461

IPD

3

BV,

5.50%

,

12/01/25

.......

100

123,240

Korian

SA:

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(h)

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

GBP

100

140,815

0.88%,

03/06/27

(f)

...........

EUR

3,602

2,442,733

La

Financiere

Atalian

SASU,

4.00%

,

05/15/24

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

2,400

2,794,331

Loxam

SAS:

4.25%,

04/15/24

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

100

119,811

3.75%,

07/15/26

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

533

646,185

Paprec

Holding

SA,

3.50%

,

07/01/28

100

119,494

Picard

Bondco

SA,

5.38%

,

07/01/27

.

3,100

3,704,955

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

France

(continued)

Picard

Groupe

SAS,

3.88%

,

07/01/26

EUR

3,009

$

3,631,691

Quatrim

SASU,

5.88%

,

01/15/24

...

100

122,480

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.62%

,

02/18/30

(b)

400

482,111

Renault

SA,

2.38%

,

05/25/26

......

100

120,429

Safran

SA,

0.00%

,

04/01/28

(f)(g)

....

527

1,132,204

Societe

Generale

SA

(b)(h)

:

(USD

Swap

Semi

5

Year

+

6.24%),

7.37%

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

USD

1,600

1,607,696

(USD

Swap

Semi

5

Year

+

3.93%),

6.75%

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

1,600

1,816,992

Tereos

Finance

Groupe

I

SA,

7.50%

,

10/30/25

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

EUR

100

126,638

TotalEnergies

SE,

Series

FP,

0.50%

,

12/02/22

(f)

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

USD

7,000

7,082,971

54,846,140

Germany

—

1.2%

ADLER

Group

SA:

3.25%,

08/05/25

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

EUR

100

120,294

2.75%,

11/13/26

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

500

588,610

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.37%

(b)(h)

......

100

125,446

BK

LC

Lux

Finco1

SARL,

5.25%

,

04/30/29

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

100

122,629

Cheplapharm

Arzneimittel

GmbH,

3.50%

,

02/11/27

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

387

463,670

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(b)(h)

.....

800

1,043,718

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

....

400

458,146

Deutsche

Lufthansa

AG:

2.00%,

07/14/24

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

400

473,205

2.88%,

02/11/25

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

100

120,701

3.75%,

02/11/28

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

100

122,749

3.50%,

07/14/29

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

400

480,431

Gruenenthal

GmbH:

3.63%,

11/15/26

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

100

121,727

4.13%,

05/15/28

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

117

142,622

HT

Troplast

GmbH,

9.25%

,

07/15/25

.

100

130,784

IHO

Verwaltungs

GmbH

(

i

)

:

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)

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

372

454,637

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

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

USD

200

208,373

Nidda

Healthcare

Holding

GmbH:

3.50%,

09/30/24

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

EUR

5,118

6,061,309

PCF

GmbH:

4.75%,

04/15/26

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

100

121,896

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(b)

.........

100

119,810

Renk

AG:

5.75%,

07/15/25

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

447

557,032

Schenck

Process

Holding

GmbH,

5.38%

,

06/15/23

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

100

119,366

Sudzucker

International

Finance

BV,

(EURIBOR

3

Month

+

3.10%),

2.56%

(b)(h)

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

2,117

2,159,007

Techem

Verwaltungsgesellschaft

674

mbH

,

6.00%

,

07/30/26

........

424

517,305

Techem

Verwaltungsgesellschaft

675

mbH

,

2.00%

,

07/15/25

........

424

500,264

thyssenkrupp

AG:

1.88%,

03/06/23

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

295

352,393

2.88%,

02/22/24

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

417

504,691

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

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

EUR

441

$

547,148

TK

Elevator

US

Newco

,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

440

464,662

TUI

AG,

5.00%

,

04/16/28

(f)

........

EUR

1,700

1,973,229

Vertical

Holdco

GmbH,

6.63%

,

07/15/28

100

126,194

ZF

Finance

GmbH:

2.00%,

05/06/27

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

100

120,271

3.75%,

09/21/28

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

400

524,251

19,946,570

Ghana

—

0.6%

Tullow

Oil

plc,

10.25%

,

05/15/26

(a)

..

USD

8,739

9,082,006

Greece

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

100

107,750

Guatemala

—

0.1%

Banco

Industrial

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%

,

01/29/31

(a)

(b)

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

200

207,562

Central

American

Bottling

Corp.,

5.75%

,

01/31/27

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

141

146,534

Energuate

Trust,

5.88%

,

05/03/27

(a)

.

200

208,038

Investment

Energy

Resources

Ltd.,

6.25%

,

04/26/29

(a)

...........

200

216,600

778,734

Hong

Kong

—

0.3%

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%),

4.00%

,

05/29/30

(b)

...........

250

264,422

Li

&

Fung

Ltd.,

4.50%

,

08/18/25

....

200

206,225

Melco

Resorts

Finance

Ltd.,

5.25%

,

04/26/26

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

200

205,000

Nan

Fung

Treasury

III

Ltd.,

5.00%

(h)

.

200

203,350

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(b)(h)

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

200

201,250

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.12%

(b)(h)

200

201,500

NWD

MTN

Ltd.,

4.13%

,

07/18/29

...

400

419,450

Seaspan

Corp.,

5.50%

,

08/01/29

(a)

..

2,930

2,923,144

4,624,341

India

—

0.2%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%

,

07/31/24

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

200

212,350

Adani

Electricity

Mumbai

Ltd.,

3.95%

,

02/12/30

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

275

276,856

BPRL

International

Singapore

Pte.

Ltd.,

4.38%

,

01/18/27

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

200

213,586

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%

,

02/09/27

(a)

...........

241

241,874

GMR

Hyderabad

International

Airport

Ltd.,

5.38%

,

04/10/24

.........

200

203,038

Greenko

Dutch

BV,

3.85%

,

03/29/26

.

200

201,163

Hindustan

Petroleum

Corp.

Ltd.,

4.00%

,

07/12/27

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

200

212,537

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(a)

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

234

241,356

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

India

(continued)

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(b)(h)

.....

USD

200

$

210,162

ONGC

Videsh

Vankorneft

Pte.

Ltd.,

3.75%

,

07/27/26

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

200

213,360

Periama

Holdings

LLC,

5.95%

,

04/19/26

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

200

211,161

ReNew

Power

Pvt

Ltd.,

5.88%

,

03/05/27

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

200

210,100

Shriram

Transport

Finance

Co.

Ltd.,

5.95%

,

10/24/22

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

200

203,225

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

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

200

196,250

UPL

Corp.

Ltd.,

4.50%

,

03/08/28

...

250

268,875

Vedanta

Resources

Finance

II

plc:

13.88%,

01/21/24

...........

200

210,600

8.95%,

03/11/25

(a)

...........

240

226,200

3,752,693

Indonesia

—

0.1%

JGC

Ventures

Pte.

Ltd.,

10.75%

,

08/30/21

(d)(j)

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

500

263,906

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

228

267,159

Medco

Oak

Tree

Pte.

Ltd.,

7.38%

,

05/14/26

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

200

212,537

Minejesa

Capital

BV,

5.63%

,

08/10/37

200

217,413

Star

Energy

Geothermal

Darajat

II:

4.85%,

10/14/38

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

200

219,038

4.85%,

10/14/38

(a)

...........

220

240,941

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

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

200

200,975

1,621,969

Ireland

—

0.2%

AIB

Group

plc,

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(b)(h)

......

EUR

2,675

3,601,603

Israel

—

0.1%

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.27%

,

01/29/31

(a)(b)

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

USD

241

245,669

Energean

Israel

Finance

Ltd.,

4.88%

,

03/30/26

(a)

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

105

107,415

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

(a)

88

92,116

Teva

Pharmaceutical

Finance

Netherlands

II

BV:

4.50%,

03/01/25

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

EUR

100

123,615

1.88%,

03/31/27

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

424

469,585

1.63%,

10/15/28

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

424

454,811

1,493,211

Italy

—

2.8%

Autostrade

per

l'Italia

SpA

:

2.00%,

12/04/28

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

2,951

3,670,887

1.88%,

09/26/29

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

4,990

6,144,324

2.00%,

01/15/30

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

2,464

3,050,097

Banco

BPM

SpA

(b)

:

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

....

100

129,301

(EUR

Swap

Annual

5

Year

+

3.17%),

2.87%,

06/29/31

....

5,961

7,053,558

Cedacri

Mergeco

SpA

,

(EURIBOR

3

Month

+

4.63%),

4.62%

,

05/15/28

(b)

109

129,624

Centurion

Bidco

SpA

,

5.88%

,

09/30/26

100

123,690

doValue

SpA

,

3.38%

,

07/31/26

.....

128

152,411

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Gamma

Bidco

SpA

,

6.25%

,

07/15/25

EUR

369

$

459,613

IMA

Industria

Macchine

Automatiche

SpA

:

3.75%,

01/15/28

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

100

119,278

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(b)

.........

100

119,216

Intesa

Sanpaolo

SpA

:

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(b)(h)

.........

5,800

8,505,503

(EUR

Swap

Annual

5

Year

+

5.85%),

5.50%

(b)(h)

.........

1,700

2,222,434

(EUR

Swap

Annual

5

Year

+

5.75%),

5.87%,

03/04/29

(b)

...

424

563,373

(EUR

Swap

Annual

5

Year

+

4.27%),

4.13%

(b)(h)

.........

750

884,127

5.15%,

06/10/30

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

GBP

100

159,476

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(b)(h)

.........

EUR

1,675

2,285,014

Nexi

SpA

,

0.00%

,

02/24/28

(f)(g)

.....

1,900

2,286,165

Rekeep

SpA

,

7.25%

,

02/01/26

.....

100

127,552

Rossini

SARL:

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(b)

.........

100

118,803

6.75%,

10/30/25

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

378

468,308

Societa

Cattolica

di

Assicurazioni

SC,

(EURIBOR

3

Month

+

4.46%),

4.25%

,

12/14/47

(b)

...........

100

134,194

Telecom

Italia

Finance

SA,

7.75%

,

01/24/33

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

368

644,070

Telecom

Italia

SpA

:

4.00%,

04/11/24

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

496

633,933

2.75%,

04/15/25

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

541

676,837

1.63%,

01/18/29

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

432

504,773

UniCredit

SpA

(b)

:

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(h)

..........

2,200

2,505,438

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.87%,

02/20/29

....

849

1,096,005

Unipol

Gruppo

SpA

,

3.25%

,

09/23/30

343

456,975

45,424,979

Japan

—

1.3%

Nissan

Motor

Co.

Ltd.,

3.52%

,

09/17/25

(a)

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

USD

648

694,857

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(b)(h)

EUR

1,552

1,845,405

SoftBank

Group

Corp.:

2.13%,

07/06/24

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

100

118,180

4.75%,

07/30/25

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

200

254,995

3.13%,

09/19/25

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

533

640,403

2.88%,

01/06/27

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

218

253,420

5.00%,

04/15/28

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

5,112

6,609,880

3.38%,

07/06/29

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

100

115,956

4.00%,

09/19/29

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

8,204

9,918,265

20,451,361

Kuwait

—

0.0%

(a)

Equate

Petrochemical

BV,

2.63%

,

04/28/28

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

USD

200

202,062

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(b)(h)

.

252

252,158

454,220

Luxembourg

—

2.8%

Altice

Financing

SA:

2.25%,

01/15/25

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

EUR

115

132,171

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

7.50%,

05/15/26

(a)

...........

USD

200

$

208,054

3.00%,

01/15/28

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

EUR

16,389

18,612,079

Altice

France

Holding

SA,

8.00%

,

05/15/27

(a)

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

100

127,373

Cidron

Aida

Finco

SARL:

5.00%,

04/01/28

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

3,200

3,824,470

6.25%,

04/01/28

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

GBP

100

140,981

Garfunkelux

Holdco

3

SA:

6.75%,

11/01/25

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

EUR

6,869

8,453,540

7.75%,

11/01/25

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

GBP

100

144,231

Herens

Midco

SARL,

5.25%

,

05/15/29

EUR

463

531,274

HSE

Finance

SARL,

5.63%

,

10/15/26

100

122,040

INEOS

Finance

plc,

3.38%

,

03/31/26

386

472,774

Matterhorn

Telecom

SA,

4.00%

,

11/15/27

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

3,430

4,207,178

Monitchem

HoldCo

2

SA,

9.50%

,

09/15/26

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

100

128,631

Monitchem

HoldCo

3

SA,

5.25%

,

03/15/25

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

222

270,234

SES

SA,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%

(b)(h)

...........

397

477,369

Summer

BC

Holdco

A

SARL,

9.25%

,

10/31/27

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

382

491,861

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

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

4,613

5,726,080

44,070,340

Macau

—

0.0%

Sands

China

Ltd.,

4.38%

,

06/18/30

..

USD

230

252,959

Wynn

Macau

Ltd.,

5.50%

,

01/15/26

.

300

309,375

562,334

Malaysia

—

0.1%

Cindai

Capital

Ltd.,

0.00%

,

02/08/23

(f)(g)

567

570,847

Gohl

Capital

Ltd.,

4.25%

,

01/24/27

..

200

211,784

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

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

200

236,287

1,018,918

Mexico

—

0.2%

Alfa

SAB

de

CV,

6.88%

,

03/25/44

...

200

266,725

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

(a)(b)(h)

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

200

213,975

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%

,

01/18/33

(b)

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

200

206,250

Cemex

SAB

de

CV

(a)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(b)(h)

.........

200

208,462

3.88%,

07/11/31

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

200

205,610

Controladora

Mabe

SA

de

CV,

5.60%

,

10/23/28

(a)

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

200

233,650

Cydsa

SAB

de

CV,

6.25%

,

10/04/27

(a)

200

207,725

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

199

210,212

Grupo

Axo

SAPI

de

CV,

5.75%

,

06/08/26

(a)

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

200

200,850

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(b)

(h)

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

200

210,662

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

Mexico

City

Airport

Trust,

5.50%

,

07/31/47

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

USD

200

$

202,000

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%

,

02/11/25

(a)

.

200

201,538

2,567,659

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

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

238

252,697

Netherlands

—

1.5%

Intertrust

Group

BV,

3.38%

,

11/15/25

EUR

388

469,954

Koninklijke

KPN

NV,

(EUR

Swap

Annual

5

Year

+

2.34%),

2.00%

(b)(h)

100

120,760

Nobel

Bidco

BV,

3.13%

,

06/15/28

...

100

118,328

Nobian

Finance

BV,

3.63%

,

07/15/26

100

118,470

Stichting

AK

Rabobank

Certificaten

,

2.19%

(h)(k)

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

1,863

3,055,915

Summer

BidCo

BV,

9.00%

,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)(

i

)

.

151

182,635

Trivium

Packaging

Finance

BV,

3.75%

,

08/15/26

(k)

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

100

119,931

United

Group

BV:

4.88%,

07/01/24

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

381

456,481

4.00%,

11/15/27

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

370

434,048

4.63%,

08/15/28

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

3,084

3,704,125

UPC

Holding

BV,

3.88%

,

06/15/29

..

100

121,272

UPCB

Finance

VII

Ltd.,

3.63%

,

06/15/29

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

652

794,704

VEON

Holdings

BV,

4.00%

,

04/09/25

(a)

USD

200

210,313

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

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

EUR

7,600

8,882,972

Ziggo

Bond

Co.

BV,

3.38%

,

02/28/30

3,500

4,130,518

Ziggo

BV:

4.25%,

01/15/27

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

287

351,740

2.88%,

01/15/30

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

106

126,678

23,398,844

Norway

—

0.0%

DNB

Bank

ASA,

(LIBOR

USD

6

Month

+

0.13%),

0.38%

(b)(h)

..........

USD

210

200,289

Oman

—

0.0%

(a)

OQ

SAOC,

5.13%

,

05/06/28

......

200

200,063

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

.

200

210,312

410,375

Panama

—

0.0%

Banistmo

SA,

3.65%

,

09/19/22

.....

200

202,788

Paraguay

—

0.0%

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%

,

06/05/34

(g)

...........

146

109,814

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

..

232

234,943

InRetail

Consumer,

3.25%

,

03/22/28

(a)

200

196,740

Nexa

Resources

SA,

5.38%

,

05/04/27

(a)

222

232,268

663,951

Portugal

—

0.5%

Banco

Espirito

Santo

SA

(d)(j)

:

2.63%,

05/08/17

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

EUR

6,100

1,013,057

4.75%,

01/15/18

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

19,300

3,205,248

4.00%,

01/21/19

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

22,800

3,786,510

8,004,815

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

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

USD

405

$

419,175

Singapore

—

0.0%

BOC

Aviation

Ltd.,

3.50%

,

09/18/27

.

200

214,102

DBS

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.92%),

3.30%

(b)(h)

200

205,750

Puma

International

Financing

SA,

5.00%

,

01/24/26

(a)

...........

200

199,663

619,515

South

Africa

—

0.0%

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

200

206,562

Sasol

Financing

USA

LLC,

6.50%

,

09/27/28

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

200

222,563

429,125

South

Korea

—

0.0%

Kookmin

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.64%),

4.35%

(b)(h)

.....

200

210,725

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%),

5.87%

(b)(h)

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

200

214,662

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

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

200

199,122

624,509

Spain

—

3.5%

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(b)(h)

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

EUR

100

123,251

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(b)(h)

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

USD

200

216,750

Banco

de

Sabadell

SA

(b)

:

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(h)

..........

EUR

1,000

1,258,908

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

....

600

704,063

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

....

900

1,072,796

Banco

Santander

SA

(b)(h)

:

(EUR

Swap

Annual

5

Year

+

5.00%),

5.25%

...........

1,600

2,011,880

(EUR

Swap

Annual

5

Year

+

4.53%),

4.37%

...........

200

247,333

CaixaBank

SA,

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

(b)(h)

......

2,800

3,616,097

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(f)

25,900

30,263,017

Cirsa

Finance

International

SARL:

6.25%,

12/20/23

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

2,284

2,740,309

7.88%,

12/20/23

(a)

...........

USD

1,500

1,526,250

4.75%,

05/22/25

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

EUR

476

561,804

Codere

Finance

2

Luxembourg

SA:

10.75%,

09/30/23

(k)

..........

3,817

4,776,952

10.75%,

09/30/23

...........

22

27,533

10.75%,

09/30/23

...........

617

782,440

4.50%,

(4.50%

Cash

or

10.75%

PIK),

11/01/23

(b)(

i

)

..........

4,388

3,603,455

4.50%,

(4.50%

Cash

or

11.63%

PIK),

11/01/23

(a)(b)(

i

)

.........

USD

660

449,558

Grupo

Antolin-Irausa

SA,

3.50%

,

04/30/28

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

EUR

100

117,206

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Lar

Espana

Real

Estate

Socimi

SA,

1.75%

,

07/22/26

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

EUR

200

$

241,284

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

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

424

516,515

Repsol

International

Finance

BV,

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(b)(h)

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

100

127,645

Telefonica

Europe

BV

(b)(h)

:

(EUR

Swap

Annual

10

Year

+

4.30%),

5.87%

...........

500

663,110

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

...........

100

129,598

(EUR

Swap

Annual

8

Year

+

2.97%),

3.87%

...........

100

129,013

Tendam

Brands

SAU,

(EURIBOR

3

Month

+

5.25%),

5.25%

,

09/15/24

(b)

100

118,210

56,024,977

Sweden

—

0.1%

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%

,

06/02/81

(b)

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

100

118,180

Heimstaden

Bostad

AB

(b)(h)

:

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

...........

100

123,212

(EUR

Swap

Annual

5

Year

+

3.15%),

2.62%

...........

100

117,735

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

...........

343

407,934

Verisure

Holding

AB:

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(b)

.........

424

512,108

3.88%,

07/15/26

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

140

170,499

3.25%,

02/15/27

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

422

502,382

Verisure

Midholding

AB,

5.25%

,

02/15/29

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

109

133,258

2,085,308

Switzerland

—

1.6%

Cembra

Money

Bank

AG,

0.00%

,

07/09/26

(f)(g)

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

CHF

3,600

4,013,909

Credit

Suisse

Group

AG

(b)(h)

:

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

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

USD

400

433,000

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

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

1,400

1,577,451

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(a)

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

600

676,050

Credit

Suisse

Group

Guernsey

VII

Ltd.

(f)

:

Series

A,

3.00%,

11/12/21

.....

CHF

6,200

7,220,842

Series

AR,

3.00%,

11/12/21

(a)

...

200

232,931

Dufry

One

BV:

2.50%,

10/15/24

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

EUR

100

117,370

0.75%,

03/30/26

(f)

...........

CHF

5,800

6,100,079

3.38%,

04/15/28

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

EUR

4,000

4,692,036

25,063,668

Tanzania,

United

Republic

of

—

0.0%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

USD

200

207,100

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

200

212,400

419,500

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Thailand

—

0.1%

Bangkok

Bank

PCL

(b)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.73%),

5.00%

(h)

..........

USD

200

$

210,230

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

....

400

415,325

Kasikornbank

PCL

(b)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(h)

..........

200

211,788

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

....

330

337,590

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%

,

06/18/50

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

240

225,391

1,400,324

Turkey

—

0.0%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%

,

06/29/28

(a)

........

200

204,500

Ukraine

—

0.0%

MHP

Lux

SA,

6.25%

,

09/19/29

(a)

....

200

198,413

United

Arab

Emirates

—

0.1%

DAE

Funding

LLC,

3.38%

,

03/20/28

(a)

200

205,312

DP

World

Salaam,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.75%),

6.00%

(b)(h)

.....

200

218,563

Esic

Sukuk

Ltd.,

3.94%

,

07/30/24

...

425

443,275

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%

,

03/31/36

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

200

197,750

MAF

Sukuk

Ltd.,

4.64%

,

05/14/29

...

400

451,204

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

33

33,794

1,549,898

United

Kingdom

—

8.7%

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(b)(h)

......

845

940,806

Bellis

Acquisition

Co.

plc,

3.25%

,

02/16/26

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

GBP

100

138,652

BP

Capital

Markets

plc:

1.00%,

04/28/23

(f)

...........

7,200

10,151,171

(EUR

Swap

Annual

5

Year

+

3.88%),

3.25%

(b)(h)

.........

EUR

100

127,799

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.17%),

4.25%

(b)(h)

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

GBP

200

297,460

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

USD

575

604,469

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

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

GBP

100

139,028

CPUK

Finance

Ltd.,

4.50%

,

08/28/27

100

140,856

EC

Finance

plc,

2.38%

,

11/15/22

...

EUR

3,000

3,560,885

eG

Global

Finance

plc:

4.38%,

02/07/25

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

100

116,668

6.25%,

10/30/25

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

476

578,433

6.25%,

03/30/26

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

GBP

7,900

10,953,547

EnQuest

plc,

7.00%

,

(7.00%

Cash

or

7.00%

PIK),

10/15/23

(a)(b)(

i

)

......

USD

4,651

4,262,661

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

.

GBP

105

153,458

Heathrow

Finance

plc

(k)

:

5.25%,

03/01/24

(b)

...........

100

144,908

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

4.62%,

09/01/29

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

GBP

115

$

162,881

HSBC

Bank

plc

(b)(h)

:

Series

2M,

(LIBOR

USD

6

Month

+

0.25%),

0.75%

...........

USD

2,800

2,670,640

Series

3M,

(LIBOR

USD

6

Month

+

0.10%),

0.60%

...........

1,180

1,123,950

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

0.42%

...........

3,270

3,115,656

Hurricane

Finance

plc,

8.00%

,

10/15/25

GBP

100

150,801

Iceland

Bondco

plc,

4.38%

,

05/15/28

100

128,903

International

Consolidated

Airlines

Group

SA:

0.63%,

11/17/22

(f)

...........

EUR

1,400

1,613,953

2.75%,

03/25/25

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

100

118,206

1.13%,

05/18/28

(f)

...........

12,100

13,712,111

3.75%,

03/25/29

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

100

118,252

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(d)(f)(j)

GBP

6,900

1,870,245

Jaguar

Land

Rover

Automotive

plc:

4.50%,

01/15/26

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

EUR

100

122,777

4.50%,

10/01/27

(a)

...........

USD

9,829

9,645,198

4.50%,

07/15/28

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

EUR

3,507

4,191,380

Jerrold

Finco

plc,

5.25%

,

01/15/27

..

GBP

100

144,771

Marks

&

Spencer

plc,

4.50%

,

07/10/27

(k)

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

100

149,077

Metrocentre

Finance

plc,

4.13%

,

(4.13%

Cash

or

8.75%

PIK),

12/06/23

(

i

)

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

823

574,934

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)

(h)

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

100

144,379

National

Westminster

Bank

plc,

Series

B,

(LIBOR

USD

6

Month

+

0.25%),

0.50%

(b)(h)

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

USD

1,520

1,518,510

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

11,261

11,443,991

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

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

GBP

100

141,300

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

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

100

139,097

Punch

Finance

plc,

6.13%

,

06/30/26

.

3,900

5,503,662

Stonegate

Pub

Co.

Financing

2019

plc,

8.25%

,

07/31/25

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

2,698

3,945,794

Stonegate

Pub

Co.

Financing

plc:

8.00%,

07/13/25

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

3,655

5,259,790

8.25%,

07/31/25

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

100

146,124

Thames

Water

Kemble

Finance

plc,

4.63%

,

05/19/26

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

424

606,665

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%

,

03/30/32

(k)

....

2,735

4,617,798

Very

Group

Funding

plc

(The),

6.50%

,

08/01/26

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

5,441

7,550,889

Virgin

Media

Finance

plc,

3.75%

,

07/15/30

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

EUR

100

118,765

Virgin

Media

Secured

Finance

plc,

5.50%

,

05/15/29

(a)

...........

USD

400

427,302

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

........

GBP

100

141,377

Vmed

O2

UK

Financing

I

plc:

4.00%,

01/31/29

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

17,315

23,857,256

4.50%,

07/15/31

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

425

596,658

Vodafone

Group

plc

(b)

:

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

....

EUR

424

571,540

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(EUR

Swap

Annual

5

Year

+

2.67%),

3.10%,

01/03/79

....

EUR

100

$

123,847

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

100

123,483

138,902,763

United

States

—

24.2%

Advanced

Micro

Devices,

Inc.,

7.50%

,

08/15/22

(l)(m)

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

USD

27,819

29,622,228

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

140

148,442

Allied

Universal

Holdco

LLC:

3.63%,

06/01/28

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

EUR

217

255,808

4.88%,

06/01/28

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

GBP

100

137,934

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(c)

....

USD

8,253

8,253,376

American

Airlines

Pass-Through

Trust

(c)

:

Series

2017-2,

Class

A,

4.13%,

06/15/22

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

40,000

39,552,002

Series

2011-1,

Class

B,

4.87%,

04/22/25

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

4,757

4,739,732

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

7,193

7,156,538

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(c)

...........

8,182

8,111,117

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

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

150

156,187

Ashton

Woods

USA

LLC,

4.63%

,

08/01/29

(a)

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

86

86,238

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

5,001

5,351,070

Bausch

Health

Cos.,

Inc.,

4.88%

,

06/01/28

(a)

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

103

106,280

Belden,

Inc.:

4.13%,

10/15/26

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

EUR

435

528,899

3.88%,

03/15/28

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

100

123,082

3.38%,

07/15/31

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

100

119,396

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

USD

64

68,901

Boxer

Parent

Co.,

Inc.:

6.50%,

10/02/25

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

EUR

394

492,882

7.13%,

10/02/25

(a)

...........

USD

2,286

2,437,973

Boyd

Gaming

Corp.:

8.63%,

06/01/25

(a)

...........

150

163,499

4.75%,

12/01/27

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

34

35,232

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

200

205,340

Buckeye

Partners

LP:

4.15%,

07/01/23

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

202

208,683

4.35%,

10/15/24

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

275

288,063

4.13%,

03/01/25

(a)

...........

125

129,584

BY

Crown

Parent

LLC,

4.25%

,

01/31/26

(a)

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

82

86,100

Caesars

Entertainment,

Inc.

(a)

:

6.25%,

07/01/25

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

1,170

1,234,350

8.13%,

07/01/27

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

374

411,280

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

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

225

236,531

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

129

131,912

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

31

31,387

Carnival

Corp.:

11.50%,

04/01/23

(a)

..........

1,045

1,178,237

10.13%,

02/01/26

...........

EUR

9,430

12,853,997

7.63%,

03/01/26

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

100

128,874

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

USD

500

484,982

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Catalent

Pharma

Solutions,

Inc.:

2.38%,

03/01/28

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

EUR

418

$

499,076

Cedar

Fair

LP,

5.50%

,

05/01/25

(a)

...

USD

397

411,887

Centene

Corp.:

2.45%,

07/15/28

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

529

536,274

2.63%,

08/01/31

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

360

362,700

Centennial

Resource

Production

LLC,

5.38%

,

01/15/26

(a)

...........

24

23,109

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

100

121,117

Cheniere

Energy

Partners

LP,

4.50%

,

10/01/29

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

USD

19

20,496

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

183

192,915

Chesapeake

Energy

Corp.,

5.50%

,

02/01/26

(a)

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

125

130,313

Clarios

Global

LP,

4.38%

,

05/15/26

..

EUR

425

520,803

Commercial

Metals

Co.,

5.38%

,

07/15/27

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

USD

172

180,535

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

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

3,350

3,400,250

CommScope

,

Inc.

(a)

:

6.00%,

03/01/26

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

9,135

9,523,238

8.25%,

03/01/27

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

8,126

8,603,402

Coty,

Inc.:

4.00%,

04/15/23

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

EUR

424

498,820

3.88%,

04/15/26

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

206

245,284

4.75%,

04/15/26

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

100

115,363

Dana

Financing

Luxembourg

SARL,

3.00%

,

07/15/29

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

100

122,206

DaVita,

Inc.,

4.63%

,

06/01/30

(a)

....

USD

593

613,014

DIRECTV

Holdings

LLC,

5.88%

,

08/15/27

(a)

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

2,001

2,068,834

Dun

&

Bradstreet

Corp.

(The)

(a)

:

6.88%,

08/15/26

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

904

957,110

10.25%,

02/15/27

...........

12,140

13,247,411

Encore

Capital

Group,

Inc.,

4.88%

,

10/15/25

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

EUR

100

124,722

Energizer

Gamma

Acquisition

BV,

3.50%

,

06/30/29

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

100

118,773

Ford

Motor

Credit

Co.

LLC,

2.33%

,

11/25/25

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

100

124,283

Forestar

Group,

Inc.

(a)

:

3.85%,

05/15/26

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

USD

115

116,150

5.00%,

03/01/28

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

1,399

1,457,576

Frontier

Communications

Corp.

(a)

:

5.88%,

10/15/27

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

4,000

4,274,600

5.00%,

05/01/28

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

2,511

2,597,353

6.75%,

05/01/29

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

4,253

4,529,445

Frontier

Communications

Holdings

LLC,

5.88%

,

11/01/29

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

412

421,278

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

3,760

4,111,710

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,500

1,631,250

Gap,

Inc.

(The),

8.38%

,

05/15/23

(a)

..

2,050

2,290,875

GLP

Capital

LP,

4.00%

,

01/15/31

...

213

232,956

Goodyear

Tire

&

Rubber

Co.

(The),

9.50%

,

05/31/25

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

4,156

4,601,523

Hanesbrands,

Inc.,

5.38%

,

05/15/25

(a)

4,818

5,059,382

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(c)

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

1,201

1,178,541

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

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

363

384,326

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

USD

67

$

74,538

IQVIA,

Inc.,

5.00%

,

10/15/26

(a)

.....

3,500

3,596,250

Iron

Mountain,

Inc.

(a)

:

4.88%,

09/15/27

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

1,000

1,036,250

5.00%,

07/15/28

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

7,525

7,816,594

Kraton

Polymers

LLC,

5.25%

,

05/15/26

EUR

424

516,123

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%

,

05/23/59

(b)

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

100

123,614

Lightning

eMotors

,

Inc.,

7.50%

,

05/15/24

(a)(f)

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

USD

200

139,000

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

815

834,316

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

7,936

8,226,854

Lumen

Technologies,

Inc.

(a)

:

5.13%,

12/15/26

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

1,070

1,112,072

4.00%,

02/15/27

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

146

150,015

5.38%,

06/15/29

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

2,250

2,306,250

Macy's,

Inc.,

8.38%

,

06/15/25

(a)(m)

...

9,432

10,280,880

Marriott

International,

Inc.,

Series

FF,

4.63%

,

06/15/30

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

155

179,479

Marriott

Ownership

Resorts,

Inc.,

6.13%

,

09/15/25

(a)

...........

351

371,183

MGM

Growth

Properties

Operating

Partnership

LP,

5.75%

,

02/01/27

.

101

112,868

Microchip

Technology,

Inc.,

4.25%

,

09/01/25

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

16,436

17,314,774

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

284

285,420

MoneyGram

International,

Inc.,

5.38%

,

08/01/26

(a)

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

776

805,100

NCR

Corp.,

8.13%

,

04/15/25

(a)

.....

5,000

5,431,250

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

108

114,910

Nexstar

Broadcasting,

Inc.,

4.75%

,

11/01/28

(a)

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

185

190,779

Nexstar

Media,

Inc.,

5.63%

,

07/15/27

(a)

17

17,972

Novelis

Sheet

Ingot

GmbH,

3.38%

,

04/15/29

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

EUR

100

122,843

OI

European

Group

BV:

3.13%,

11/15/24

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

533

655,868

2.88%,

02/15/25

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

533

641,755

Organon

&

Co.:

2.88%,

04/30/28

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

100

120,879

4.13%,

04/30/28

(a)

...........

USD

1,000

1,025,410

Pacific

Gas

&

Electric

Co.:

2.10%,

08/01/27

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

2,000

1,945,616

4.50%,

07/01/40

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

2,000

2,019,049

4.60%,

06/15/43

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

750

756,113

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

388

396,730

Party

City

Holdings,

Inc.,

8.75%

,

02/15/26

(a)

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

1,750

1,852,760

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

778

838,295

PetSmart,

Inc.

(a)

:

4.75%,

02/15/28

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

2,000

2,076,600

7.75%,

02/15/29

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

1,000

1,096,270

PG&E

Corp.,

5.00%

,

07/01/28

.....

2,000

1,947,500

Pitney

Bowes,

Inc.

(a)

:

6.88%,

03/15/27

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

5,100

5,415,588

7.25%,

03/15/29

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

3,750

4,022,438

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

USD

73

$

72,818

Prime

Security

Services

Borrower

LLC,

3.38%

,

08/31/27

(a)

...........

1,000

972,700

PTC,

Inc.,

3.63%

,

02/15/25

(a)

......

2,500

2,568,750

Quicken

Loans

LLC,

3.63%

,

03/01/29

(a)

292

292,730

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

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

100

104,228

Renewable

Energy

Group,

Inc.,

5.88%

,

06/01/28

(a)

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

59

61,507

Sabre

GLBL,

Inc.

(a)

:

9.25%,

04/15/25

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

6,007

7,028,190

7.38%,

09/01/25

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

2,734

2,919,828

SeaWorld

Parks

&

Entertainment,

Inc.

(a)

:

8.75%,

05/01/25

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

399

428,925

9.50%,

08/01/25

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

105

113,400

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

1,481

1,565,743

Service

Properties

Trust:

5.00%,

08/15/22

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

443

448,976

4.50%,

06/15/23

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

3,245

3,318,012

7.50%,

09/15/25

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

129

145,448

Silgan

Holdings,

Inc.,

3.25%

,

03/15/25

EUR

533

637,835

SM

Energy

Co.,

10.00%

,

01/15/25

(a)

.

USD

2,519

2,802,388

Sprint

Corp.

(m)

:

7.88%,

09/15/23

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

3,980

4,502,972

7.13%,

06/15/24

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

6,020

6,921,495

SRM

Escrow

Issuer

LLC,

6.00%

,

11/01/28

(a)

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

927

989,573

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

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

65

66,300

Standard

Industries,

Inc.,

2.25%

,

11/21/26

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

EUR

109

127,297

Staples,

Inc.

(a)

:

7.50%,

04/15/26

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

USD

8,509

8,636,635

10.75%,

04/15/27

...........

1,000

970,000

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(c)

........

16,355

15,987,259

Talen

Energy

Supply

LLC,

6.50%

,

06/01/25

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

103

60,739

TEGNA,

Inc.,

4.63%

,

03/15/28

.....

11

11,330

Tenet

Healthcare

Corp.

(a)

:

4.63%,

06/15/28

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

45

46,569

4.25%,

06/01/29

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

194

197,880

TRI

Pointe

Homes,

Inc.:

5.25%,

06/01/27

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

10

10,850

5.70%,

06/15/28

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

29

32,119

Triton

Water

Holdings,

Inc.,

6.25%

,

04/01/29

(a)

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

238

238,298

UGI

International

LLC,

3.25%

,

11/01/25

EUR

424

513,101

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%

,

10/15/27

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

USD

1,004

1,116,320

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

814

835,815

Veritas

US,

Inc.,

7.50%

,

09/01/25

(a)

..

389

402,615

VICI

Properties

LP

(a)

:

3.50%,

02/15/25

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

36

36,629

4.63%,

12/01/29

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

35

37,450

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

165

170,638

WESCO

Distribution,

Inc.

(a)

:

7.13%,

06/15/25

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

4,227

4,543,983

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

7.25%,

06/15/28

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

USD

3,490

$

3,884,370

William

Carter

Co.

(The)

(a)

:

5.50%,

05/15/25

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

3,500

3,684,170

5.63%,

03/15/27

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

24

25,110

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

517

537,525

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

18,010

19,195,058

XHR

LP

(a)

:

6.38%,

08/15/25

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

119

126,906

4.88%,

06/01/29

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

60

61,317

Yum!

Brands,

Inc.,

7.75%

,

04/01/25

(a)

2,472

2,672,850

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

1,400

1,393,000

388,392,892

Vietnam

—

0.0%

Mong

Duong

Finance

Holdings

BV,

5.13%

,

05/07/29

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

250

246,766

Total

Corporate

Bonds

—

57.0%

(Cost:

$948,154,253)

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

916,717,828

Floating

Rate

Loan

Interests

—

24.7%

Canada

—

0.8%

(b)

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/02/25

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

1,000

992,500

Clarios

Global

LP,

1st

Lien

Term

Loan,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 04/30/26

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

EUR

7,000

8,222,788

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

12/22/25

(n)

........

995

1,182,945

Raptor

Acquisition

Corp.,

Term

Loan

B,

11/01/26

(n)

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

USD

60

59,963

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.17%

,

 03/28/25

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

1,393

1,363,582

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(c)

...........

1,188

1,182,347

13,004,125

France

—

2.0%

(b)

Banijay

Entertainment

SAS,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.75%),

3.75%

,

 03/01/25

......

EUR

4,000

4,734,703

CAB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 02/09/28

5,000

5,883,088

Claudius

Finance

Parent

SARL,

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 07/05/28

......

3,000

3,541,739

Elsan

SAS,

Facility

Term

Loan

B5,

(LIBOR

USD

3

Month

+

3.50%),

3.50%

,

 06/16/28

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

1,000

1,180,959

Foncia

Management,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 03/27/28

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

6,500

7,634,290

Inovie

Group,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.75%),

3.75%

,

 03/03/28

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

1,000

1,185,515

Siaci

Saint

Honore

,

Term

Loan,

07/21/28

(n)

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

1,500

1,774,927

Tarkett

SA,

Term

Loan

B,

07/03/28

(n)

.

3,000

3,516,508

Security

Par

(000)

Par

(000)

Value

France

(continued)

ZF

Invest,

Term

Loan

B,

06/30/28

(n)

..

EUR

1,600

$

1,888,035

31,339,764

Germany

—

0.8%

(b)

CTC

AcquiCo

GmbH,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

2.50%),

2.50%

,

 03/07/25

......

4,000

4,681,892

Nidda

Healthcare

Holding

GmbH,

Facility

Term

Loan

F,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 08/21/26

2,900

3,401,733

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 01/16/25

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

3,000

3,513,162

Zephyr

German

BidCo

GmbH,

Facility

Term

Loan

B1,

(EUR002M

+

3.75%),

3.75%

,

 03/10/28

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

1,000

1,183,961

12,780,748

Ireland

—

0.5%

Virgin

Media

Ireland

Ltd.,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 07/15/29

(b)

.....

7,000

8,245,209

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

(c)

:

(LIBOR

GBP

1

Month

+

16.50%),

16.75%, 11/10/27

(b)

........

GBP

243

271,371

0.00%, 11/10/29

(o)

...........

213

59,330

330,701

Luxembourg

—

1.4%

(b)

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(EURIBOR

6

Month

+

2.00%),

2.00%

,

 10/30/21

(c)

.....

EUR

77

9

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

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

USD

888

887,395

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(EURIBOR

3

Month

+

2.38%),

2.38%

,

 01/29/27

EUR

1,000

1,160,425

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.00%

,

 05/15/28

......

4,400

5,202,224

Ion

Trading

Finance

Ltd.,

Term

Loan,

(EURIBOR

3

Month

+

4.25%),

4.25%

,

 04/01/28

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

2,000

2,372,168

Jazz

Pharmaceuticals

plc,

Term

Loan:

(LIBOR

USD

2

Month

+

3.50%),

3.50%, 05/05/28

..........

2,000

2,369,107

(LIBOR

USD

1

Month

+

3.50%),

4.00%, 05/05/28

..........

USD

4,500

4,504,230

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

04/12/28

(n)

..........

EUR

2,500

2,954,801

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/01/26

USD

3,138

3,137,800

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.15%

,

 05/29/26

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

372

315,058

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

348

353,306

23,256,523

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Netherlands

—

1.7%

(b)

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(n)

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

USD

750

$

748,688

Boels

Topholding

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.75%),

3.75%

,

 02/06/27

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

EUR

1,000

1,177,353

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

2

Month

+

2.25%),

2.40%

,

 07/21/26

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

USD

747

740,940

KOUTI

BV,

Term

Loan,

06/30/28

(n)

..

EUR

2,800

3,305,723

Nobel

Bidco

BV,

Facility

Term

Loan

B,

06/23/28

(n)

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

5,000

5,900,882

Peer

Holding

III

BV,

Facility

Term

Loan

B:

(EURIBOR

3

Month

+

3.00%),

3.25%, 03/07/25

..........

7,688

9,042,873

(EURIBOR

3

Month

+

3.25%),

3.50%, 01/16/27

..........

5,500

6,496,973

27,413,432

Norway

—

0.2%

Adevinta

ASA,

Facility

Term

Loan

B1,

06/26/28

(b)(n)

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

2,000

2,366,070

Singapore

—

0.2%

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

(b)(c)

..........

USD

3,295

3,311,216

Spain

—

0.7%

(b)

Lorca

Holdco

Ltd.,

Term

Loan

B2,

(EURIBOR

6

Month

+

4.25%),

4.25%

,

 09/17/27

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

EUR

3,000

3,561,704

Pax

Midco

Spain

SLU,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 07/01/26

......

1,281

1,352,381

Promotora

de

Informaciones

SA,

Term

Loan,

(EURIBOR

6

Month

+

4.50%),

4.50%

,

 03/31/25

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

6,135

6,758,341

11,672,426

Sweden

—

1.0%

(b)

Anticimex

International

AB,

Term

Loan

B2,

07/21/28

(n)

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

2,000

2,368,941

Verisure

Holding

AB,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 03/27/28

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

10,971

12,934,009

15,302,950

United

Kingdom

—

1.4%

(b)

Bellis

Acquisition

Co.

plc,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

2.75%),

2.75%

,

 02/12/26

......

6,053

7,147,372

Crown

Finance

US,

Inc.,

Term

Loan,

02/28/25

(n)

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

2,499

2,380,334

Entain

Holdings

Ltd.,

Term

Loan

B,

03/29/27

(n)

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

USD

560

557,665

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.34%

,

 01/29/27

961

942,742

Jackpotjoy

plc,

Facility

Term

Loan

B,

(LIBOR

GBP

1

Month

+

4.25%),

4.25%

,

 12/05/24

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

GBP

524

724,455

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

4.00%

,

 06/13/24

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

EUR

2,968

3,507,403

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Synlab

Bondco

plc,

Facility

Term

Loan,

(EURIBOR

6

Month

+

2.50%),

2.50%

,

 07/01/27

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

EUR

1,250

$

1,466,798

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

M,

11/15/27

(n)

.......

GBP

4,664

6,375,881

23,102,650

United

States

—

14.0%

2U,

Inc.,

Term

Loan,

(LIBOR

USD

6

Month

+

5.75%),

6.50%

,

 12/30/24

(b)(c)

USD

621

621,000

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

(b)

...........

349

346,438

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

(b)

...........

152

151,928

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 02/02/26

(b)

.....

179

177,089

AlixPartners

LLP,

Term

Loan,

(EURIBOR

3

Month

+

3.25%),

3.25%

,

 02/04/28

(b)

...........

EUR

998

1,172,374

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 05/09/25

(b)

.....

USD

748

737,786

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 06/09/28

(b)

.....

94

94,039

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 09/19/24

(b)

.....

1,749

1,742,249

AssuredPartners

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.59%

,

 02/12/27

(b)

...........

748

738,750

athenahealth

,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

(b)

...........

64

63,760

Avaya,

Inc.,

Term

Loan

B1,

12/15/27

(b)(n)

1,500

1,501,875

Avaya,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.09%

,

 12/15/27

(b)

...........

500

499,730

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.50%

,

 03/03/25

(b)

.....

978

871,752

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(o)

.....

298

351,609

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

(b)

.....

4,055

4,056,712

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

(b)(c)

....

1,810

1,840,553

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/13/25

(b)(c)

..........

499

493,111

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

(b)

1,500

1,470,013

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

(b)

...........

1,094

1,086,875

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(b)

...........

104

103,848

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.59%

,

 07/21/25

(b)

.....

USD

216

$

216,365

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

(b)

.....

1,823

1,822,101

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

(b)(c)

....

48

47,600

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

(b)

...........

1,726

1,723,800

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 04/05/28

(b)

.....

167

165,539

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 04/30/26

(b)

...........

939

931,080

Cloudera,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 12/22/27

(b)

...........

746

745,317

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(b)(c)

..........

113

112,435

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/17/28

(b)

.....

90

89,719

CoreLogic

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

(b)

...........

744

739,581

Coty,

Inc.,

Term

Loan

B,

04/07/25

(b)(n)

.

EUR

1,552

1,776,254

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 11/23/27

(b)

...........

USD

283

281,265

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

(b)

...........

226

225,291

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

(b)

.....

1,551

1,549,698

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

(b)

...........

5,840

5,834,289

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

(b)

...........

2,559

2,584,590

DirectV

Financing

LLC,

Term

Loan,

08/02/27

(b)(n)

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

376

375,109

DT

Midstream,

Inc.,

Term

Loan,

06/26/28

(b)(n)

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

311

310,055

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 02/06/26

(b)

.....

10,249

10,157,628

ECL

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

7.50%),

8.25%

,

 05/01/28

(b)(c)

..........

403

410,052

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

(b)

.....

561

579,232

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

(b)

...........

1,281

1,276,644

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

(b)

.....

USD

2,169

$

2,001,380

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

(b)

.....

992

993,563

Everi

Payments,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

10.50%),

11.50%

,

 05/09/24

(b)(c)

.........

79

82,368

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 03/03/28

(b)

.....

3,410

3,409,071

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

(b)

...........

531

530,419

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

(b)

375

370,699

Frontier

Communications

Holdings,

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

(b)

4,532

4,523,168

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 07/02/25

(b)

....

16,809

16,735,671

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.09%

,

 08/10/27

(b)

.....

405

400,241

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

,

 10/04/23

(b)

...........

247

243,971

Green

Plains

OPCO,

Term

Loan,

01/01/38

(b)(n)

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

461

461,000

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

(b)

.....

2,736

2,737,728

HCRX

Investments

HoldCo

.,

Term

Loan

B,

07/14/28

(b)(n)

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

186

185,128

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)(c)

....

484

487,973

Hertz

Corp.

(The),

Term

Loan

B,

06/30/28

(b)(n)

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

3,521

3,498,696

Hertz

Corp.

(The),

Term

Loan

C,

06/30/28

(b)(n)

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

664

659,370

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

05/19/28

(b)(n)

.......

503

500,988

HUB

International

Ltd.,

Term

Loan,

(LIBOR

USD

2

Month

+

2.75%),

2.86%

-

2.88%

,

 04/25/25

(b)

.....

280

276,088

Hyland

Software,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 07/01/24

(b)

.....

3,009

3,007,984

Informatica

LLC,

2nd

Lien

Term

Loan,

7.13%

,

 02/25/25

(o)

...........

11,176

11,393,932

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 02/25/27

(b)

...........

10,232

10,109,793

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

(b)

...........

499

495,764

ITT

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 07/10/28

(b)

...........

152

151,240

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 04/26/28

(b)(c)

..........

USD

291

$

291,727

Jeld-Wen

,

Inc.,

Term

Loan

B,

07/14/28

(b)

(n)

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

324

323,394

Jo-Ann

Stores

LLC,

Term

Loan

B1,

(USD003M

+

4.75%),

5.50%

,

 07/07/28

(b)

...........

120

119,370

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

 12/17/27

(b)(n)

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

928

916,602

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(b)(n)

:

 12/17/27

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

221

217,868

 12/17/27

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

108

107,127

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

(b)

.....

686

664,177

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.85%

,

 08/31/27

(b)

...........

7,905

7,869,464

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.59%

,

 06/30/27

(b)

....

783

776,093

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 07/27/28

(b)

.....

821

816,640

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

0.00%

,

 07/27/29

(b)

.....

1,054

1,047,412

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 05/04/28

(b)

...........

1,196

1,193,943

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.84%

,

 09/30/24

(b)

...........

3,660

3,654,518

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

08/02/29

(b)(c)(n)

..........

598

592,020

Metro-Goldwyn-Mayer,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 07/03/26

(b)

.....

1,020

1,018,297

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

(b)

1,330

1,328,245

MetroNet

Systems

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

06/02/28

(b)(n)

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

148

147,583

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(b)

:

(LIBOR

USD

1

Month

+

3.50%),

3.59%, 09/13/24

..........

997

990,038

(LIBOR

USD

1

Month

+

3.75%),

4.75%, 09/13/24

..........

879

877,855

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.34%

,

 02/23/29

(b)

...........

637

645,230

MI

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

(b)

.....

253

252,540

Michaels

Co.

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 04/15/28

(b)

...........

89

89,000

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

(b)

.....

USD

1,217

$

1,166,834

Misys

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/13/24

(b)

...........

1,492

1,466,862

Option

Care

Health,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.84%

,

 08/06/26

(b)

...........

499

496,116

Optiv

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

(b)

...........

498

485,699

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.00%

,

 06/02/28

(b)

...........

EUR

5,000

5,895,663

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

(b)

...........

USD

748

740,330

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 12/28/27

(b)

.....

94

92,810

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

(b)

...........

1,749

1,746,448

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(b)

...........

541

549,115

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

(b)

...........

1,712

1,710,288

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(b)

...........

765

744,860

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 03/13/28

(b)

...........

1,241

1,230,814

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(b)

5,070

5,039,313

Proofpoint

,

Inc.,

2nd

Lien

Term

Loan,

06/08/29

(b)(n)

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

733

742,162

Proofpoint

,

Inc.,

Term

Loan,

06/09/28

(b)

(n)

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

1,138

1,126,051

RealPage

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

(b)

...........

2,499

2,482,380

RealPage

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

7.25%

,

 04/23/29

(b)(c)

..........

1,293

1,329,730

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/27/28

(b)

.....

6,504

6,451,507

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.50%

,

 04/27/29

(b)

.....

2,891

2,839,923

Redstone

HoldCo

2

LP,

Delayed

Draw

1st

Lien

Term

Loan,

04/27/28

(b)(n)

.

2,546

2,525,007

Redstone

HoldCo

2

LP,

Delayed

Draw

2nd

Lien

Term

Loan,

04/27/29

(b)(n)

.

1,657

1,628,487

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

(b)

.....

446

445,687

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 08/01/25

(b)

.....

USD

655

$

650,242

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 09/23/27

(b)

.....

84

84,054

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 04/03/28

(b)(c)

..........

260

254,800

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 10/09/28

(b)

...........

2,250

2,317,500

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/07/27

(b)

1,120

1,118,768

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 01/15/27

(b)

742

741,668

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 06/08/28

(b)

73

73,070

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 06/02/28

(b)

...........

1,304

1,293,946

Station

Casinos

LLC,

Facility

Term

Loan

B1,

02/08/27

(b)(n)

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

1,000

982,640

Surf

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.63%

,

 03/05/27

(b)

.....

2,487

2,459,113

Tekni-Plex

,

Inc.,

Delayed

Draw

Term

Loan,

07/29/28

(b)(c)(n)

..........

73

72,671

Tekni-Plex

,

Inc.,

Term

Loan,

07/29/28

(b)

(c)(n)

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

513

512,327

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 11/02/26

(b)

...........

2,323

2,318,318

The

Enterprise

Development

Authority,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/28/28

(b)(c)

...

271

270,575

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.35%

,

 03/03/28

(b)

.....

632

636,651

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 11/16/26

(b)

...........

341

336,959

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

(b)

.....

1,704

1,689,942

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(b)(n)

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

997

992,894

UKG,

Inc.,

1st

Lien

Term

Loan

(b)

:

(LIBOR

USD

1

Month

+

3.75%),

3.84%, 05/04/26

..........

2,162

2,159,413

(LIBOR

USD

3

Month

+

3.25%),

4.00%, 05/04/26

..........

7,638

7,628,827

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 05/03/27

(b)

...........

1,433

1,453,893

United

AirLines

,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 04/21/28

(b)

...........

—

(p)

493

Univision

Communications,

Inc.,

Term

Loan

B,

05/05/28

(b)(n)

..........

2,000

1,992,820

Veritas

US,

Inc.,

Term

Loan

B

(b)

:

(EURIBOR

3

Month

+

4.75%),

5.75%, 09/01/25

..........

EUR

4,273

5,106,583

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(LIBOR

USD

3

Month

+

5.00%),

6.00%, 09/01/25

..........

USD

1,904

$

1,914,060

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.09%

,

 08/27/25

(b)

...........

149

148,795

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 03/02/27

(b)

...........

988

977,504

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 02/28/27

(b)

...........

5,146

5,094,732

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 02/05/26

(b)

.....

499

491,433

Whatabrands

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 07/31/26

(b)

...........

480

479,126

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/19/27

(b)

...........

697

696,735

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

(b)

...........

494

491,020

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 03/24/28

(b)

.....

61

60,695

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(b)

.....

152

151,115

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 03/09/27

(b)

...........

1,336

1,313,523

225,173,504

Total

Floating

Rate

Loan

Interests

—

24.7%

(Cost:

$396,716,989)

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

397,299,318

Foreign

Agency

Obligations

—

1.6%

Bahrain

—

0.0%

CBB

International

Sukuk

Co.

7

SPC,

6.88%

,

10/05/25

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

252

289,375

Colombia

—

0.0%

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)

...........

200

196,050

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

.....

EUR

343

416,446

France

—

1.1%

Electricite

de

France

SA:

0.00%,

09/14/24

(f)(g)

..........

6,995

1,162,802

(GBP

Swap

13

Year

+

3.96%),

6.00%

(b)(h)

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

GBP

2,800

4,379,668

(BPSWS15

+

3.32%),

5.87%

(b)(h)

.

1,900

3,025,883

(EUR

Swap

Annual

5

Year

+

4.00%),

3.37%

(b)(h)

.........

EUR

7,000

8,834,360

17,402,713

Greece

—

0.0%

Public

Power

Corp.

SA:

3.88%,

03/30/26

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

100

123,503

3.38%,

07/31/28

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

110

133,230

256,733

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

India

—

0.1%

Export-Import

Bank

of

India,

3.88%

,

02/01/28

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

USD

200

$

217,600

Oil

India

Ltd.,

5.13%

,

02/04/29

.....

240

272,070

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

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

200

214,162

703,832

Indonesia

—

0.1%

Pertamina

Persero

PT:

3.65%,

07/30/29

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

231

247,285

6.50%,

05/27/41

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

300

391,875

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%

,

01/25/49

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

200

253,163

892,323

Italy

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA

:

2.63%,

04/28/25

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

EUR

343

418,643

1.88%,

01/09/26

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

1,900

2,272,740

Poste

Italiane

SpA

:

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.62%

(b)(h)

.........

424

501,184

3,192,567

Mexico

—

0.1%

Petroleos

Mexicanos

:

6.50%,

03/13/27

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

USD

463

490,317

6.35%,

02/12/48

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

335

285,797

7.69%,

01/23/50

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

297

287,570

1,063,684

Morocco

—

0.0%

OCP

SA,

3.75%

,

06/23/31

(a)

.......

200

202,562

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

.....

200

197,800

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(a)

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

352

347,811

Total

Foreign

Agency

Obligations

—

1.6%

(Cost:

$23,889,398)

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

25,161,896

Foreign

Government

Obligations

—

0.8%

Argentina

—

0.0%

Argentine

Republic

(The),

2.50%

,

07/09/41

(k)

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

438

163,585

Bahrain

—

0.0%

Kingdom

of

Bahrain:

6.75%,

09/20/29

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

219

237,040

5.25%,

01/25/33

(a)

...........

200

192,063

429,103

Colombia

—

0.1%

Republic

of

Colombia:

4.50%,

01/28/26

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

336

365,463

3.88%,

04/25/27

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

340

359,826

3.13%,

04/15/31

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

319

312,082

1,037,371

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond:

5.95%,

01/25/27

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

440

493,487

4.50%,

01/30/30

(a)

...........

244

249,765

Security

Par

(000)

Par

(000)

Value

Dominican

Republic

(continued)

4.88%,

09/23/32

(a)

...........

USD

450

$

466,875

6.40%,

06/05/49

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

150

163,059

1,373,186

Egypt

—

0.1%

Arab

Republic

of

Egypt:

5.75%,

05/29/24

(a)

...........

200

212,287

5.88%,

06/11/25

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

462

490,962

7.60%,

03/01/29

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

516

559,150

5.88%,

02/16/31

(a)

...........

200

192,250

8.50%,

01/31/47

(a)

...........

200

207,163

7.50%,

02/16/61

(a)

...........

200

186,250

1,848,062

Ghana

—

0.0%

Republic

of

Ghana

(a)

:

7.75%,

04/07/29

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

200

201,562

8.63%,

04/07/34

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

210

212,166

413,728

India

—

0.0%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

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

200

203,350

Indonesia

—

0.1%

Perusahaan

Penerbit

SBSN

Indonesia

III,

2.80%

,

06/23/30

..........

200

206,100

Republic

of

Indonesia:

3.50%,

01/11/28

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

200

219,412

4.10%,

04/24/28

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

200

226,725

3.40%,

09/18/29

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

200

217,288

6.63%,

02/17/37

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

100

139,331

7.75%,

01/17/38

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

100

152,050

1,160,906

Mexico

—

0.1%

United

Mexican

States:

3.75%,

01/11/28

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

295

323,633

3.25%,

04/16/30

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

239

248,904

2.66%,

05/24/31

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

559

548,274

1,120,811

Morocco

—

0.0%

Kingdom

of

Morocco

(a)

:

3.00%,

12/15/32

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

255

248,067

4.00%,

12/15/50

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

200

187,500

435,567

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

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

258

259,419

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

6.00%

,

04/08/26

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

200

201,022

Panama

—

0.1%

Republic

of

Panama:

3.16%,

01/23/30

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

543

569,404

4.50%,

04/16/50

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

217

247,556

816,960

Paraguay

—

0.0%

Republic

of

Paraguay,

4.95%

,

04/28/31

(a)

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

200

229,662

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Peru

—

0.0%

Peru

Government

Bond,

1.86%

,

12/01/32

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

USD

173

$

157,733

Republic

of

Peru,

2.78%

,

01/23/31

..

241

241,873

399,606

Philippines

—

0.0%

Republic

of

Philippines,

3.70%

,

02/02/42

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

200

217,663

Qatar

—

0.0%

State

of

Qatar,

4.00%

,

03/14/29

(a)

...

213

245,749

Romania

—

0.0%

Romania

Government

Bond,

3.00%

,

02/14/31

(a)

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

242

251,196

Russia

—

0.1%

Russian

Federation:

4.75%,

05/27/26

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

200

227,538

4.25%,

06/23/27

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

400

447,725

675,263

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

4.50%

,

04/17/30

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

419

495,284

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.75%,

09/01/23

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

112

120,008

8.99%,

02/01/24

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

224

246,848

7.75%,

09/01/24

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

222

241,050

7.75%,

09/01/25

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

220

239,140

7.25%,

03/15/33

(a)

...........

234

240,918

1,087,964

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.98%

,

04/20/55

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

79

102,107

Total

Foreign

Government

Obligations

—

0.8%

(Cost:

$13,202,947)

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

13,167,564

Non-Agency

Mortgage-Backed

Securities

—

1.8%

Commercial

Mortgage-Backed

Securities

—

1.8%

United

States

—

1.8%

(a)(b)

BX

Commercial

Mortgage

Trust:

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.89%,

06/15/38

..........

3,720

3,747,761

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.90%,

05/15/38

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

5,000

5,006,245

Extended

Stay

America

Trust:

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.94%,

07/15/38

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

7,300

7,368,603

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.79%,

07/15/38

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

7,620

7,698,768

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.19%,

04/15/38

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

USD

5,486

$

5,524,926

29,346,303

Total

Non-Agency

Mortgage-Backed

Securities

—

1.8%

(Cost:

$29,101,536)

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

29,346,303

Capital

Trusts

—

0.4%

United

Kingdom

—

0.4%

Lloyds

Banking

Group

plc

(b)(h)

:

(LIBOR

USD

3

Month

+

1.50%),

6.41%

(a)

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

1,252

1,732,455

(LIBOR

USD

3

Month

+

1.27%),

6.66%

(a)

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

2,694

3,815,378

(LIBOR

USD

3

Month

+

1.27%),

6.66%

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

701

992,791

6,540,624

Total

Capital

Trusts

—

0.4%  

(Cost:

$5,308,104)

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

6,540,624

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

0.25%, 06/30/25

(m)

4,850

4,796,764

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$4,857,528)

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

4,796,764

Shares

Shares

Warrants

—

0.0%

Germany

—

0.0%

468

Spac

I

SE

(Issued/exercisable

04/29/21,

1

share

for

1

warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(d)

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

109,736

117,157

Luxembourg

—

0.0%

Lakestar

Spac

I

SE

(Issued/exercisable

02/18/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(d)

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

71,516

72,110

United

Kingdom

—

0.0%

(d)

Genius

Sports

Ltd.

(Issued/exercisable

12/07/20,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

25,619

155,251

Hedosophia

European

Growth

(Issued/

exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

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

85,163

101,025

256,276

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Shares

Shares

Value

United

States

—

0.0%

(d)

Ascent

Resources

Marcellus

Minerals

(Issued/exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.00)

.

566,782

$

56,678

Ascent

Resources

plc

(Issued/

exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.00)

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

440,830

22,042

Cano

Health,

Inc.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

21,456

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

1.00)

(c)

...........

16,190

11,333

Dragoneer

Growth

Opportunities

Corp.

(Issued/exercisable

11/23/20,

1

share

for

1

warrant,

Expires

08/14/25,

Strike

Price

USD

11.50)

4,837

7,884

EVgo

,

Inc.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

24,503

Hyzon

Motors,

Inc.

(Issued/exercisable

12/10/20,

1

share

for

1

warrant,

Expires

10/02/25,

Strike

Price

USD

11.50)

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

15,531

29,664

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

10.00)

(c)

..........

53,160

42,528

Latch,

Inc.

(Issued/exercisable

12/29/20,

1

share

for

1

warrant,

Expires

12/31/26,

Strike

Price

USD

11.50)

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

6,894

26,749

Lightning

eMotors

,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

1.00)

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

17,391

42,993

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

11.50)

(c)

...........

6,030

7,296

Tortoise

Acquisition

Corp.

II

(Issued/

exercisable

10/22/20,

1

share

for

1

warrant,

Expires

06/14/27,

Strike

Price

USD

11.50)

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

9,180

17,075

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

3,980

11,725

321,926

Total

Warrants

—

0.0%

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

767,469

Total

Long-Term

Investments

—

92.3%

(Cost:

$1,522,148,457)

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

1,484,378,896

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

—

11.5%

Borrowed

Bond

Agreements

—

5.7%

(q)(r)

Barclays

Bank

plc,

(2.25)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

364,427,

collateralized

by

eircom

Finance

DAC,

1.75%,

due

at

11/01/24,

par

and

fair

value

of

EUR

363,000

and

$431,426,

respectively)

........

EUR

365

$

432,430

Barclays

Bank

plc,

(2.00)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

1,590,016,

collateralized

by

Banijay

Group

SAS,

6.50%,

due

at

03/01/26,

par

and

fair

value

of

EUR

1,500,000

and

$1,841,653,

respectively)

......

1,590

1,886,654

Barclays

Bank

plc,

(0.88)%, Open

(Purchased

on

05/19/21

to

be

repurchased

at

EUR

1,757,540,

collateralized

by

Vivendi

SE,

1.13%,

due

at

12/11/28,

par

and

fair

value

of

EUR

1,700,000

and

$2,146,786,

respectively)

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

1,761

2,089,244

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

1,598,789,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.00%,

par

and

fair

value

of

EUR

1,400,000

and

$1,897,267,

respectively)

(h)

.....

1,599

1,896,776

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

4,224,290,

collateralized

by

ARD

Finance

SA,

5.00%,

due

at

06/30/27,

par

and

fair

value

of

EUR

4,100,000

and

$4,999,807,

respectively)

......

4,225

5,011,625

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

on

06/11/21

to

be

repurchased

at

USD

1,818,230,

collateralized

by

BNP

Paribas

SA,

4.50%,

par

and

fair

value

of

USD

1,780,000

and

$1,822,275,

respectively)

(h)

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

USD

1,820

1,820,050

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

on

06/04/21

to

be

repurchased

at

EUR

3,429,383,

collateralized

by

easyJet

FinCo

.

BV,

1.88%,

due

at

03/03/28,

par

and

fair

value

of

EUR

3,400,000

and

$4,058,458,

respectively)

......

EUR

3,434

4,073,542

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

on

07/21/21

to

be

repurchased

at

EUR

1,759,089,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,733,000

and

$2,085,189,

respectively)

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

1,759

2,087,183

Barclays

Bank

plc,

(0.15)%, Open

(Purchased

on

06/29/21

to

be

repurchased

at

USD

2,393,118,

collateralized

by

Sprint

Capital

Corp.,

6.88%,

due

at

11/15/28,

par

and

fair

value

of

USD

1,850,000

and

$2,386,704,

respectively)

......

USD

2,393

2,393,438

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.15)%, Open

(Purchased

on

07/22/21

to

be

repurchased

at

USD

1,828,396,

collateralized

by

Tullow

Oil

plc,

7.00%,

due

at

03/01/25,

par

and

fair

value

of

USD

2,026,000

and

$1,753,123,

respectively)

......

USD

1,828

$

1,828,465

Barclays

Capital,

Inc.,

(0.10)%, Open

(Purchased

on

07/21/21

to

be

repurchased

at

USD

3,022,416,

collateralized

by

SoftBank

Group

Corp.,

6.00%,

par

and

fair

value

of

USD

3,000,000

and

$3,007,950,

respectively)

(h)

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

3,023

3,022,500

Barclays

Capital,

Inc.,

0.00%, Open

(Purchased

on

07/30/21

to

be

repurchased

at

USD

1,306,500,

collateralized

by

SoftBank

Group

Corp.,

6.00%,

par

and

fair

value

of

USD

1,300,000

and

$1,303,445,

respectively)

(h)

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

1,307

1,306,500

BNP

Paribas

SA,

(0.75)%, Open

(Purchased

on

07/22/21

to

be

repurchased

at

EUR

1,761,604,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,734,000

and

$2,086,393,

respectively)

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

EUR

1,762

2,090,013

BNP

Paribas

SA,

(0.75)%, Open

(Purchased

on

03/26/21

to

be

repurchased

at

EUR

1,770,388,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

1,800,000

and

$2,117,186,

respectively)

......

1,776

2,106,787

BNP

Paribas

SA,

(0.70)%, Open

(Purchased

on

03/26/21

to

be

repurchased

at

EUR

939,114,

collateralized

by

Vivendi

SE,

1.13%,

due

at

12/11/28,

par

and

fair

value

of

EUR

900,000

and

$1,136,534,

respectively)

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

942

1,117,323

BNP

Paribas

SA,

(0.24)%, Open

(Purchased

on

03/26/21

to

be

repurchased

at

GBP

774,462,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

790,000

and

$1,076,248,

respectively)

...

GBP

775

1,077,763

BNP

Paribas

SA,

(0.10)%, Open

(Purchased

on

04/30/21

to

be

repurchased

at

USD

1,775,842,

collateralized

by

Uber

Technologies,

Inc.,

7.50%,

due

at

09/15/27,

par

and

fair

value

of

USD

1,600,000

and

$1,748,320,

respectively)

......

USD

1,776

1,776,000

BNP

Paribas

SA,

0.00%, Open

(Purchased

on

11/25/20

to

be

repurchased

at

USD

4,912,688,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,874,596,

respectively)

......

4,913

4,912,688

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Citigroup

Global

Markets

Ltd.,

(0.85)%, Open

(Purchased

on

07/02/21

to

be

repurchased

at

EUR

2,268,024,

collateralized

by

Ryanair

DAC,

1.13%,

due

at

08/15/23,

par

and

fair

value

of

EUR

2,200,000

and

$2,670,693,

respectively)

......

EUR

2,270

$

2,692,479

Citigroup

Global

Markets

Ltd.,

(0.78)%, Open

(Purchased

on

07/20/21

to

be

repurchased

at

EUR

1,656,381,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,632,000

and

$1,963,664,

respectively)

......

1,657

1,965,386

Citigroup

Global

Markets

Ltd.,

(0.75)%, Open

(Purchased

on

07/02/21

to

be

repurchased

at

EUR

3,509,113,

collateralized

by

ams

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

3,200,000

and

$4,057,925,

respectively)

......

3,511

4,165,465

Goldman

Sachs

International,

(2.00)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

2,209,757,

collateralized

by

eircom

Finance

DAC,

1.75%,

due

at

11/01/24,

par

and

fair

value

of

EUR

2,200,000

and

$2,614,709,

respectively)

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

2,210

2,622,016

Goldman

Sachs

International,

(0.90)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

2,574,070,

collateralized

by

eircom

Finance

DAC,

3.50%,

due

at

05/15/26,

par

and

fair

value

of

EUR

2,500,000

and

$3,035,412,

respectively)

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

2,574

3,053,852

J.P.

Morgan

Securities

plc,

(1.85)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

747,125,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

750,000

and

$882,161,

respectively)

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

747

886,494

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

05/21/21

to

be

repurchased

at

EUR

1,033,848,

collateralized

by

Vivendi

SE,

1.13%,

due

at

12/11/28,

par

and

fair

value

of

EUR

1,000,000

and

$1,262,815,

respectively)

......

1,036

1,228,777

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

309,082,

collateralized

by

ARD

Finance

SA,

5.00%,

due

at

06/30/27,

par

and

fair

value

of

EUR

300,000

and

$365,839,

respectively)

.....

309

366,690

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

07/12/21

to

be

repurchased

at

EUR

2,366,038,

collateralized

by

Deutsche

Bahn

Finance

GMBH,

1.60%,

par

and

fair

value

of

EUR

2,300,000

and

$2,803,405,

respectively)

(h)

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

EUR

2,367

$

2,808,207

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

3,842,497,

collateralized

by

Vivendi

SE,

1.13%,

due

at

12/11/28,

par

and

fair

value

of

EUR

3,600,000

and

$4,546,135,

respectively)

......

3,843

4,558,673

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

1,116,865,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

1,121,000

and

$1,318,536,

respectively)

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

1,117

1,325,012

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

05/20/21

to

be

repurchased

at

EUR

1,854,864,

collateralized

by

SES

SA,

2.00%,

due

at

07/02/28,

par

and

fair

value

of

EUR

1,700,000

and

$2,212,225,

respectively)

......

1,858

2,204,091

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

05/12/21

to

be

repurchased

at

EUR

5,906,606,

collateralized

by

Orange

SA,

1.37%,

par

and

fair

value

of

EUR

6,000,000

and

$7,100,347,

respectively)

(h)

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

5,918

7,020,417

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

05/20/21

to

be

repurchased

at

EUR

1,854,624,

collateralized

by

SES

SA,

2.00%,

due

at

07/02/28,

par

and

fair

value

of

EUR

1,700,000

and

$2,212,226,

respectively)

......

1,858

2,203,970

J.P.

Morgan

Securities

plc,

(0.72)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

744,248,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

747,000

and

$878,632,

respectively)

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

744

882,948

J.P.

Morgan

Securities

plc,

(0.70)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

2,561,749,

collateralized

by

ams

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

2,335,000

and

$2,961,016,

respectively)

......

2,562

3,039,155

J.P.

Morgan

Securities

plc,

(0.70)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

EUR

877,687,

collateralized

by

ams

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

800,000

and

$1,014,481,

respectively)

......

878

1,041,252

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.45)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

GBP

612,890,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

614,000

and

$836,476,

respectively)

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

GBP

613

$

851,975

J.P.

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

GBP

884,411,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

886,000

and

$1,207,032,

respectively)

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

884

1,229,397

J.P.

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

GBP

598,924,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

600,000

and

$817,403,

respectively)

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

599

832,549

J.P.

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

07/27/21

to

be

repurchased

at

GBP

1,397,490,

collateralized

by

TalkTalk

Telecom

Group

plc,

3.88%,

due

at

02/20/25,

par

and

fair

value

of

GBP

1,400,000

and

$1,907,275,

respectively)

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

1,398

1,942,614

J.P.

Morgan

Securities

plc,

0.00%, Open

(Purchased

on

07/30/21

to

be

repurchased

at

EUR

1,971,100,

collateralized

by

Iliad

SA,

1.88%,

due

at

02/11/28,

par

and

fair

value

of

EUR

2,000,000

and

$2,314,934,

respectively)

......

EUR

1,971

2,338,217

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

on

06/28/21

to

be

repurchased

at

USD

1,704,758,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

1,550,000

and

$1,674,000,

respectively)

...

USD

1,705

1,705,000

Total

Borrowed

Bond

Agreements

—

5.7%

(Cost:

$92,186,611)

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

91,893,617

Shares

Shares

Money

Market

Funds

—

5.8%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(s)(t)

....

92,834,893

92,834,893

Total

Money

Market

Funds

—

5.8%

(Cost:

$92,834,893)

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

92,834,893

Total

Short-Term

Securities

—

11.5%

(Cost:

$185,021,504)

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

184,728,510

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2021

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.3%

(Cost:

$11,561,400

)

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

$

5,262,842

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

104.1%

(Cost:

$1,718,731,361)

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

1,674,370,248

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$4,869,423)

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

(2,399,658)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

—

(5.5)%

Corporate

Bonds

—

(5.1)%

Austria

—

(0.5)%

ams

AG,

6.00%

,

 07/31/25

........

EUR

6,335

(8,033,422)

France

—

(1.2)%

Banijay

Group

SAS,

6.50%

,

 03/01/26

1,500

(1,841,653)

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%),

4.50%

(b)(h)

.....

USD

1,780

(1,822,275)

Orange

SA,

(EUR

Swap

Annual

5

Year

+

1.49%),

1.37%

(b)(h)

..........

EUR

6,000

(7,100,347)

Vivendi

SE,

1.13%

,

 12/11/28

......

7,200

(9,092,270)

(19,856,545)

Germany

—

(0.2)%

Deutsche

Bahn

Finance

GMBH,

Series

CB,

(EUR

Swap

Annual

5

Year

+

1.89%),

1.60%

(b)(h)

...........

2,300

(2,803,405)

Ghana

—

(0.1)%

Tullow

Oil

plc,

7.00%

,

 03/01/25

(a)

...

USD

2,026

(1,753,123)

Ireland

—

(0.9)%

eircom

Finance

DAC:

1.75%

,

 11/01/24

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

EUR

2,563

(3,046,135)

2.63%

,

 02/15/27

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

4,418

(5,196,515)

3.50%

,

 05/15/26

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

2,500

(3,035,412)

Ryanair

DAC,

1.13%

,

 08/15/23

.....

2,200

(2,670,693)

(13,948,755)

Japan

—

(0.2)%

SoftBank

Group

Corp.,

(USD

Swap

Rate

5

Year

+

4.23%),

6.00%

(b)(h)

.

USD

3,000

(3,007,950)

Luxembourg

—

(0.6)%

ARD

Finance

SA,

5.00%

,

(5.00%

Cash

or

5.75%

PIK), 06/30/27

(b)(

i

)

.....

EUR

4,400

(5,365,646)

SES

SA,

2.00%

,

 07/02/28

........

3,400

(4,424,451)

(9,790,097)

Security

Par

(000)

Par

(000)

Value

Sweden

—

(0.4)%

Intrum

AB,

3.50%

,

 07/15/26

.......

EUR

5,099

$

(6,135,246)

United

Kingdom

—

(0.6)%

easyJet

FinCo

.

BV,

1.88%

,

 03/03/28

.

3,400

(4,058,458)

TalkTalk

Telecom

Group

plc,

3.88%

,

 02/20/25

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

GBP

4,290

(5,844,434)

(9,902,892)

United

States

—

(0.4)%

Clarios

Global

LP,

8.50%

,

 05/15/27

(a)

.

USD

1,550

(1,674,000)

Sprint

Capital

Corp.,

6.88%

,

 11/15/28

1,850

(2,386,704)

Uber

Technologies,

Inc.,

7.50%

,

 09/15/27

(a)

...........

1,600

(1,748,320)

(5,809,024)

Total

Corporate

Bonds

—

(5.1)%

(Proceeds:

$78,740,318)

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

(81,040,459)

Preferred

Securities

—

(0.1)%

Spain

—

(0.1)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(b)(h)

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

EUR

1,400

(1,897,267)

Total

Preferred

Securities

—

(0.1)%

(Proceeds:

$1,570,245)

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

(1,897,267)

U.S.

Treasury

Obligations

—

(0.3)%

United

States

—

(0.3)%

U.S.

Treasury

Notes,

0.25%

,

 05/31/25

USD

4,925

(4,874,596)

Total

U.S.

Treasury

Obligations

—

(0.3)%

(Proceeds:

$4,905,466)

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

(4,874,596)

Total

Borrowed

Bonds

—

(5.5)%

(Proceeds:

$85,216,029)

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

(87,812,322)

Investments

Sold

Short

—

(0.1)%

Corporate

Bonds

—

(0.1)%

France

—

(0.1)%

Iliad

SA,

1.88%

,

02/11/28

........

EUR

2,000

(2,314,934)

Total

Corporate

Bonds

—

(0.1)%

(Proceeds:

$2,321,788)

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

(2,314,934)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$2,321,788

)

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

(2,314,934)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

98.4%

(Cost:

$1,626,324,121)

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

1,581,843,334

Other

Assets

Less

Liabilities

—

1.6%

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

25,453,767

Net

Assets

—

100.0%

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

$

1,607,297,101

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$6,298,779,

representing

0.38%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$6,587,207.

(f)

Convertible

security.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Schedule

of

Investments

(continued)

July

31,

2021

(g)

Zero-coupon

bond.

(h)

Perpetual

security

with

no

stated

maturity

date.

(i)

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.

(j)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(k)

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.

(l)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(m)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(n)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(o)

Fixed

rate.

(p)

Rounds

to

less

than

1,000.

(q)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(r)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

July

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/21

Shares

Held

at

07/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

19,476,089

$

73,358,804

$

—

$

—

$

—

$

92,834,893

92,834,893

$

16,880

$

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

.....

2,841,950

—

(2,822,921)

20,649

(39,678)

—

—

11,334

—

iShares

Russell

2000

ETF

(b)

....

—

3,953,949

(3,842,106)

(111,843)

—

—

—

—

—

$

(91,194)

$

(39,678)

$

92,834,893

$

28,214

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face

Value

Face

Value

Including

Accrued

Interest

Type

of

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

the

Agreements

(a)

BNP

Paribas

SA

.......

0.07

%

10/23/20

Open  

$

3,735,937

$

3,740,327

U.S.

Treasury

Obligations

Open/Demand

Barclays

Bank

plc

......

0.50

06/16/21

Open  

8,818,920

8,824,554

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.45

07/02/21

Open  

5,583,550

5,585,365

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.55

07/02/21

Open  

3,706,375

3,707,847

Corporate

Bonds

Open/Demand

RBC

Capital

Markets

LLC

.

0.28

07/27/21

Open  

8,158,713

8,158,967

Corporate

Bonds

Open/Demand

$

30,003,495

$

30,017,060

(a)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

32

Schedule

of

Investments

(continued)

July

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

Euro-

Bobl

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

157

09/08/21

$

25,210

$

(245,930)

Euro-Bund

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

195

09/08/21

40,844

(872,405)

Russell

2000

E-Mini

Index

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

100

09/17/21

11,108

440,725

U.S.

Treasury

10

Year

Note

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

266

09/21/21

35,785

(589,962)

U.S.

Treasury

10

Year

Ultra

Note

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

15

09/21/21

2,256

(77,134)

U.S.

Treasury

Long

Bond

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

41

09/21/21

6,764

(329,368)

U.S.

Treasury

Ultra

Bond

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

5

09/21/21

998

(48,647)

Long

Gilt

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

77

09/28/21

13,891

(157,203)

U.S.

Treasury

2

Year

Note

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

7

09/30/21

1,545

(919)

U.S.

Treasury

5

Year

Note

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

45

09/30/21

5,602

(28,809)

$

(1,909,652)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

591,138

CHF

528,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/15/21

$

7,598

USD

16,248,010

CHF

14,513,000

JPMorgan

Chase

Bank

NA

09/15/21

208,418

USD

333,456,291

EUR

275,100,580

Citibank

NA

09/15/21

6,833,498

USD

13,129,298

EUR

10,832,289

Deutsche

Bank

AG

09/15/21

268,284

USD

249,128,731

EUR

205,324,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

5,350,625

USD

51,884,583

GBP

36,789,671

Citibank

NA

09/15/21

741,348

USD

68,294,896

GBP

48,384,158

Morgan

Stanley

&

Co.

International

plc

09/15/21

1,033,561

14,443,332

EUR

10,832,289

USD

13,157,724

Morgan

Stanley

&

Co.

International

plc

09/15/21

(296,710)

USD

647,066

CHF

597,000

Citibank

NA

09/15/21

(12,731)

USD

849,262

CHF

780,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

(12,785)

USD

178,186

CHF

163,000

State

Street

Bank

and

Trust

Co.

09/15/21

(1,960)

USD

278,886

EUR

236,000

Bank

of

America

NA

09/15/21

(1,313)

USD

2,169,198

EUR

1,829,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

(2,346)

USD

130,117

JPY

14,293,000

Deutsche

Bank

AG

09/15/21

(212)

(328,057)

$

14,115,275

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CommScope

Holding

Co.,

Inc.

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

350

08/20/21

USD

25.00

USD

741

$

5,250

EURO

STOXX

50

Index

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

1,511

08/20/21

EUR

4,200.00

EUR

61,789

184,620

EURO

STOXX

Bank

Index

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

1,075

08/20/21

EUR

95.00

EUR

4,992

97,235

Freeport-McMoRan,

Inc.

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

1,000

08/20/21

USD

41.00

USD

3,810

53,500

Technology

Select

Sector

SPDR

Fund

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

775

08/20/21

USD

158.00

USD

11,889

52,313

Western

Digital

Corp.

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

350

08/20/21

USD

95.00

USD

2,273

5,775

Western

Digital

Corp.

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

500

08/20/21

USD

73.00

USD

3,247

44,000

Western

Digital

Corp.

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

500

08/20/21

USD

71.00

USD

3,247

61,000

Western

Digital

Corp.

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

950

08/20/21

USD

85.00

USD

6,168

16,150

BP

plc

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

545

09/17/21

GBP

3.40

GBP

1,576

14,204

EURO

STOXX

50

Index

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

604

09/17/21

EUR

4,350.00

EUR

24,699

90,637

EURO

STOXX

50

Index

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

904

09/17/21

EUR

4,300.00

EUR

36,967

114,744

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(continued)

July

31,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EURO

STOXX

Bank

Index

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

1,096

09/17/21

EUR

100.00

EUR

5,089

$

73,132

iShares

Russell

2000

ETF

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

468

09/17/21

USD

240.00

USD

10,345

48,906

iShares

Russell

2000

ETF

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

468

09/17/21

USD

260.00

USD

10,345

5,616

Lions

Gate

Entertainment

Corp.

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

600

09/17/21

USD

25.00

USD

902

15,000

STOXX

Europe

600

Banks

Index

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

2,001

09/17/21

EUR

140.00

EUR

13,293

195,829

BP

plc

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

550

12/17/21

GBP

3.60

GBP

1,591

28,669

Caesars

Entertainment,

Inc.

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

42

12/17/21

USD

100.00

USD

367

24,990

Cellnex

Telecom

SA

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

1,654

12/17/21

EUR

59.28

EUR

9,814

357,055

Diamondback

Energy,

Inc.

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

42

12/17/21

USD

90.00

USD

324

22,680

Diamondback

Energy,

Inc.

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

70

12/17/21

USD

115.00

USD

540

12,425

Electricite

de

France

SA

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

1,185

12/17/21

EUR

15.00

EUR

1,216

6,325

STOXX

Europe

600

Telecommunications

Index

.......

829

12/17/21

EUR

260.00

EUR

9,706

56,546

Caesars

Entertainment,

Inc.

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

172

01/21/22

USD

100.00

USD

1,503

118,680

Devon

Energy

Corp.

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

122

01/21/22

USD

35.00

USD

315

11,285

Devon

Energy

Corp.

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

150

01/21/22

USD

28.00

USD

388

36,375

Liberty

Global

plc

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

1,430

01/21/22

USD

30.00

USD

3,840

89,375

1,842,316

Put

Cellnex

Telecom

SA

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

2,067

08/20/21

EUR

45.39

EUR

12,265

22,509

EURO

STOXX

50

Index

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

228

08/20/21

EUR

4,050.00

EUR

9,324

123,873

iShares

Russell

2000

ETF

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

350

08/20/21

USD

198.00

USD

7,737

15,575

iShares

Russell

2000

ETF

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

500

08/20/21

USD

210.00

USD

11,053

74,000

S&P

500

Index

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

56

08/20/21

USD

4,000.00

USD

24,613

38,640

S&P

500

Index

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

68

08/20/21

USD

4,100.00

USD

29,888

72,760

S&P

500

Index

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

91

08/20/21

USD

4,200.00

USD

39,997

156,065

Seagate

Technology

Holdings

plc

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

500

08/20/21

USD

75.00

USD

4,395

13,250

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

750

08/20/21

USD

108.00

USD

8,233

18,750

iShares

Russell

2000

ETF

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

250

08/27/21

USD

210.00

USD

5,526

55,500

U.S.

Treasury

10

Year

Note

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

150

08/27/21

USD

132.00

USD

15,000

11,719

U.S.

Treasury

10

Year

Note

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

680

08/27/21

USD

131.00

USD

68,000

31,875

U.S.

Treasury

10

Year

Note

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

680

08/27/21

USD

129.00

USD

68,000

10,625

EURO

STOXX

50

Index

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

548

08/31/21

EUR

3,900.00

EUR

22,409

218,422

EURO

STOXX

50

Index

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

548

08/31/21

EUR

4,100.00

EUR

22,409

491,449

S&P

500

Index

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

27

08/31/21

USD

4,150.00

USD

11,867

67,230

S&P

500

Index

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

93

09/03/21

USD

4,100.00

USD

40,876

223,200

S&P

500

Index

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

93

09/03/21

USD

4,300.00

USD

40,876

463,605

American

Airlines

Group,

Inc.

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

1,000

09/17/21

USD

18.00

USD

2,038

64,000

ams

AG

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

962

09/17/21

CHF

12.00

CHF

1,667

9,027

Cellnex

Telecom

SA

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

1,035

09/17/21

EUR

48.16

EUR

6,141

32,487

PG&E

Corp.

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

600

09/17/21

USD

8.00

USD

527

12,900

S&P

500

Index

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

105

09/17/21

USD

4,200.00

USD

46,150

495,075

Uber

Technologies,

Inc.

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

750

12/17/21

USD

25.00

USD

3,260

17,625

2,740,161

$

4,582,477

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

%

Quarterly

CDX.NA.IG.36.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/18/21

USD

55.00

USD

100,000

$

37,649

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

Quarterly

ITRAXX.EUR.

MAIN.35.V1

Quarterly

Barclays

Bank

plc

08/18/21

EUR

65.00

EUR

51,900

4,345

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

34

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

CDX.NA.HY.36.V1

Quarterly

Bank

of

America

NA

08/18/21

USD

108.00

USD

10,000

$

25,383

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

Bank

of

America

NA

08/18/21

USD

108.00

EUR

10,000

25,383

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

08/18/21

USD

108.00

USD

10,000

25,383

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

USD

108.00

EUR

10,000

56,300

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/18/21

USD

108.00

USD

10,000

25,383

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

08/18/21

USD

108.50

USD

12,500

45,829

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

09/15/21

EUR

250.00

EUR

27,100

182,417

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

EUR

250.00

EUR

16,300

49,343

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

EUR

262.50

EUR

26,000

47,385

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

EUR

262.50

EUR

59,400

108,257

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

EUR

275.00

EUR

40,600

47,308

$

680,365

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EURO

STOXX

Bank

Index

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

1,075

08/20/21

EUR

100.00

EUR

4,992

$

(23,910)

Freeport-McMoRan,

Inc.

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

1,000

08/20/21

USD

46.00

USD

3,810

(9,000)

UWM

Holdings

Corp.

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

50

08/20/21

USD

12.50

USD

38

(250)

Western

Digital

Corp.

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

500

08/20/21

USD

80.00

USD

3,247

(14,500)

Western

Digital

Corp.

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

500

08/20/21

USD

76.00

USD

3,247

(26,500)

Western

Digital

Corp.

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

650

08/20/21

USD

100.00

USD

4,220

(7,150)

BP

plc

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

545

09/17/21

GBP

4.00

GBP

1,576

(37,878)

BP

plc

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

550

12/17/21

GBP

4.40

GBP

1,591

(4,776)

Caesars

Entertainment,

Inc.

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

42

12/17/21

USD

130.00

USD

367

(5,712)

Diamondback

Energy,

Inc.

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

42

12/17/21

USD

130.00

USD

324

(4,095)

Diamondback

Energy,

Inc.

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

70

12/17/21

USD

135.00

USD

540

(5,425)

STOXX

Europe

600

Telecommunications

Index

........

829

12/17/21

EUR

270.00

EUR

9,706

(22,127)

Caesars

Entertainment,

Inc.

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

172

01/21/22

USD

130.00

USD

1,503

(30,358)

Devon

Energy

Corp.

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

122

01/21/22

USD

40.00

USD

315

(7,015)

Devon

Energy

Corp.

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

150

01/21/22

USD

38.00

USD

388

(10,875)

(209,571)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(continued)

July

31,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

iShares

Russell

2000

ETF

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

350

08/20/21

USD

185.00

USD

7,737

$

(6,650)

iShares

Russell

2000

ETF

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

500

08/20/21

USD

195.00

USD

11,053

(17,500)

S&P

500

Index

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

56

08/20/21

USD

3,750.00

USD

24,613

(16,660)

S&P

500

Index

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

68

08/20/21

USD

3,900.00

USD

29,888

(32,300)

S&P

500

Index

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

91

08/20/21

USD

4,050.00

USD

39,997

(77,350)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

750

08/20/21

USD

104.00

USD

8,233

(18,750)

iShares

Russell

2000

ETF

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

250

08/27/21

USD

195.00

USD

5,526

(16,250)

U.S.

Treasury

10

Year

Note

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

1,360

08/27/21

USD

130.00

USD

136,000

(21,250)

EURO

STOXX

50

Index

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

1,096

08/31/21

EUR

4,000.00

EUR

44,819

(632,513)

S&P

500

Index

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

27

08/31/21

USD

3,900.00

USD

11,867

(27,540)

S&P

500

Index

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

186

09/03/21

USD

4,200.00

USD

81,752

(638,910)

S&P

500

Index

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

105

09/17/21

USD

4,000.00

USD

46,150

(268,800)

(1,774,473)

$

(1,984,044)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

09/15/21

NR

EUR

225.00

EUR

13,500

$

(34,051)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

NR

EUR

225.00

EUR

59,400

(67,536)

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.35.

V1

Quarterly

Barclays

Bank

plc

08/18/21

NR

EUR

237.50

EUR

26,000

(121,372)

(222,959)

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.35.V1

Quarterly

5.00

%

Quarterly

BNP

Paribas

SA

09/15/21

NR

EUR

275.00

EUR

17,400

(69,311)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.36.V1

Quarterly

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/18/21

NR

USD

65.00

USD

100,000

(13,115)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

MAIN.35.V1

Quarterly

1.00

Quarterly

Barclays

Bank

plc

08/18/21

NR

EUR

75.00

EUR

51,900

(3,423)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

Bank

of

America

NA

08/18/21

NR

USD

104.00

USD

10,000

(4,587)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

Bank

of

America

NA

08/18/21

NR

USD

104.00

EUR

10,000

(4,587)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

JPMorgan

Chase

Bank

NA

08/18/21

NR

USD

104.00

USD

10,000

(4,587)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

NR

USD

104.00

EUR

10,000

(17,400)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/18/21

NR

USD

104.00

USD

10,000

(4,587)

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

36

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.35.V1

Quarterly

5.00

%

Quarterly

Barclays

Bank

plc

09/15/21

NR

EUR

300.00

EUR

27,100

$

(71,058)

(192,655)

$

(415,614)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.33.V12

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

5.00

%

Quarterly

12/20/24

USD

2,717

$

(266,348)

$

(196,405)

$

(69,943)

CDX.NA.HY.36.V1

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

5.00

Quarterly

06/20/26

USD

36,590

(3,573,606)

(3,511,198)

(62,408)

ITRAXX.EUR.CROSSOVER.35.V1

........

5.00

Quarterly

06/20/26

EUR

12,394

(1,855,567)

(1,810,849)

(44,718)

ITRAXX.FINSUB.35.V1

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

1.00

Quarterly

06/20/26

EUR

43,932

15,529

271,713

(256,184)

$

(5,679,992)

$

(5,246,739)

$

(433,253)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.05%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/22

USD

2,267

$

1,370

$

—

$

1,370

1

day

SOFR

Quarterly

0.05%

Quarterly

10/21/22

USD

2,267

(415)

—

(415)

0.18%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/25

USD

143

2,022

—

2,022

1

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(1,815)

—

(1,815)

$

1,162

$

—

$

1,162

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)

Carnival

Corp.

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

1.00

%

Quarterly

Goldman

Sachs

International

12/20/21

USD

2,040

$

991

$

41,921

$

(40,930)

JP

Morgan

Structured

Products

BV

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/21

EUR

1,850

(8,226)

25,800

(34,026)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

1,650

(32,428)

5,383

(37,811)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/21

EUR

960

(18,867)

20,348

(39,215)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

03/20/22

EUR

1,700

(42,330)

(14,735)

(27,595)

Altice

Luxembourg

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

EUR

2,480

(121,260)

(21,325)

(99,935)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Barclays

Bank

plc

06/20/22

USD

3,000

(51,015)

701,992

(753,007)

Bausch

Health

Cos.,

Inc.

.....

5.00

Quarterly

Citibank

NA

06/20/22

USD

3,350

(145,240)

(108,717)

(36,523)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Credit

Suisse

International

06/20/22

EUR

5,090

(168,318)

(145,720)

(22,598)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,650

(40,428)

84,699

(125,127)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

875

(21,439)

49,770

(71,209)

Staples,

Inc.

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

USD

1,000

(24,502)

77,585

(102,087)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,650

(48,965)

(3,120)

(45,845)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Citibank

NA

06/20/22

EUR

2,640

(78,344)

(35,412)

(42,932)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Stonegate

Pub

Co.

Financing

plc

5.00

%

Quarterly

Credit

Suisse

International

06/20/22

EUR

1,650

$

(48,965)

$

6,746

$

(55,711)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Barclays

Bank

plc

12/20/22

EUR

900

(29,191)

11,371

(40,562)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

1,470

(49,768)

25,720

(75,488)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

970

(32,840)

27,709

(60,549)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/23

EUR

4,740

(150,904)

(147,534)

(3,370)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,480

(204,057)

(147,674)

(56,383)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,398

(192,706)

(132,533)

(60,173)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

EUR

1,434

(197,684)

(143,607)

(54,077)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

860

(22,857)

(11,519)

(11,338)

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

3,725

97,326

64,539

32,787

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(26,094)

15,356

(41,450)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(361,824)

(220,426)

(141,398)

Devon

Energy

Corp.

........

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

1,000

(6,759)

(1,926)

(4,833)

Devon

Energy

Corp.

........

1.00

Quarterly

Citibank

NA

12/20/24

USD

2,250

(15,208)

(10,038)

(5,170)

Financial

Guaranty

Insurance

Company

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

800

(15,173)

16,627

(31,800)

Hess

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

1,300

(7,097)

28,454

(35,551)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

560

15,610

199,011

(183,401)

Republic

of

Italy

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

39,430

(657,118)

539,271

(1,196,389)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

5,000

(65,959)

(32,402)

(33,557)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(131,918)

(140,221)

8,303

Staples,

Inc.

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

5.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

500

30,179

5,299

24,880

Sunrise

Communications

AG

..

5.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

4,090

(838,446)

(597,799)

(240,647)

Sunrise

Communications

AG

..

5.00

Quarterly

Credit

Suisse

International

12/20/24

EUR

5,290

(1,084,445)

(832,491)

(251,954)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

4,000

73,736

201,071

(127,335)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(226,455)

(110,444)

(116,011)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(150,970)

(73,641)

(77,329)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(27,244)

26,104

(53,348)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,150

(67,803)

(33,395)

(34,408)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

5,000

(157,681)

(83,472)

(74,209)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,000

(94,609)

(45,499)

(49,110)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,000

(126,145)

(45,206)

(80,939)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

5,000

(88,167)

187,897

(276,064)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

4,350

(76,705)

205,637

(282,342)

Halliburton

Co.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

3,150

(41,895)

236,050

(277,945)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,350

(17,955)

101,021

(118,976)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

156,887

434,122

(277,235)

Republic

of

Italy

...........

1.00

Quarterly

Bank

of

America

NA

06/20/25

USD

19,700

(327,567)

969,989

(1,297,556)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,710

(33,552)

38,363

(71,915)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

(33,356)

30,556

(63,912)

Simon

Property

Group

LP

....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

4,250

(80,698)

236,476

(317,174)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(22,785)

76,530

(99,315)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(18,988)

83,831

(102,819)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(82,122)

282,050

(364,172)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(19,487)

41,565

(61,052)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(19,487)

41,565

(61,052)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,360

62,311

135,125

(72,814)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

1,375

36,304

98,403

(62,099)

Xerox

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,200

58,086

187,123

(129,037)

Ashland

LLC

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,437

(257,554)

(263,594)

6,040

BP

Capital

Markets

plc

......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,050

(86,886)

(6,100)

(80,786)

British

Telecommunications

plc

.

1.00

Quarterly

Citibank

NA

12/20/25

EUR

6,510

(116,411)

(23,415)

(92,996)

Glencore

Finance

Europe

Ltd.

.

5.00

Quarterly

Bank

of

America

NA

12/20/25

EUR

8,020

(1,708,129)

(1,248,547)

(459,582)

Glencore

Finance

Europe

Ltd.

.

5.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

2,010

(428,097)

(380,027)

(48,070)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

(17,129)

40,135

(57,264)

HeidelbergCement

AG

......

5.00

Quarterly

Citibank

NA

12/20/25

EUR

3,210

(749,186)

(677,433)

(71,753)

Hess

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

1,942

69,432

(67,490)

HSBC

Holdings

plc

........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

12,190

(112,462)

244,968

(357,430)

ITV

plc

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

5,130

(1,130,736)

(821,135)

(309,601)

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

38

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Koninklijke

KPN

NV

........

1.00

%

Quarterly

Bank

of

America

NA

12/20/25

EUR

1,565

$

(30,104)

$

(9,539)

$

(20,565)

Koninklijke

KPN

NV

........

1.00

Quarterly

BNP

Paribas

SA

12/20/25

EUR

1,565

(30,104)

(9,601)

(20,503)

Koninklijke

KPN

NV

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,480

(28,469)

11,273

(39,742)

Koninklijke

KPN

NV

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,480

(28,469)

12,779

(41,248)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(77,453)

(44,368)

(33,085)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(77,453)

(35,101)

(42,352)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

3,650

(64,544)

82,897

(147,441)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/25

USD

2,000

(19,925)

53,529

(73,454)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/25

USD

3,750

147,826

184,977

(37,151)

Cellnex

Telecom

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/26

EUR

4,500

(993,688)

(871,071)

(122,617)

Cellnex

Telecom

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

6,450

(1,424,286)

(1,249,249)

(175,037)

Cellnex

Telecom

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

3,400

(750,786)

(726,425)

(24,361)

Cellnex

Telecom

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

5,100

(1,126,180)

(1,081,279)

(44,901)

Clariant

AG

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

6,410

(122,989)

(33,455)

(89,534)

Electricite

de

France

SA

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/26

EUR

3,510

(109,370)

(98,973)

(10,397)

Electricite

de

France

SA

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

EUR

5,310

(165,458)

(165,568)

110

Electricite

de

France

SA

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,510

(109,370)

(100,693)

(8,677)

ELO

SACA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

5,920

(112,528)

(18,985)

(93,543)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Citibank

NA

06/20/26

USD

1,695

58,032

63,735

(5,703)

JP

Morgan

Structured

Products

BV

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

1.00

Quarterly

Citibank

NA

06/20/26

EUR

3,210

89,949

154,138

(64,189)

Koninklijke

KPN

NV

........

1.00

Quarterly

Deutsche

Bank

AG

06/20/26

EUR

1,864

(31,600)

(18,041)

(13,559)

Koninklijke

KPN

NV

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,715

(62,990)

—

(62,990)

Lanxess

AG

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

1.00

Quarterly

Goldman

Sachs

International

06/20/26

EUR

13,680

(403,239)

(352,653)

(50,586)

Marks

&

Spencer

plc

.......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

EUR

1,900

98,281

94,558

3,723

Marks

&

Spencer

plc

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

2,760

142,766

145,155

(2,389)

Next

Group

plc

...........

1.00

Quarterly

Citibank

NA

06/20/26

EUR

13,012

(147,768)

(7,437)

(140,331)

Nokia

OYJ

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

5.00

Quarterly

Barclays

Bank

plc

06/20/26

EUR

9,210

(2,289,686)

(1,917,333)

(372,353)

Rakuten

Group,

Inc.

........

1.00

Quarterly

Goldman

Sachs

International

06/20/26

JPY

398,000

(22,201)

(3,463)

(18,738)

Renault

SA

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

1.00

Quarterly

Bank

of

America

NA

06/20/26

EUR

4,310

220,787

208,611

12,176

Renault

SA

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

1.00

Quarterly

BNP

Paribas

SA

06/20/26

EUR

1,800

92,208

96,457

(4,249)

Renault

SA

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

2,028

103,901

122,713

(18,812)

Renault

SA

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,712

190,140

224,566

(34,426)

Saipem

Finance

International

BV

5.00

Quarterly

Citibank

NA

06/20/26

EUR

2,360

(162,245)

(170,621)

8,376

SES

SA

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

1.00

Quarterly

Barclays

Bank

plc

06/20/26

EUR

6,190

(90,108)

(17,572)

(72,536)

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

JPY

174,769

77,794

71,883

5,911

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

JPY

174,769

77,794

71,883

5,911

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

JPY

174,769

77,794

78,803

(1,009)

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

JPY

273,094

121,561

128,014

(6,453)

Sudzucker

International

Finance

BV

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

EUR

10,670

(67,950)

75,774

(143,724)

Telecom

Italia

SpA

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,510

136,591

130,233

6,358

Telecom

Italia

SpA

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,400

132,311

125,784

6,527

Telecom

Italia

SpA

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

EUR

3,400

132,311

125,784

6,527

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

7,460

(21,030)

41,985

(63,015)

Volkswagen

International

Finance

NV

...........

1.00

Quarterly

Bank

of

America

NA

06/20/26

EUR

7,000

(177,053)

(145,615)

(31,438)

$

–

$

–

$

–

$

(17,574,264)

$

(5,415,004)

$

(12,159,260)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Advanced

Micro

Devices,

Inc.

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

5.00

%

Quarterly

Barclays

Bank

plc

06/20/24

BBB-

USD

1,000

$

139,465

$

113,241

$

26,224

Financial

Guaranty

Insurance

Company

..

1.00

Quarterly

Citibank

NA

06/20/24

BBB-

USD

7,900

145,311

(349,401)

494,712

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Financial

Guaranty

Insurance

Company

..

1.00

%

Quarterly

Citibank

NA

06/20/24

BBB-

USD

23,695

$

435,841

$

(1,047,981)

$

1,483,822

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

06/20/24

NR

USD

4,900

676,404

474,033

202,371

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

12/20/24

BBB-

USD

14,150

2,253,204

2,001,047

252,157

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

BNP

Paribas

SA

12/20/24

BBB-

USD

1,000

159,237

149,633

9,604

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/24

NR

USD

1,500

235,509

167,570

67,939

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

SA

12/20/24

NR

USD

5,000

785,029

642,233

142,796

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

NR

USD

5,800

910,634

757,680

152,954

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

NR

USD

2,950

463,167

352,323

110,844

Republic

of

Italy

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

BBB

USD

39,430

958,899

24,982

933,917

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

EUR

1,830

176,155

(15,140)

191,295

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

EUR

520

50,055

10,131

39,924

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

B

EUR

60

6,540

5,371

1,169

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BBB

USD

3,050

69,523

(50,464)

119,987

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/25

BBB

USD

5,250

119,671

(115,069)

234,740

AT&T,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BBB

USD

2,000

45,589

16,696

28,893

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BBB

USD

3,000

68,383

17,020

51,363

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB-

USD

1,000

175,585

148,285

27,300

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Citibank

NA

06/20/25

BB+

USD

2,000

31,355

13,650

17,705

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

2,700

42,329

17,389

24,940

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

USD

2,000

31,355

11,362

19,993

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

750

105,708

84,334

21,374

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

1,275

179,703

143,273

36,430

NRG

Energy,

Inc.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

1,500

211,415

181,120

30,295

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

USD

2,125

299,505

226,133

73,372

Republic

of

Italy

.......

1.00

Quarterly

Bank

of

America

NA

06/20/25

BBB

USD

19,700

518,543

(554,760)

1,073,303

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

667

112,982

97,375

15,607

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

1,300

220,315

184,027

36,288

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

2,000

338,947

254,959

83,988

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

3,000

508,420

351,383

157,037

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB

USD

2,200

372,841

320,283

52,558

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,115

13,768

(2,093)

15,861

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/25

NR

USD

2,540

31,363

(18,954)

50,317

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

EUR

2,890

285,473

445,627

(160,154)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BB+

EUR

1,490

147,182

225,296

(78,114)

Altice

France

SA

......

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B

EUR

594

59,414

51,119

8,295

Altice

France

SA

......

5.00

Quarterly

BNP

Paribas

SA

12/20/25

B

EUR

870

86,984

73,505

13,479

Altice

France

SA

......

5.00

Quarterly

Citibank

NA

12/20/25

B

EUR

5,000

499,908

459,034

40,874

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/25

B

EUR

1,060

105,981

79,188

26,793

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

1,910

190,965

102,393

88,572

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

40

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

SA

......

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

1,170

$

116,978

$

84,948

$

32,030

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

261

26,095

18,422

7,673

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BBB

USD

2,000

44,077

8,496

35,581

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

909

157,350

148,381

8,969

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

545

94,410

88,971

5,439

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

2,000

346,171

312,141

34,030

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

545

94,410

89,726

4,684

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/25

BB-

EUR

1,720

165,848

59,252

106,596

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

EUR

1,850

178,383

84,823

93,560

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

875

6,844

(15,309)

22,153

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

875

6,844

(13,506)

20,350

International

Game

Technology

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/25

BB

EUR

40

5,527

4,403

1,124

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

BB+

USD

1,538

20,743

(651)

21,394

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,290

487,042

338,799

148,243

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

2,000

295,723

308,668

(12,945)

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

769

139,060

129,553

9,507

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

462

83,436

75,725

7,711

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BB

USD

769

139,060

127,293

11,767

UPC

Holding

BV

......

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

B

EUR

1,440

223,159

189,805

33,354

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

40

5,730

4,687

1,043

Vue

International

Bidco

plc

5.00

Quarterly

Citibank

NA

12/20/25

NR

EUR

590

(31,429)

(35,980)

4,551

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B-

EUR

1,550

234,941

203,202

31,739

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,090

468,367

394,309

74,058

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

1,120

169,764

139,785

29,979

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

1,610

244,036

198,971

45,065

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

1,750

177,000

219,342

(42,342)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

1,760

178,011

252,705

(74,694)

Altice

Finco

SA

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

CCC+

EUR

2,000

168,737

128,060

40,677

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC+

EUR

1,848

155,871

132,423

23,448

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC+

EUR

190

16,030

11,905

4,125

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,079

40,577

(7,742)

48,319

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

744

27,966

—

27,966

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,850

69,540

(26,192)

95,732

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

06/20/26

BB-

EUR

676

60,002

40,736

19,266

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/26

BB-

EUR

490

43,493

29,096

14,397

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

Schedule

of

Investments

(continued)

July

31,

2021

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMA

CGM

SA

........

5.00

%

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

20

$

1,775

$

1,007

$

768

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

1,690

150,006

94,234

55,772

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB-

EUR

10

888

908

(20)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB-

EUR

1,750

155,331

148,606

6,725

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

BB-

EUR

1,750

155,331

148,830

6,501

Dell,

Inc.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

USD

3,125

15,085

(36,051)

51,136

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB-

USD

1,000

4,827

(11,532)

16,359

International

Consolidated

Airlines

Group

SA

...

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB

EUR

3,520

249,453

321,784

(72,331)

International

Game

Technology

plc

.....

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB

EUR

1,760

243,410

256,998

(13,588)

International

Game

Technology

plc

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB

EUR

20

2,766

2,071

695

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

2,530

28,686

21,408

7,278

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

1,500

17,008

12,687

4,321

Matterhorn

Telecom

Holding

SA

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B+

EUR

1,000

176,247

176,050

197

Matterhorn

Telecom

SA

..

5.00

Quarterly

Barclays

Bank

plc

06/20/26

B+

EUR

580

104,287

100,915

3,372

Matterhorn

Telecom

SA

..

5.00

Quarterly

BNP

Paribas

SA

06/20/26

B+

EUR

290

52,143

51,439

704

Matterhorn

Telecom

SA

..

5.00

Quarterly

Citibank

NA

06/20/26

B+

EUR

1,700

305,668

307,326

(1,658)

Matterhorn

Telecom

SA

..

5.00

Quarterly

Citibank

NA

06/20/26

B+

EUR

1,750

314,659

310,410

4,249

Matterhorn

Telecom

SA

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B+

EUR

1,700

305,668

300,169

5,499

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

B-

EUR

1,110

171,373

129,515

41,858

NRG

Energy,

Inc.

......

5.00

Quarterly

Barclays

Bank

plc

06/20/26

BB+

USD

1,600

247,026

222,544

24,482

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

1,500

231,586

208,683

22,903

Petroleos

Mexicanos

...

1.00

Quarterly

Goldman

Sachs

International

06/20/26

BBB

USD

7,460

(923,872)

(959,913)

36,041

Stonegate

Pub

Co.

Financing

plc

......

5.00

Quarterly

Credit

Suisse

International

06/20/26

NR

EUR

1,750

23,600

(1,702)

25,302

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

06/20/26

BB

USD

3,000

590,098

520,740

69,358

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

Citibank

NA

06/20/26

BB

USD

1,250

245,874

219,585

26,289

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

89

(6,477)

(9,712)

3,235

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

262

(19,068)

(28,470)

9,402

United

Rentals

North

America,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB

USD

1,000

186,025

175,831

10,194

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B

EUR

990

143,384

116,984

26,400

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

667

(41,095)

(35,482)

(5,613)

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

700

(43,149)

(40,925)

(2,224)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

USD

2,000

7,987

7,486

501

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

USD

1,500

5,990

—

5,990

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Citibank

NA

06/20/26

BB-

USD

1,500

5,990

(6,967)

12,957

Vertical

Holdco

GmbH

..

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

850

88,799

(13,838)

102,637

Ziggo

Bond

Co.

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

B-

EUR

1,570

222,558

180,619

41,939

Virgin

Media

Finance

plc

.

5.00

Quarterly

Bank

of

America

NA

06/20/28

B

EUR

1,760

231,137

208,607

22,530

$

20,579,457

$

12,873,924

$

7,705,533

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

42

Schedule

of

Investments

(continued)

July

31,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(5,927)

of

net

dividends

and

financing

fees.

i

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Seagate

Technology

plc

Quarterly

3

month

LIBOR

Quarterly

Merrill

Lynch

International

&

Co.

08/09/21

USD

21

$

30,660

$

—

$

30,660

3

month

LIBOR

.....

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Goldman

Sachs

International

09/20/21

USD

20,000

(132,781)

(222)

(132,559)

Choice

Hotels

International,

Inc.

..

Quarterly

3

month

LIBOR

minus

0.20%

Quarterly

BNP

Paribas

SA

11/15/21

USD

2

(2,742)

—

(2,742)

$

(104,863)

$

(222)

$

(104,641)

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

$

10,254,411

$

(708,125)

(c)

$

9,552,213

2.1

%

(b)

Range:

20-28

basis

points

Benchmarks:

Euro

Interbank

Offer

Rate:

EUR

1

Week

Intercontinental

Exchange

LIBOR:

CHF

1

Week

JPY

1

Week

Sterling

Overnight

Index

Average

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

July

31,

2021,

expiration

date

02/15/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Belgium

Telenet

Group

Holding

NV

...

71,754

$

2,693,034

28.2

%

Brazil

Oi

SA,

ADR

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

903,957

1,021,471

10.7

Finland

Nordea

Bank

Abp

.........

159,001

1,861,967

19.5

Shares

Value

%

of

Basket

Value

France

Electricite

de

France

SA

.....

205,621

$

2,496,147

26.1

%

Societe

Generale

SA

.......

25,785

755,132

7.9

3,251,279

Italy

Telecom

Italia

SpA

........

6,151,212

2,867,877

30.0

UniCredit

SpA

...........

65,064

778,255

8.2

3,646,132

Japan

SoftBank

Group

Corp.

......

31,200

1,962,033

20.5

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

43

Schedule

of

Investments

(continued)

July

31,

2021

Shares

Value

%

of

Basket

Value

Spain

Banco

Santander

SA

.......

200,951

$

736,115

7.7

%

Cellnex

Telecom

SA

.......

8,179

533,407

5.6

1,269,522

United

Kingdom

Barclays

Bank

plc

.........

316,697

766,115

8.0

Liberty

Global

plc,

Class

A

...

120,712

3,241,117

33.9

4,007,232

United

States

Coty,

Inc.,

Class

A

.........

166,045

1,449,573

15.2

Total

Reference

Entity

—

Long

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

21,162,243

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Switzerland

Credit

Suisse

Group

AG

(Registered)

...........

(735,152)

$

(7,380,412)

(77.3)

%

United

Kingdom

International

Consolidated

Airlines

Group

SA

.......

(1,380,551)

(3,215,419)

(33.6)

United

States

CommScope

Holding

Co.,

Inc.

(47,930)

(1,014,199)

(10.6)

Total

Reference

Entity

—

Short

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

(11,610,030)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

9,552,213

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

Fed

Funds

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

1

day

Fed

Funds

0.07

%

1

day

SOFR

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

Secured

Overnight

Financing

Rate

0.05

3

month

LIBOR

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

London

Interbank

Offered

Rate

0.12

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

271,713

$

(5,518,452)

$

3,392

$

(435,483)

$

—

OTC

Swaps

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

24,492,903

(17,034,205)

8,327,505

(13,593,998)

—

Options

Written

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

N/A

N/A

2,506,253

(36,488)

(2,399,658)

(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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

44

Schedule

of

Investments

(continued)

July

31,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

440,725

$

—

$

—

$

—

$

440,725

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

14,443,332

—

—

14,443,332

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

680,365

4,528,258

—

54,219

—

5,262,842

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

3,392

—

3,392

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

32,789,748

30,660

—

—

—

32,820,408

$

—

$

33,470,113

$

4,999,643

$

14,443,332

$

57,611

$

—

$

52,970,699

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

2,350,377

—

2,350,377

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

328,057

—

—

328,057

Options

written

Options

written

at

value

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

—

415,614

1,962,794

—

21,250

—

2,399,658

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

433,253

—

—

2,230

—

435,483

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

29,784,555

710,867

—

132,781

—

30,628,203

$

—

$

30,633,422

$

2,673,661

$

328,057

$

2,506,638

$

—

$

36,141,778

(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

year

ended

July

31,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

(10,168,874)

$

—

$

1,930,620

$

—

$

(8,238,254)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(47,130,715)

—

—

(47,130,715)

Options

purchased

(a)

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

—

(14,882,123)

(25,483,872)

—

(153,040)

—

(40,519,035)

Options

written

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

—

7,317,803

25,114,402

—

—

—

32,432,205

Swaps

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

—

(27,724,376)

5,380,418

—

(4,136,189)

—

(26,480,147)

$

—

$

(35,288,696)

$

(5,157,926)

$

(47,130,715)

$

(2,358,609)

$

—

$

(89,935,946)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

572,404

—

(753,319)

—

(180,915)

Forward

foreign

currency

exchange

contracts

....

—

—

—

40,749,612

—

—

40,749,612

Options

purchased

(b)

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

—

(101,525)

(3,567,011)

—

(519,171)

—

(4,187,707)

Options

written

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

—

20,608

1,589,683

—

444,183

—

2,054,474

Swaps

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

—

602,405

539,859

—

3,496,142

—

4,638,406

$

—

$

521,488

$

(865,065)

$

40,749,612

$

2,667,835

$

—

$

43,073,870

(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

45

Schedule

of

Investments

(continued)

July

31,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

short

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

$

180,674,513

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

980,045,797

Average

amounts

sold

—

in

USD

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

343,634,339

Options:

Average

value

of

option

contracts

purchased

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

7,112,764

Average

value

of

option

contracts

written

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

2,420,652

Average

notional

value

of

swaption

contracts

purchased

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

410,632,805

Average

notional

value

of

swaption

contracts

written

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

278,076,036

Credit

default

swaps:

Average

notional

value

—

buy

protection

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

751,449,467

Average

notional

value

—

sell

protection

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

327,620,441

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

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

10,659,806

Average

notional

value

—

receives

fixed

rate

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

2,409,806

Total

return

swaps:

Average

notional

value

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

24,926,333

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

79,500

$

179,340

Forward

foreign

currency

exchange

contracts

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

14,443,332

328,057

Options

(a)

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

5,262,842

2,399,658

Swaps

—

Centrally

cleared

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

151,056

—

Swaps

—

OTC

(b)

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

32,820,408

30,628,203

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

52,757,138

$

33,535,258

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(4,813,033)

(2,163,384)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

47,944,105

$

31,371,874

(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

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

$

2,605,984

$

(2,605,984)

$

—

$

—

$

—

Barclays

Bank

plc

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

7,027,807

(6,483,467)

—

—

544,340

BNP

Paribas

SA

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

4,242,207

(1,312,317)

—

(2,470,000)

459,890

Citibank

NA

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

12,192,100

(4,000,059)

—

(7,100,191)

1,091,850

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

7,598

—

—

—

7,598

Credit

Suisse

International

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

2,100,331

(1,526,354)

—

(573,977)

—

Deutsche

Bank

AG

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

268,284

(141,182)

—

(127,102)

—

Goldman

Sachs

International

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

4,020,067

(4,020,067)

—

—

—

JPMorgan

Chase

Bank

NA

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

7,182,313

(6,341,388)

—

(500,000)

340,925

Merrill

Lynch

International

&

Co.

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

30,660

(30,660)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

8,266,754

(1,113,817)

—

(6,370,000)

782,937

$

47,944,105

$

(27,575,295)

$

—

$

(17,141,270)

$

3,227,540

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

46

Schedule

of

Investments

(continued)

July

31,

2021

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

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

$

3,778,089

$

(2,605,984)

$

—

$

(1,172,105)

$

—

Barclays

Bank

plc

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

6,483,467

(6,483,467)

—

—

—

BNP

Paribas

SA

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

1,312,317

(1,312,317)

—

—

—

Citibank

NA

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

4,000,059

(4,000,059)

—

—

—

Credit

Suisse

International

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

1,526,354

(1,526,354)

—

—

—

Deutsche

Bank

AG

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

141,182

(141,182)

—

—

—

Goldman

Sachs

International

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

5,965,116

(4,020,067)

—

(1,945,049)

—

JPMorgan

Chase

Bank

NA

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

6,341,388

(6,341,388)

—

—

—

Merrill

Lynch

International

&

Co.

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

708,125

(30,660)

—

—

677,465

Morgan

Stanley

&

Co.

International

plc

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

1,113,817

(1,113,817)

—

—

—

State

Street

Bank

and

Trust

Co.

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

1,960

—

—

—

1,960

$

31,371,874

$

(27,575,295)

$

—

$

(3,117,154)

$

679,425

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

47

Schedule

of

Investments

(continued)

July

31,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

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

$

—

$

4,490,396

$

—

$

4,490,396

Ireland

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

—

30,256,198

3,269,665

33,525,863

Netherlands

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

—

3,509,508

—

3,509,508

United

Kingdom

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

—

2,843,085

—

2,843,085

Common

Stocks:

Brazil

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

762,547

—

—

762,547

Canada

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

—

—

1,653,254

1,653,254

Germany

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

3,827,125

—

—

3,827,125

Italy

................................................

—

9,796

—

9,796

Luxembourg

..........................................

3,239,602

—

—

3,239,602

Netherlands

...........................................

2,177,801

—

—

2,177,801

United

Kingdom

........................................

3,312,835

—

40

3,312,875

United

States

..........................................

24,680,231

6,491,293

57,754

31,229,278

Corporate

Bonds

Argentina

............................................

—

240,188

—

240,188

Australia

.............................................

—

985,369

—

985,369

Austria

..............................................

—

9,828,099

—

9,828,099

Bahrain

.............................................

—

432,575

—

432,575

Brazil

...............................................

—

9,454,305

—

9,454,305

Canada

.............................................

—

6,112,983

—

6,112,983

Chile

...............................................

—

1,314,319

—

1,314,319

China

...............................................

—

22,061,140

—

22,061,140

Colombia

............................................

—

1,148,228

—

1,148,228

Cyprus

..............................................

—

492,438

—

492,438

Dominican

Republic

.....................................

—

418,450

—

418,450

France

..............................................

—

54,846,140

—

54,846,140

Germany

............................................

—

19,946,570

—

19,946,570

Ghana

..............................................

—

9,082,006

—

9,082,006

Greece

..............................................

—

107,750

—

107,750

Guatemala

...........................................

—

778,734

—

778,734

Hong

Kong

...........................................

—

4,624,341

—

4,624,341

India

...............................................

—

3,752,693

—

3,752,693

Indonesia

............................................

—

1,621,969

—

1,621,969

Ireland

..............................................

—

3,601,603

—

3,601,603

Israel

...............................................

—

1,493,211

—

1,493,211

Italy

................................................

—

45,424,979

—

45,424,979

Japan

...............................................

—

20,451,361

—

20,451,361

Kuwait

..............................................

—

454,220

—

454,220

Luxembourg

..........................................

—

44,070,340

—

44,070,340

Macau

..............................................

—

562,334

—

562,334

Malaysia

.............................................

—

1,018,918

—

1,018,918

Mexico

..............................................

—

2,567,659

—

2,567,659

Morocco

.............................................

—

252,697

—

252,697

Netherlands

...........................................

—

23,398,844

—

23,398,844

Norway

..............................................

—

200,289

—

200,289

Oman

...............................................

—

410,375

—

410,375

Panama

.............................................

—

202,788

—

202,788

Paraguay

............................................

—

109,814

—

109,814

Peru

................................................

—

663,951

—

663,951

Portugal

.............................................

—

8,004,815

—

8,004,815

Saudi

Arabia

..........................................

—

419,175

—

419,175

Singapore

............................................

—

619,515

—

619,515

South

Africa

...........................................

—

429,125

—

429,125

South

Korea

..........................................

—

624,509

—

624,509

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

48

Schedule

of

Investments

(continued)

July

31,

2021

Level

1

Level

2

Level

3

Total

Spain

...............................................

$

—

$

56,024,977

$

—

$

56,024,977

Sweden

.............................................

—

2,085,308

—

2,085,308

Switzerland

...........................................

—

25,063,668

—

25,063,668

Tanzania,

United

Republic

of

...............................

—

419,500

—

419,500

Thailand

.............................................

—

1,400,324

—

1,400,324

Turkey

..............................................

—

204,500

—

204,500

Ukraine

.............................................

—

198,413

—

198,413

United

Arab

Emirates

....................................

—

1,549,898

—

1,549,898

United

Kingdom

........................................

—

138,902,763

—

138,902,763

United

States

..........................................

—

303,414,327

84,978,565

388,392,892

Vietnam

.............................................

—

246,766

—

246,766

Floating

Rate

Loan

Interests:

Canada

.............................................

—

11,821,778

1,182,347

13,004,125

France

..............................................

—

31,339,764

—

31,339,764

Germany

............................................

—

12,780,748

—

12,780,748

Ireland

..............................................

—

8,245,209

—

8,245,209

Jersey,

Channel

Islands

...................................

—

—

330,701

330,701

Luxembourg

..........................................

—

23,256,514

9

23,256,523

Netherlands

...........................................

—

27,413,432

—

27,413,432

Norway

..............................................

—

2,366,070

—

2,366,070

Singapore

............................................

—

—

3,311,216

3,311,216

Spain

...............................................

—

11,672,426

—

11,672,426

Sweden

.............................................

—

15,302,950

—

15,302,950

United

Kingdom

........................................

—

23,102,650

—

23,102,650

United

States

..........................................

—

217,754,562

7,418,942

225,173,504

Foreign

Agency

Obligations

.................................

—

25,161,896

—

25,161,896

Foreign

Government

Obligations

..............................

—

13,167,564

—

13,167,564

Non-Agency

Mortgage-Backed

Securities

........................

—

29,346,303

—

29,346,303

Preferred

Securities

.......................................

—

6,540,624

—

6,540,624

U.S.

Treasury

Obligations

...................................

—

4,796,764

—

4,796,764

Warrants

..............................................

606,641

99,671

61,157

767,469

Short-Term

Securities:

Borrowed

Bond

Agreements

.................................

—

91,893,617

—

91,893,617

Money

Market

Funds

......................................

92,834,893

—

—

92,834,893

Options

Purchased:

Credit

contracts

..........................................

56,300

624,065

—

680,365

Equity

contracts

..........................................

4,528,258

—

—

4,528,258

Interest

rate

contracts

......................................

54,219

—

—

54,219

Liabilities:

Borrowed

Bonds

.........................................

—

(87,812,322)

—

(87,812,322)

Investments

Sold

Short

....................................

—

(2,314,934)

—

(2,314,934)

$

136,080,452

$

1,345,898,890

$

102,263,650

$

1,584,242,992

Derivative

Financial

Instruments

(a)

Assets:

Credit

contracts

...........................................

$

—

$

8,296,845

$

—

$

8,296,845

Equity

contracts

...........................................

440,725

30,660

—

471,385

Foreign

currency

exchange

contracts

............................

—

14,443,332

—

14,443,332

Interest

rate

contracts

.......................................

—

3,392

—

3,392

Liabilities:

Credit

contracts

...........................................

—

(13,599,439)

—

(13,599,439)

Equity

contracts

...........................................

(1,962,794)

(710,867)

—

(2,673,661)

Foreign

currency

exchange

contracts

............................

—

(328,057)

—

(328,057)

Interest

rate

contracts

.......................................

(2,371,627)

(134,789)

—

(2,506,416)

$

(3,893,696)

$

8,001,077

$

—

$

4,107,381

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

The

Fund

may

hold

assets

and/or

liabilities

in

which

the

fair

value

approximates

the

carrying

amount

or

face

value,

including

accrued

interest,

for

financial

statement

purposes.

As

of

period

end,

reverse

repurchase

agreements

of

$30,017,060

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

49

Schedule

of

Investments

(continued)

July

31,

2021

See

notes

to

financial

statements.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

July

31,

2020

...........................................

$

—

$

285,313

$

81,446,905

$

19,245,957

$

22,042

$

101,000,217

Transfers

into

level

3

.....................................................

—

—

—

—

—

—

Transfers

out

of

level

3

....................................................

—

—

—

—

—

—

Accrued

discounts/premiums

.................................................

1,073

—

728

21,996

—

23,797

Net

realized

loss

.........................................................

—

(145,744)

—

(24)

—

(145,768)

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

...............................

(68,842)

(178,196)

13,630,972

1,049,309

181,955

14,615,198

Purchases

.............................................................

3,337,434

1,749,925

1,176,980

12,881,128

83,475

19,228,942

Sales

................................................................

—

(250)

(11,277,020)

(20,955,151)

(226,315)

(32,458,736)

Closing

balance,

as

of

July

31,

2021

............................................

$

3,269,665

$

1,711,048

$

84,978,565

$

12,243,215

$

61,157

$

102,263,650

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

July

31,

2021

(b)

.....

$

(68,842)

$

(38,627)

$

13,630,972

$

255,313

$

(22,318)

$

13,756,498

(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

July

31,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

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

$17,166,289.

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

Common

Stocks

...........................

$

57,639

Market

Time

to

Exit

1.1

–

2.5

years

1.6

years

Volatility

40%

-

63%

47%

Corporate

Bonds

...........................

84,978,565

Income

Discount

Rate

4%

–

10%

6%

Warrants

................................

61,157

Market

Time

to

Exit

0.2

–

1.6

years

1.0

years

Volatility

24%

-

72%

44%

$

85,097,361

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

Statement

of

Assets

and

Liabilities

July

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

50

BlackRock

Global

Long/Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

1,581,535,355‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

92,834,893‌

Cash

pledged:

–‌

Collateral

—

reverse

repurchase

agreements

.................................................................................

532,000‌

Collateral

—

OTC

derivatives

............................................................................................

30,800,178‌

Futures

contracts

....................................................................................................

2,609,880‌

Centrally

cleared

swaps

................................................................................................

4,041,710‌

Foreign

currency,

at

value

(c)

..............................................................................................

57,653,299‌

Receivables:

–‌

Investments

sold

....................................................................................................

34,560,032‌

Swaps  

..........................................................................................................

17,151‌

Capital

shares

sold

...................................................................................................

8,770,612‌

Dividends

—

affiliated

.................................................................................................

351‌

Dividends

—

unaffiliated

...............................................................................................

342‌

Interest

—

unaffiliated

.................................................................................................

14,283,439‌

Variation

margin

on

futures

contracts

.......................................................................................

79,500‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

151,056‌

Swap

premiums

paid

...................................................................................................

24,492,903‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

14,443,332‌

OTC

swaps

........................................................................................................

8,327,505‌

Prepaid

expenses

.....................................................................................................

39,505‌

Total

assets

.........................................................................................................

1,875,173,043‌

LIABILITIES

Investments

sold

short,

at

value

(d)

..........................................................................................

2,314,934‌

Bank

overdraft

........................................................................................................

16,374,625‌

Cash

received:

–‌

Collateral

—

OTC

derivatives

............................................................................................

17,480,191‌

Borrowed

bonds,

at

value

(e)

...............................................................................................

87,812,322‌

Options

written,

at

value

(f)

................................................................................................

2,399,658‌

Reverse

repurchase

agreements,

at

value

.....................................................................................

30,017,060‌

Payables:

–‌

Investments

purchased

................................................................................................

71,278,006‌

Swaps  

..........................................................................................................

203,209‌

Administration

fees

...................................................................................................

74,463‌

Capital

shares

redeemed

...............................................................................................

5,730,095‌

Interest

expense

....................................................................................................

642,753‌

Investment

advisory

fees

..............................................................................................

1,258,415‌

Trustees'

and

Officer's

fees

.............................................................................................

15,195‌

Other

affiliate

fees

...................................................................................................

6,875‌

Service

and

distribution

fees

.............................................................................................

70,628‌

Variation

margin

on

futures

contracts

.......................................................................................

179,340‌

Other

accrued

expenses

...............................................................................................

1,061,913‌

Swap

premiums

received

................................................................................................

17,034,205‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

328,057‌

OTC

swaps

........................................................................................................

13,593,998‌

Total

liabilities

........................................................................................................

267,875,942‌

NET

ASSETS

........................................................................................................

$

1,607,297,101‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2021

51

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

2,025,425,763‌

Accumulated

loss

.....................................................................................................

(418,128,662‌)

NET

ASSETS

........................................................................................................

$

1,607,297,101‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

1,625,896,468‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

92,834,893‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

57,416,596‌

(d)

  Proceeds

received

from

investments

sold

short

,

at

value

—

unaffiliated

................................................................

$

2,321,788‌

(e)

  Proceeds

received

from

borrowed

bonds

....................................................................................

$

85,216,029‌

(f)

  Premiums

received

...................................................................................................

$

4,869,423‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

52

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

1,202,628,127‌

Shares

outstanding

.................................................................................................

117,340,694‌

Net

asset

value

....................................................................................................

$

10.25‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

A

Net

assets

........................................................................................................

$

86,175,689‌

Shares

outstanding

.................................................................................................

8,418,195‌

Net

asset

value

....................................................................................................

$

10.24‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

C

Net

assets

........................................................................................................

$

18,771,024‌

Shares

outstanding

.................................................................................................

1,860,596‌

Net

asset

value

....................................................................................................

$

10.09‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Class

K

Net

assets

........................................................................................................

$

299,722,261‌

Shares

outstanding

.................................................................................................

29,219,382‌

Net

asset

value

....................................................................................................

$

10.26‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Statement

of

Operations

Year

Ended

July

31,

2021

53

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

28,214‌

Dividends

—

unaffiliated

...............................................................................................

258,689‌

Interest

—

unaffiliated

................................................................................................

84,028,270‌

Foreign

taxes

withheld

................................................................................................

(3,895‌)

Total

investment

income

.................................................................................................

84,311,278‌

EXPENSES

Investment

advisory

..................................................................................................

14,900,199‌

Transfer

agent

—

class

specific

..........................................................................................

953,277‌

Administration

.....................................................................................................

640,041‌

Service

and

distribution

—

class

specific

....................................................................................

445,658‌

Administration

—

class

specific

..........................................................................................

241,034‌

Accounting

services

..................................................................................................

179,951‌

Professional

.......................................................................................................

155,973‌

Registration

.......................................................................................................

98,960‌

Custodian

.........................................................................................................

72,543‌

Trustees

and

Officer

..................................................................................................

15,709‌

Miscellaneous

......................................................................................................

151,246‌

Total

expenses

excluding

dividend

expense,

and

interest

expense

.....................................................................

17,854,591‌

Dividends

expense

—

unaffiliated

...........................................................................................

1,574‌

Interest

expense

......................................................................................................

5,785,893‌

Total

expenses

.......................................................................................................

23,642,058‌

Less:

–‌

Administration

fees

waived

—

class

specific

..................................................................................

(238‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(36,678‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

23,605,142‌

Net

investment

income

..................................................................................................

60,706,136‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

75,154,585‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(91,194‌)

Investments

—

unaffiliated

...........................................................................................

61,148,353‌

Borrowed

bonds

..................................................................................................

(8,827,034‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(47,130,715‌)

Foreign

currency

transactions

.........................................................................................

6,664,446‌

Futures

contracts

..................................................................................................

(8,238,254‌)

Options

written

...................................................................................................

32,432,205‌

Short

sales

—

unaffiliated

............................................................................................

(5,039,101‌)

Swaps

.........................................................................................................

(26,480,147‌)

A

4,438,559‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

(39,678‌)

Investments

—

unaffiliated

...........................................................................................

18,065,627‌

Borrowed

bonds

..................................................................................................

6,516,066‌

Forward

foreign

currency

exchange

contracts

...............................................................................

40,749,612‌

Foreign

currency

translations

..........................................................................................

(1,096,705‌)

Futures

contracts

..................................................................................................

(180,915‌)

Options

written

...................................................................................................

2,054,474‌

Short

sales

—

unaffiliated

............................................................................................

9,139‌

Swaps

.........................................................................................................

4,638,406‌

A

70,716,026‌

Net

realized

and

unrealized

gain

...........................................................................................

75,154,585‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

135,860,721‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Year

Ended

July

31,

2021

2020

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

60,706,136‌

$

79,182,791‌

Net

realized

gain

(loss)

..............................................................................

4,438,559‌

(5,345,045‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

70,716,026‌

(60,066,146‌)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

135,860,721‌

13,771,600‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(43,617,993‌)

(56,516,836‌)

Investor

A

.....................................................................................

(2,536,547‌)

(3,569,137‌)

Investor

C

.....................................................................................

(563,231‌)

(1,423,344‌)

Class

K

.......................................................................................

(13,282,311‌)

(20,490,733‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(60,000,082‌)

(82,000,050‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(222,028,905‌)

(1,215,736,095‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(146,168,266‌)

(1,283,964,545‌)

Beginning

of

year

....................................................................................

1,753,465,367‌

3,037,429,912‌

End

of

year

........................................................................................

$

1,607,297,101‌

$

1,753,465,367‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

55

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

$

9.91‌

Net

investment

income

(a)

.....................................

0.38‌

0.37‌

0.37‌

0.33‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

............................

0.48‌

(0.27‌)

(0.10‌)

(0.21‌)

0.15‌

Net

increase

from

investment

operations

............................

0.86‌

0.10‌

0.27‌

0.12‌

0.45‌

Distributions

from

net

investment

income

(b)

........................

(0.39‌)

(0.37‌)

(0.58‌)

(0.12‌)

—‌

Net

asset

value,

end

of

year

...................................

$

10.25‌

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

Total

Return

(c)

8.95%

0.96%

2.83%

1.16%

—

Based

on

net

asset

value

......................................

8.95%

0.96%

(d)

2.83%

(d)

1.16%

(d)

4.54%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.46%

1.85%

2.03%

2.00%

1.86%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.45%

1.85%

2.01%

1.98%

1.86%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.......

1.09%

1.12%

1.07%

1.05%

1.08%

Net

investment

income

.......................................

3.80%

3.74%

3.67%

3.21%

2.91%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,202,628‌

$

1,223,282‌

$

1,747,346‌

$

2,305,172‌

$

3,640,459‌

Portfolio

turnover

rate

........................................

156%

232%

226%

185%

229%

Year

Ended

July

31,

2021

2020

2019

2018

2017

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

56

(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)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees

for

the

year

ended

July

31,

2019,

the

expense

ratio

would

have

been

2.28%.

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

$

9.88‌

Net

investment

income

(a)

.....................................

0.35‌

0.34‌

0.34‌

0.31‌

0.26‌

Net

realized

and

unrealized

gain

(loss)

............................

0.49‌

(0.27‌)

(0.10‌)

(0.23‌)

0.17‌

Net

increase

from

investment

operations

............................

0.84‌

0.07‌

0.24‌

0.08‌

0.43‌

Distributions

from

net

investment

income

(b)

........................

(0.36‌)

(0.34‌)

(0.54‌)

(0.06‌)

—‌

Net

asset

value,

end

of

year

...................................

$

10.24‌

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

Total

Return

(c)

8.69%

0.69%

2.60%

0.81%

—

Based

on

net

asset

value

......................................

8.69%

0.69%

(d)

2.60%

(d)

0.81%

(d)

4.35%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.73%

2.10%

2.29%

(f)

2.25%

2.13%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.72%

2.10%

2.27%

2.24%

2.12%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.......

1.36%

1.37%

1.33%

1.31%

1.35%

Net

investment

income

.......................................

3.53%

3.49%

3.43%

2.99%

2.63%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

86,176‌

$

101,727‌

$

117,093‌

$

168,471‌

$

228,373‌

Portfolio

turnover

rate

........................................

156%

232%

226%

185%

229%

Year

Ended

July

31,

2021

2020

2019

2018

2017

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

57

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

$

9.76‌

Net

investment

income

(a)

.....................................

0.27‌

0.27‌

0.26‌

0.23‌

0.19‌

Net

realized

and

unrealized

gain

(loss)

............................

0.47‌

(0.26‌)

(0.10‌)

(0.21‌)

0.15‌

Net

increase

from

investment

operations

............................

0.74‌

0.01‌

0.16‌

0.02‌

0.34‌

Distributions

from

net

investment

income

(b)

........................

(0.23‌)

(0.25‌)

(0.46‌)

—‌

—‌

Net

asset

value,

end

of

year

...................................

$

10.09‌

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

Total

Return

(c)

7.75%

0.03%

1.72%

0.20%

—

Based

on

net

asset

value

......................................

7.75%

0.03%

(d)

1.72%

(d)

0.20%

(d)

3.48%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

2.50%

2.86%

3.05%

(f)

3.02%

2.87%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

2.49%

2.86%

3.03%

3.01%

2.87%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.......

2.13%

2.13%

2.09%

2.08%

2.10%

Net

investment

income

.......................................

2.71%

2.75%

2.65%

2.25%

1.88%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

18,771‌

$

29,291‌

$

68,930‌

$

100,645‌

$

132,965‌

Portfolio

turnover

rate

........................................

156%

232%

226%

185%

229%

Year

Ended

July

31,

2021

2020

2019

2018

2017

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

58

(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)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

$

9.92‌

Net

investment

income

(a)

.....................................

0.39‌

0.38‌

0.38‌

0.35‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

............................

0.48‌

(0.27‌)

(0.11‌)

(0.21‌)

0.15‌

Net

increase

from

investment

operations

............................

0.87‌

0.11‌

0.27‌

0.14‌

0.45‌

Distributions

from

net

investment

income

(b)

........................

(0.40‌)

(0.38‌)

(0.58‌)

(0.14‌)

—‌

Net

asset

value,

end

of

year

...................................

$

10.26‌

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

Total

Return

(c)

9.02%

1.04%

2.91%

1.34%

—

Based

on

net

asset

value

......................................

9.02%

1.04%

(d)

2.91%

(d)

1.34%

(d)

4.54%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.39%

1.77%

1.96%

1.94%

1.79%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.38%

1.76%

1.94%

1.93%

1.79%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.......

1.02%

1.04%

1.00%

0.99%

1.02%

Net

investment

income

.......................................

3.85%

3.85%

3.75%

3.33%

2.97%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

299,722‌

$

399,165‌

$

1,104,061‌

$

1,323,371‌

$

30,093‌

Portfolio

turnover

rate

........................................

156%

232%

226%

185%

229%

Year

Ended

July

31,

2021

2020

2019

2018

2017

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

59

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

non-

index

fixed-income

mutual

funds

and

all

BlackRock-advised

closed-end

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

(the

“trade

dates”)

.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

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.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

July

31,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

60

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts

,

options

written,

swaps

and

short

sales)

or

certain

borrowings

(e.g.,

reverse

repurchase

transactions)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments

or

borrowings.

Doing

so

allows

the

investment

or

borrowings

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

from

net

investment

income

are

declared

and

paid

at

least

annually. 

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

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

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

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

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

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.

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.

Notes

to

Financial

Statements

(continued)

61

Notes

to

Financial

Statements

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

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

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

62

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

Notes

to

Financial

Statements

(continued)

63

Notes

to

Financial

Statements

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate

the

Fund

to

make

future

cash

payments. 

As

of

July

31,

2021

,

the Fund

had

outstanding

commitments

of

$6,366,800.

These

commitments

are

not

included

in

the

net

assets

of

the Fund

as

of

July

31,

2021

.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

day,

the

value

of

the

cash

collateral

in

the

possession

of

the

counterparty

is

monitored

on

a

daily

basis

to

ensure

the

adequacy

of

the

collateral.

As

the

market

value

of

the

borrowed

bond

changes,

the

cash

collateral

is

periodically

increased

or

decreased

with

a

frequency

and

in

amounts

prescribed

in

the

borrowed

bond

agreement.

A

fund

may

also

experience

delays

in

gaining

access

to

the

collateral.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third

party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Statement

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

July

31,

2021,

the

average

amount

of

reverse

repurchase

agreements

outstanding and

the

daily

weighted

average

interest

rate

for

the

Fund

were

$12,134,991

and

0.53%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/

or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

64

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

agreements

and

reverse

repurchase

agreements by

counterparty

which

are

subject

to

offset

under

an

MRA

on

a

net

basis:

Short

Sale

Transactions

(Borrowed

Bonds):

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

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.

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

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,

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.

Counterparty

Borrowed

Bond

Agreements

(a)

Reverse

Repurchase

Agreements

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Net

Amount

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Fair

Value

of

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

(c)

Cash

Collateral

Pledged

Net

Collateral

(Received)

/

Pledged

Net

Exposure

Due

(to)

/from

Counterparty

(d)

Barclays

Bank

plc

.

$

23,519,407‌

$

(8,824,554‌)

$

(23,668,162‌)

$

(8,973,309‌)

$

—‌

$

—‌

$

8,973,309‌

$

—‌

$

8,973,309‌

$

—‌

Barclays

Capital,

Inc.

4,329,000‌

—‌

(3,016,550‌)

1,312,450‌

—‌

—‌

—‌

—‌

—‌

1,312,450‌

(e)

BNP

Paribas

SA

..

13,080,574‌

(3,740,327‌)

(13,128,663‌)

(3,788,416‌)

—‌

—‌

3,709,653‌

—‌

3,709,653‌

(78,763‌)

Citigroup

Global

Markets

Ltd.

.....

8,823,330‌

—‌

(8,724,299‌)

99,031‌

—‌

—‌

—‌

—‌

—‌

99,031‌

Goldman

Sachs

International

.....

5,675,868‌

—‌

(5,683,539‌)

(7,671‌)

—‌

—‌

—‌

—‌

—‌

(7,671‌)

J.P.

Morgan

Securities

plc

....

34,760,438‌

—‌

(32,531,822‌)

2,228,616‌

—‌

—‌

—‌

—‌

—‌

2,228,616‌

(f)

RBC

Capital

Markets

LLC

...........

1,705,000‌

(17,452,179‌)

(1,702,040‌)

(17,449,219‌)

—‌

—‌

17,449,219‌

—‌

17,449,219‌

—‌

$

91,893,617‌

$

(30,017,060‌)

$

(88,455,075‌)

$

(26,578,518‌)

$

—‌

$

—‌

$

30,132,181‌

$

—‌

$

30,132,181‌

$

3,553,663‌

(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

$642,753

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

Net

collateral,

including

accrued

interest,

with

a

value

of

$35,853,439

has

been

pledged

in

connection

with

open

reverse

repurchase

agreements.

(d)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

(e)

Borrowed

bond

agreement

with

a

value

of

$1,306,500

has

been

purchased

and

is

pending

settlement

as

of

July

31,

2021.

(f)

Borrowed

bond

agreement

with

a

value

of

$2,338,217

has

been

purchased

and

is

pending

settlement

as

of

July

31,

2021.

Notes

to

Financial

Statements

(continued)

65

Notes

to

Financial

Statements

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.

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

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

66

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

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, 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

Notes

to

Financial

Statements

(continued)

67

Notes

to

Financial

Statements

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.

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

(“BRS”)

(collectively,

the

“Sub-Advisers'),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BRS,

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BRS,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the year

ended

July

31,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.015% of

the

average

daily

net

assets

of

each

respective

class.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.95%

$1

Billion

-

$3

Billion

.....................................................................................................

0.89

$3

Billion

-

$5

Billion

.....................................................................................................

0.86

$5

Billion

-

$

6.5

Billion

...................................................................................................

0.83

$

6.5

Billion

-

$10

Billion

...................................................................................................

0.80

Greater

than

$10

Billion

..................................................................................................

0.76

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

208,604‌

Investor

C

........................................................................................................

237,054‌

$

445,658‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

68

For

the

year

ended

July

31,

2021,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration —

class

specific

in

the

Statement

of

Operations:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

year ended July

31,

2021,

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:

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 year

ended

July

31,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

year ended

July

31,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

year

ended 

July

31,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares for

a

total

of

$1,925

.

For

the year

ended

July

31,

2021,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

N

ovember

30,

2021

.

The

contractual

agr

eement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

July

31

,

2021,

the

amount

waived

was

$

35,166.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

November

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/

or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

July

31,

2021,

the

Manager

waived

$1,512

in

investment

advisory

fees

pursuant

to

this

arrangement.

Institutional

.......................................................................................................

$

174,338‌

Investor

A

........................................................................................................

12,524‌

Investor

C

........................................................................................................

3,558‌

Class

K

.........................................................................................................

50,614‌

$

241,034‌

Institutional

.............................................................................................................

$

996‌

Institutional

....................................................................................................

$

1,771‌

Investor

A

.....................................................................................................

397‌

Investor

C

.....................................................................................................

264‌

Class

K

......................................................................................................

306‌

$

2,738‌

Institutional

.......................................................................................................

$

845,003‌

Investor

A

........................................................................................................

76,467‌

Investor

C

........................................................................................................

26,132‌

Class

K

.........................................................................................................

5,675‌

$

953,277‌

Investor

A

$

4,134‌

Investor

C

44‌

Notes

to

Financial

Statements

(continued)

69

Notes

to

Financial

Statements

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

November

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

July

31,

2021,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

These

amounts

waived

and/or

reimbursed

are

included

in

administration

fees

waived

—

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

July

31,

2021,

class

specific

expense

waivers

and/or

reimbursements

are

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

Interfu

nd

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

July

31,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

year

 ended

July

31

,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gai

ns

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

year ended

July

31,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

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

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

July

31,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

Institutional

..........................................................................................................

1.20‌%

Investor

A

...........................................................................................................

1.40‌

Investor

C

...........................................................................................................

2.15‌

Class

K

............................................................................................................

1.15‌

Fund

Name/Share

Class

Administration

Fees

Waived

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

........................................................................................................

$

238‌

Purchases

...............................................................................................................

$

5,533,502‌

Sales

...................................................................................................................

14,737,587‌

Net

Realized

Gain

..........................................................................................................

476,344‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

BlackRock

Global

Long/Short

Credit

Fund

...................................

$

4,858,723‌

$

—‌

$

2,440,286,682‌

$

2,753,176,226‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

70

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

differences

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures,

options

contracts

and

foreign

currency

exchange

contracts,

amortization

methods

of

premiums

and

discounts

on

fixed-income

securities,

the

accrual

of

income

on

securities

in

default,

the

classification

of

investments,

dividends

recognized

for

tax

purposes

and

the

accounting

for

swap

agreements.

During

the

year

ended July

31,

2021,

the

Fund utilized

the

following

amount

of

its

capital

loss

carryforward. 

As

of

July

31,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2022

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

year ended

July

31,

2021,

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.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

test

Fund

Name

Year

Ended

07/31/21

Year

Ended

07/31/20

BlackRock

Global

Long/Short

Credit

Fund

Ordinary

income

............................................................................................

$

60,000,082‌

$

82,000,050‌

Fund

Name

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

Global

Long/Short

Credit

Fund

...........................................

$

47,068,781‌

$

(387,967,202‌)

$

(77,230,241‌)

$

(418,128,662‌)

Fund

Name

Amount

Utilized

BlackRock

Global

Long/Short

Credit

Fund

....................................................................................

$

15,085,379‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,7

26

,

256

,

372‌

$

52

,

654

,

922‌

$

(1

10,807,007‌

)

$

(

58,152,085‌

)

Notes

to

Financial

Statements

(continued)

71

Notes

to

Financial

Statements

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 fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

The

Fund

invests

a

substantial

amount

of

its

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedule

of

Investments. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

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

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

72

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.

Year

Ended

07/31/21

Year

Ended

07/31/20

Fund

Name/Share

class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

.............................................

37,495,445‌

$

378,609,710‌

37,242,261‌

$

364,920,209‌

Shares

issued

in

reinvestment

of

distributions

........................

3,233,135‌

32,072,694‌

4,364,363‌

43,294,485‌

Shares

redeemed

.........................................

(48,436,257‌)

(485,531,325‌)

(90,408,343‌)

(883,285,188‌)

(7,707,677‌)

$

(74,848,921‌)

(48,801,719‌)

$

(475,070,494‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

3,567,062‌

$

35,933,723‌

3,845,781‌

$

37,756,275‌

Shares

issued

in

reinvestment

of

distributions

........................

228,585‌

2,269,850‌

337,860‌

3,351,574‌

Shares

redeemed

.........................................

(5,796,696‌)

(57,775,170‌)

(5,438,906‌)

(53,440,400‌)

(2,001,049‌)

$

(19,571,597‌)

(1,255,265‌)

$

(12,332,551‌)

Investor

C

Shares

sold

.............................................

81,135‌

$

812,924‌

148,852‌

$

1,461,364‌

Shares

issued

in

reinvestment

of

distributions

........................

56,765‌

557,997‌

132,496‌

1,294,486‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(1,336,186‌)

(13,198,469‌)

(4,240,321‌)

(40,869,430‌)

(1,198,286‌)

$

(11,827,548‌)

(3,958,973‌)

$

(38,113,580‌)

Class

K

Shares

sold

.............................................

4,913,850‌

$

49,337,579‌

7,407,680‌

$

72,103,260‌

Shares

issued

in

reinvestment

of

distributions

........................

119,787‌

1,189,489‌

73,812‌

732,947‌

Shares

redeemed

.........................................

(16,584,595‌)

(166,307,907‌)

(76,472,535‌)

(763,055,677‌)

(11,550,958‌)

$

(115,780,839‌)

(68,991,043‌)

$

(690,219,470‌)

(22,457,970‌)

$

(222,028,905‌)

(123,007,000‌)

$

(1,215,736,095‌)

Report

of

Independent

Registered

Public

Accounting

Firm

73

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

BlackRock

Funds

IV

and

Shareholders

of

BlackRock

Global

Long/Short

Credit

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

BlackRock

Global

Long/Short

Credit

Fund

(one

of

the

funds

constituting

BlackRock

Funds

IV,

referred

to

hereafter

as

the

"Fund")

as

of

July

31,

2021,

the

related

statement

of

operations

for

the

year

ended

July

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2021

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2021

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

21,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

2021

BlackRock

Annual

Report

to

Shareholders

74

The

following

amount(s),

or maximum

amount(s)

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2021:

The

following

percentage,

or

maximum

percentage

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2021

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Fund

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend,

for

the

fiscal

year

ended

July

31,

2021:

The

Fund

hereby

designates

the

following

amount(s),

or

maximum

amount(s)

allowable

by

law,

as

interest-related

dividends

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

July

31,

2021:

Fund

Name

Qualified

Dividend

Income

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

11,231,320‌

Fund

Name

Dividend-Received

Deduction

BlackRock

Global

Long/Short

Credit

Fund

....................................................................................

0.80‌

%

Fund

Name

Interest

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

48,314,802‌

Fund

Name

Interest-Related

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

22,927,836‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

75

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

IV

(the

“Trust”)

met

on

May

4,

2021

(the

“May

Meeting”)

and

June

8-9,

2021

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

the

Fund

and

(2)

the

Manager

and

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

to

the

Fund.

The

Manager

and

the

Sub-

Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreements

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

the

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

the

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

June

Meeting.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

the

Fund.

Throughout

the

year,

the

Board

compared

Fund

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

76

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

the

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

the

Fund.

BlackRock

and

its

affiliates

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

the

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

the

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

May

meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and,

in

light

of

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

the

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

reviewed

and

considered

the

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-,

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-

Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

the

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

the

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

77

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

the

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreements

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreements

between

the

Manager

and

the

Sub-Advisors,

with

respect

to

the

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Trustee

and

Officer

Information

2021

BlackRock

Annual

Report

to

Shareholders

78

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Richard

E.

Cavanagh

1946

Co-Chair

of

the

Board

and

Trustee

(Since

2019)

Director,

The

Guardian

Life

Insurance

Company

of

America

since

1998;

Board

Chair,

Volunteers

of

America

(a

not-for-profit

organization)

from

2015

to

2018

(board

member

since

2009);

Director,

Arch

Chemicals

(chemical

and

allied

products)

from

1999

to

2011;

Trustee,

Educational

Testing

Service

from

1997

to

2009

and

Chairman

thereof

from

2005

to

2009;

Senior

Advisor,

The

Fremont

Group

since

2008

and

Director

thereof

since

1996;

Faculty

Member/Adjunct

Lecturer,

Harvard

University

since

2007

and

Executive

Dean

from

1987

to

1995;

President

and

Chief

Executive

Officer,

The

Conference

Board,

Inc.

(global

business

research

organization)

from

1995

to

2007.

73

RICs

consisting

of

100

Portfolios

None

Karen

P.

Robards

1950

Co-Chair

of

the

Board

and

Trustee

(Since

2019)

Principal

of

Robards

&

Company,

LLC

(consulting

and

private

investing)

since

1987;

Co-founder

and

Director

of

the

Cooke

Center

for

Learning

and

Development

(a

not-for-profit

organization)

since

1987;

Director

of

Enable

Injections,

LLC

(medical

devices)

since

2019;

Investment

Banker

at

Morgan

Stanley

from

1976

to

1987.

73

RICs

consisting

of

100

Portfolios

Greenhill

&

Co.,

Inc.;

AtriCure,

Inc.

(medical

devices)

from

2000

until

2017

Michael

J.

Castellano

1946

Trustee

(Since

2019)

Chief

Financial

Officer

of

Lazard

Group

LLC

from

2001

to

2011;

Chief

Financial

Officer

of

Lazard

Ltd

from

2004

to

2011;

Director,

Support

Our

Aging

Religious

(non-profit)

from

2009

to

June

2015

and

from

2017

to

September

2020;

Director,

National

Advisory

Board

of

Church

Management

at

Villanova

University

since

2010;

Trustee,

Domestic

Church

Media

Foundation

since

2012;

Director,

CircleBlack

Inc.

(financial

technology

company)

from

2015

to

July

2020.

73

RICs

consisting

of

100

Portfolios

None

Cynthia

L.

Egan

1955

Trustee

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

73

RICs

consisting

of

100

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair)

(insurance);

Huntsman

Corporation

(chemical

products);

Envestnet

(investment

platform)

from

2013

until

2016

Frank

J.

Fabozzi

(d)

1948

Trustee

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

since

2011;

Visiting

Professor,

Princeton

University

for

the

2013

to

2014

academic

year

and

Spring

2017

semester;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Board

Member,

BlackRock

Equity-Liquidity

Funds

from

2014

to

2016;

affiliated

professor

Karlsruhe

Institute

of

Technology

from

2008

to

2011;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year.

Adjunct

Professor

of

Finance,

Carnegie

Mellon

University

in

fall

2020

semester.

75

RICs

consisting

of

102

Portfolios

None

Lorenzo

A.

Flores

1964

Trustee

(Since

2021)

Vice

Chairman,

Kioxia,

Inc.

since

2019;

Chief

Financial

Officer,

Xilinx,

Inc.

from

2016

to

2019;

Corporate

Controller,

Xilinx,

Inc.

from

2008

to

2016.

73

RICs

consisting

of

100

Portfolios

None

Stayce

D.

Harris

1959

Trustee

(Since

2021)

Lieutenant

General,

Inspector

General,

Office

of

the

Secretary

of

the

United

States

Air

Force

from

2017

to

2019;

Lieutenant

General,

Assistant

Vice

Chief

of

Staff

and

Director,

Air

Staff,

United

States

Air

Force

from

2016

to

2017;

Major

General,

Commander,

22nd

Air

Force,

AFRC,

Dobbins

Air

Reserve

Base,

Georgia

from

2014

to

2016;

Pilot,

United

Airlines

from

1990

to

2020.

73

RICs

consisting

of

100

Portfolios

None

J.

Phillip

Holloman

1955

Trustee

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

73

RICs

consisting

of

100

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation)

Trustee

and

Officer

Information

(continued)

79

Trustee

and

Officer

Information

Interested

Trustees

(a)(e)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Trustee

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Trustees

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Trustees

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Richard

E.

Cavanagh,

1994;

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

W.

Carl

Kester,

1995;

and

Karen

P.

Robards,

1998.

Certain

other

Independent

Trustees

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Michael

J.

Castellano,

2011;

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Dr.

Kester,

Ms.

Lynch

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Trust

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

R.

Glenn

Hubbard

1958

Trustee

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

73

RICs

consisting

of

100

Portfolios

ADP

(data

and

information

services)

2004-2020;

Metropolitan

Life

Insurance

Company

(insurance);

KKR

Financial

Corporation

(finance)

from

2004

until

2014

W.

Carl

Kester

(d)

1951

Trustee

(Since

2019)

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

since

2008;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

75

RICs

consisting

of

102

Portfolios

None

Catherine

A.

Lynch

(d)

1961

Trustee

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

75

RICs

consisting

of

102

Portfolios

None

Robert

Fairbairn

1965

Trustee

(Since

2018)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

103

RICs

consisting

of

252

Portfolios

None

John

M.

Perlowski

(d)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

of

254

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

80

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust’s

Trustees

and

Officers

is

available

in

the

Trust’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Effective

July

30,

2021,

Lorenzo

Flores

was

appointed

to

serve

as

a

Trustee

of

the

Trust.

Additional

Information

81

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

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.

Additional

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

82

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8JB

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

83

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

CSGLSCMT-7/21-AR

Item 2 – Code of Ethics --

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR. 

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions.  Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987.  Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results.  Ms. Robards has over 30 years of experience analyzing financial statements.  She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Pricewaterhouse Coopers (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Long/Short Credit Fund	$74,100	$74,100	$0	$0	$0	$0	$0	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Long/Short Credit Fund	$0	$0

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 – See Item 2

              (a)(2) Section 302 Certifications are attached

section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: October 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: October 4, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: October 4, 2021