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: 07/31/2022

Date of reporting period: 07/31/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

 Not Applicable

JULY

31,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Annual

Report

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

July

31,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

growing

faster

than

expected,

raised

interest

rates

four

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

began

to

reduce

its

balance

sheet.

Continued

high

inflation

and

the

Fed’s

statements

led

many

analysts

to

anticipate

that

interest

rates

have

room

to

rise

before

peaking,

although

investors’

inflation

expectations

began

to

decline

near

the

end

of

the

period.

The

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy,

leading

to

major

volatility

in

energy

and

metals

markets.

Sanctions

on

Russia,

Europe’s

top

energy

supplier,

and

general

wartime

disruption

have

magnified

supply

problems

for

key

commodities.

We

believe

elevated

energy

prices

will

continue

to

exacerbate

inflationary

pressure

while

also

constraining

economic

growth.

Combating

inflation

without

stifling

a

recovery,

while

buffering

against

ongoing

supply

and

price

shocks,

will

be

an

especially

challenging

environment

for

setting

effective

monetary

policy.

Despite

the

likelihood

of

more

rate

increases

on

the

horizon,

we

believe

the

Fed

will

ultimately

err

on

the

side

of

protecting

employment,

even

at

the

expense

of

higher

inflation.

In

the

meantime,

however,

we

believe

that

we

are

likely

to

see

a

period

of

slowing

growth

paired

with

relatively

high

inflation.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Furthermore,

the

energy

shock

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near-term.

We

take

the

opposite

view

on

credit,

where

higher

spreads

provide

near-term

opportunities,

while

the

likelihood

of

higher

inflation

leads

us

to

take

an

underweight

stance

on

credit

in

the

long-term.

We

believe

that

investment-grade

corporates,

U.K.

gilts,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

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,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(7.81%)

(4.64%)

U.S.

small

cap

equities

(Russell

2000

®

Index)

(6.42)

(14.29)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(11.27)

(14.32)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(16.24)

(20.09)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.21

0.22

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.38)

(10.00)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.14)

(9.12)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(3.95)

(6.93)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(6.58)

(8.03)

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

Agreements

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,

2022

2022

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,

2022,

all

of

the

Fund’s

share

classes

underperformed

its

benchmark,

the

ICE

BofA

3-month

U.S.

Treasury

Bill

Index.

The

Fund

is

not

managed

specifically

to

a

benchmark

due

to

the

nature

of

its

strategy,

so

the

index

return

listed

above

is

for

reference

purposes

only.

What

factors

influenced

performance?

The

Fund’s

European

absolute

return

strategies

were

the

largest

drivers

of

underperformance,

driven

by

Event

Driven

and

Long-Short

strategies.

U.S.

absolute

return

strategies

detracted

from

performance,

primarily

due

to

positioning

in

high

yield

and

the

industrials

sector.

The

Fund’s

U.S.

Traditional

and

Carry

(yield)

strategies

were

the

leading

contributors.

The

Fund

used

derivatives,

including

currency

forward

contracts,

futures,

and

swaps,

in

order

to

manage

its

positioning

in

an

efficient

manner.

The

use

of

derivatives

contributed

to

performance.

Describe

recent

portfolio

activity.

The

Fund

began

the

reporting

period

114%

long

and

49%

short,

and

it

ended

July

2022

95%

long

and

49%

short.

However,

there

were

several

occasions

throughout

the

course

of

the

year

when

net

short

positions

were

much

higher.

In

the

United

States,

the

investment

adviser

increased

the

Fund’s

allocation

to

investment-grade

corporate

bonds

and

modestly

reduced

its

weightings

in

high

yield,

floating-

rate

loans,

and

equities.

This

shift

reflected

the

investment

adviser’s

effort

to

reduce

risk

in

the

U.S.

portfolio

in

response

to

slowing

economic

growth,

tighter

monetary

policy,

and

elevated

inflation.

In

Europe,

the

investment

adviser

modestly

increased

the

portfolio’s

allocation

to

high

yield

corporate

bonds

and

significantly

reduced

its

weighting

in

floating-rate

loans.

It

maintained

a

short

position

in

investment-grade

corporate

issues.

The

Fund

held

positions

in

European

credit

default

swaps,

which

rise

in

value

when

the

underlying

securities

decline.

These

holdings

contributed

to

performance

at

a

time

of

market

weakness.

The

Fund

increased

its

short

position

in

equities

over

the

course

of

the

year,

and

it

maintained

small

allocations

to

Asia

and

the

emerging

markets.

The

Fund

held

an

above-average

cash

weighting

at

the

end

of

the

period

to

maintain

a

defensive

positioning.

The

cash

position

did

not

have

a

material

impact

on

performance.

Describe

portfolio

positioning

at

period

end.

The

Fund

shifted

to

a

defensive

posture

by

reducing

holdings

in

specific

individual

long

positions

and

decreasing

its

short

positions

on

the

broader

U.S.

fixed-income

market.

In

addition,

the

Fund

held

an

elevated

cash

position

as

noted

above.

The

investment

adviser

sought

to

add

positions

in

shorter-dated,

higher-quality

U.S.

securities

that

offered

attractive

yields

following

the

recent

market

downturn.

The

investment

adviser

reduced

the

Fund’s

allocation

to

floating-rate

loans

in

both

the

United

States

and

Europe

following

the

category’s

outperformance,

but

the

portfolio

maintained

a

healthy

allocation

to

this

area

for

both

yield

and

the

upside

potential

the

investment

adviser

saw

in

certain

securities.

In

Europe,

the

investment

adviser

moved

up

in

quality

within

high

yield,

as

many

issues

in

the

category

fell

to

attractive

prices.

The

Fund

also

held

short

positions

in

the

bonds

of

select

auto

companies,

as

well

as

companies

being

hurt

by

increasing

costs

for

labor

and

raw

materials.

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,

2022

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

GROWTH

OF

$10,000

INVESTMENT

Performance

N/A

—

Not

Applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

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.

(b)

The

Fund

seeks

to

provide

absolute

total

returns

over

a

complete

market

cycle

through

diversified

long

and

short

exposure

to

the

global

fixed-income

markets.

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

total

assets

in

credit-related

instruments.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Global

Long/

Short

Credit

Fund

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

SM

,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

March

1,

2021,

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

"Index").

Historical

index

data

prior

to

March

1,

2021

is

for

the

3pm

pricing

variant

of

the

lndex.

Index

data

on

and

after

March

1,

2021

is

for

the

4pm

pricing

variant

of

the

Index.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

4.41‌%

4.40‌%

(6.42‌)%

N/A‌

1.38‌%

N/A‌

2.03‌%

N/A‌

Investor

A

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

3.97‌

3.94‌

(6.75‌)

(10.48‌)%

1.09‌

0.27‌%

1.77‌

1.35‌%

Investor

C

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

3.40‌

3.38‌

(7.37‌)

(8.28‌)

0.35‌

0.35‌

1.15‌

1.15‌

Class

K

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

4.48‌

4.47‌

(6.35‌)

N/A‌

1.46‌

N/A‌

2.09‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

...

—‌

—‌

0.22‌

N/A‌

1.10‌

N/A‌

0.65‌

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.

Fund

Summary

as

of

July

31,

2022

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Global

Long/Short

Credit

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(02/01/22)

Ending

Account

Value

(07/31/22)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(02/01/22)

Ending

Account

Value

(07/31/22)

Expenses

Paid

During

the

Period

Ending

Account

Value

(07/31/22)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

$

1,000.00‌

$

942.00‌

$

6.55‌

$

5.39‌

$

1,000.00‌

$

1,018.05‌

$

6.81‌

$

1,019.24‌

$

5.61‌

1.36‌%

1.12‌%

Investor

A

.....

1,000.00‌

940.00‌

7.79‌

6.6

4‌

1,000.00‌

1,016.76‌

8.10‌

1,017.9

5‌

6.9

0‌

1.62‌

1.3

8‌

Investor

C

.....

1,000.00‌

937.40‌

11.48‌

10.33‌

1,000.00‌

1,012.94‌

11.93‌

1,014.13‌

10.74‌

2.39‌

2.15‌

Class

K

......

1,000.00‌

942.10‌

6.21‌

5.06‌

1,000.00‌

1,018.40‌

6.46‌

1,019.59‌

5.26‌

1.29‌

1.05‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

54.9‌

%

3.1‌

%

58.0‌

%

United

Kingdom

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

10.4‌

0.4‌

10.8‌

Germany

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

3.7‌

1.1‌

4.8‌

France

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

4.0‌

0.3‌

4.3‌

Spain

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

3.3‌

0.2‌

3.5‌

Luxembourg

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

3.5‌

—‌

3.5‌

Italy

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

2.0‌

0.7‌

2.7‌

Netherlands

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

2.4‌

—‌

2.4‌

Ireland

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

2.1‌

—‌

2.1‌

Other

(b)

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

7.6‌

0.3‌

7.9‌

Total

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

93.9‌%

6.1‌%

100.0‌%

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(d)

AAA/Aaa

(e)

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

1.2‌

%

AA/Aa

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

0.0‌

(f)

A

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

2.8‌

BBB/Baa

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

20.8‌

BB/Ba

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

24.8‌

B

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

30.4‌

CCC/Caa

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

5.0‌

CC/Ca

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

0.0‌

(f)

C

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

0.0‌

(f)

NR

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

15.0‌

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

Excludes

short-term

securities,

options

purchased,

options

written

and

borrowed

bonds

and

investments

sold

short.

(e)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

(f)

Represents

less

than

0.1%

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

2022

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

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

July

31,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.1%

Palmer

Square

Loan

Funding

Ltd.,

Series

2019-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

3.08%,

08/20/27

(a)(b)

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

USD

1,500

$

1,475,934

Ireland

—

1.3%

(b)(c)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(EURIBOR

3

Month

+

4.60%),

4.60%,

07/15/35

.......

EUR

1,695

1,582,449

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

1,300

1,073,794

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.86%,

04/25/34

700

566,357

Aqueduct

European

CLO

2

DAC,

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

919

768,386

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

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

700

549,095

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

4.70%,

01/12/31

1,970

1,601,930

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

6.35%,

01/12/31

2,200

1,576,919

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

607,568

Avoca

CLO

XV

DAC

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

1,765

1,431,907

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

5.84%,

04/15/31

3,425

2,835,239

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

6.04%,

07/22/34

.......

700

552,193

BlueMountain

CLO

DAC,

Series

2021-

1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

.......

700

554,058

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

.......

700

559,419

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

600

481,583

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

369

289,024

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

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

539

427,445

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

.......

918

762,710

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

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

438

346,220

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

280

220,193

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.19%,

07/22/34

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

700

550,420

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Northwoods

Capital

23

Euro

DAC,

Series

2021-23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

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

EUR

597

$

483,086

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

.......

1,000

741,324

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

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

400

306,405

Rockford

Tower

Europe

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

6.01%,

04/20/34

578

450,116

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.99%,

07/25/35

700

546,612

19,864,452

United

Kingdom

—

0.2%

Greene

King

Finance

plc

(b)

Series

B1,  (LIBOR

GBP

3

Month

+

1.92%),

3.11%,

12/15/34

.....

GBP

2,018

2,013,085

Series

B2,  (LIBOR

GBP

3

Month

+

2.20%),

3.39%,

03/15/36

(c)

...

800

789,134

2,802,219

Total

Asset-Backed

Securities

—

1.6%

(Cost:

$33,839,657)

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

24,142,605

Shares

Shares

Common

Stocks

Canada

—

0.0%

CTC

Triangle

BV

(d)(e)

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

1,393,669

398,832

Japan

—

0.0%

NEW

Top

YK

(d)(e)(f)

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

59,465

—

Netherlands

—

0.1%

Climate

Transition

Capital

Acquisition

I

BV

(d)

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

189,265

1,905,367

United

Kingdom

—

0.2%

(d)

Genius

Sports

Ltd.

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

46,274

119,850

Hedosophia

European

Growth

.....

255,489

2,585,113

Hedosophia

European

Growth

.....

1

10

NEW

Look

Retailers

(e)

...........

2,879,698

35

2,705,008

United

States

—

1.5%

Altus

Power,

Inc.,

(Acquired

01/21/22,

cost

$259,000)

(d)(g)

...........

25,900

203,056

Astra

Space,

Inc.,

(Acquired

08/13/21,

cost

$456,930)

(d)(g)

...........

45,693

65,341

Berkshire

Grey,

Inc.,

Class

A

(d)

.....

80,952

142,475

Caesars

Entertainment,

Inc.

(d)

.....

2,154

98,416

California

Resources

Corp.

(h)

......

28,567

1,281,516

Cano

Health,

Inc.,

(Acquired

07/21/21,

cost

$452,280)

(d)(g)

...........

45,228

275,439

CareMax

Corp.,

(Acquired

07/15/21,

cost

$288,030)

(d)(g)

...........

28,803

205,941

Chesapeake

Energy

Corp.

.......

5,454

513,603

Crown

PropTech

Acquisitions

(d)(e)

...

11,148

21,962

Crown

PropTech

Acquisitions

(d)

.....

29,076

289,306

DiamondRock

Hospitality

Co.

(d)

....

36,679

340,381

Element

Solutions,

Inc.

..........

11,439

226,035

2022

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,

2022

Security

Shares

Shares

Value

United

States

(continued)

Excelerate

Energy,

Inc.,

Class

A

(d)(h)

..

32,720

$

724,421

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

12/15/21,

cost

$1,041,005)

(d)(e)(g)

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

15,345

994,203

Forestar

Group,

Inc.

(d)

...........

4,202

58,156

Green

Plains,

Inc.

(d)(h)

...........

12,991

467,936

Informatica

,

Inc.,

Class

A

(d)(h)

......

192,258

4,402,708

Kins

Technology

(d)(e)

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

33,889

23,383

Latch,

Inc.

(Acquired

07/12/21,

cost

$313,440)

(d)(g)

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

31,344

37,613

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

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

245,365

2,149,397

Mr

Cooper

Group,

Inc.

(d)

.........

4,382

197,409

New

Look

Builders,

Inc.

(d)(e)

.......

11,518,792

115

Offerpad

Solutions,

Inc.,

(Acquired

10/01/21,

cost

$449,580)

(d)(g)

....

44,958

94,861

Park

Hotels

&

Resorts,

Inc.

.......

17,305

269,785

Pivotal

Investment

Corp.

III

(d)

......

11,885

117,186

Planet

Labs

PBC,

(Acquired

01/06/22,

cost

$332,000)

(d)(g)

...........

33,200

176,956

Playstudios

,

Inc.,

(Acquired

07/30/21,

cost

$504,530)

(d)(g)

...........

50,453

202,821

Proof

Acquisition

Corp.

I

(d)(e)

.......

6,703

7,440

Rocket

Lab

USA,

Inc.

(d)

..........

27,089

126,506

Sarcos

Technology

&

Robotics

Corp.

(d)

19,370

64,890

Sarcos

Technology

&

Robotics

Corp.

(d)(e)

5,273

13,393

Sarcos

Technology

&

Robotics,

(Acquired

10/21/21,

cost

$2,100,020)

(d)(g)

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

210,002

703,507

Service

Properties

Trust

.........

27,352

178,882

Sonder

Holdings,

Inc.,

(Acquired

02/09/22,

cost

$429,734)

(d)(g)

....

47,852

74,171

Sunstone

Hotel

Investors,

Inc.

(d)

....

15,788

178,878

SVF

Investment

Corp.,

(Acquired

06/07/22,

cost

$3,000,000)

(d)(g)

...

300,000

4,714,692

Taylor

Morrison

Home

Corp.

(d)

.....

10,277

294,950

Tishman

Speyer

Innovation

Corp.

II,

Class

A

(d)

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

7,610

74,882

TPB

Acquisition

Corp.

I,

Class

A

(d)

...

17,186

166,876

Tribune

Resources

LLC,

Class

A

(d)

..

86,655

177,643

Western

Digital

Corp.

(d)(h)

.........

30,630

1,503,933

Xenia

Hotels

&

Resorts,

Inc.

(d)

.....

20,223

332,062

22,193,126

Total

Common

Stocks

—

1.8%

(Cost:

$42,216,972)

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

27,202,333

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Argentina

—

0.0%

Genneia

SA,

8.75%

,

09/02/27

(a)

....

USD

176

154,818

Australia

—

0.0%

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%

,

04/15/32

(a)

...........

553

525,627

Austria

—

0.4%

ams

-OSRAM

AG

(c)(

i

)

0.00%,

03/05/25

(j)

...........

EUR

4,000

3,327,468

2.13%,

11/03/27

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

3,100

2,274,879

5,602,347

Security

Par

(000)

Par

(000)

Value

Bahrain

—

0.0%

(c)

BBK

BSC,

5.50%

,

07/09/24

.......

USD

200

$

195,538

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

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

200

201,850

397,388

Brazil

—

0.1%

Azul

Investments

LLP,

7.25%

,

06/15/26

(a)

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

200

132,500

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(a)

...........

222

222,278

Gol

Finance

SA

(a)

7.00%,

01/31/25

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

139

74,365

8.00%,

06/30/26

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

200

128,037

Itau

Unibanco

Holding

SA,

5.13%

,

05/13/23

(a)

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

200

201,500

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

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

252

205,934

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

200

160,000

Nexa

Resources

SA,

5.38%

,

05/04/27

(a)

222

210,525

Oi

SA

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(k)

..........

165

78,375

Suzano

Austria

GmbH

3.75%,

01/15/31

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

150

130,313

Series

DM3N,

3.13%,

01/15/32

..

120

97,155

1,640,982

Canada

—

0.1%

(a)

Brookfield

Residential

Properties,

Inc.,

5.00%

,

06/15/29

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

115

88,378

Mattamy

Group

Corp.

5.25%,

12/15/27

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

52

45,659

4.63%,

03/01/30

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

379

305,004

Rockpoint

Gas

Storage

Canada

Ltd.,

7.00%

,

03/31/23

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

345

344,603

783,644

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

6.00%

,

(b)(c)(l)

...

191

1,031

Chile

—

0.1%

Celulosa

Arauco

y

Constitucion

SA,

4.20%

,

01/29/30

(c)

...........

200

182,537

Kenbourne

Invest

SA

(a)

6.88%,

11/26/24

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

229

213,013

4.70%,

01/22/28

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

200

141,500

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

(c)

...........

236

208,270

VTR

Comunicaciones

SpA

(a)

5.13%,

01/15/28

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

200

145,475

4.38%,

04/15/29

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

200

124,000

1,014,795

China

—

0.5%

(c)

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(b)(l)

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

200

37,000

CIFI

Holdings

Group

Co.

Ltd.,

4.45%

,

08/17/26

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

200

68,000

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(d)(

i

)(m)

....

EUR

8,600

6,392,715

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%

,

04/17/22

(d)(m)

.........

USD

200

15,000

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

.

200

96,038

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

China

(continued)

Kaisa

Group

Holdings

Ltd.,

11.50%

,

01/30/23

(d)(m)

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

USD

200

$

19,500

KWG

Group

Holdings

Ltd.,

5.88%

,

11/10/24

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

200

24,000

Modern

Land

China

Co.

Ltd.,

9.80%

,

04/11/23

(d)(m)

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

200

32,000

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

152

54,340

Prime

Bloom

Holdings

Ltd.,

6.95%

,

07/05/22

(d)(m)

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

1,003

137,912

Redsun

Properties

Group

Ltd.,

10.50%

,

10/03/22

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

200

18,000

Shui

On

Development

Holding

Ltd.,

5.50%

,

03/03/25

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

200

137,000

Times

China

Holdings

Ltd.,

6.75%

,

07/08/25

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

200

22,000

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

(d)(m)

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

200

12,000

Yuzhou

Group

Holdings

Co.

Ltd.

(d)(m)

8.50%,

02/26/24

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

200

14,000

7.38%,

01/13/26

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

200

14,000

7,093,505

Colombia

—

0.1%

Avianca

Midco

2

Ltd.,

9.00%

,

12/01/28

(a)

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

116

97,267

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

170,663

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

400

316,000

Millicom

International

Cellular

SA,

5.13%

,

01/15/28

(c)

...........

282

255,953

839,883

Cyprus

—

0.1%

Bank

of

Cyprus

PCL

(EUR

Swap

Annual

1

Year

+

2.79%),

2.50%,

06/24/27

(b)(c)

..

EUR

1,110

862,446

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

400

366,250

France

—

2.5%

Altice

France

SA

(c)

2.50%,

01/15/25

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

EUR

4,100

3,865,649

2.13%,

02/15/25

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

2,300

2,140,279

4.13%,

01/15/29

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

2,943

2,519,110

BNP

Paribas

SA

(b)(l)

(LIBOR

USD

6

Month

+

0.08%),

1.57%

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

USD

740

530,059

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

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

EUR

1,503

1,149,883

Casino

Guichard

Perrachon

SA

(EURIBOR

Swap

Rate

10

Year

+

1.00%),

3.02%

(b)(l)

.........

7,464

1,830,860

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(b)(c)(l)

........

7,500

2,925,107

5.25%,

04/15/27

(c)

...........

600

397,066

Goldstory

SASU,

5.38%

,

03/01/26

(c)

.

5,112

4,519,487

Korian

SA

(c)

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(l)

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

GBP

1,300

1,208,572

(EURIBOR

6

Month

+

9.00%),

1.88%

(b)(

i

)(l)

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

EUR

6,172

2,081,502

0.88%,

03/06/27

(

i

)

...........

3,602

1,700,145

La

Financiere

Atalian

SASU

(c)

4.00%,

05/15/24

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

4,440

4,367,731

Security

Par

(000)

Par

(000)

Value

France

(continued)

6.63%,

05/15/25

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

GBP

256

$

301,032

TotalEnergies

SE,

Series

FP,

0.50%

,

12/02/22

(c)(

i

)

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

USD

4,000

4,001,760

Verallia

SA,

1.88%

,

11/10/31

(c)

.....

EUR

5,100

4,105,694

37,643,936

Germany

—

2.7%

ADLER

Group

SA

(c)

2.00%,

11/23/23

(

i

)(n)

..........

800

511,025

3.25%,

08/05/25

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

5,500

3,274,617

2.75%,

11/13/26

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

700

382,758

2.25%,

04/27/27

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

1,900

1,019,495

ADLER

Real

Estate

AG

(c)

2.13%,

02/06/24

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

1,100

936,347

3.00%,

04/27/26

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

700

515,972

Aroundtown

SA,

2.00%

,

11/02/26

(c)

..

400

378,596

ATF

Netherlands

BV,

(EUR

Swap

Annual

5

Year

+

4.38%),

3.75%

(b)(c)(l)

600

580,220

Bayer

AG,

(EUR

Swap

Annual

5

Year

+

4.46%),

5.38%

,

03/25/82

(b)(c)

....

1,600

1,510,488

Deutsche

Bank

AG,

(EURIBOR

Swap

Rate

5

Year

+

3.30%),

4.00%

,

06/24/32

(b)(c)

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

10,000

9,779,281

Deutsche

Lufthansa

AG

(c)

2.88%,

02/11/25

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

1,400

1,349,740

3.75%,

02/11/28

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

200

176,567

3.50%,

07/14/29

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

2,300

1,915,833

Nidda

Healthcare

Holding

GmbH,

3.50%

,

09/30/24

(c)

...........

7,400

7,015,339

Sudzucker

International

Finance

BV,

(EURIBOR

3

Month

+

3.10%),

2.89%

(b)(c)(l)

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

2,766

2,264,894

Tele

Columbus

AG,

3.88%

,

05/02/25

(c)

7,330

6,298,585

TK

Elevator

US

Newco

,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

440

422,400

Vonovia

Finance

BV

(c)

2.13%,

03/22/30

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

EUR

800

759,290

2.25%,

04/07/30

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

700

668,943

1.63%,

10/07/39

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

1,000

731,635

Vonovia

SE,

1.38%

,

01/28/26

(c)

....

700

688,649

41,180,674

Ghana

—

0.4%

Tullow

Oil

plc,

10.25%

,

05/15/26

(a)

..

USD

6,786

6,310,980

Hong

Kong

—

0.0%

Melco

Resorts

Finance

Ltd.,

5.25%

,

04/26/26

(c)

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

200

156,000

India

—

0.1%

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%

,

02/09/27

(a)

...........

238

197,280

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

194

168,295

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(b)(c)(l)

....

200

169,500

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(a)

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

234

232,508

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(b)(c)(l)

....

200

191,960

Periama

Holdings

LLC,

5.95%

,

04/19/26

(c)

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

200

185,750

ReNew

Power

Pvt

Ltd.,

5.88%

,

03/05/27

(c)

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

200

190,225

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

India

(continued)

Shriram

Transport

Finance

Co.

Ltd.,

5.95%

,

10/24/22

(c)

...........

USD

200

$

198,500

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(c)

..........

200

171,912

8.95%,

03/11/25

(a)

...........

240

176,400

1,882,330

Indonesia

—

0.0%

JGC

Ventures

Pte.

Ltd.

(k)

0.00%,

(0.00%

Cash

or

3.00%

PIK),

06/30/25

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

10

3,915

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(c)(d)(m)

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

597

267,528

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

(c)

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

200

160,413

431,856

Ireland

—

0.6%

(c)

eircom

Finance

DAC,

1.75%

,

11/01/24

EUR

7,848

7,834,960

Smurfit

Kappa

Treasury

ULC,

1.00%

,

09/22/33

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

1,600

1,273,759

9,108,719

Israel

—

0.4%

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

(a)

(c)

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

USD

88

88,689

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/25

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

EUR

1,600

1,674,935

3.75%,

05/09/27

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

1,626

1,538,565

4.38%,

05/09/30

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

3,364

3,018,719

6,320,908

Italy

—

1.8%

Autostrade

per

l'Italia

SpA

(c)

1.88%,

09/26/29

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

2,090

1,803,000

2.00%,

01/15/30

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

6,271

5,369,845

2.25%,

01/25/32

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

100

82,679

Banco

BPM

SpA

,

(EUR

Swap

Annual

5

Year

+

3.17%),

2.88%

,

06/29/31

(b)(c)

5,455

4,632,034

Gamma

Bidco

SpA

(c)

5.13%,

07/15/25

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

5,950

5,593,169

6.25%,

07/15/25

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

153

150,510

Nexi

SpA

,

0.00%

,

02/24/28

(c)(

i

)(j)

....

3,300

2,488,405

Telecom

Italia

Capital

SA,

7.20%

,

07/18/36

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

USD

3,900

3,234,582

Telecom

Italia

SpA

,

1.63%

,

01/18/29

(c)

EUR

6,100

4,595,454

27,949,678

Japan

—

0.8%

Nomura

Holdings,

Inc.,

5.10%

,

07/03/25

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

USD

382

390,685

SoftBank

Group

Corp.

(c)

2.13%,

07/06/24

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

EUR

4,300

4,012,027

5.00%,

04/15/28

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

4,179

3,630,475

4.00%,

09/19/29

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

5,613

4,374,284

12,407,471

Kuwait

—

0.0%

(a)

Equate

Petrochemical

BV,

2.63%

,

04/28/28

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

USD

200

179,250

NBK

Tier

1

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.63%

(b)(l)

.......

252

226,768

406,018

Security

Par

(000)

Par

(000)

Value

Luxembourg

—

2.3%

Altice

Financing

SA

(c)

2.25%,

01/15/25

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

EUR

2,000

$

1,902,521

3.00%,

01/15/28

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

12,474

10,772,949

4.25%,

08/15/29

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

2,276

1,992,043

Altice

Finco

SA,

4.75%

,

01/15/28

(c)

..

1,300

1,077,746

Altice

France

Holding

SA

8.00%,

05/15/27

(c)

...........

696

618,872

10.50%,

05/15/27

(a)

..........

USD

375

354,150

Codere

New

Holdco

SA

7.50%,

11/30/27

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

EUR

1,649

1,262,986

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

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

6,132

5,381,341

7.75%,

11/01/25

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

GBP

100

105,583

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(c)

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

EUR

2,750

1,914,185

Matterhorn

Telecom

SA,

4.00%

,

11/15/27

(c)

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

500

468,201

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(c)

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

3,763

3,566,049

Vivion

Investments

SARL

(c)

3.00%,

08/08/24

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

5,300

4,929,347

3.50%,

11/01/25

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

800

724,184

35,070,157

Mexico

—

0.1%

Alpek

SAB

de

CV,

3.25%

,

02/25/31

(a)

USD

200

167,537

Banco

Mercantil

del

Norte

SA

(a)(b)(l)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

...........

200

188,288

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

...........

200

166,100

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

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

200

168,440

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

(c)

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

188

135,632

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(b)(l)

200

196,360

Mexico

City

Airport

Trust,

5.50%

,

07/31/47

(c)

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

200

152,139

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%

,

02/11/25

(a)

.

200

128,600

1,303,096

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

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

238

223,125

Netherlands

—

1.2%

Lincoln

Financing

SARL,

(EURIBOR

3

Month

+

3.88%),

3.88%

,

04/01/24

(b)(c)

EUR

3,500

3,523,517

Trivium

Packaging

Finance

BV,

5.50%

,

08/15/26

(a)(n)

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

USD

200

197,000

United

Group

BV

(c)

4.88%,

07/01/24

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

EUR

2,000

1,957,749

4.00%,

11/15/27

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

143

117,504

4.63%,

08/15/28

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

3,260

2,677,368

5.25%,

02/01/30

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

140

111,707

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

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

10,850

8,916,195

Ziggo

BV,

2.88%

,

01/15/30

(c)

......

1,900

1,604,005

19,105,045

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

Nigeria

—

0.0%

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(a)

.

USD

200

$

163,000

Norway

—

0.0%

DNB

Bank

ASA,

(LIBOR

USD

6

Month

+

0.13%),

0.93%

(b)(l)

..........

210

149,100

Oman

—

0.0%

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

(a)

200

186,725

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

(c)

.

232

211,889

Portugal

—

0.5%

Banco

Espirito

Santo

SA

(c)(d)(m)

2.63%,

05/08/17

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

EUR

6,100

904,003

4.75%,

01/15/18

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

19,300

2,860,207

4.00%,

01/21/19

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

22,800

3,378,897

7,143,107

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

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

USD

405

365,082

Singapore

—

0.0%

Puma

International

Financing

SA,

5.00%

,

01/24/26

(a)

...........

200

171,100

South

Africa

—

0.0%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

200

169,462

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

200

174,412

Sasol

Financing

USA

LLC,

6.50%

,

09/27/28

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

200

190,600

534,474

Spain

—

2.9%

Banco

de

Sabadell

SA

(b)(c)

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

....

EUR

600

535,579

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

....

900

767,114

Cellnex

Finance

Co.

SA

(c)

1.50%,

06/08/28

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

1,700

1,505,069

2.00%,

02/15/33

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

3,000

2,360,261

Cellnex

Telecom

SA

(c)(

i

)

1.50%,

01/16/26

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

1,100

1,661,599

0.75%,

11/20/31

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

21,300

17,258,875

Cirsa

Finance

International

SARL,

6.25%

,

12/20/23

(c)

...........

594

589,300

Codere

Finance

2

Luxembourg

SA

8.00%,

09/30/26

(c)(n)

..........

5,786

5,971,741

2.00%,

(2.00%

Cash

or

12.75%

PIK),

11/30/27

(b)(c)(k)

........

1,099

966,164

2.00%,

(2.00%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)(k)

........

USD

746

650,296

Food

Service

Project

SA,

5.50%

,

01/21/27

(c)

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

EUR

1,371

1,196,020

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

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

4,293

3,787,473

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(c)

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

1,057

985,966

Tendam

Brands

SAU

(c)

5.00%,

09/15/24

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

5,890

5,702,157

(EURIBOR

3

Month

+

5.25%),

5.52%,

09/15/24

(b)

.........

600

584,102

44,521,716

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.3%

(c)

Intrum

AB

3.13%,

07/15/24

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

EUR

300

$

292,878

4.88%,

08/15/25

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

300

287,550

Samhallsbyggnadsbolaget

i

Norden

AB

1.75%,

01/14/25

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

331

277,445

(EUR

Swap

Annual

5

Year

+

3.23%),

2.63%

(b)(l)

.........

291

146,793

1.13%,

09/04/26

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

300

229,195

(EUR

Swap

Annual

5

Year

+

3.22%),

2.88%

(b)(l)

.........

1,200

582,569

SBB

Treasury

OYJ

0.75%,

12/14/28

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

3,700

2,382,399

1.13%,

11/26/29

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

1,000

643,891

4,842,720

Switzerland

—

0.5%

(c)

Credit

Suisse

Group

AG,

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(b)(l)

.

USD

2,800

2,748,967

Dufry

One

BV,

0.75%

,

03/30/26

(

i

)

...

CHF

5,800

4,956,511

7,705,478

Tanzania,

United

Republic

Of

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

USD

200

177,600

Thailand

—

0.0%

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.73%),

5.00%

(b)(c)(l)

....

200

185,912

United

Arab

Emirates

—

0.0%

DP

World

Salaam,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.75%),

6.00%

(b)(c)(l)

....

200

200,375

MAF

Sukuk

Ltd.

(c)

4.64%,

05/14/29

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

200

199,975

3.93%,

02/28/30

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

200

191,912

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

33

32,340

624,602

United

Kingdom

—

8.5%

Arqiva

Broadcast

Finance

plc,

6.75%

,

09/30/23

(c)

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

GBP

2,600

3,079,207

BCP

V

Modular

Services

Finance

II

plc,

6.13%

,

11/30/28

(c)

...........

306

298,117

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

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

4,184

4,139,911

4.50%,

02/16/26

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

321

324,459

Bellis

Finco

plc,

4.00%

,

02/16/27

(c)

..

300

250,404

BP

Capital

Markets

plc,

Series

BP,

1.00%

,

04/28/23

(c)(

i

)

..........

2,800

3,500,542

British

Telecommunications

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%

,

11/23/81

(a)(b)

..........

USD

5,750

4,844,375

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

12,260

11,990,648

Cornwall

Jersey

Ltd.,

0.75%

,

04/16/26

(c)

(

i

)

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

GBP

1,700

1,360,232

CPUK

Finance

Ltd.

(c)

4.88%,

08/28/25

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

1,600

1,812,086

4.50%,

08/28/27

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

366

401,213

EC

Finance

plc,

3.00%

,

10/15/26

(c)

..

EUR

4,978

4,668,787

eG

Global

Finance

plc

(c)

3.63%,

02/07/24

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

800

756,225

4.38%,

02/07/25

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

1,100

1,026,895

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

6.25%,

10/30/25

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

EUR

535

$

506,990

EnQuest

plc,

7.00%

,

(7.00%

Cash

or

7.00%

PIK),

10/15/23

(a)(c)(k)

......

USD

3,100

2,929,500

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(c)

GBP

1,507

1,636,103

HSBC

Bank

plc

(b)(l)

Series

2M,

(LIBOR

USD

6

Month

+

0.25%),

1.75%

...........

USD

2,800

2,135,000

Series

3M,

(LIBOR

USD

6

Month

+

0.10%),

2.98%

...........

1,180

902,700

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

3.13%

...........

5,270

4,031,550

International

Consolidated

Airlines

Group

SA

(c)

0.50%,

07/04/23

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

EUR

1,300

1,275,444

2.75%,

03/25/25

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

1,000

912,343

1.13%,

05/18/28

(

i

)

...........

13,400

9,557,795

3.75%,

03/25/29

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

2,200

1,722,448

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(c)(d)(

i

)

(m)

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

GBP

4,500

1,260,423

Ithaca

Energy

North

Sea

plc,

9.00%

,

07/15/26

(a)

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

USD

1,500

1,454,880

Jaguar

Land

Rover

Automotive

plc,

2.20%

,

01/15/24

(c)

...........

EUR

4,500

4,284,077

Just

Eat

Takeaway.com

NV,

Series

A,

0.00%

,

08/09/25

(c)(

i

)(j)

..........

1,800

1,315,289

Kane

Bidco

Ltd.,

5.00%

,

02/15/27

(c)

..

1,108

1,010,885

Ladbrokes

Group

Finance

plc,

5.13%

,

09/08/23

(c)

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

GBP

2,800

3,375,742

Lloyds

Banking

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%

,

12/14/46

(b)

...........

USD

3,544

2,541,402

Market

Bidco

Finco

plc,

5.50%

,

11/04/27

(c)

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

GBP

1,090

1,108,381

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(k)

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

560

339,137

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

USD

11,958

11,556,211

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(c)

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

GBP

948

1,044,799

Playtech

plc,

3.75%

,

10/12/23

(c)

....

EUR

3,500

3,492,217

Sherwood

Financing

plc,

6.00%

,

11/15/26

(c)

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

GBP

1,800

1,753,632

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

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

2,955

3,405,174

8.25%,

07/31/25

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

7,839

9,023,673

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%

,

03/30/32

(c)(n)

...

2,635

3,672,052

Very

Group

Funding

plc

(The),

6.50%

,

08/01/26

(c)

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

2,767

2,630,014

Virgin

Media

Secured

Finance

plc,

5.25%

,

05/15/29

(c)

...........

1,266

1,402,979

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

360

381,415

Vmed

O2

UK

Financing

I

plc,

4.00%

,

01/31/29

(c)

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

9,409

10,024,162

William

Hill

Ltd.,

4.88%

,

09/07/23

(c)

..

2,000

2,453,575

131,593,093

United

States

—

35.0%

Adient

Global

Holdings

Ltd.,

3.50%

,

08/15/24

(c)

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

EUR

3,500

3,411,330

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

USD

140

121,316

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Allied

Universal

Holdco

LLC

(c)

3.63%,

06/01/28

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

EUR

117

$

99,102

4.88%,

06/01/28

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

GBP

200

199,232

Altria

Group,

Inc.,

3.70%

,

02/04/51

..

USD

97

64,546

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(e)

....

5,470

5,422,734

American

Airlines

Pass-Through

Trust

(e)

Series

2011-1,

Class

B,

4.87%,

04/22/25

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

3,235

3,178,375

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

5,651

5,418,419

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(e)

...........

5,609

5,462,113

American

Tower

Corp.,

3.10%

,

06/15/50

96

70,254

Amgen,

Inc.,

3.00%

,

01/15/52

.....

96

72,401

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

4,000

3,980,584

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

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

150

143,689

Antero

Resources

Corp.,

8.38%

,

07/15/26

(a)

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

5,000

5,437,500

Aptiv

plc,

3.10%

,

12/01/51

........

96

63,817

Ardagh

Metal

Packaging

Finance

USA

LLC

3.25%,

09/01/28

(a)

...........

360

334,191

3.00%,

09/01/29

(c)

...........

EUR

321

269,244

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(a)

...........

USD

360

343,800

2.13%,

08/15/26

(c)

...........

EUR

3,888

3,365,985

4.75%,

07/15/27

(c)

...........

GBP

4,489

4,080,528

Ashton

Woods

USA

LLC

(a)

4.63%,

08/01/29

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

USD

86

66,663

4.63%,

04/01/30

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

230

174,631

AT&T,

Inc.

3.50%,

09/15/53

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

96

75,893

3.65%,

09/15/59

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

96

74,803

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

464

217,955

Avient

Corp.,

7.13%

,

08/01/30

(a)

....

2,000

2,060,840

Bank

of

America

Corp.

(b)

(SOFR

+

1.75%),

4.83%,

07/22/26

4,460

4,531,442

(SOFR

+

1.56%),

2.97%,

07/21/52

191

142,435

Bank

of

New

York

Mellon

Corp.

(The),

(SOFR

+

1.35%),

4.41%

,

07/24/26

(b)

2,910

2,958,318

Bausch

Health

Cos.,

Inc.

(a)

5.50%,

11/01/25

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

96

85,440

6.13%,

02/01/27

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

522

444,384

4.88%,

06/01/28

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

103

82,014

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

64

63,831

Boyd

Gaming

Corp.,

4.75%

,

12/01/27

34

32,670

BP

Capital

Markets

America,

Inc.,

3.00%

,

03/17/52

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

97

73,979

Broadcom,

Inc.

4.15%,

11/15/30

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

10,000

9,487,804

3.75%,

02/15/51

(a)

...........

96

74,729

Buckeye

Partners

LP

4.35%,

10/15/24

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

275

270,143

4.13%,

03/01/25

(a)

...........

1,125

1,085,625

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

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

2,399

2,393,002

8.13%,

07/01/27

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

374

374,000

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

129

128,634

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Callon

Petroleum

Co.,

7.50%

,

06/15/30

(a)

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

USD

2,325

$

2,229,884

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

31

29,159

Capital

One

Financial

Corp.,

(SOFR

+

2.16%),

4.99%

,

07/24/26

(b)

.....

8,000

8,073,175

Carnival

Corp.,

10.13%

,

02/01/26

(c)

..

EUR

11,329

12,114,324

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

USD

3,740

2,683,359

CCO

Holdings

LLC,

5.13%

,

05/01/27

(a)

4,000

3,917,800

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

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

133

130,015

Celanese

US

Holdings

LLC

5.90%,

07/05/24

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

10,000

10,071,045

6.17%,

07/15/27

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

6,040

6,134,523

Centene

Corp.

2.45%,

07/15/28

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

529

473,455

2.63%,

08/01/31

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

360

306,986

Change

Healthcare

Holdings

LLC,

5.75%

,

03/01/25

(a)

...........

9,678

9,631,255

Charter

Communications

Operating

LLC

4.40%,

04/01/33

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

15,000

13,921,078

3.90%,

06/01/52

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

144

104,033

5.25%,

04/01/53

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

10,000

8,752,975

3.85%,

04/01/61

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

143

97,678

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

300

284,385

Cheniere

Energy

Partners

LP,

4.50%

,

10/01/29

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

USD

19

18,408

Colgate

Energy

Partners

III

LLC

(a)

7.75%,

02/15/26

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

52

51,017

5.88%,

07/01/29

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

113

103,432

Comcast

Corp.

2.94%,

11/01/56

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

96

70,040

2.99%,

11/01/63

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

192

137,623

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

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

122

108,669

Crown

European

Holdings

SA,

0.75%

,

02/15/23

(c)

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

EUR

900

912,946

CSC

Holdings

LLC,

5.25%

,

06/01/24

.

USD

96

95,040

Dana,

Inc.,

4.25%

,

09/01/30

......

67

55,770

Dell

International

LLC,

3.45%

,

12/15/51

(a)

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

191

134,924

Discovery

Communications

LLC,

4.00%

,

09/15/55

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

96

69,713

Earthstone

Energy

Holdings

LLC,

8.00%

,

04/15/27

(a)

...........

660

630,505

Entegris

Escrow

Corp.,

5.95%

,

06/15/30

(a)

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

6,000

5,955,000

EQM

Midstream

Partners

LP,

7.50%

,

06/01/27

(a)

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

4,000

4,087,620

Equinix

,

Inc.,

2.63%

,

11/18/24

.....

6,649

6,442,114

Fidelity

National

Information

Services,

Inc.

4.50%,

07/15/25

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

4,555

4,624,621

5.10%,

07/15/32

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

1,570

1,630,623

Ford

Motor

Co.,

3.25%

,

02/12/32

...

93

77,655

Ford

Motor

Credit

Co.

LLC,

3.35%

,

11/01/22

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

730

728,007

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

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

115

101,649

5.00%,

03/01/28

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

1,399

1,227,301

Freed

Corp.,

10.00%

,

12/01/23

(e)

...

1,070

1,024,525

Freedom

Mortgage

Corp.

(a)

8.13%,

11/15/24

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

369

330,255

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

8.25%,

04/15/25

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

USD

325

$

290,875

Freeport-McMoRan,

Inc.,

3.88%

,

03/15/23

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

7,000

6,974,350

FreeWire

Technologies,

Inc.,

0.00%

,

03/31/25

(b)(e)

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

630

549,675

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

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

5,536

5,453,735

5.00%,

05/01/28

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

3,511

3,299,427

6.75%,

05/01/29

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

5,503

4,897,670

8.75%,

05/15/30

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

6,294

6,683,536

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

8,360

7,941,987

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,500

1,421,250

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

118

96,058

Garden

Spinco

Corp.,

8.63%

,

07/20/30

(a)

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

3,984

4,183,320

Gilead

Sciences,

Inc.,

2.80%

,

10/01/50

96

70,925

Global

Payments,

Inc.,

4.00%

,

06/01/23

5,000

4,999,267

GLP

Capital

LP,

4.00%

,

01/15/31

...

213

190,333

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

7,936

5,791,534

GXO

Logistics,

Inc.

1.65%,

07/15/26

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

70

60,728

2.65%,

07/15/31

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

355

278,136

HCA,

Inc.

5.38%,

02/01/25

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

388

395,771

3.50%,

09/01/30

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

152

138,698

3.50%,

07/15/51

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

191

141,046

Hess

Midstream

Operations

LP,

5.63%

,

02/15/26

(a)

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

1,000

996,250

HF

Sinclair

Corp.,

5.88%

,

04/01/26

(a)

.

5,000

5,124,748

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(e)

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

1,201

1,124,496

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

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

363

339,891

iHeartCommunications

,

Inc.,

5.25%

,

08/15/27

(a)

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

2,000

1,828,400

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

67

53,138

Jazz

Securities

DAC,

4.38%

,

01/15/29

(a)

1,500

1,444,275

JPMorgan

Chase

&

Co.,

(SOFR

+

1.99%),

4.85%

,

07/25/28

(b)

.....

6,195

6,357,779

Kinder

Morgan,

Inc.

5.63%,

11/15/23

(a)

...........

5,000

5,079,705

4.80%,

02/01/33

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

10,000

10,119,920

Kinetik

Holdings

LP,

5.88%

,

06/15/30

(a)

49

49,774

KLA

Corp.,

4.65%

,

07/15/32

......

3,235

3,465,345

Level

3

Financing,

Inc.,

4.63%

,

09/15/27

(a)

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

1,000

914,040

Lightning

eMotors

,

Inc.,

7.50%

,

05/15/24

(a)(

i

)

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

200

142,400

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

5,800

4,721,399

Lowe's

Cos.,

Inc.,

3.00%

,

10/15/50

..

96

71,144

Lumen

Technologies,

Inc.,

5.13%

,

12/15/26

(a)

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

6,225

5,670,290

Macy's

Retail

Holdings

LLC

(a)

5.88%,

04/01/29

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

300

263,486

5.88%,

03/15/30

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

7,148

6,127,937

Magallanes,

Inc.,

3.64%

,

03/15/25

(a)

.

9,000

8,810,925

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Marriott

Ownership

Resorts,

Inc.,

6.13%

,

09/15/25

(a)

...........

USD

175

$

175,875

Marvell

Technology,

Inc.,

1.65%

,

04/15/26

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

2,000

1,834,722

Mattel,

Inc.,

5.88%

,

12/15/27

(a)

.....

2,500

2,556,250

Maxar

Technologies,

Inc.,

7.75%

,

06/15/27

(a)

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

5,750

5,885,355

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

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

779

704,021

Microchip

Technology,

Inc.

2.67%,

09/01/23

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

1,306

1,287,593

4.25%,

09/01/25

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

6,500

6,471,361

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

284

259,173

Morgan

Stanley,

(SOFR

+

1.67%),

4.68%

,

07/17/26

(b)

...........

2,960

3,008,895

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

61

56,495

5.50%,

08/15/28

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

290

254,837

5.13%,

12/15/30

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

285

236,997

5.75%,

11/15/31

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

134

112,058

Netflix,

Inc.

4.63%,

05/15/29

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

EUR

960

1,004,951

3.63%,

06/15/30

(c)

...........

1,600

1,544,771

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

USD

108

87,493

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

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

17

17,047

4.75%,

11/01/28

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

185

172,513

Northern

Oil

&

Gas,

Inc.,

8.13%

,

03/01/28

(a)

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

2,000

1,935,000

Occidental

Petroleum

Corp.,

8.50%

,

07/15/27

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

385

439,862

Oracle

Corp.

2.95%,

11/15/24

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

5,000

4,910,715

2.95%,

05/15/25

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

6,000

5,849,359

3.60%,

04/01/50

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

191

139,211

3.85%,

04/01/60

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

96

68,417

Organon

&

Co.,

4.13%

,

04/30/28

(a)

..

2,000

1,891,000

Owens

&

Minor,

Inc.,

6.63%

,

04/01/30

(a)

3,965

3,965,634

Pacific

Gas

&

Electric

Co.

4.95%,

06/08/25

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

3,000

2,966,037

5.45%,

06/15/27

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

2,500

2,481,006

3.25%,

06/01/31

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

1,250

1,046,208

5.90%,

06/15/32

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

4,000

3,991,747

4.50%,

07/01/40

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

7,250

5,919,813

4.20%,

06/01/41

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

1,000

767,634

4.60%,

06/15/43

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

750

592,083

Paramount

Global,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%

,

03/30/62

(b)

10,746

10,149,977

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

388

357,288

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

778

842,761

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

7,000

7,000,000

Pitney

Bowes,

Inc.

(a)

6.88%,

03/15/27

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

8,000

6,444,556

7.25%,

03/15/29

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

7,000

5,495,566

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

73

65,484

Range

Resources

Corp.,

5.00%

,

03/15/23

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

75

75,290

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Rocket

Mortgage

LLC,

3.63%

,

03/01/29

(a)

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

USD

292

$

249,660

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

6,877

6,996,660

7.38%,

09/01/25

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

5,484

5,437,907

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

1,481

1,482,925

Service

Properties

Trust

4.50%,

06/15/23

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

3,745

3,605,636

4.35%,

10/01/24

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

97

86,790

4.50%,

03/15/25

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

411

348,940

7.50%,

09/15/25

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

4,572

4,432,828

Skyworks

Solutions,

Inc.,

0.90%

,

06/01/23

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

6,548

6,365,165

SM

Energy

Co.

6.75%,

09/15/26

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

1,000

990,000

6.63%,

01/15/27

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

2,000

1,992,500

Sonder

Corp.,

7.93%

,

01/19/27

(b)(e)

..

1,272

1,106,588

Southern

Co.

(The),

4.48%

,

08/01/24

(n)

7,805

7,873,305

Sprint

Corp.

7.88%,

09/15/23

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

9,569

9,921,235

7.13%,

06/15/24

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

2,423

2,538,092

Sprint

Spectrum

Co.

LLC,

4.74%

,

03/20/25

(a)

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

3,438

3,454,405

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

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

65

60,769

Stem,

Inc.,

0.50%

,

12/01/28

(a)(

i

)

.....

47

32,188

Sun

Country

Airlines,

5.75%

,

03/15/29

(e)

13,384

12,882,249

Sun

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(e)

........

13,498

12,991,929

Sunoco

LP,

4.50%

,

04/30/30

......

275

241,180

Talen

Energy

Supply

LLC

(a)(d)(m)

7.25%,

05/15/27

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

332

329,305

6.63%,

01/15/28

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

583

568,933

Tampa

Electric

Co.,

3.88%

,

07/12/24

.

2,125

2,133,403

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

631

596,295

Tenet

Healthcare

Corp.

(a)

4.63%,

06/15/28

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

45

42,464

4.25%,

06/01/29

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

194

180,420

4.38%,

01/15/30

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

359

333,482

Tenneco,

Inc.,

5.00%

,

07/15/26

....

5,250

5,158,125

T-Mobile

USA,

Inc.

3.30%,

02/15/51

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

143

109,367

3.40%,

10/15/52

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

144

110,831

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

10

9,602

5.70%,

06/15/28

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

29

27,734

Trimble,

Inc.,

4.15%

,

06/15/23

.....

3,727

3,734,681

Triton

Water

Holdings,

Inc.,

6.25%

,

04/01/29

(a)

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

238

178,983

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

814

741,017

Univision

Communications,

Inc.

(a)

5.13%,

02/15/25

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

2,250

2,188,125

6.63%,

06/01/27

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

3,000

3,007,500

7.38%,

06/30/30

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

4,057

4,108,159

Venture

Global

Calcasieu

Pass

LLC,

3.88%

,

11/01/33

(a)

...........

210

182,309

Verizon

Communications,

Inc.,

2.99%

,

10/30/56

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

191

139,474

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

6,257

5,537,445

ViaSat

,

Inc.,

5.63%

,

04/15/27

(a)

.....

3,250

3,064,425

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

VICI

Properties

LP

5.75%,

02/01/27

(a)

...........

USD

101

$

100,574

5.13%,

05/15/32

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

361

358,765

5.63%,

05/15/52

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

130

125,613

Vistra

Operations

Co.

LLC

(a)

4.88%,

05/13/24

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

5,000

4,961,473

5.13%,

05/13/25

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

10,000

9,996,500

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

165

135,731

Western

Digital

Corp.,

4.75%

,

02/15/26

6,200

6,109,287

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

24

23,806

Wynn

Las

Vegas

LLC,

5.50%

,

03/01/25

(a)

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

97

95,566

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

517

451,082

Xerox

Holdings

Corp.

(a)

5.00%,

08/15/25

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

11,000

10,631,665

5.50%,

08/15/28

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

7,250

6,458,453

XHR

LP

(a)

6.38%,

08/15/25

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

119

119,846

4.88%,

06/01/29

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

60

54,113

538,835,203

Zambia

—

0.3%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

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

2,500

2,473,125

6.88%,

03/01/26

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

2,085

2,021,408

4,494,533

Total

Corporate

Bonds

—

62.3%

(Cost:

$1,124,126,589)

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

960,688,043

Floating

Rate

Loan

Interests

Canada

—

0.3%

(b)

Clarios

Global

LP,

1st

Lien

Term

Loan,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 04/30/26

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

EUR

4,600

4,357,661

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

6.10%

,

 11/01/26

.......

USD

60

58,050

4,415,711

France

—

0.4%

(b)

Bidco

SB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.23%

,

 11/16/28

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

EUR

1,500

1,441,091

Emeria

Holding,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 03/27/28

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

2,000

1,878,651

Inovie

Group,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 03/03/28

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

1,000

956,342

Tarkett

Participation,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.43%),

3.66%

,

 04/21/28

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

2,831

2,406,632

6,682,716

Germany

—

0.6%

(b)

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.53%

,

 01/16/25

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

6,200

5,980,270

Tele

Columbus

AG,

Facility

Term

Loan

A3,

10/15/24

(o)

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

1,900

1,718,577

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(EURIBOR

6

Month

+

4.50%),

5.13%

,

 10/02/26

......

EUR

3,060

$

2,214,658

9,913,505

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

(e)

(LIBOR

GBP

6

Month

+

0.00%),

16.50%, 11/10/27

(b)

........

GBP

284

328,782

0.00%, 11/09/29

(p)

...........

213

51,980

380,762

Luxembourg

—

0.8%

(b)

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(EURIBOR

3

Month

+

0.00%),

2.00%

,

 10/30/22

(e)

.....

EUR

79

8

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 07/03/28

......

3,400

3,167,192

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.87%

,

 05/05/28

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

USD

4,144

4,042,277

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

04/12/28

(o)

..........

EUR

427

371,813

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 11/12/26

.......

2,900

2,716,248

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2,

(EURIBOR

6

Month

+

3.75%),

3.75%

,

 02/24/29

......

2,400

2,262,819

Travelport

Finance

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

7.25%

,

 05/29/26

......

USD

375

288,607

12,848,964

Netherlands

—

0.7%

(b)

Flutter

Entertainment

plc,

Term

Loan,

(SOFR

3

Month

+

2.25%),

4.50%

,

 07/21/26

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

741

726,215

Median

BV,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

5.00%),

5.23%

,

 10/14/27

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

EUR

6,000

5,595,723

Nobel

Bidco

BV,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 09/01/28

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

4,000

3,361,400

Peer

Holding

III

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.25%),

3.25%

,

 01/16/27

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

1,500

1,477,777

11,161,115

Norway

—

0.3%

Silk

Bidco

AS,

Facility

Term

Loan

B,

02/24/25

(b)(o)

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

6,000

4,424,454

Singapore

—

0.0%

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

6.88%

,

 01/29/26

(b)

...........

USD

233

209,601

Spain

—

0.1%

(b)

Invictus

Media

SLU,

Facility

2nd

Lien

Term

Loan,

12/26/25

(e)(o)

.......

EUR

85

78,411

Invictus

Media

SLU,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 06/26/25

(e)

...........

2

2,219

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Invictus

Media

SLU,

Facility

Term

Loan

B2,

(EURIBOR

1

Month

+

0.00%),

0.00%

-

6.75%

,

 06/26/25

(e)

.....

EUR

1

$

1,387

Pax

Midco

Spain

SLU,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 07/01/26

......

1,281

1,115,724

1,197,741

Sweden

—

0.3%

Quimper

AB,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

2.93%),

2.93%

,

 02/16/26

(b)

...........

4,675

4,383,892

United

Kingdom

—

0.4%

(b)

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.88%

,

 12/11/26

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

USD

798

766,791

Entain

plc,

Facility

Term

Loan

B,

(LIBOR

USD

6

Month

+

2.25%),

3.74%

,

 03/29/27

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

554

535,462

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

4.00%

,

 06/13/24

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

EUR

4,448

4,157,109

5,459,362

United

States

—

8.2%

2U,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

8.00%

,

 12/30/24

(b)

USD

615

587,893

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.92%

-

6.50%

,

 05/17/28

(b)

.....

495

350,970

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

6.91%

,

 02/02/26

(b)

.....

177

155,744

Altar

BidCo

,

Inc.,

1st

Lien

Term

Loan,

02/01/29

(b)(o)

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

3,410

3,235,238

Altar

BidCo

,

Inc.,

2nd

Lien

Term

Loan,

(SOFR

6

Month

+

5.60%),

7.35%

,

 02/01/30

(b)

...........

12,786

11,549,977

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(SOFR

1

Month

+

3.00%),

4.87%

,

 04/22/26

(b)

.....

343

295,960

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(SOFR

3

Month

+

5.00%),

7.20%

,

 12/30/27

(b)

.....

759

690,858

American

Auto

Auction

Group

LLC,

2nd

Lien

Term

Loan

B,

(SOFR

3

Month

+

8.75%),

10.80%

,

 01/02/29

(b)(e)

...

406

365,400

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

6.37%

,

 06/09/28

(b)(e)

....

93

85,848

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

5.25%),

7.17%

,

 02/08/29

(b)

...........

200

174,241

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

6.26%

,

 11/24/27

(b)

186

172,142

Avaya,

Inc.,

Term

Loan

B1,

(SOFR

1

Month

+

4.25%),

6.25%

,

 12/15/27

(b)

776

379,134

Avaya,

Inc.,

Term

Loan

B2,

12/15/27

(b)(o)

341

168,303

Avaya,

Inc.,

Term

Loan

B3,

(SOFR

1

Month

+

10.00%),

11.96%

,

 12/15/27

(b)(e)

.........

2,666

1,626,260

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.86%

,

 03/03/25

(b)

.....

USD

971

$

827,239

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(p)

.....

329

327,205

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

5.05%

,

 10/02/28

(b)

...........

551

521,739

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

3.75%),

5.98%

,

 02/12/25

(b)

...........

2,537

2,520,846

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

9.56%

,

 10/30/28

(b)(e)

....

1,364

1,363,699

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.25%

,

 11/30/27

(b)

...........

103

98,984

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.87%

,

 07/21/25

(b)

.....

138

134,889

Carnival

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.88%

,

 06/30/25

(b)

...........

349

331,780

Central

Parent,

Inc.,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

4.50%),

6.61%

,

 07/06/29

(b)

...........

384

372,722

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(SOFR

1

Month

+

2.50%),

4.87%

,

 03/01/24

(b)

...........

5,952

5,868,732

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.30%

,

 04/05/28

(b)

.....

166

143,648

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

5.06%

,

 05/14/28

(b)

...........

37

36,284

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 05/17/28

(b)

.....

89

75,554

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 09/29/28

(b)

...........

180

171,631

CoreLogic

,

Inc.,

2nd

Lien

Term

Loan,

06/04/29

(b)(o)

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

750

555,000

Coty

Inc.,

Term

Loan

B,

(EURIBOR

1

Month

+

2.50%),

2.50%

,

 04/07/25

(b)

EUR

2,374

2,314,438

Diamond

(BC)

BV,

Term

Loan,

09/29/28

(b)(o)

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

USD

249

237,528

DirectV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

7.37%

,

 08/02/27

(b)

...........

351

330,312

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

7.62%

,

 12/21/28

(b)

...........

241

208,807

DS

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.75%),

8.00%

,

 12/10/28

(b)

...........

376

358,003

DT

Midstream,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.69%

-

4.37%

,

 06/26/28

(b)

...........

124

124,191

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.55%

,

 02/06/26

(b)

.....

705

685,131

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ECL

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

9.75%

,

 05/01/28

(b)

...........

USD

399

$

396,975

Eis

Group,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(b)

..........

584

566,538

Emerald

Technologies

Acquisitionco

,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

6.25%),

8.68%

,

 12/29/27

(b)

.....

300

286,106

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

10.12%

,

 07/31/28

(b)

.....

561

551,463

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(SOFR

3

Month

+

3.00%),

5.25%

,

 03/08/24

(b)

...........

2,146

1,528,224

Everi

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

4.75%

,

 08/03/28

(b)

...........

73

70,872

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

6.06%

,

 11/24/28

(b)

...........

284

274,359

Fertitta

Entertainment

LLC,

Term

Loan

B,

(SOFR

1

Month

+

4.00%),

6.33%

,

 01/27/29

(b)

...........

377

359,021

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

7.62%

,

 11/01/28

(b)(e)

....

175

160,598

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.62%

-

6.06%

,

 01/31/28

(b)

...........

76

70,166

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 05/01/28

(b)

....

5,451

5,188,198

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

4.37%

,

 08/10/27

(b)

.....

401

391,553

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

6.91%

,

 08/31/27

(b)

...........

7,826

5,950,601

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

8.83%

,

 07/20/26

(b)(e)

....

461

452,379

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

6.37%

,

 12/01/27

(b)

.....

1,980

1,929,406

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

5.37%

,

 08/02/28

(b)

.....

499

488,619

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(SOFR

3

Month

+

3.50%),

4.84%

,

 02/26/29

(b)

...........

209

185,906

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

8.38%

,

 10/25/28

(b)(e)

....

171

159,160

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

5.13%

,

 10/27/28

(b)

...........

8,522

8,271,362

ITT

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

5.12%

,

 07/10/28

(b)

...........

151

143,317

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 04/26/28

(b)

...........

USD

326

$

309,670

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

7.12%

,

 10/04/28

(b)(e)

..........

131

125,430

Jeld-Wen

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

4.62%

,

 07/28/28

(b)

...........

321

301,354

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(SOFR

1

Month

+

6.00%),

8.41%

,

 12/22/26

(b)

...........

128

125,307

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.42%

-

7.12%

,

 12/17/27

(b)

805

690,822

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.94%

,

 10/19/26

(b)

.....

679

652,285

LSF11

A5

Holdco

LLC,

Term

Loan,

(SOFR

1

Month

+

3.50%),

5.94%

,

 10/15/28

(b)

...........

330

318,342

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

9.07%

,

 09/03/26

(b)

.....

209

188,476

Medical

Solutions

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

9.88%

,

 11/01/29

(b)

.....

461

423,350

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.62%

,

 10/23/28

(b)

...........

1,842

1,756,601

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.81%

,

 08/02/28

(b)(e)

....

2

2,375

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.50%),

8.81%

,

 08/02/29

(b)

.....

598

538,948

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

3.75%),

6.12%

,

 09/13/24

(b)

...........

997

967,461

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

8.62%

,

 02/23/29

(b)

...........

637

602,494

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

13.25%

,

 06/30/27

(b)

.....

1,242

1,136,666

MIP

V

Waste

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.62%

,

 12/08/28

(b)

...........

200

193,815

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

3.25%),

5.40%

-

5.68%

,

 01/24/29

(b)

...........

413

394,082

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(SOFR

3

Month

+

6.00%),

8.15%

,

 01/24/30

(b)

...........

2,335

2,116,993

Organon

&

Co.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 06/02/28

(b)

...........

EUR

3,944

3,846,423

OVG

Business

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

7.25%

,

 11/20/28

(b)

.....

USD

455

426,431

Owens

&

Minor,

Inc.,

Term

Loan

B1,

(SOFR

1

Month

+

3.75%),

6.18%

,

 03/29/29

(b)

...........

4,583

4,559,602

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

5.53%

,

 12/28/27

(b)

.....

USD

93

$

82,242

PG&E

Corp.,

Term

Loan,

(SOFR

1

Month

+

3.00%),

5.38%

,

 06/23/25

(b)

761

734,021

Ping

Identity

Corp.,

Term

Loan,

(SOFR

1

Month

+

3.75%),

6.18%

,

 11/23/28

(b)

(e)

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

5,985

5,700,713

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

5.12%

,

 03/13/28

(b)

...........

488

473,878

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

6

Month

+

8.50%),

10.01%

-

11.30%

,

 03/04/25

(b)(e)

.........

445

435,837

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.62%

,

 03/10/28

(b)

5,019

4,787,312

Proofpoint

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.82%

,

 08/31/29

(b)

...........

733

704,596

RealPage

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

8.87%

,

 04/23/29

(b)

...........

1,293

1,240,064

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.53%

,

 04/27/28

(b)

.....

7,486

6,313,079

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

10.52%

,

 04/27/29

(b)

.....

4,548

3,800,445

Restoration

Hardware,

Inc.,

Term

Loan,

(SOFR

1

Month

+

3.25%),

5.68%

,

 10/20/28

(b)

...........

482

438,220

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

6.81%

,

 03/16/27

(b)

.....

441

408,928

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

5.38%

,

 08/25/28

(b)

.....

704

669,230

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.87%

,

 09/23/27

(b)

.....

83

76,810

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.87%

,

 04/03/28

(b)

...........

257

191,302

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

10.25%

,

 10/09/28

(b)

..........

2,250

2,207,813

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.87%

,

 06/08/28

(b)

61

57,847

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

6.31%

,

 06/02/28

(b)

...........

413

392,705

Talen

Energy

Supply

LLC,

Term

Loan,

(SOFR

3

Month

+

4.75%),

5.95%

-

6.68%

,

 11/13/23

(b)

...........

546

542,178

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

8.92%

-

9.63%

,

 03/03/28

(b)

632

625,909

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 03/31/28

(b)

.....

173

153,219

UKG,

Inc.,

1st

Lien

Term

Loan,

05/04/26

(b)(o)

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

499

482,772

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

United

AirLines

,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

6.53%

,

 04/21/28

(b)

...........

USD

—

(q)

$

468

Univision

Communications,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

5.62%

,

 03/15/26

(b)

796

775,584

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.00%),

3.57%

,

 09/13/26

(b)

...........

698

678,369

USI,

Inc.,

Term

Loan,

(SOFR

3

Month

+

3.00%),

5.25%

,

 05/16/24

(b)

.....

499

489,542

Vaco

Holdings

LLC,

Term

Loan,

(SOFR

3

Month

+

5.00%),

7.20%

,

 01/21/29

(b)(e)

..........

292

284,247

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.22%

,

 10/04/28

(b)(e)

....

98

91,645

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

7.25%

,

 09/01/25

(b)

...........

884

744,816

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

6.37%

,

 08/27/25

(b)

...........

5,969

5,801,480

White

Cap

Buyer

LLC,

Term

Loan,

(SOFR

1

Month

+

3.75%),

6.08%

,

 10/19/27

(b)

...........

690

657,713

Wilsonart

LLC,

Term

Loan

E,

12/31/26

(b)

(o)

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

787

728,181

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

5.00%

,

 03/24/28

(b)

.....

60

58,503

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.81%

,

 12/21/27

(b)

.....

150

145,222

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

5.37%

,

 03/09/27

(b)

...........

92

84,704

125,607,674

Total

Floating

Rate

Loan

Interests

—

12.1%

(Cost:

$211,437,840)

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

186,685,497

Foreign

Agency

Obligations

Colombia

—

0.0%

Ecopetrol

SA,

4.63%

,

11/02/31

.....

230

188,025

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)

...........

200

158,100

346,125

France

—

0.7%

Electricite

de

France

SA

(b)(c)(l)

(BPSWS13

+

4.23%),

6.00%

...

GBP

2,000

2,264,718

(BPISDS15

+

3.32%),

5.88%

...

1,900

2,030,525

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

...........

EUR

8,000

6,503,558

10,798,801

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

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

USD

231

216,245

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.1%

Comision

Federal

de

Electricidad

,

4.88%

,

01/15/24

(c)

...........

USD

223

$

222,442

Petroleos

Mexicanos

6.50%,

03/13/27

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

463

418,274

8.75%,

06/02/29

(a)

...........

226

212,059

5.95%,

01/28/31

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

311

240,247

6.70%,

02/16/32

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

230

183,368

1,276,390

Morocco

—

0.0%

OCP

SA,

5.13%

,

06/23/51

(c)

.......

200

142,413

Oman

—

0.0%

OQ

SAOC,

5.13%

,

05/06/28

(a)

.....

200

189,850

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

200

165,975

Total

Foreign

Agency

Obligations

—

0.8%

(Cost:

$16,361,578)

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

13,135,799

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

6.75%,

09/20/29

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

219

213,019

5.45%,

09/16/32

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

200

168,037

381,056

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

200

184,000

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

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

536

513,488

3.88%,

04/25/27

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

340

310,845

3.13%,

04/15/31

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

646

510,259

1,334,592

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

...........

440

431,695

5.50%,

02/22/29

(a)

...........

165

152,707

4.50%,

01/30/30

(a)

...........

244

209,581

4.88%,

09/23/32

(a)

...........

175

146,595

6.40%,

06/05/49

(c)

...........

150

122,794

1,063,372

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.50%

,

02/16/61

(a)

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

200

112,000

Guatemala

—

0.0%

Republic

of

Guatemala

4.50%,

05/03/26

(c)

...........

200

196,350

5.38%,

04/24/32

(a)

...........

200

197,662

394,012

Hungary

—

0.0%

Hungary

Government

Bond,

5.25%

,

06/16/29

(a)

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

200

202,943

Indonesia

—

0.1%

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(a)

.........

200

204,000

Republic

of

Indonesia

3.50%,

01/11/28

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

200

196,725

4.10%,

04/24/28

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

200

202,350

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

3.40%,

09/18/29

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

USD

200

$

192,413

795,488

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

6.38%

,

03/03/28

(c)

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

400

366,000

Mexico

—

0.1%

Petroleos

Mexicanos

,

6.38%

,

01/23/45

173

115,261

United

Mexican

States

3.75%,

01/11/28

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

295

289,100

3.25%,

04/16/30

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

239

217,460

2.66%,

05/24/31

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

235

201,278

823,099

Morocco

—

0.0%

Kingdom

of

Morocco

(a)

2.38%,

12/15/27

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

267

231,289

3.00%,

12/15/32

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

255

202,087

433,376

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(a)

...........

200

154,750

7.88%,

02/16/32

(c)

...........

200

140,000

294,750

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

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

258

229,620

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

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

200

193,913

3.16%,

01/23/30

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

543

491,347

685,260

Paraguay

—

0.0%

Republic

of

Paraguay

4.70%,

03/27/27

(c)

...........

200

203,037

4.95%,

04/28/31

(a)

...........

200

197,600

400,637

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

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

241

212,351

1.86%,

12/01/32

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

173

137,405

349,756

Qatar

—

0.0%

State

of

Qatar,

4.00%

,

03/14/29

(a)

...

213

221,520

Romania

—

0.1%

Romania

Government

Bond

(a)

5.25%,

11/25/27

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

228

225,150

3.00%,

02/14/31

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

120

98,498

3.63%,

03/27/32

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

218

179,550

503,198

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

(c)

4.50%,

04/17/30

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

419

445,712

2.25%,

02/02/33

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

353

311,081

756,793

South

Africa

—

0.0%

Republic

of

South

Africa

4.85%,

09/30/29

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

200

183,288

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

South

Africa

(continued)

5.88%,

04/20/32

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

USD

200

$

185,250

368,538

Ukraine

—

0.0%

Ukraine

Government

Bond

7.75%,

09/01/23

(c)

...........

112

24,640

8.99%,

02/01/24

(c)

...........

224

42,560

7.75%,

09/01/25

(c)

...........

220

39,600

7.25%,

03/15/33

(a)

...........

234

44,109

150,909

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.38%

,

10/27/27

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

80

83,140

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$11,953,089)

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

10,134,059

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

3.2%

United

States

—

3.2%

(a)(b)

BX

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

4.80%,

06/15/38

..........

3,692

3,395,484

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

4.80%,

05/15/38

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

5,000

4,614,201

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2015-

RPL1,  0.00%,

02/15/24

.......

4,000

3,963,760

Extended

Stay

America

Trust

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

4.85%,

07/15/38

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

7,255

6,945,345

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

5.70%,

07/15/38

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

7,573

7,440,282

Med

Trust

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

6.00%,

11/15/38

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

8,000

7,473,072

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

7.25%,

11/15/38

..........

11,096

10,375,130

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

4.10%,

04/15/38

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

5,486

5,203,152

49,410,426

Total

Non-Agency

Mortgage-Backed

Securities

—

3.2%

(Cost:

$52,026,276)

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

49,410,426

Preferred

Securities

Capital

Trusts

—

0.0%

United

States

—

0.0%

Vistra

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%

(a)(b)(l)

......

200

185,988

Total

Capital

Trusts

—

0.0%  

(Cost:

$200,000)

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

185,988

Security

Shares

Shares

Value

Preferred

Stocks

—

0.2%

United

States

—

0.2%

(e)

Aiven

,

Inc.,

Series

D

(d)

...........

6,597

$

738,468

Cap

Hill

Brands

(d)

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

126,663

924,640

Dream

Finders

Homes,

Inc.

(l)

......

2,261

2,097,078

3,760,186

Total

Preferred

Stocks

—

0.2%  

(Cost:

$3,903,633)

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

3,760,186

Total

Preferred

Securities

—

0.2%

(Cost:

$4,103,633)

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

3,946,174

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

,

0.25%, 06/30/25

(r)

USD

4,850

4,500,838

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$4,855,579)

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

4,500,838

Shares

Shares

Warrants

Germany

—

0.0%

Tonies

SE

(Issued/exercisable

04/29/21,

1

share

for

1

warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(d)

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

109,736

39,254

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/exercisable

02/18/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(d)

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

71,516

7,309

Netherlands

—

0.0%

Climate

Transition

Capital

Acquisition

I

BV

(Issued/exercisable

06/29/21,

1

share

for

1

warrant,

Expires

06/29/26,

Strike

Price

EUR

11.50)

(d)

94,710

8,809

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)

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

35,901

17,233

Hedosophia

European

Growth

(Issued/

exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

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

167,092

34,155

51,388

United

States

—

0.0%

(d)

Altus

Power,

Inc.

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

01/22/26,

Strike

Price

USD

11.00)

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

4,294

7,986

Ascent

Resources

Marcellus

Minerals

(Issued/exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.80)

(e)

566,782

5,668

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Shares

Shares

Value

United

States

(continued)

Ascent

Resources

plc

(Issued/

exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.80)

(e)

...........

440,830

$

22,042

Aurora

Innovation,

Inc.

(Issued/

exercisable

05/04/21,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

1,905

812

Cano

Health,

Inc.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

10,579

Climate

Real

Impact

Solutions

II

Acquisition

Corp.

(Issued/

exercisable

07/06/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

838

96

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

12.50)

(e)

..........

16,190

1,133

Embark

Technology,

Inc.

(Issued/

exercisable

12/28/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

1,393

125

EVgo

,

Inc.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

17,464

Freewire

Warrants

Tranche

A

(Issued/

exercisable

03/31/22,

1

share

for

1

warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(e)

...........

70,430

83,812

Gores

Holdings

VIII,

Inc.

(Issued/

exercisable

01/28/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

3,296

2,274

Hyzon

Motors,

Inc.

(Issued/exercisable

12/10/20,

1

share

for

1

warrant,

Expires

10/02/25,

Strike

Price

USD

11.50)

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

15,531

9,786

KINS

Technology

Group,

Inc.

(Issued/

exercisable

02/04/21,

1

share

for

1

warrant,

Expires

12/31/25,

Strike

Price

USD

11.50)

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

45,102

3,698

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

10.00)

(e)

..........

53,160

4,784

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

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

6,894

724

Lightning

eMotors

,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

17,391

13,251

M3-Brigade

Acquisition

II

Corp.

(Issued/

exercisable

02/17/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

80,000

10,400

Offerpad

Solutions,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

4,156

Security

Shares

Shares

Value

United

States

(continued)

OPAL

Fuels,

Inc.

(Issued/exercisable

07/22/22,

1

share

for

1

warrant,

Expires

02/04/23,

Strike

Price

USD

11.50)

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

2,032

$

2,357

Pear

Therapeutics,

Inc.

(Issued/

exercisable

03/23/21,

1

share

for

1

warrant,

Expires

12/01/26,

Strike

Price

USD

11.50)

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

4,828

579

Proof

Acquisition

Corp.

I

(Issued/

exercisable

09/27/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(e)

..........

16,758

1,508

Sarcos

Technology

&

Robotics

Corp.

(Issued/exercisable

12/21/20,

1

share

for

1

warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

20,304

10,152

Sarcos

Technology

&

Robotics

Corp.

(Issued/exercisable

01/15/21,

1

share

for

1

warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

5,599

2,128

Science

Strategic

Acquisition

Corp.

Alpha

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

4,249

310

Sonder

Holdings,

Inc.

(Issued/

exercisable

01/19/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

12.50)

(e)

..........

18,705

187

Tishman

Speyer

Innovation

Corp.

II

(Issued/exercisable

01/27/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

1,522

183

TPB

Acquisition

Corp.

I

(Issued/

exercisable

02/19/21,

1

share

for

1

warrant,

Expires

02/19/23,

Strike

Price

USD

11.50)

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

5,728

1,203

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

756

Volta,

Inc.

(Issued/exercisable

10/22/20,

1

share

for

1

warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

9,180

3,764

221,917

Total

Warrants

—

0.0%

(Cost:

$1,292,409)

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

328,677

Total

Long-Term

Investments

—

83.0%

(Cost:

$1,502,213,622)

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

1,280,174,451

2022

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,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Borrowed

Bond

Agreements

(s)

Barclays

Bank

plc,

(2.45)%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

1,207,028,

collateralized

by

Engie

SA,

1.50%,

due

at

05/30/28,

par

and

fair

value

of

EUR

1,400,000

and

$1,153,570,

respectively)

(t)

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

EUR

1,190

$

1,215,910

Barclays

Bank

plc,

(1.45)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

1,614,137,

collateralized

by

Engie

SA,

1.50%,

due

at

05/30/28,

par

and

fair

value

of

EUR

1,900,000

and

$1,565,560,

respectively)

(t)

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

1,585

1,619,463

Barclays

Bank

plc,

(1.00)%, Open

(Purchased

on

05/10/22

to

be

repurchased

at

USD

283,526,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

329,000

and

$298,567,

respectively)

(t)

.......

USD

284

284,174

Barclays

Bank

plc,

(0.45)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

1,816,972,

collateralized

by

Avis

Budget

Finance

plc,

4.75%,

due

at

01/30/26,

par

and

fair

value

of

EUR

1,800,000

and

$1,699,381,

respectively)

(t)

..

EUR

1,781

1,820,208

Barclays

Bank

plc,

(0.35)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

2,515,327,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

0.13%,

due

at

03/24/27,

par

and

fair

value

of

EUR

2,600,000

and

$2,469,467,

respectively)

(t)

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

2,468

2,522,656

Barclays

Bank

plc,

(0.28)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

1,560,753,

collateralized

by

Infineon

Technologies

AG,

2.00%,

due

at

06/24/32,

par

and

fair

value

of

EUR

1,500,000

and

$1,475,232,

respectively)

(t)

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

1,531

1,564,917

Barclays

Bank

plc,

0.00%, Open

(Purchased

on

07/29/22

to

be

repurchased

at

USD

1,506,441,

collateralized

by

Avis

Budget

Finance

plc,

4.75%,

due

at

01/30/26,

par

and

fair

value

of

EUR

1,608,000

and

$1,518,113,

respectively)

(t)

...

1,474

1,506,441

Barclays

Bank

plc,

2.00%, Open

(Purchased

on

05/31/22

to

be

repurchased

at

USD

4,041,488,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

4,539,000

and

$4,102,121,

respectively)

(t)

.....

USD

4,034

4,034,036

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

2.15%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

172,976,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

181,000

and

$168,954,

respectively)

(t)

.......

USD

173

$

172,629

Barclays

Bank

plc,

2.15%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

1,296,142,

collateralized

by

Arches

Buyer,

Inc.,

4.25%,

due

at

06/01/28,

par

and

fair

value

of

USD

1,500,000

and

$1,283,121,

respectively)

(t)

.....

1,294

1,293,750

Barclays

Bank

plc,

2.15%, Open

(Purchased

on

03/21/22

to

be

repurchased

at

USD

127,491,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

156,000

and

$100,807,

respectively)

(t)

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

127

127,140

Barclays

Bank

plc,

2.15%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

2,653,861,

collateralized

by

Minerva

Merger

Sub,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

3,100,000

and

$2,805,500,

respectively)

(t)

..

2,651

2,650,500

Barclays

Bank

plc,

2.15%, Open

(Purchased

on

06/14/22

to

be

repurchased

at

USD

5,304,100,

collateralized

by

CommScope

,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

6,350,000

and

$5,524,500,

respectively)

(t)

.....

5,294

5,294,313

Barclays

Bank

plc,

2.17%, Open

(Purchased

on

06/30/22

to

be

repurchased

at

USD

3,946,945,

collateralized

by

Condor

Merger

Sub,

Inc.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

4,700,000

and

$4,126,483,

respectively)

(t)

..

3,942

3,942,125

BNP

Paribas

SA,

(0.40)%, Open

(Purchased

on

03/10/22

to

be

repurchased

at

USD

505,603,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA

,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

525,000

and

$470,838,

respectively)

(t)

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

EUR

496

507,343

BNP

Paribas

SA,

0.00%, Open

(Purchased

on

07/29/22

to

be

repurchased

at

USD

778,141,

collateralized

by

Tesco

Corporate

Treasury

Services

plc,

2.75%,

due

at

04/27/30,

par

and

fair

value

of

GBP

707,000

and

$774,450,

respectively)

(t)

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

GBP

639

778,141

BNP

Paribas

SA,

0.40%, Open

(Purchased

on

06/15/22

to

be

repurchased

at

USD

1,279,849,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,100,000

and

$1,243,385,

respectively)

(t)

.....

1,050

1,279,218

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

0.85%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

2,172,439,

collateralized

by

Tesco

Corporate

Treasury

Services

plc,

2.75%,

due

at

04/27/30,

par

and

fair

value

of

GBP

1,900,000

and

$2,081,268,

respectively)

(t)

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

GBP

1,781

$

2,168,628

BNP

Paribas

SA,

2.19%, Open

(Purchased

on

03/14/22

to

be

repurchased

at

USD

4,666,986,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,578,710,

respectively)

(t)

.....

USD

4,654

4,654,125

Credit

Suisse

Securities

(USA)

LLC,

1.50%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

19,094,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

20,000

and

$18,669,

respectively)

(t)

19

19,075

Credit

Suisse

Securities

(USA)

LLC,

2.10%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

108,802,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

132,000

and

$119,295,

respectively)

(t)

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

109

108,570

Credit

Suisse

Securities

(USA)

LLC,

2.15%, Open

(Purchased

on

05/24/22

to

be

repurchased

at

USD

1,232,928,

collateralized

by

PG&E

Corp.,

5.25%,

due

at

07/01/30,

par

and

fair

value

of

USD

1,350,000

and

$1,211,625,

respectively)

(t)

......

1,230

1,230,188

J.P.

Morgan

Securities

LLC,

1.45%, 08/22/22

(Purchased

on

07/28/22

to

be

repurchased

at

USD

118,154,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

132,000

and

$119,295,

respectively)

118

118,140

J.P.

Morgan

Securities

LLC,

2.00%, 08/22/22

(Purchased

on

07/28/22

to

be

repurchased

at

USD

224,002,

collateralized

by

Home

Point

Capital,

Inc.,

5.00%,

due

at

02/01/26,

par

and

fair

value

of

USD

316,000

and

$217,105,

respectively)

224

223,965

J.P.

Morgan

Securities

LLC,

2.12%, 08/22/22

(Purchased

on

07/28/22

to

be

repurchased

at

USD

4,465,476,

collateralized

by

Netflix,

Inc.,

4.88%,

due

at

06/15/30,

par

and

fair

value

of

USD

4,550,000

and

$4,488,552,

respectively)

......

4,465

4,464,688

J.P.

Morgan

Securities

LLC,

2.12%, 08/22/22

(Purchased

on

07/29/22

to

be

repurchased

at

USD

3,325,775,

collateralized

by

Netflix,

Inc.,

4.88%,

due

at

06/15/30,

par

and

fair

value

of

USD

3,350,000

and

$3,304,758,

respectively)

......

3,325

3,324,875

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(1.30)%, Open

(Purchased

on

07/15/22

to

be

repurchased

at

USD

3,346,542,

collateralized

by

BMW

Finance

NV,

1.00%,

due

at

05/22/28,

par

and

fair

value

of

EUR

3,500,000

and

$3,436,678,

respectively)

(t)

..

EUR

3,276

$

3,348,486

J.P.

Morgan

Securities

plc,

(1.10)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

343,921,

collateralized

by

International

Design

Group

SpA

,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

345,000

and

$322,636,

respectively)

(t)

.......

338

344,970

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

05/19/22

to

be

repurchased

at

USD

1,849,668,

collateralized

by

Stora

Enso

OYJ,

2.50%,

due

at

03/21/28,

par

and

fair

value

of

EUR

1,800,000

and

$1,853,635,

respectively)

(t)

..

1,814

1,854,408

J.P.

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

04/08/22

to

be

repurchased

at

USD

1,651,955,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,581,582,

respectively)

(t)

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

1,620

1,656,181

J.P.

Morgan

Securities

plc,

(0.35)%, Open

(Purchased

on

04/29/22

to

be

repurchased

at

USD

1,954,499,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA

,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

2,100,000

and

$1,883,353,

respectively)

(t)

.....

1,916

1,958,525

J.P.

Morgan

Securities

plc,

(0.30)%, Open

(Purchased

on

04/05/22

to

be

repurchased

at

USD

1,660,927,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,581,581,

respectively)

(t)

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

1,629

1,665,103

J.P.

Morgan

Securities

plc,

(0.30)%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

1,383,476,

collateralized

by

Cie

de

Saint-Gobain,

1.88%,

due

at

03/15/31,

par

and

fair

value

of

EUR

1,500,000

and

$1,447,860,

respectively)

(t)

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

1,355

1,384,857

J.P.

Morgan

Securities

plc,

(0.30)%, Open

(Purchased

on

07/14/22

to

be

repurchased

at

USD

4,745,110,

collateralized

by

Volkswagen

International

Finance

NV,

3.75%,

due

at

12/28/27,

par

and

fair

value

of

EUR

5,200,000

and

$4,804,189,

respectively)

(t)

.....

4,644

4,746,257

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.30)%, Open

(Purchased

on

07/14/22

to

be

repurchased

at

USD

4,635,708,

collateralized

by

Volkswagen

International

Finance

NV,

4.38%,

due

at

03/28/31,

par

and

fair

value

of

EUR

5,200,000

and

$4,670,098,

respectively)

(t)

.....

EUR

4,537

$

4,636,828

J.P.

Morgan

Securities

plc,

(0.28)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

1,489,793,

collateralized

by

WPP

Finance

Deutschland

GmbH,

1.63%,

due

at

03/23/30,

par

and

fair

value

of

EUR

1,500,000

and

$1,432,260,

respectively)

(t)

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

1,462

1,493,767

J.P.

Morgan

Securities

plc,

(0.28)%, Open

(Purchased

on

03/25/22

to

be

repurchased

at

USD

1,488,554,

collateralized

by

Volkswagen

International

Finance

NV,

1.63%,

due

at

01/16/30,

par

and

fair

value

of

EUR

1,500,000

and

$1,437,613,

respectively)

(t)

.....

1,460

1,492,525

J.P.

Morgan

Securities

plc,

(0.28)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

1,223,622,

collateralized

by

Enel

Finance

International

NV,

0.88%,

due

at

01/17/31,

par

and

fair

value

of

EUR

1,400,000

and

$1,210,175,

respectively)

(t)

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

1,199

1,225,183

J.P.

Morgan

Securities

plc,

(0.28)%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

1,281,684,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA

,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

1,400,000

and

$1,255,568,

respectively)

(t)

.....

1,256

1,283,319

J.P.

Morgan

Securities

plc,

0.90%, Open

(Purchased

on

05/30/22

to

be

repurchased

at

USD

1,585,664,

collateralized

by

Tesco

Corporate

Treasury

Services

plc,

2.75%,

due

at

04/27/30,

par

and

fair

value

of

GBP

1,400,000

and

$1,533,565,

respectively)

(t)

.....

GBP

1,300

1,583,427

Merrill

Lynch

International,

(0.45)%, Open

(Purchased

on

07/25/22

to

be

repurchased

at

USD

2,691,089,

collateralized

by

Infrastrutture

Wireless

Italiane

SpA

,

1.63%,

due

at

10/21/28,

par

and

fair

value

of

EUR

3,002,000

and

$2,692,298,

respectively)

(t)

.....

EUR

2,633

2,691,328

RBC

Capital

Markets

LLC,

0.30%, Open

(Purchased

on

07/07/22

to

be

repurchased

at

USD

121,194,

collateralized

by

CP

Atlas

Buyer,

Inc.,

7.00%,

due

at

12/01/28,

par

and

fair

value

of

USD

168,000

and

$132,300,

respectively)

(t)

....

USD

121

121,170

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

1.20%, Open

(Purchased

on

06/03/22

to

be

repurchased

at

USD

103,088,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

108,000

and

$100,813,

respectively)

(t)

.......

USD

103

$

103,005

RBC

Capital

Markets

LLC,

1.80%, Open

(Purchased

on

05/18/22

to

be

repurchased

at

USD

595,461,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

725,000

and

$655,219,

respectively)

(t)

.......

595

594,500

RBC

Capital

Markets

LLC,

1.90%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

643,179,

collateralized

by

Arches

Buyer,

Inc.,

6.13%,

due

at

12/01/28,

par

and

fair

value

of

USD

750,000

and

$615,000,

respectively)

(t)

....

642

642,188

RBC

Capital

Markets

LLC,

1.95%, Open

(Purchased

on

05/16/22

to

be

repurchased

at

USD

701,678,

collateralized

by

PG&E

Corp.,

5.00%,

due

at

07/01/28,

par

and

fair

value

of

USD

750,000

and

$684,705,

respectively)

(t)

.......

700

700,313

RBC

Capital

Markets

LLC,

2.00%, Open

(Purchased

on

07/07/22

to

be

repurchased

at

USD

3,246,065,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

3,322,000

and

$3,352,828,

respectively)

(t)

..

3,243

3,243,102

RBC

Capital

Markets

LLC,

2.17%, Open

(Purchased

on

07/27/22

to

be

repurchased

at

USD

246,136,

collateralized

by

Carnival

Corp.,

5.75%,

due

at

03/01/27,

par

and

fair

value

of

USD

314,000

and

$251,688,

respectively)

(t)

.......

246

246,097

RBC

Capital

Markets

LLC,

2.17%, Open

(Purchased

on

07/27/22

to

be

repurchased

at

USD

230,041,

collateralized

by

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

at

04/01/28,

par

and

fair

value

of

USD

314,000

and

$235,277,

respectively)

(t)

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

230

230,005

RBC

Europe

Ltd.,

(1.20)%, Open

(Purchased

on

05/27/22

to

be

repurchased

at

USD

1,434,952,

collateralized

by

International

Design

Group

SpA

,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

1,455,000

and

$1,360,680,

respectively)

(t)

..

EUR

1,408

1,439,065

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Europe

Ltd.,

(0.30)%, Open

(Purchased

on

06/10/22

to

be

repurchased

at

USD

1,389,403,

collateralized

by

MMS

USA

Holdings,

Inc.,

1.25%,

due

at

06/13/28,

par

and

fair

value

of

EUR

1,500,000

and

$1,422,487,

respectively)

(t)

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

EUR

1,361

$

1,390,790

Total

Borrowed

Bond

Agreements

—

5.6%

(Cost:

$88,291,139)

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

87,000,617

Shares

Shares

Money

Market

Funds

—

11.4%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.76%

(u)(v)

....

175,866,951

175,866,951

Total

Money

Market

Funds

—

11.4%

(Cost:

$175,866,951)

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

175,866,951

Total

Short-Term

Securities

—

17.0%

(Cost:

$264,158,090)

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

262,867,568

Total

Options

Purchased

—

0.4%

(Cost:

$17,115,012

)

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

5,622,779

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

100.4%

(Cost:

$1,783,486,724)

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

1,548,664,798

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$(9,100,176))

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

(3,792,234)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(5.0)%

Austria

—

(0.2)%

Erste

Group

Bank

AG,

(EURIBOR

Swap

Rate

5

Year

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

(3,600)

(3,163,163)

Finland

—

(0.1)%

Stora

Enso

OYJ,

2.50%

,

 03/21/28

..

(1,800)

(1,853,635)

France

—

(0.4)%

Cie

de

Saint-Gobain,

1.88%

,

 03/15/31

(1,500)

(1,447,861)

Engie

SA,

(EUR

Swap

Annual

5

Year

+

1.88%),

1.50%

(b)(l)

...........

(3,300)

(2,719,130)

MMS

USA

Holdings,

Inc.,

1.25%

,

 06/13/28

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

(1,500)

(1,422,487)

(5,589,478)

Germany

—

(1.0)%

BMW

Finance

NV,

1.00%

,

 05/22/28

.

(3,500)

(3,436,678)

Infineon

Technologies

AG,

2.00%

,

 06/24/32

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

(1,500)

(1,475,232)

Volkswagen

International

Finance

NV:

1.63%

,

 01/16/30

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

(1,500)

(1,437,614)

(EUR

Swap

Annual

5

Year

+

2.92%),

3.75%

(b)(l)

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

(5,200)

(4,804,188)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

(EUR

Swap

Annual

9

Year

+

3.36%),

4.38%

(b)(l)

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

EUR

(5,200)

$

(4,670,098)

(15,823,810)

Italy

—

(0.6)%

Enel

Finance

International

NV,

0.88%

,

 01/17/31

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

(1,400)

(1,210,175)

Infrastrutture

Wireless

Italiane

SpA

,

1.63%

,

 10/21/28

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

(7,027)

(6,302,057)

International

Design

Group

SpA

,

6.50%

,

 11/15/25

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

(1,800)

(1,683,316)

(9,195,548)

Spain

—

(0.2)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EURIBOR

3

Month

+

0.52%),

0.13%

,

 03/24/27

(b)

...........

(2,600)

(2,469,467)

United

Kingdom

—

(0.4)%

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,100)

(1,243,385)

Tesco

Corporate

Treasury

Services

plc,

2.75%

,

 04/27/30

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

(3,300)

(3,614,833)

WPP

Finance

Deutschland

GmbH,

1.63%

,

 03/23/30

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

EUR

(1,500)

(1,432,260)

(6,290,478)

United

States

—

(2.1)%

Arches

Buyer,

Inc.

(a)

:

4.25%

,

 06/01/28

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

USD

(1,500)

(1,283,121)

6.13%

,

 12/01/28

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

(750)

(615,000)

Avis

Budget

Finance

plc,

4.75%

,

 01/30/26

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

EUR

(1,800)

(1,699,381)

Carnival

Corp.,

5.75%

,

 03/01/27

(a)

...

USD

(314)

(251,688)

Clarios

Global

LP,

8.50%

,

 05/15/27

(a)

.

(3,322)

(3,352,828)

CommScope

,

Inc.,

8.25%

,

 03/01/27

(a)

(6,350)

(5,524,500)

Condor

Merger

Sub,

Inc.,

7.38%

,

 02/15/30

(a)

...........

(4,700)

(4,126,483)

CP

Atlas

Buyer,

Inc.,

7.00%

,

 12/01/28

(a)

(168)

(132,300)

Home

Point

Capital,

Inc.,

5.00%

,

 02/01/26

(a)

...........

(316)

(217,105)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(5,528)

(4,995,930)

Minerva

Merger

Sub,

Inc.,

6.50%

,

 02/15/30

(a)

...........

(3,100)

(2,805,500)

Netflix,

Inc.,

4.88%

,

 06/15/30

(a)

.....

(4,550)

(4,488,552)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

(156)

(100,807)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(329)

(298,567)

PG&E

Corp.:

5.00%

,

 07/01/28

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

(750)

(684,705)

5.25%

,

 07/01/30

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

(1,350)

(1,211,625)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(309)

(288,436)

Royal

Caribbean

Cruises

Ltd.,

5.50%

,

 04/01/28

(a)

...........

(314)

(235,277)

(32,311,805)

Total

Corporate

Bonds

—

(5.0)%

(Proceeds:

$(81,692,515))

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

(76,697,384)

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

—

(0.3)%

United

States

—

(0.3)%

U.S.

Treasury

Notes

,

0.25%

,

 05/31/25

USD

(4,925)

$

(4,578,710)

Total

U.S.

Treasury

Obligations

—

(0.3)%

(Proceeds:

$(4,910,540))

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

(4,578,710)

Total

Borrowed

Bonds

—

(5.3)%

(Proceeds:

$(86,603,055))

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

(81,276,094)

Investments

Sold

Short

Shares

Shares

Common

Stocks

United

States

—

(0.0)%

Carrols

Restaurant

Group,

Inc.

.....

(42,500)

(105,825)

Total

Common

Stocks

—

(0.0)%

(Proceeds:

$(76,354))

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

(105,825)

Security

Shares

Shares

Value

Investment

Companies

iShares

MSCI

Europe

Financials

ETF

(v)

USD

(30,000)

$

(476,700)

Total

Investment

Companies

—

(0.0)%

(Proceeds:

$(441,068))

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

(476,700)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$(517,422)

)

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

(582,525)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

94.9%

(Cost:

$1,687,266,071)

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

1,463,013,945

Other

Assets

Less

Liabilities

—

5.1%

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

78,816,773

Net

Assets

—

100.0%

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

$

1,541,830,718

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Non-income

producing

security.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$7,748,601,

representing

0.50%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$9,626,549.

(h)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(i)

Convertible

security.

(j)

Zero-coupon

bond.

(k)

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.

(l)

Perpetual

security

with

no

stated

maturity

date.

(m)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(n)

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.

(o)

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.

(p)

Fixed

rate.

(q)

Rounds

to

less

than

1,000.

(r)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(s)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(t)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(u)

Annualized

7-day

yield

as

of

period

end.

(v)

Affiliate

of

the

Fund.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

Schedule

of

Investments

(continued)

July

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

July

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/22

Shares

Held

at

07/31/22

Expense

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

92,834,893

$

83,032,058

$

—

$

—

$

—

$

175,866,951

175,866,951

$

745,969

$

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

(b)

—

1,068,592

(1,039,595)

(28,997)

—

—

—

2,894

—

iShares

Aaa

-

A

Rated

Corporate

Bond

ETF

(b)

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

—

106,240

(102,479)

(3,761)

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

—

(1,678,299)

1,681,140

(2,841)

—

—

—

(2,536)

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(b)

—

3,216,328

(3,222,953)

6,625

—

—

—

(9,286)

—

iShares

MSCI

EAFE

ETF

(b)

....

—

(355,473)

352,031

3,442

—

—

—

—

—

iShares

Russell

2000

ETF

(b)

....

—

(6,431,243)

6,644,751

(213,508)

—

—

—

—

—

iShares

MSCI

Europe

Financials

ETF

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

—

1,913,014

(2,126,883)

(227,199)

(35,632)

(476,700)

(30,000)

—

—

$

(466,239)

$

(35,632)

$

175,390,251

$

737,041

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

30

Schedule

of

Investments

(continued)

July

31,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

5

Year

Note

Interest

Rate

Put

Options,

Strike

Price

USD

110.75

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

65

08/26/22

$

3

$

(23,966)

EURO

STOXX

Banks

Price

Index

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

791

09/16/22

3,239

(268,512)

(292,478)

Short

Contracts

Euro-Bobl

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

35

09/08/22

4,574

(65,669)

Euro-Bund

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

369

09/08/22

59,452

(3,224,940)

Short-Term

Euro-BTP

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

102

09/08/22

11,398

(292,358)

EURO

STOXX

50

Index

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

65

09/16/22

2,473

(145,718)

EURO

STOXX

Banks

Price

Index

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

202

09/16/22

827

(18,578)

NASDAQ

100

E-Mini

Index

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

6

09/16/22

1,557

(201,182)

Russell

2000

E-Mini

Index

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

80

09/16/22

7,541

(678,194)

S&P

500

E-Mini

Index

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

9

09/16/22

1,860

(105,032)

U.S.

Treasury

10

Year

Note

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

581

09/21/22

70,319

(1,517,161)

U.S.

Treasury

10

Year

Ultra

Note

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

7

09/21/22

917

(13,629)

U.S.

Treasury

Long

Bond

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

76

09/21/22

10,894

(181,203)

U.S.

Treasury

Ultra

Bond

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

48

09/21/22

7,508

(445,571)

Long

Gilt

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

34

09/28/22

4,893

(173,268)

U.S.

Treasury

2

Year

Note

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

90

09/30/22

18,944

(198,904)

U.S.

Treasury

5

Year

Note

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

47

09/30/22

5,347

(92,908)

(7,354,315)

$

(7,646,793)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CHF

1,055,593

USD

1,099,680

Morgan

Stanley

&

Co.

International

plc

09/21/22

$

13,701

EUR

2,413,344

USD

2,471,109

JPMorgan

Chase

Bank

NA

09/21/22

4,370

EUR

38,000,000

USD

38,686,044

Morgan

Stanley

&

Co.

International

plc

09/21/22

292,318

GBP

1,081,636

USD

1,308,278

Barclays

Bank

plc

09/21/22

10,494

GBP

922,809

USD

1,122,272

JPMorgan

Chase

Bank

NA

09/21/22

2,852

USD

7,178,942

EUR

6,823,000

Bank

of

America

NA

09/21/22

180,275

USD

2,889,041

EUR

2,764,000

Barclays

Bank

plc

09/21/22

53,878

USD

49,484,263

EUR

46,165,000

BNP

Paribas

SA

09/21/22

2,130,685

USD

286,784,795

EUR

266,178,580

Citibank

NA

09/21/22

13,753,093

USD

417,708

EUR

407,000

Commonwealth

Bank

of

Australia

09/21/22

229

USD

1,305,236

EUR

1,238,000

Deutsche

Bank

AG

09/21/22

35,362

USD

141,181,903

EUR

130,939,711

Morgan

Stanley

&

Co.

International

plc

09/21/22

6,870,974

USD

4,857,452

GBP

3,905,000

Deutsche

Bank

AG

09/21/22

96,325

USD

27,192,675

GBP

21,684,000

JPMorgan

Chase

Bank

NA

09/21/22

754,704

USD

60,696,475

GBP

48,384,158

Morgan

Stanley

&

Co.

International

plc

09/21/22

1,704,639

25,903,899

EUR

7,322,183

USD

7,705,069

Barclays

Bank

plc

09/21/22

(194,367)

EUR

7,811,578

USD

8,231,033

Deutsche

Bank

AG

09/21/22

(218,335)

EUR

14,384,418

USD

15,118,879

JPMorgan

Chase

Bank

NA

09/21/22

(364,115)

GBP

501,159

USD

611,868

Bank

of

America

NA

09/21/22

(836)

GBP

1,110,445

USD

1,366,749

JPMorgan

Chase

Bank

NA

09/21/22

(12,852)

USD

6,183,317

CHF

5,979,000

Bank

of

America

NA

09/21/22

(123,002)

USD

4,749,565

EUR

4,641,213

JPMorgan

Chase

Bank

NA

09/21/22

(11,142)

USD

2,592,259

GBP

2,164,000

Bank

of

America

NA

09/21/22

(46,174)

USD

1,247,597

GBP

1,029,000

JPMorgan

Chase

Bank

NA

09/21/22

(6,999)

USD

3,871,298

GBP

3,192,445

Morgan

Stanley

&

Co.

International

plc

09/21/22

(21,055)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Schedule

of

Investments

(continued)

July

31,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

450,165

JPY

60,123,000

BNP

Paribas

SA

09/21/22

$

(2,494)

(1,001,371)

$

24,902,528

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CF

Industries

Holdings,

Inc.

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

39

08/19/22

USD

115.00

USD

372

$

1,268

Entain

plc

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

250

08/19/22

GBP

17.25

GBP

3,006

11,036

SPDR

EURO

STOXX

50

ETF

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

1,000

08/19/22

USD

38.00

USD

3,649

20,000

Technology

Select

Sector

SPDR

Fund

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

500

08/19/22

USD

150.00

USD

7,211

51,250

Cellnex

Telecom

SA

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

791

09/16/22

EUR

54.00

EUR

3,448

6,468

EURO

STOXX

50

Index

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

170

09/16/22

EUR

3,850.00

EUR

6,304

74,886

EURO

STOXX

50

Index

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

170

09/16/22

EUR

4,350.00

EUR

6,304

1,303

EURO

STOXX

Banks

Price

Index

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

1,747

09/16/22

EUR

140.00

EUR

6,991

11,160

EURO

STOXX

Banks

Price

Index

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

2,171

09/16/22

EUR

130.00

EUR

8,687

5,547

iShares

China

Large-Cap

ETF

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

500

09/16/22

USD

45.00

USD

1,519

1,500

Lions

Gate

Entertainment

Corp.

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

350

09/16/22

USD

13.00

USD

307

6,125

Mosaic

Co.

(The)

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

70

09/16/22

USD

70.00

USD

369

2,835

STOXX

Europe

600

Telecommunications

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

1,064

09/16/22

EUR

280.00

EUR

12,135

13,593

Western

Digital

Corp.

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

1,500

09/16/22

USD

60.00

USD

7,365

77,250

S&P

500

Index

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

16

10/21/22

USD

4,300.00

USD

6,608

131,440

S&P

500

Index

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

11

11/18/22

USD

4,300.00

USD

4,543

121,935

Alibaba

Group

Holding

Ltd.

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

368

12/16/22

USD

150.00

USD

3,289

52,992

Alibaba

Group

Holding

Ltd.

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

368

12/16/22

USD

200.00

USD

3,289

12,696

EURO

STOXX

50

Index

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

95

12/16/22

EUR

4,000.00

EUR

3,523

64,131

EURO

STOXX

Banks

Price

Index

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

890

12/16/22

EUR

100.00

EUR

3,561

27,289

S&P

500

Index

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

9

12/16/22

USD

4,300.00

USD

3,717

123,300

Telecom

Italia

SpA

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

6,731

12/16/22

EUR

0.40

EUR

1,455

24,078

iShares

China

Large-Cap

ETF

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

1,388

01/20/23

USD

44.00

USD

4,217

11,104

S&P

500

Index

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

136

01/20/23

USD

6,000.00

USD

56,172

3,400

856,586

Put

EURO

STOXX

50

Index

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

286

08/05/22

EUR

3,300.00

EUR

10,605

1,315

EURO

STOXX

50

Index

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

620

08/19/22

EUR

3,100.00

EUR

22,990

13,624

Invesco

QQQ

Trust

1

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

200

08/19/22

USD

250.00

USD

6,309

2,100

Invesco

Senior

Loan

ETF

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

1,211

08/19/22

USD

20.00

USD

2,539

12,110

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

850

08/19/22

USD

67.00

USD

6,646

2,125

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,000

08/19/22

USD

103.00

USD

11,461

6,500

iShares

MSCI

Canada

ETF

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

750

08/19/22

USD

30.00

USD

2,648

7,500

iShares

MSCI

EAFE

ETF

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

1,000

08/19/22

USD

51.00

USD

6,572

10,500

iShares

MSCI

Europe

Financials

ETF

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

4,000

08/19/22

USD

14.00

USD

6,356

40,000

iShares

Russell

2000

ETF

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

250

08/19/22

USD

170.00

USD

4,681

12,375

Macy's,

Inc.

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

500

08/19/22

USD

17.00

USD

883

37,000

Pitney

Bowes,

Inc.

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

250

08/19/22

USD

4.00

USD

82

18,125

S&P

500

Index

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

69

08/19/22

USD

3,400.00

USD

28,499

8,625

S&P

500

Index

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

112

08/19/22

USD

3,800.00

USD

46,259

88,480

Sabre

Corp.

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

700

08/19/22

USD

5.00

USD

431

12,250

SPDR

Blackstone

Senior

Loan

ETF

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

1,500

08/19/22

USD

40.00

USD

6,378

15,000

SPDR

S&P

500

ETF

Trust

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

100

08/19/22

USD

350.00

USD

4,120

1,950

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

200

08/19/22

USD

105.00

USD

2,740

3,400

United

States

Steel

Corp.

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

650

08/19/22

USD

15.00

USD

1,537

2,275

VanEck

Semiconductor

ETF

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

200

08/19/22

USD

193.00

USD

4,743

6,200

VanEck

Semiconductor

ETF

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

200

08/19/22

USD

165.00

USD

4,743

1,200

Xerox

Holdings

Corp.

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

1,500

08/19/22

USD

13.00

USD

2,570

22,500

BT

Group

plc

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

2,152

09/16/22

GBP

1.40

GBP

3,482

75,345

EURO

STOXX

50

Index

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

255

09/16/22

EUR

2,700.00

EUR

9,456

7,949

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

32

Schedule

of

Investments

(continued)

July

31,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EURO

STOXX

50

Index

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

255

09/16/22

EUR

3,300.00

EUR

9,456

$

59,943

EURO

STOXX

50

Index

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

456

09/16/22

EUR

3,000.00

EUR

16,909

36,585

EURO

STOXX

50

Index

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

1,030

09/16/22

EUR

3,400.00

EUR

38,193

357,922

EURO

STOXX

50

Index

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

1,030

09/16/22

EUR

3,700.00

EUR

38,193

1,159,035

First

Quantum

Minerals

Ltd.

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

500

09/16/22

CAD

18.00

CAD

1,170

14,252

Ford

Motor

Co.

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

1,650

09/16/22

USD

10.00

USD

2,424

10,725

FTSE

100

Index

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

116

09/16/22

GBP

7,000.00

GBP

8,611

93,235

FTSE

100

Index

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

116

09/16/22

GBP

6,200.00

GBP

8,611

18,718

Invesco

QQQ

Trust

1

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

62

09/16/22

USD

280.00

USD

1,956

16,833

Invesco

Senior

Loan

ETF

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

1,000

09/16/22

USD

19.00

USD

2,097

7,500

Invesco

Senior

Loan

ETF

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

8,238

09/16/22

USD

20.00

USD

17,275

185,355

Sherwin-Williams

Co.

(The)

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

20

09/16/22

USD

240.00

USD

484

17,600

SPDR

EURO

STOXX

50

ETF

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

1,250

09/16/22

USD

30.00

USD

4,561

18,750

Uber

Technologies,

Inc.

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

1,250

09/16/22

USD

15.00

USD

2,931

16,875

Vertiv

Holdings

Co.

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

1,000

09/16/22

USD

7.50

USD

1,142

65,000

Apple,

Inc.

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

259

10/21/22

USD

100.00

USD

4,209

3,497

Carnival

Corp.

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

750

10/21/22

USD

5.00

USD

680

17,625

EURO

STOXX

50

Index

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

446

10/21/22

EUR

3,000.00

EUR

16,538

97,093

iHeartMedia,

Inc.

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

500

10/21/22

USD

7.50

USD

374

43,750

Maxar

Technologies,

Inc.

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

500

10/21/22

USD

15.00

USD

1,374

7,500

Owl

Rock

Capital

Corp.

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

2,500

10/21/22

USD

10.00

USD

3,223

75,000

S&P

500

Index

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

50

10/21/22

USD

3,500.00

USD

20,651

140,750

Sabre

Corp.

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

98

10/21/22

USD

6.00

USD

60

7,987

Sabre

Corp.

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

350

10/21/22

USD

5.00

USD

215

13,650

Ally

Financial,

Inc.

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

1,000

12/16/22

USD

20.00

USD

3,307

30,000

EURO

STOXX

50

Index

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

280

12/16/22

EUR

3,100.00

EUR

10,383

161,974

EURO

STOXX

50

Index

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

295

12/16/22

EUR

3,300.00

EUR

10,939

265,475

Ford

Motor

Co.

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

750

12/16/22

USD

8.00

USD

1,102

8,625

Owl

Rock

Capital

Corp.

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

2,000

12/16/22

USD

10.00

USD

2,578

35,000

STOXX

Europe

600

Automobiles

&

Parts

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

211

12/16/22

EUR

350.00

EUR

5,736

52,296

STOXX

Europe

600

Chemicals

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

101

12/16/22

EUR

840.00

EUR

5,907

26,065

STOXX

Europe

600

Personal

&

Household

Goods

.....

60

12/16/22

EUR

800.00

EUR

3,011

29,895

Tenneco,

Inc.

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

1,000

12/16/22

USD

10.00

USD

1,887

12,500

American

Airlines

Group,

Inc.

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

1,500

01/20/23

USD

7.00

USD

2,057

44,250

American

Airlines

Group,

Inc.

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

3,500

01/20/23

USD

5.00

USD

4,799

47,250

Avis

Budget

Group,

Inc.

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

86

01/20/23

USD

75.00

USD

1,565

21,070

Change

Healthcare,

Inc.

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

350

01/20/23

USD

15.00

USD

849

20,125

PG&E

Corp.

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

1,000

01/20/23

USD

7.00

USD

1,086

16,500

3,664,653

$

4,521,239

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Call

Bought

Protection

on

5-Year

Credit

Default

Swap

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

5.00

%

Quarterly

Barclays

Bank

plc

10/19/22

EUR

400.00

EUR

28,200

$

61,280

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/17/22

USD

85.00

USD

10,000

532

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

Quarterly

Citibank

NA

08/17/22

USD

91.00

USD

10,000

5,052

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(continued)

July

31,

2022

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

Quarterly

JPMorgan

Chase

Bank

NA

08/17/22

USD

93.00

USD

10,000

$

5,929

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

Quarterly

Goldman

Sachs

International

09/21/22

USD

97.00

USD

12,500

77,648

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

Markit

CDX

North

American

Investment

Grade

Index

Series

38.V1

Quarterly

Barclays

Bank

plc

08/17/22

USD

100.00

USD

75,000

17,840

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

ITRAXX

EUROPE

SEN

FINANCIALS

Index

Series

37.V1

Quarterly

Barclays

Bank

plc

09/21/22

EUR

150.00

EUR

42,100

61,176

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Bank

of

America

NA

08/17/22

EUR

600.00

EUR

25,900

69,320

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Bank

of

America

NA

09/21/22

EUR

600.00

EUR

38,900

396,830

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Barclays

Bank

plc

08/17/22

EUR

600.00

EUR

41,760

111,769

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Bank

of

America

NA

09/21/22

EUR

650.00

EUR

14,000

95,605

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Bank

of

America

NA

09/21/22

EUR

650.00

EUR

14,000

95,605

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Barclays

Bank

plc

09/21/22

EUR

800.00

EUR

42,100

102,954

1,040,260

$

1,101,540

(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

iShares

China

Large-Cap

ETF

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

500

09/16/22

USD

50.00

USD

1,519

$

(1,500)

Alibaba

Group

Holding

Ltd.

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

736

12/16/22

USD

175.00

USD

6,578

(48,576)

(50,076)

Put

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

1,000

08/19/22

USD

95.00

USD

11,461

(25,000)

iShares

MSCI

Canada

ETF

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

750

08/19/22

USD

26.00

USD

2,648

(7,500)

iShares

Russell

2000

ETF

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

250

08/19/22

USD

150.00

USD

4,681

(1,375)

S&P

500

Index

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

181

08/19/22

USD

3,600.00

USD

74,758

(47,513)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

200

08/19/22

USD

90.00

USD

2,740

(800)

VanEck

Semiconductor

ETF

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

200

08/19/22

USD

145.00

USD

4,743

(500)

VanEck

Semiconductor

ETF

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

200

08/19/22

USD

175.00

USD

4,743

(2,200)

EURO

STOXX

50

Index

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

2,060

09/16/22

EUR

3,550.00

EUR

76,387

(1,296,941)

FTSE

100

Index

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

232

09/16/22

GBP

6,600.00

GBP

17,222

(75,577)

S&P

500

Index

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

50

10/21/22

USD

3,250.00

USD

20,651

(70,999)

(1,528,405)

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

34

Schedule

of

Investments

(continued)

July

31,

2022

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

$

(1,578,481)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

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

%

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Goldman

Sachs

International

09/21/22

A+

EUR

487.50

EUR

14,200

$

(142,464)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

BNP

Paribas

SA

09/21/22

A+

EUR

500.00

EUR

28,300

(348,102)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Barclays

Bank

plc

09/21/22

A+

EUR

525.00

EUR

14,200

(248,086)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

BNP

Paribas

SA

08/17/22

A+

EUR

525.00

EUR

13,000

(141,502)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Goldman

Sachs

International

08/17/22

A+

EUR

525.00

EUR

14,100

(180,043)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

Goldman

Sachs

International

08/17/22

A+

EUR

550.00

EUR

12,900

(248,579)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

Quarterly

BNP

Paribas

SA

08/17/22

A+

EUR

562.50

EUR

28,300

(647,465)

(1,956,241)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

5.00

%

Quarterly

Goldman

Sachs

International

09/21/22

A+

USD

93.00

USD

12,500

(35,976)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

38.V1

1.00

Quarterly

Barclays

Bank

plc

08/17/22

A

USD

120.00

USD

75,000

(8,795)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

5.00

Quarterly

Bank

of

America

NA

09/21/22

A+

EUR

700.00

EUR

45,300

(212,741)

(257,512)

$

(2,213,753)

(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)

Markit

CDX

North

American

High

Yield

Index

Series

33.V13

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

5.00

%

Quarterly

12/20/24

USD

2

,

687

$

(101,626)

$

(138,452)

$

36,826

ITRAXX.EUR.CROSSOVER.37.V1

........

5.00

Quarterly

06/20/27

EUR

9,822

(15,818)

207,056

(222,874)

ITRAXX.EUR.MAIN.37.V1

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

1.00

Quarterly

06/20/27

EUR

1,500

(1,544)

11,218

(12,762)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(continued)

July

31,

2022

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.FINSUB.37.V1

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

1.00

%

Quarterly

06/20/27

EUR

26,578

$

1,265,414

$

1,545,924

$

(280,510)

ITRAXX.FINSUB.37.V1

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

1.00

Quarterly

06/20/27

EUR

4,596

15,490

71,500

(56,010)

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

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

5.00

Quarterly

06/20/27

USD

2

0

,

79

0

(351,709)

673,420

(1,025,129)

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

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

5.00

Quarterly

06/20/27

USD

23,

463

(396,926)

(25,393)

(371,533)

$

413,281

$

2,345,273

$

(1,931,992)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

Investment

Grade

Index

Series

38.V1

.......

1.00

%

Quarterly

06/20/27

BBB+

USD

25,000

$

247,399

$

360,376

$

(112,977)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.05%

Quarterly

1

day

EFFR

Quarterly

10/21/22

USD

2,267

$

13,909

$

—

$

13,909

1

day

SOFR

Quarterly

0.05%

Quarterly

10/21/22

USD

2,267

(13,501)

—

(13,501)

0.18%

Quarterly

1

day

EFFR

Quarterly

10/21/25

USD

143

10,801

—

10,801

1

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(10,802)

—

(10,802)

$

407

$

—

$

407

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)

American

Airlines

Group,

Inc.

..

5.00

%

Quarterly

Goldman

Sachs

Bank

USA

12/20/22

USD

3,000

$

(5,564)

$

67,025

$

(72,589)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

1,470

(22,397)

9,006

(31,403)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

970

(14,778)

8,446

(23,224)

Staples,

Inc.

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

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/23

USD

1,150

107,482

22,346

85,136

Electricite

de

France

SA

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

EUR

3,715

(38,167)

(37,027)

(1,140)

Electricite

de

France

SA

.....

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

EUR

3,715

(38,167)

(35,755)

(2,412)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

143,737

123,205

20,532

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

370

53,183

46,885

6,298

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

750

107,823

86,715

21,108

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

1,500

215,648

132,500

83,148

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

1,000

143,765

83,459

60,306

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/24

USD

750

107,823

84,482

23,341

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

380

54,620

48,192

6,428

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

525

75,472

49,262

26,210

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

1,500

43,111

54,102

(10,991)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(11,126)

10,837

(21,963)

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

36

Schedule

of

Investments

(continued)

July

31,

2022

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Caterpillar,

Inc.

...........

1.00

%

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

$

(233,438)

$

(155,551)

$

(77,887)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

560

1,233

140,616

(139,383)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(54,917)

(99,069)

44,152

Vue

International

Bidco

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

740

105,743

69,667

36,076

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(75,583)

(54,815)

(20,768)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(113,376)

(82,210)

(31,166)

Avis

Budget

Car

Rental  LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(9,750)

19,400

(29,150)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

177,028

322,798

(145,770)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(9,385)

56,905

(66,290)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(7,821)

62,301

(70,122)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(33,825)

209,721

(243,546)

HSBC

Holdings

plc.

........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

8,690

42,886

136,764

(93,878)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(9,531)

(35,160)

25,629

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(9,531)

(27,816)

18,285

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

5,150

(126,643)

(133,539)

6,896

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/26

USD

2,000

10,023

6,629

3,394

Banco

Bilbao

Vizcaya

Argentaria

SA

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

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,500

234,072

277,388

(43,316)

Banco

Bilbao

Vizcaya

Argentaria

SA

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

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

1,912

127,864

174,541

(46,677)

Banco

Bilbao

Vizcaya

Argentaria

SA

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

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

1,738

116,240

158,674

(42,434)

Barclays

plc

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

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

3,550

153,974

151,097

2,877

Barclays

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,500

151,805

229,940

(78,135)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(47,033)

(30,272)

(16,761)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

2,415

(65,847)

(42,380)

(23,467)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(47,033)

(31,131)

(15,902)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Credit

Suisse

International

06/20/27

EUR

1,035

(28,220)

(19,188)

(9,032)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

1,767

(48,169)

(46,600)

(1,569)

Bertelsmann

SE

&

Co.

KGaA

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,300

(144,508)

(136,460)

(8,048)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

2,000

10,225

28,875

(18,650)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

5,000

(125,243)

(122,499)

(2,744)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

4,000

(100,194)

(94,607)

(5,587)

Commerzbank

AG

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

3,440

7,097

18,559

(11,462)

Commerzbank

AG

.........

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

3,440

7,097

33,440

(26,343)

Compass

Group

plc

........

1.00

Quarterly

Citibank

NA

06/20/27

EUR

7,100

(227,811)

(170,995)

(56,816)

Enel

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,700

54,002

(7,295)

61,297

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

1,500

(118,605)

(38,730)

(79,875)

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

820

(64,724)

(39,131)

(25,593)

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,000

(78,931)

(88,446)

9,515

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,970

(155,494)

(192,857)

37,363

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

830

(65,513)

(48,245)

(17,268)

Fresenius

SE

&

Co.

KGaA

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

700

10,167

3,022

7,145

Galp

Energia

SGPS

SA

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,710

(624,538)

(722,829)

98,291

General

Motors

Co.

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

1,000

(130,972)

(109,152)

(21,820)

Henkel

AG

&

Co.

KGaA

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

3,500

(72,968)

(47,643)

(25,325)

Henkel

AG

&

Co.

KGaA

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

3,450

(71,925)

(46,054)

(25,871)

Henkel

AG

&

Co.

KGaA

.....

1.00

Quarterly

Citibank

NA

06/20/27

EUR

3,450

(71,925)

(47,718)

(24,207)

Koninklijke

DSM

NV

........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(43,924)

(28,866)

(15,058)

Koninklijke

DSM

NV

........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

5,175

(131,773)

(93,240)

(38,533)

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

3,500

115,057

189,021

(73,964)

Lloyds

Banking

Group

plc

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

EUR

3,550

116,701

110,715

5,986

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

1,250

187,533

221,374

(33,841)

NatWest

Group

plc

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

3,550

139,024

149,426

(10,402)

Paramount

Global

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

2,100

47,706

68,654

(20,948)

Petrobras

Global

Finance

BV

..

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

10,000

924,959

1,127,274

(202,315)

Santander

Issuances

SAU

....

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,500

191,724

206,471

(14,747)

SES

SA

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

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

3,550

24,870

10,515

14,355

Simon

Property

Group

LP

....

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

412

3,051

5,969

(2,918)

Simon

Property

Group

LP

....

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

588

4,358

8,527

(4,169)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

3,650

27,043

(4,892)

31,935

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

4,250

31,488

1,884

29,604

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(continued)

July

31,

2022

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)

Southwest

Airlines

Co.

......

1.00

%

Quarterly

Citibank

NA

06/20/27

USD

5,000

$

47,308

$

78,878

$

(31,570)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

3,070

29,047

48,574

(19,527)

Standard

Chartered

plc

......

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

7,000

204,092

350,020

(145,928)

Stellantis

NV

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

5.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,750

(229,332)

(195,696)

(33,636)

Stellantis

NV

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

5.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,750

(229,332)

(194,454)

(34,878)

Stellantis

NV

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

10,800

(1,415,306)

(1,816,651)

401,345

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,533

(88,639)

(100,314)

11,675

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,767

(44,319)

(50,185)

5,866

STMicroelectronics

NV

......

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

EUR

3,500

(87,803)

(77,092)

(10,711)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,500

(87,803)

(65,171)

(22,632)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,300

(132,959)

(161,476)

28,517

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,520

(88,304)

(78,748)

(9,556)

Telia

Co.

AB

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

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,855

(62,455)

(38,847)

(23,608)

Telia

Co.

AB

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

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

1,855

(62,455)

(30,460)

(31,995)

Telia

Co.

AB

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

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,855

(62,455)

(32,914)

(29,541)

Telia

Co.

AB

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

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,855

(62,455)

(34,881)

(27,574)

Telia

Co.

AB

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

1,855

(62,455)

(35,980)

(26,475)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

06/20/27

USD

5,000

120,630

61,167

59,463

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/27

USD

25,000

603,154

56,088

547,066

United

States

Steel

Corp.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

624

8,366

(42,223)

50,589

United

States

Steel

Corp.

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

626

8,406

(41,523)

49,929

WPP

Finance

SA

..........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

2,485

39,650

14,829

24,821

WPP

Finance

SA

..........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

EUR

5,560

88,713

(50,953)

139,666

$

–

$

–

$

–

$

(770,421)

$

(281,555)

$

(488,866)

$

–

$

–

$

–

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)

Novafives

SAS

.......

5.00

%

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

258

$

(23,819)

$

(16,644)

$

(7,175)

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

452

(41,788)

(27,253)

(14,535)

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

667

79,775

72,490

7,285

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

1,300

155,561

136,842

18,719

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,200

263,257

238,157

25,100

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

3,000

358,987

261,273

97,714

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,000

239,324

189,776

49,548

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

NR

EUR

50

(12,718)

6,094

(18,812)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

CCC

EUR

350

(89,025)

41,949

(130,974)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

909

83,811

114,702

(30,891)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

545

50,287

68,854

(18,567)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

545

50,287

69,437

(19,150)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

2,000

184,385

241,277

(56,892)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/25

NR

EUR

1,720

38,598

46,904

(8,306)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

NR

EUR

1,850

41,515

66,854

(25,339)

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

2,185

93,608

177,502

(83,894)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

1,750

(450,507)

177,117

(627,624)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

660

(169,905)

76,839

(246,744)

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

38

Schedule

of

Investments

(continued)

July

31,

2022

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)

Cirsa

Finance

International

SARL

...........

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

744

$

(9,116)

$

—

$

(9,116)

Cirsa

Finance

International

SARL

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,079

(13,227)

(6,261)

(6,966)

Cirsa

Finance

International

SARL

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,850

(22,667)

(21,213)

(1,454)

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

06/20/26

BB+

EUR

676

10,570

33,163

(22,593)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/26

NR

EUR

330

5,160

15,959

(10,799)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB+

EUR

640

10,008

29,025

(19,017)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

1,750

27,365

120,103

(92,738)

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

B-

EUR

396

16,092

37,462

(21,370)

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

B-

EUR

1,400

(332,581)

(137,072)

(195,509)

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

667

(110,961)

(28,927)

(82,034)

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

700

(116,508)

(33,184)

(83,324)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB+

EUR

1,900

6,419

152,697

(146,278)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

B+

EUR

740

(111,113)

(28,466)

(82,647)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

B+

EUR

640

(96,036)

24,639

(120,675)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

622

(93,350)

25,329

(118,679)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

950

(142,645)

36,338

(178,983)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/26

B+

EUR

4,297

(645,202)

148,875

(794,077)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/26

B+

EUR

1,482

(222,484)

57,625

(280,109)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B+

EUR

950

(142,645)

42,701

(185,346)

K+S

AG

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

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

1,500

108,549

146,259

(37,710)

K+S

AG

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

920

66,577

92,772

(26,195)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

700

(84,182)

(48,290)

(35,892)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

3,000

(360,779)

(198,255)

(162,524)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

2,000

(240,520)

(142,494)

(98,026)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,120

(104,142)

55,850

(159,992)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,100

(102,282)

55,342

(157,624)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,870

(173,880)

80,898

(254,778)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,120

(104,142)

33,923

(138,065)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

B

EUR

720

(66,948)

45,368

(112,316)

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,100

(272,841)

(98,888)

(173,953)

Picard

Bondco

SA

.....

5.00

Quarterly

Citibank

NA

12/20/26

CCC+

EUR

870

(60,881)

37,778

(98,659)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

850

(21,945)

(11,423)

(10,522)

AT&T,

Inc.

...........

1.00

Quarterly

Deutsche

Bank

AG

06/20/27

BBB

USD

5,000

(37,645)

(15,583)

(22,062)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Schedule

of

Investments

(continued)

July

31,

2022

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)

BP

Capital

Markets

plc

..

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

A-

EUR

7,000

$

(62,334)

$

(85,377)

$

23,043

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

Citibank

NA

06/20/27

B

EUR

1,080

(371,621)

(202,245)

(169,376)

Casino

Guichard

Perrachon

SA

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

5.00

Quarterly

Citibank

NA

06/20/27

B

EUR

720

(247,748)

(125,595)

(122,153)

Cirsa

Finance

International

SARL

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B-

EUR

405

(20,715)

(6,946)

(13,769)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

101

(806)

3,114

(3,920)

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB+

EUR

1,220

(9,707)

12,700

(22,407)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

559

(4,449)

18,638

(23,087)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

528

(4,202)

19,060

(23,262)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

149

(1,189)

5,298

(6,487)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

765

(6,086)

7,963

(14,049)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

562

(4,471)

20,277

(24,748)

Faurecia

SE

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB

EUR

3,500

(67,481)

37,146

(104,627)

Faurecia

SE

.........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

1,750

(33,740)

18,573

(52,313)

Faurecia

SE

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

3,500

(67,481)

32,650

(100,131)

Federative

Republic

of

Brazil

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

1.00

Quarterly

BNP

Paribas

SA

06/20/27

BB-

USD

10,000

(726,846)

(960,043)

233,197

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BBB-

USD

3,000

446,460

383,272

63,188

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

06/20/27

BBB-

USD

3,000

446,877

351,938

94,939

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/27

BBB-

USD

2,000

297,640

306,616

(8,976)

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BBB-

USD

2,000

297,918

284,814

13,104

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BBB-

USD

2,000

297,640

251,166

46,474

International

Game

Technology

plc

.....

5.00

Quarterly

Goldman

Sachs

International

06/20/27

BB+

EUR

800

24,764

67,492

(42,728)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

2,000

(283,180)

(293,476)

10,296

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,900

(216,601)

(66,275)

(150,326)

Loxam

SAS

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,120

(127,681)

(20,410)

(107,271)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,125

(128,250)

(34,976)

(93,274)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

2,325

(263,348)

(72,295)

(191,053)

Matterhorn

Telecom

SA

..

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B+

EUR

1,129

23,467

28,111

(4,644)

Newell

Brands,

Inc.

....

1.00

Quarterly

Citibank

NA

06/20/27

BBB-

USD

3,000

(150,882)

(215,169)

64,287

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB

EUR

460

(52,989)

(26,097)

(26,892)

Saipem

Finance

International

BV

....

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB

EUR

760

(90,361)

(15,654)

(74,707)

Saipem

Finance

International

BV

....

5.00

Quarterly

BNP

Paribas

SA

06/20/27

BB

EUR

1,470

(174,775)

(59,488)

(115,287)

Saipem

Finance

International

BV

....

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

760

(90,361)

(15,654)

(74,707)

Saipem

Finance

International

BV

....

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB

EUR

760

(90,361)

(31,656)

(58,705)

Saipem

Finance

International

BV

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

380

(45,180)

(8,104)

(37,076)

United

Group

BV

......

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B

EUR

1,770

(192,259)

(106,457)

(85,802)

United

Group

BV

......

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

1,470

(159,672)

(80,032)

(79,640)

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

40

Schedule

of

Investments

(continued)

July

31,

2022

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)

United

Group

BV

......

5.00

%

Quarterly

Goldman

Sachs

International

06/20/27

B

EUR

860

$

(93,414)

$

(88,197)

$

(5,217)

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,770

(192,259)

(119,729)

(72,530)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/27

BB

USD

2,000

(48,365)

(65,126)

16,761

Telecom

Italia

SpA/Milano

1.00

Quarterly

BNP

Paribas

SA

06/20/29

BB-

EUR

2,000

(450,905)

(398,934)

(51,971)

$

(5,231,302)

$

1,195,113

$

(6,426,415)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

.......

Quarterly

1

day

SOFR

minus

2.00%

Quarterly

Goldman

Sachs

International

09/02/22

USD

17

$

9,442

$

—

$

9,442

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.08%

Quarterly

BNP

Paribas

SA

09/02/22

USD

1

(357)

—

(357)

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.12%

Quarterly

BNP

Paribas

SA

09/02/22

USD

—

(14)

—

(14)

PPG

Industries,

Inc.

..

Quarterly

1

day

SOFR

minus

0.13%

Quarterly

BNP

Paribas

SA

09/02/22

USD

2

(415)

—

(415)

Sherwin-Williams

Co.

(The)

..........

Quarterly

1

day

SOFR

minus

0.08%

Quarterly

BNP

Paribas

SA

09/02/22

USD

1

19,500

—

19,500

Sherwin-Williams

Co.

(The)

..........

Quarterly

1

day

SOFR

minus

0.10%

Quarterly

BNP

Paribas

SA

09/02/22

USD

—

2,385

—

2,385

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

.......

Quarterly

1

day

SOFR

minus

0.75%

Quarterly

Citibank

NA

09/09/22

USD

34

(16,912)

—

(16,912)

Markit

iBoxx

EUR

Contingent

Convertible

Liquid

Developed

Market

AT1

Total

Return

Index

..........

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

10,640

(404,784)

(6,541)

(398,243)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

26,600

(762,177)

(16,508)

(745,669)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

09/20/22

EUR

4,500

(92,761)

(2,778)

(89,983)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

BNP

Paribas

SA

12/20/22

EUR

8,800

(460,325)

(108)

(460,217)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

12/20/22

EUR

4,930

(297,693)

(517)

(297,176)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

12/20/22

EUR

5,600

(397,534)

(612)

(396,922)

Markit

iBoxx

EUR

Liquid

High

Yield

Total

Return

Index

.....

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

12/20/22

EUR

14,100

(1,176,439)

(659)

(1,175,780)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

Schedule

of

Investments

(continued)

July

31,

2022

(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

$(30,348)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$309

of

net

dividends

and

financing

fees.

OTC

Total

Return

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Pitney

Bowes,

Inc.

...

Quarterly

1

day

SOFR

minus

0.25%

Quarterly

Citibank

NA

12/27/22

USD

10

$

6,342

$

—

$

6,342

$

(3,571,742)

$

(27,723)

$

(3,544,019)

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

$

6,538,563

$

(222,827)

(c)

$

6,346,084

1.1

%

Quarterly

Merrill

Lynch

International

&

Co.

(d)

02/15/23

(657,514)

23,323

(e)

(634,500)

0.0

$

(199,504)

$

5,711,584

(b)

(d)

Range:

15-30

basis

points

0-0

basis

points

Benchmarks:

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

-

Overnight

Index

Average

(HONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

February

15,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Belgium

Telenet

Group

Holding

NV

...

125,512

$

2,007,350

31.6

%

China

Alibaba

Group

Holding

Ltd.

...

46,818

526,397

8.3

Germany

ADLER

Group

SA

.........

26,636

94,472

1.5

Deutsche

Bank

AG

(Registered)

95,615

836,340

13.2

930,812

Ghana

Tullow

Oil

plc

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

965,300

605,875

9.6

Italy

Telecom

Italia

SpA

........

2,854,550

597,513

9.4

Shares

Value

%

of

Basket

Value

Spain

Cellnex

Telecom

SA

.......

17,517

$

783,520

12.3

%

United

Kingdom

EnQuest

plc

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

2,969,582

1,043,334

16.5

Entain

plc

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

60,045

883,565

13.9

Liberty

Global

plc,

Class

A

...

78,460

1,707,290

26.9

3,634,189

United

States

Altice

USA,

Inc.,

Class

A

....

59,932

629,885

9.9

Coty,

Inc.,

Class

A

.........

259,268

1,897,842

29.9

2,527,727

Total

Reference

Entity

—

Long

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

11,613,383

Reference

Entity

—

Short

Common

Stocks

France

Fnac

Darty

SA

...........

(201)

(8,063)

(0.1)

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

42

Schedule

of

Investments

(continued)

July

31,

2022

Shares

Value

%

of

Basket

Value

Germany

BASF

SE

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

(24,308)

$

(1,083,291)

(17.1)

%

United

Kingdom

Marks

&

Spencer

Group

plc

..

(427,496)

(741,141)

(11.7)

Next

plc

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

(19,051)

(1,586,030)

(25.0)

Tesco

plc

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

(330,137)

(1,058,795)

(16.7)

(3,385,966)

United

States

Adient

plc

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

(23,386)

(789,979)

(12.4)

Total

Reference

Entity

—

Short

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

(5,267,299)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

6,346,084

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

February

15,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Pitney

Bowes,

Inc.

........

(100,000)

$

(327,000)

51.5

%

Sabre

Corp.

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

(50,000)

(307,500)

48.5

(634,500)

Total

Reference

Entity

—

Short

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

(634,500)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

(634,500)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

SOFR

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

Secured

Overnight

Financing

Rate

1.81

%

3

month

EURIBOR

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

Euro

Interbank

Offered

Rate

0.30

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

2,869,494

$

(163,845)

$

61,536

$

(2,106,098)

$

—

OTC

Swaps

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

10,743,186

(9,857,351)

2,908,891

(13,567,695)

—

Options

Written

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

N/A

N/A

5,618,113

(310,171)

(3,792,234)

(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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

43

Schedule

of

Investments

(continued)

July

31,

2022

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

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

25,903,899

$

—

$

—

$

25,903,899

Options

purchased

Investments

at

value

—

unaffiliated

(a)

...........

—

1,101,540

4,521,239

—

—

—

5,622,779

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(b)

.

—

36,826

—

—

24,710

—

61,536

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

13,591,085

60,992

—

—

—

13,652,077

$

—

$

14,729,451

$

4,582,231

$

25,903,899

$

24,710

$

—

$

45,240,291

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(b)

.....

—

—

1,417,216

—

6,229,577

—

7,646,793

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

1,001,371

—

—

1,001,371

Options

written

Options

written

at

value

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

—

2,213,753

1,578,481

—

—

—

3,792,234

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(b)

.

—

2,081,795

—

—

24,303

—

2,106,098

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

19,592,808

240,525

—

3,591,713

—

23,425,046

$

—

$

23,888,356

$

3,236,222

$

1,001,371

$

9,845,593

$

—

$

37,971,542

(a)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

(b)

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).

For

the

period

ended

July

31,

2022,

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

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

$

—

$

—

$

5,373,364

$

—

$

12,756,676

$

—

$

18,130,040

Forward

foreign

currency

exchange

contracts

....

—

—

—

90,463,497

—

—

90,463,497

Options

purchased

(a)

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

—

(3,357,986)

(26,028,137)

(142,806)

(561,234)

10,426

(30,079,737)

Options

written

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

—

6,332,101

14,647,704

—

517,959

(269,810)

21,227,954

Swaps

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

—

4,777,627

(540,359)

—

5,439,875

—

9,677,143

$

—

$

7,751,742

$

(6,547,428)

$

90,320,691

$

18,153,276

$

(259,384)

$

109,418,897

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(1,857,941)

$

—

$

(3,879,200)

$

—

$

(5,737,141)

Forward

foreign

currency

exchange

contracts

....

—

—

—

10,787,253

—

—

10,787,253

Options

purchased

(b)

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

—

(1,010,574)

(4,702,272)

—

519,171

—

(5,193,675)

Options

written

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

—

(258,407)

3,540,767

—

(444,183)

—

2,838,177

Swaps

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

—

(4,073,270)

(177,412)

—

(2,754,100)

—

(7,004,782)

$

—

$

(5,342,251)

$

(3,196,858)

$

10,787,253

$

(6,558,312)

$

—

$

(4,310,168)

(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.

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

44

Schedule

of

Investments

(continued)

July

31,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

9,955,932

Average

notional

value

of

contracts

—

short

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

$

134,457,178

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

680,941,126

Average

amounts

sold

—

in

USD

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

$

56,309,702

Options

Average

value

of

option

contracts

purchased

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

$

6,223,570

Average

value

of

option

contracts

written

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

$

2,688,525

Average

notional

value

of

swaption

contracts

purchased

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

$

324,320,825

Average

notional

value

of

swaption

contracts

written

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

$

286,530,029

Credit

default

swaps

Average

notional

value

—

buy

protection

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

$

492,

036

,

862

Average

notional

value

—

sell

protection

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

$

242,251,279

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

2,409,806

Average

notional

value

—

receives

fixed

rate

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

$

2,409,806

Total

return

swaps

Average

notional

value

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

$

48,371,153

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

183,398

$

236,949

Forward

foreign

currency

exchange

contracts

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

25,903,899

1,001,371

Options

(a)

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

5,622,779

3,792,234

Swaps

—

centrally

cleared

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

—

715,822

Swaps

—

OTC

(b)

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

13,652,077

23,425,046

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

45,362,153

$

29,171,422

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(4,704,637)

(2,531,252)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

40,657,516

$

26,640,170

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

1,372,198

$

(1,308,595)

$

—

$

—

$

63,603

Barclays

Bank

plc

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

2,529,215

(1,687,885)

(841,330)

—

—

BNP

Paribas

SA

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

5,190,764

(4,413,760)

—

—

777,004

Citibank

NA

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

15,653,636

(1,918,575)

—

(13,735,061)

—

Commonwealth

Bank

of

Australia

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

229

—

—

—

229

Credit

Suisse

International

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

894,730

(894,730)

—

—

—

Deutsche

Bank

AG

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

165,127

(165,127)

—

—

—

Goldman

Sachs

Bank

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

1,954,325

(1,954,325)

—

—

—

JPMorgan

Chase

Bank

NA

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

3,427,243

(3,427,243)

—

—

—

Merrill

Lynch

International

&

Co.

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

23,323

(23,323)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

9,446,726

(833,759)

—

(8,612,967)

—

$

40,657,516

$

(16,627,322)

$

(841,330)

$

(22,348,028)

$

840,836

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

45

Schedule

of

Investments

(continued)

July

31,

2022

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(e)

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

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

$

1,308,595

$

(1,308,595)

$

—

$

—

$

—

Barclays

Bank

plc

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

1,687,885

(1,687,885)

—

—

—

BNP

Paribas

SA

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

4,413,760

(4,413,760)

—

—

—

Citibank

NA

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

1,918,575

(1,918,575)

—

—

—

Credit

Suisse

International

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

2,247,717

(894,730)

(72,987)

(1,280,000)

—

Deutsche

Bank

AG

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

494,629

(165,127)

—

—

329,502

Goldman

Sachs

Bank

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

6,103,836

(1,954,325)

—

(3,660,000)

489,511

JPMorgan

Chase

Bank

NA

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

7,408,587

(3,427,243)

—

(3,981,344)

—

Merrill

Lynch

International

&

Co.

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

222,827

(23,323)

—

(199,504)

—

Morgan

Stanley

&

Co.

International

plc

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

833,759

(833,759)

—

—

—

$

26,640,170

$

(16,627,322)

$

(72,987)

$

(9,120,848)

$

819,013

(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.

(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.

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

46

Schedule

of

Investments

(continued)

July

31,

2022

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

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

$

—

$

24,142,605

$

—

$

24,142,605

Common

Stocks

Canada

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

—

—

398,832

398,832

Japan

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

—

—

—

—

Netherlands

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

1,905,367

—

—

1,905,367

United

Kingdom

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

2,704,963

10

35

2,705,008

United

States

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

14,058,114

7,074,516

1,060,496

22,193,126

Corporate

Bonds

Argentina

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

—

154,818

—

154,818

Australia

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

—

525,627

—

525,627

Austria

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

—

5,602,347

—

5,602,347

Bahrain

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

—

397,388

—

397,388

Brazil

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

—

1,640,982

—

1,640,982

Canada

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

—

783,644

—

783,644

Cayman

Islands

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

—

1,031

—

1,031

Chile

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

—

1,014,795

—

1,014,795

China

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

—

7,093,505

—

7,093,505

Colombia

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

—

839,883

—

839,883

Cyprus

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

—

862,446

—

862,446

Dominican

Republic

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

—

366,250

—

366,250

France

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

—

37,643,936

—

37,643,936

Germany

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

—

41,180,674

—

41,180,674

Ghana

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

—

6,310,980

—

6,310,980

Hong

Kong

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

—

156,000

—

156,000

India

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

—

1,882,330

—

1,882,330

Indonesia

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

—

431,856

—

431,856

Ireland

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

—

9,108,719

—

9,108,719

Israel

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

—

6,320,908

—

6,320,908

Italy

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

—

27,949,678

—

27,949,678

Japan

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

—

12,407,471

—

12,407,471

Kuwait

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

—

406,018

—

406,018

Luxembourg

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

—

35,070,157

—

35,070,157

Mexico

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

—

1,303,096

—

1,303,096

Morocco

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

—

223,125

—

223,125

Netherlands

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

—

19,105,045

—

19,105,045

Nigeria

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

—

163,000

—

163,000

Norway

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

—

149,100

—

149,100

Oman

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

—

186,725

—

186,725

Peru

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

—

211,889

—

211,889

Portugal

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

—

7,143,107

—

7,143,107

Saudi

Arabia

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

—

365,082

—

365,082

Singapore

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

—

171,100

—

171,100

South

Africa

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

—

534,474

—

534,474

Spain

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

—

44,521,716

—

44,521,716

Sweden

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

—

4,842,720

—

4,842,720

Switzerland

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

—

7,705,478

—

7,705,478

Tanzania,

United

Republic

Of

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

—

177,600

—

177,600

Thailand

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

—

185,912

—

185,912

United

Arab

Emirates

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

—

624,602

—

624,602

United

Kingdom

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

—

131,593,093

—

131,593,093

United

States

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

—

489,674,100

49,161,103

538,835,203

Zambia

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

—

4,494,533

—

4,494,533

Floating

Rate

Loan

Interests

Canada

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

—

4,415,711

—

4,415,711

France

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

—

6,682,716

—

6,682,716

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

47

Schedule

of

Investments

(continued)

July

31,

2022

Level

1

Level

2

Level

3

Total

Germany

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

$

—

$

9,913,505

$

—

$

9,913,505

Jersey,

Channel

Islands

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

—

—

380,762

380,762

Luxembourg

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

—

12,848,956

8

12,848,964

Netherlands

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

—

11,161,115

—

11,161,115

Norway

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

—

4,424,454

—

4,424,454

Singapore

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

—

209,601

—

209,601

Spain

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

—

1,115,724

82,017

1,197,741

Sweden

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

—

4,383,892

—

4,383,892

United

Kingdom

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

—

5,459,362

—

5,459,362

United

States

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

—

114,754,083

10,853,591

125,607,674

Foreign

Agency

Obligations

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

—

13,135,799

—

13,135,799

Foreign

Government

Obligations

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

—

10,134,059

—

10,134,059

Non-Agency

Mortgage-Backed

Securities

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

—

49,410,426

—

49,410,426

Preferred

Securities

United

States

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

—

185,988

3,760,186

3,946,174

U.S.

Treasury

Obligations

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

—

4,500,838

—

4,500,838

Warrants

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

160,009

49,534

119,134

328,677

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

87,000,617

—

87,000,617

Money

Market

Funds

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

175,866,951

—

—

175,866,951

Options

Purchased

Credit

contracts

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

—

1,101,540

—

1,101,540

Equity

contracts

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

4,521,239

—

—

4,521,239

Liabilities

Borrowed

Bonds

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

—

(81,276,094)

—

(81,276,094)

Investments

Sold

Short

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

(582,525)

—

—

(582,525)

$

198,634,118

$

1,202,355,897

$

65,816,164

$

1,466,806,179

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

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

$

—

$

2,884,725

$

—

$

2,884,725

Equity

contracts

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

—

60,992

—

60,992

Foreign

currency

exchange

contracts

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

—

25,903,899

—

25,903,899

Interest

rate

contracts

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

—

24,710

—

24,710

Liabilities

Credit

contracts

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

—

(14,058,728)

—

(14,058,728)

Equity

contracts

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

(2,562,889)

(673,333)

—

(3,236,222)

Foreign

currency

exchange

contracts

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

—

(1,001,371)

—

(1,001,371)

Interest

rate

contracts

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

(6,229,577)

(3,588,293)

—

(9,817,870)

$

(8,792,466)

$

9,552,601

$

—

$

760,135

(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.

2022

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

48

Schedule

of

Investments

(continued)

July

31,

2022

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

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Preferred

Securities

Warrants

Total

Investments

Assets

Opening

balance,

as

of

July

31,

2021

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

$

3,269,665

$

1,711,048

$

84,978,565

$

12,243,215

$

—

$

61,157

$

102,263,650

Transfers

into

Level

3

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

—

—

—

592,886

—

78,720

671,606

Transfers

out

of

Level

3

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

(2,448,549)

—

—

(7,686,665)

—

(7,296)

(10,142,510)

Accrued

discounts/premiums

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

799

—

7,835

27,522

—

—

36,156

Net

realized

loss

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

(52,244)

(450)

—

(9,845)

—

—

(62,539)

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

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

(65,475)

(1,450,631)

(2,794,835)

(2,622,197)

154,325

(30,205)

(6,809,018)

Purchases

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

—

1,202,188

18,246,561

12,986,763

3,605,861

16,758

36,058,131

Sales

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

(704,196)

(2,792)

(51,277,023)

(4,215,301)

—

—

(56,199,312)

Closing

balance,

as

of

July

31,

2022

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

$

—

$

1,459,363

$

49,161,103

$

11,316,378

$

3,760,186

$

119,134

$

65,816,164

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2022

(b)

.

$

(65,475)

$

(1,450,631)

$

(2,794,835)

$

(2,524,799)

$

154,325

$

(30,205)

$

(6,711,620)

(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,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

49

Schedule

of

Investments

(continued)

July

31,

2022

The

Fund

valued

certain

of

its

Level

3

investments

using

recent

prior

transaction

prices

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction,

for

which

inputs

are

unobservable,

is

$1,663,108

as

of

July

31,

2022.

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third

party

pricing

information

of

$10,891,859.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

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

$

1,459,213

Market

Time

to

Exit

0.2

–

1.9

years

1.8

years

Volatility

33%

-

88%

37%

Revenue

Multiple

3.63x

—

Corporate

Bonds

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

49,161,103

Income

Discount

Rate

7%

–

35%

9%

Market

Volatility

60%

—

Revenue

Multiple

13.64x

—

Floating

Rate

Interests

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

452,379

Income

Discount

Rate

9%

—

Preferred

Stocks

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

3,760,186

Market

Discount

Rate

11%

—

Warrants

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

91,424

Market

Time

to

Exit

0.5

–

0.9

years

0.6

years

Volatility

44%

-

74%

59%

Discount

Rate

35%

—

Revenue

Multiple

13.64x

—

$

54,924,305

(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,

2022

2022

BlackRock

Annual

Report

to

Shareholders

50

BlackRock

Global

Long/Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

1,372,797,847‌

Investments,

at

value

—

affiliated

(b)

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

175,866,951‌

Cash

pledged:

–‌

Collateral

—

borrowed

bond

agreements

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

550,000‌

Collateral

—

exchange-traded

options

written

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

2,880,000‌

Collateral

—

OTC

derivatives

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

37,984,000‌

Futures

contracts

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

6,166,880‌

Centrally

cleared

swaps

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

4,389,710‌

Foreign

currency,

at

value

(c)

..............................................................................................

25,386,563‌

Receivables:

–‌

Investments

sold

....................................................................................................

60,013,702‌

Swaps  

..........................................................................................................

76,138‌

Capital

shares

sold

...................................................................................................

5,673,438‌

Dividends

—

affiliated

.................................................................................................

279,750‌

Dividends

—

unaffiliated

...............................................................................................

16,272‌

Interest

—

unaffiliated

.................................................................................................

15,002,554‌

From

the

Manager

...................................................................................................

1,201‌

Variation

margin

on

futures

contracts

.......................................................................................

183,398‌

Swap

premiums

paid

...................................................................................................

10,743,186‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

25,903,899‌

OTC

swaps

........................................................................................................

2,908,891‌

Prepaid

expenses

.....................................................................................................

78,227‌

Total

assets

.........................................................................................................

1,746,902,607‌

LIABILITIES

Investments

sold

short,

at

value

—

affiliated

(d)

..................................................................................

476,700‌

Investments

sold

short,

at

value

—

unaffiliated

(e)

.................................................................................

105,825‌

Bank

overdraft

........................................................................................................

11,154,011‌

Cash

received:

–‌

Collateral

—

borrowed

bond

agreements

....................................................................................

311,942‌

Collateral

—

OTC

derivatives

............................................................................................

24,970,000‌

Borrowed

bonds,

at

value

(f)

...............................................................................................

81,276,094‌

Options

written,

at

value

(g)

................................................................................................

3,792,234‌

Payables:

–‌

Investments

purchased

................................................................................................

45,115,273‌

Swaps  

..........................................................................................................

2,140,634‌

Administration

fees

...................................................................................................

70,934‌

Capital

shares

redeemed

...............................................................................................

6,724,744‌

Interest

expense

....................................................................................................

1,191,165‌

Investment

advisory

fees

..............................................................................................

1,214,702‌

Trustees'

and

Officer's

fees

.............................................................................................

13,868‌

Other

affiliate

fees

...................................................................................................

5,615‌

Service

and

distribution

fees

.............................................................................................

73,455‌

Variation

margin

on

futures

contracts

.......................................................................................

236,949‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

715,822‌

Other

accrued

expenses

...............................................................................................

1,055,505‌

Swap

premiums

received

................................................................................................

9,857,351‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

1,001,371‌

OTC

swaps

........................................................................................................

13,567,695‌

Total

liabilities

........................................................................................................

205,071,889‌

NET

ASSETS

........................................................................................................

$

1,541,830,718‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2022

51

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

2,132,499,505‌

Accumulated

loss

.....................................................................................................

(590,668,787‌)

NET

ASSETS

........................................................................................................

$

1,541,830,718‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

1,607,619,773‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

175,866,951‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

25,343,804‌

(d)

  Proceeds

received

from

short

sales

—

affiliated

...............................................................................

$

441,068‌

(e)

  Proceeds

received

from

short

sales

—

unaffiliated

.............................................................................

$

76,354‌

(f)

  Proceeds

received

from

borrowed

bonds

....................................................................................

$

86,603,055‌

(g)

  Premiums

received

..................................................................................................

$

9,100,176‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2022

2022

BlackRock

Annual

Report

to

Shareholders

52

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

..........................................................................................................

$

1,077,773,743‌

Shares

outstanding

...................................................................................................

116,415,782‌

Net

asset

value

......................................................................................................

$

9.26‌

Shares

authorized

....................................................................................................

Unlimited

Par

value

..........................................................................................................

$

0.001‌

Investor

A

Net

assets

..........................................................................................................

$

136,073,278‌

Shares

outstanding

...................................................................................................

14,719,235‌

Net

asset

value

......................................................................................................

$

9.24‌

Shares

authorized

....................................................................................................

Unlimited

Par

value

..........................................................................................................

$

0.001‌

Investor

C

Net

assets

..........................................................................................................

$

9,827,131‌

Shares

outstanding

...................................................................................................

1,075,390‌

Net

asset

value

......................................................................................................

$

9.14‌

Shares

authorized

....................................................................................................

Unlimited

Par

value

..........................................................................................................

$

0.001‌

Class

K

Net

assets

..........................................................................................................

$

318,156,566‌

Shares

outstanding

...................................................................................................

34,330,767‌

Net

asset

value

......................................................................................................

$

9.27‌

Shares

authorized

....................................................................................................

Unlimited

Par

value

..........................................................................................................

$

0.001‌

Statement

of

Operations

Year

Ended

July

31,

2022

53

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

748,863‌

Dividends

—

unaffiliated

...............................................................................................

193,062‌

Interest

—

unaffiliated

................................................................................................

69,820,227‌

Foreign

taxes

withheld

................................................................................................

(7,576‌)

Total

investment

income

.................................................................................................

70,754,576‌

EXPENSES

Investment

advisory

..................................................................................................

15,481,985‌

Transfer

agent

—

class

specific

..........................................................................................

1,119,627‌

Administration

.....................................................................................................

664,553‌

Service

and

distribution

—

class

specific

....................................................................................

427,474‌

Accounting

services

..................................................................................................

390,580‌

Administration

—

class

specific

..........................................................................................

250,834‌

Registration

.......................................................................................................

130,531‌

Custodian

.........................................................................................................

126,411‌

Trustees

and

Officer

..................................................................................................

18,870‌

Miscellaneous

......................................................................................................

519,889‌

Total

expenses

excluding

dividend

expense,

and

interest

expense

.....................................................................

19,130,754‌

Dividends

expense

—

affiliated

..........................................................................................

11,822‌

Interest

expense

....................................................................................................

3,487,496‌

Total

expenses

.......................................................................................................

22,630,072‌

Less:

–‌

Administration

fees

waived

—

class

specific

................................................................................

(5,550‌)

Fees

waived

and/or

reimbursed

by

the

Manager

.............................................................................

(86,168‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

........................................................

(5,113‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

22,533,241‌

Net

investment

income

..................................................................................................

48,221,335‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(161,761,384‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(253,332‌)

Investments

—

unaffiliated

...........................................................................................

(125,236,339‌)

Borrowed

bonds

..................................................................................................

18,744,577‌

Forward

foreign

currency

exchange

contracts

...............................................................................

90,463,497‌

Foreign

currency

transactions

.........................................................................................

(12,285,129‌)

Futures

contracts

..................................................................................................

18,130,040‌

Options

written

...................................................................................................

21,227,954‌

Short

sales

—

affiliated

..............................................................................................

(212,907‌)

Short

sales

—

unaffiliated

............................................................................................

214,861‌

Swaps

.........................................................................................................

9,677,143‌

A

20,470,365‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(190,460,813‌)

Borrowed

bonds

..................................................................................................

7,923,254‌

Forward

foreign

currency

exchange

contracts

...............................................................................

10,787,253‌

Foreign

currency

translations

..........................................................................................

(505,740‌)

Futures

contracts

..................................................................................................

(5,737,141‌)

Options

written

...................................................................................................

2,838,177‌

Short

sales

—

affiliated

..............................................................................................

(35,632‌)

Short

sales

—

unaffiliated

............................................................................................

(36,325‌)

Swaps

.........................................................................................................

(7,004,782‌)

A

(182,231,749‌)

Net

realized

and

unrealized

loss

............................................................................................

(161,761,384‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(113,540,049‌)

Statements

of

Changes

in

Net

Assets

2022

BlackRock

Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Year

Ended

July

31,

2022

2021

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

48,221,335‌

$

60,706,136‌

Net

realized

gain

..................................................................................

20,470,365‌

4,438,559‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(182,231,749‌)

70,716,026‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

(113,540,049‌)

135,860,721‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(45,186,861‌)

(43,617,993‌)

Investor

A

.....................................................................................

(3,089,685‌)

(2,536,547‌)

Investor

C

.....................................................................................

(347,824‌)

(563,231‌)

Class

K

.......................................................................................

(10,375,706‌)

(13,282,311‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(59,000,076‌)

(60,000,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

107,073,742‌

(222,028,905‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(65,466,383‌)

(146,168,266‌)

Beginning

of

year

....................................................................................

1,607,297,101‌

1,753,465,367‌

End

of

year

........................................................................................

$

1,541,830,718‌

$

1,607,297,101‌

(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

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Year

Ended

July

31,

2022

2021

2020

2019

2018

Net

asset

value,

beginning

of

year

..................

$

10.25

‌

$

9.78

‌

$

10.05

‌

$

10.36

‌

$

10.36

‌

Net

investment

income

(a)

........................

0.28

0.38

0.37

0.37

0.33

Net

realized

and

unrealized

gain

(loss)

...............

(0.92)

0.48

(0.27)

(0.10)

(0.21)

Net

increase

(decrease)

from

investment

operations

.......

(0.64

)

0.86

‌

0.10

‌

0.27

‌

0.12

‌

Distributions

from

net

investment

income

(b)

...........

(0.35

)

(0.39

)

(0.37

)

(0.58

)

(0.12

)

Net

asset

value,

end

of

year

......................

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

$

10.36

‌

Total

Return

(c)

(6.42)%

—

—

—

—

Based

on

net

asset

value

.........................

(6.42

)%

8.95

%

0.96

%

(d)

2.83

%

(d)

1.16

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

1.34

%

1.46

%

1.85

%

2.03

%

2.00

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

1.33

%

1.45

%

1.85

%

2.01

%

1.98

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.....................

1.12

%

1.09

%

1.12

%

1.07

%

1.05

%

Net

investment

income

..........................

2.89

%

3.80

%

3.74

%

3.67

%

3.21

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................

$

1,077,774

‌

$

1,202,628

‌

$

1,223,282

‌

$

1,747,346

‌

$

2,305,172

‌

Portfolio

turnover

rate

...........................

149

%

156

%

232

%

226

%

185

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Annual

Report

to

Shareholders

56

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Year

Ended

July

31,

2022

2021

2020

2019

2018

Net

asset

value,

beginning

of

year

..................

$

10.24

‌

$

9.76

‌

$

10.03

‌

$

10.33

‌

$

10.31

‌

Net

investment

income

(a)

........................

0.26

0.35

0.34

0.34

0.31

Net

realized

and

unrealized

gain

(loss)

...............

(0.93)

0.49

(0.27)

(0.10)

(0.23)

Net

increase

(decrease)

from

investment

operations

.......

(0.67

)

0.84

‌

0.07

‌

0.24

‌

0.08

‌

Distributions

from

net

investment

income

(b)

...........

(0.33

)

(0.36

)

(0.34

)

(0.54

)

(0.06

)

Net

asset

value,

end

of

year

......................

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

$

10.33

‌

Total

Return

(c)

(6.75)%

—

—

—

—

Based

on

net

asset

value

.........................

(6.75

)%

8.69

%

0.69

%

(d)

2.60

%

(d)

0.81

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

1.61

%

1.73

%

2.10

%

2.29

%

(f)

2.25

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

1.60

%

1.72

%

2.10

%

2.27

%

2.24

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.....................

1.39

%

1.36

%

1.37

%

1.33

%

1.31

%

Net

investment

income

..........................

2.70

%

3.53

%

3.49

%

3.43

%

2.99

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................

$

136,073

‌

$

86,176

‌

$

101,727

‌

$

117,093

‌

$

168,471

‌

Portfolio

turnover

rate

...........................

149

%

156

%

232

%

226

%

185

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(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%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

57

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Year

Ended

July

31,

2022

2021

2020

2019

2018

Net

asset

value,

beginning

of

year

..................

$

10.09

‌

$

9.58

‌

$

9.82

‌

$

10.12

‌

$

10.10

‌

Net

investment

income

(a)

........................

0.18

0.27

0.27

0.26

0.23

Net

realized

and

unrealized

gain

(loss)

...............

(0.91)

0.47

(0.26)

(0.10)

(0.21)

Net

increase

(decrease)

from

investment

operations

.......

(0.73

)

0.74

‌

0.01

‌

0.16

‌

0.02

‌

Distributions

from

net

investment

income

(b)

...........

(0.22

)

(0.23

)

(0.25

)

(0.46

)

—

‌

Net

asset

value,

end

of

year

......................

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

$

10.12

‌

Total

Return

(c)

(7.37)%

—

—

—

—

Based

on

net

asset

value

.........................

(7.37

)%

7.75

%

0.03

%

(d)

1.72

%

(d)

0.20

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

2.37

%

2.50

%

2.86

%

3.05

%

(f)

3.02

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

2.36

%

2.49

%

2.86

%

3.03

%

3.01

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.....................

2.15

%

2.13

%

2.13

%

2.09

%

2.08

%

Net

investment

income

..........................

1.88

%

2.71

%

2.75

%

2.65

%

2.25

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................

$

9,827

‌

$

18,771

‌

$

29,291

‌

$

68,930

‌

$

100,645

‌

Portfolio

turnover

rate

...........................

149

%

156

%

232

%

226

%

185

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Annual

Report

to

Shareholders

58

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Year

Ended

July

31,

2022

2021

2020

2019

2018

Net

asset

value,

beginning

of

year

..................

$

10.26

‌

$

9.79

‌

$

10.06

‌

$

10.37

‌

$

10.37

‌

Net

investment

income

(a)

........................

0.29

0.39

0.38

0.38

0.35

Net

realized

and

unrealized

gain

(loss)

...............

(0.92)

0.48

(0.27)

(0.11)

(0.21)

Net

increase

(decrease)

from

investment

operations

.......

(0.63

)

0.87

‌

0.11

‌

0.27

‌

0.14

‌

Distributions

from

net

investment

income

(b)

...........

(0.36

)

(0.40

)

(0.38

)

(0.58

)

(0.14

)

Net

asset

value,

end

of

year

......................

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

$

10.37

‌

Total

Return

(c)

(6.35)%

—

—

—

—

Based

on

net

asset

value

.........................

(6.35

)%

9.02

%

1.04

%

(d)

2.91

%

(d)

1.34

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

1.26

%

1.39

%

1.77

%

1.96

%

1.94

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

1.26

%

1.38

%

1.76

%

1.94

%

1.93

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

.....................

1.05

%

1.02

%

1.04

%

1.00

%

0.99

%

Net

investment

income

..........................

2.97

%

3.85

%

3.85

%

3.75

%

3.33

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................

$

318,157

‌

$

299,722

‌

$

399,165

‌

$

1,104,061

‌

$

1,323,371

‌

Portfolio

turnover

rate

...........................

149

%

156

%

232

%

226

%

185

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

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

open-

end

non-index

fixed-income

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.

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,

2022

,

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)

2022

BlackRock

Annual

Report

to

Shareholders

60

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

from

net

investment

income

are

declared

and

paid

at

least

annually. 

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.  

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants'

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement(s)

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

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.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

Notes

to

Financial

Statements

(continued)

61

Notes

to

Financial

Statements

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)

2022

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.

Special

Purpose

Acquisition

Companies:

Special

purpose

acquisition

companies

(SPACs)

are

companies

that

have

no

operations

but

go

public

with

the

intention

of

merging

with

or

acquiring

a

company

using

the

proceeds

of

the

SPAC's

initial

public

offering.

The

Fund

may

enter

into

a

commitment

with

a

SPAC

for

a

private

investment

in

a

public

equity

(PIPE)

and

will

satisfy

the

commitment

if

and

when

the

SPAC

completes

its

merger

or

acquisition.

Securities

purchased

through

PIPE

transactions

will

be

restricted

from

trading

and

considered

illiquid

until

a

registration

statement

for

the

shares

is

filed

and

declared

effective.

Unfunded

SPAC

PIPE

commitments

are

marked-to-

market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end,

the

Fund

had

no

outstanding

unfunded

SPAC

PIPE

commitments.

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,

2022,

the

Fund

had

outstanding

commitments

of

$400,000.

These

commitments

are

not

included

in

the

net

assets

of

the

Fund

as

of

July

31,

2022.

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.

Notes

to

Financial

Statements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

64

For

the

year

ended

July

31,

2022,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding and

the

weighted

average

interest

rate

for

the

Fund

were

$3,092,723

and

0.33%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

"MRA"),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/

or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

agreements

and

reverse

repurchase

agreements

by

counterparty

which

are

subject

to

offset

under

an

MRA

on

a

net

basis:

Short

Sale

Transactions:

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statement

of

Assets

and

Liabilities. 

Securities

segregated

as

collateral

are

denoted

in

the

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is, limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-cash

Collateral

Received

Cash

Collateral

Received

Non-cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/

from

Counterparty

(c)

BlackRock

Global

Long/Short

Credit

Fund

Barclays

Bank

plc

..............

$

28,048,262‌

$

(27,389,939‌)

$

658,323‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

658,323‌

(d)

BNP

Paribas

SA

...............

9,387,455‌

(8,409,785‌)

977,670‌

—‌

(260,942‌)

—‌

—‌

(260,942‌)

716,728‌

(e)

Credit

Suisse

Securities

(USA)

LLC

..

1,357,833‌

(1,358,466‌)

(633‌)

—‌

—‌

—‌

—‌

—‌

(633‌)

J.P.

Morgan

Securities

LLC

........

8,131,668‌

(4,863,648‌)

3,268,020‌

—‌

—‌

—‌

—‌

—‌

3,268,020‌

(f)

J.P.

Morgan

Securities

plc

.........

28,673,836‌

(28,778,410‌)

(104,574‌)

—‌

—‌

—‌

—‌

—‌

(104,574‌)

Merrill

Lynch

International

.........

2,691,328‌

(2,731,092‌)

(39,764‌)

—‌

—‌

—‌

—‌

—‌

(39,764‌)

RBC

Capital

Markets

LLC

.........

5,880,380‌

(6,129,639‌)

(249,259‌)

—‌

—‌

—‌

—‌

—‌

(249,259‌)

RBC

Europe

Ltd.

...............

2,829,855‌

(2,806,280‌)

23,575‌

—‌

—‌

—‌

—‌

—‌

23,575‌

$

87,000,617‌

$

(82,467,259‌)

$

4,533,358‌

$

—‌

$

(260,942‌)

$

—‌

$

—‌

$

(260,942‌)

$

4,272,416‌

...........................................

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Statement

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$1,191,165

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

(d)

Borrowed

bond

agreement

with

a

value

of

$1,506,441

has

been

purchased

and

is

pending

settlement

as

of

July

31,

2022

.1

(e)

Borrowed

bond

agreement

with

a

value

of

$778,141

has

been

purchased

and

is

pending

settlement

as

of

July

31,

2022.

2

(f)

Borrowed

bond

agreement

with

a

value

of

$3,324,875

has

been

purchased

and

is

pending

settlement

as

of

July

31,

2022.

3

Notes

to

Financial

Statements

(continued)

65

Notes

to

Financial

Statements

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

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

Notes

to

Financial

Statements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

66

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

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.

Notes

to

Financial

Statements

(continued)

67

Notes

to

Financial

Statements

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL,

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Fund.

The

ongoing

service and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the year

ended

July

31,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.95%

$1

billion

-

$3

billion

.....................................................................................................

0.89

$3

billion

-

$5

billion

.....................................................................................................

0.86

$5

billion

-

$6.5

billion

....................................................................................................

0.83

$

6.5

billion

-

$10

billion

...................................................................................................

0.80

Greater

than

$10

billion

...................................................................................................

0.76

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

280,686‌

Investor

C

........................................................................................................

146,788‌

$

427,474‌

Notes

to

Financial

Statements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

68

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.

For

the

year

ended

July

31,

2022,

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,

2022,

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,

2022,

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,

2022,

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,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares for

a

total

of

$433

.

For

the year

ended

July

31,

2022,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

July

31,

2022,

the

amount

waived

was

$86,155.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2023.

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,

2022,

the

Manager

waived

$13

in

investment

advisory

fees

pursuant

to

this

arrangement.

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Institutional

Investor

A

Investor

C

Class

K

Total

Administration

fees

-

class

specific

.............

$

190,168‌

$

16,842‌

$

2,202‌

$

41,622‌

$

250,834‌

Institutional

.............................................................................................................

$

944‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

amount

.......................

$

1,172‌

$

595‌

$

284‌

$

22‌

$

2,073‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

.............

$

981,731‌

$

113,408‌

$

16,488‌

$

8,000‌

$

1,119,627‌

Fund

Name

Investor

A

Investor

C

BlackRock

Global

Long/Short

Credit

Fund

.............................................................................

$

704‌

$

2,542‌

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

June

30,

2023,

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,

2022,

class

specific

expense

waivers

and/

or

reimbursements

were

as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interf

und

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

July

31,

2022,

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,

2022,

the

purchase

and

sale

transactions

and

any

ne

t

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the year

ended

July

31,

2022,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

investments, were $2,164,082,967

and

$2,132,119,427,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

July

31,

2022,

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

Investor

A

Investor

C

Class

K

Expense

Limitations

................................................

1.20‌%

1.40‌%

2.15‌%

1.15‌%

Fund

Name/Share

Class

Administration

Fees

Waived

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

-

Class

Specific

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

.....................................................................................

$

5,17

8‌

$

4,587‌

Investor

C

.....................................................................................

372‌

526‌

$

5,5

50‌

$

5,113‌

Purchases

...............................................................................................................

$

1,566,693‌

Sales

...................................................................................................................

4,340,708‌

Net

Realized

Loss

..........................................................................................................

(229,207‌)

Notes

to

Financial

Statements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

70

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

July

31,

2022,

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

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

classification

of

investments,

dividends

recognized

for

tax

purposes

and

the

accounting

for

swap

agreements.

As

of

July

31,

2022, 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,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

("OBFR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

("SOFR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2023

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

July

31,

2022,

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.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

Fund

Name

Year

Ended

07/31/22

Year

Ended

07/31/21

BlackRock

Global

Long/Short

Credit

Fund

Ordinary

income

...........................................................................................

$

59,000,076‌

$

60,000,082‌

Fund

Name

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

Global

Long/Short

Credit

Fund

...........................................

$

75,591,130‌

$

(428,257,330‌)

$

(238,002,587‌)

$

(590,668,787‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,790,3

56

,

894‌

$

42,

698

,

094‌

$

(279,978,018‌)

$

(237,2

79

,

924‌

)

Notes

to

Financial

Statements

(continued)

71

Notes

to

Financial

Statements

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the recent

period

of

historically

low

interest rates. The

Federal

Reserve

has

recently

begun

to

raise

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

Notes

to

Financial

Statements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

72

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

Fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

07/31/22

Year

Ended

07/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

.............................................

57,816,380‌

$

571,072,733‌

37,495,445‌

$

378,609,710‌

Shares

issued

in

reinvestment

of

distributions

........................

3,348,270‌

33,114,387‌

3,233,135‌

32,072,694‌

Shares

redeemed

.........................................

(62,089,562‌)

(597,211,870‌)

(48,436,257‌)

(485,531,325‌)

(924,912‌)

$

6,975,250‌

(7,707,677‌)

$

(74,848,921‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

9,388,064‌

$

91,780,264‌

3,567,062‌

$

35,933,723‌

Shares

issued

in

reinvestment

of

distributions

........................

275,553‌

2,725,220‌

228,585‌

2,269,850‌

Shares

redeemed

.........................................

(3,362,577‌)

(32,660,728‌)

(5,796,696‌)

(57,775,170‌)

6,301,040‌

$

61,844,756‌

(2,001,049‌)

$

(19,571,597‌)

Investor

C

Shares

sold

.............................................

145,849‌

$

1,439,754‌

81,135‌

$

812,924‌

Shares

issued

in

reinvestment

of

distributions

........................

35,116‌

344,834‌

56,765‌

557,997‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(966,171‌)

(9,367,981‌)

(1,336,186‌)

(13,198,469‌)

(785,206‌)

$

(7,583,393‌)

(1,198,286‌)

$

(11,827,548‌)

Class

K

Shares

sold

.............................................

17,555,604‌

$

167,819,896‌

4,913,850‌

$

49,337,579‌

Shares

issued

in

reinvestment

of

distributions

........................

167,164‌

1,653,256‌

119,787‌

1,189,489‌

Shares

redeemed

.........................................

(12,611,383‌)

(123,636,023‌)

(16,584,595‌)

(166,307,907‌)

5,111,385‌

$

45,837,129‌

(11,550,958‌)

$

(115,780,839‌)

9,702,307‌

$

107,073,742‌

(22,457,970‌)

$

(222,028,905‌)

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,

2022,

the

related

statement

of

operations

for

the

year

ended

July

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

(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,

2022,

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,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

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,

2022

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

2022

BlackRock

Annual

Report

to

Shareholders

74

The

following

amount,

or maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2022:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

year

ended

July

31,

2022:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attributable

to

federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

check

with

their

tax

advisers

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

tax.

The

following

percentage,

or

maximum

percentage

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2022

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

July

31,

2022:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

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,

2022:

Fund

Name

Qualified

Dividend

Income

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

3,659,210‌

Fund

Name

Federal

Obligation

Interest

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

46,947‌

Fund

Name

Dividends-Received

Deduction

BlackRock

Global

Long/Short

Credit

Fund

....................................................................................

0.48‌

%

Fund

Name

Interest

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

48,263,203‌

Fund

Name

Interest-Related

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

32,273,132‌

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

75

Disclosure

of

Investment

Advisory

Agreements

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

April

14,

2022

(the

“April

Meeting”)

and

May

19-20,

2022

(the

“May

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

Agreement

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

who

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

an

additional

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

April

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

April

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

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

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

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

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.

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

76

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

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

April

meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2021,

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

the

one-,

three-,

and

five-year

periods

reported,

the

Fund

underperformed,

outperformed

and

underperformed,

respectively,

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,

2021

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

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

(continued)

77

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

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.

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

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

fourth

quartile,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted,

however,

that

given

the

comparability

limitations

of

the

Expense

Peers,

BlackRock

provided

the

Board

a

supplemental

peer

group

consisting

of

funds

that

BlackRock

believes

are

generally

similar

to

the

Fund.

The

Board

noted

that

the

Fund’s

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

supplemental

peer

group.

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

At

the

May

Meeting,

as

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

approved,

by

unanimous

vote

of

those

present,

the

continuation

of

the

Advisory

Agreements

between

the

Manager

and

the

Trust,

on

behalf

of

the

Trust,

for

a

one-year

term

ending

June

30,

2023,

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,

2023.

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

2022

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

R.

Glenn

Hubbard

1958

Chair

of

the

Board

(Since

2022)

and

Trustee

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

69

RICs

consisting

of

99

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

Vice

Chair

of

the

Board

(Since

2022)

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.

71

RICs

consisting

of

101

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.

69

RICs

consisting

of

99

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair)

(insurance);

Huntsman

Corporation

(Lead

Independent

Director

and

non

Executive

Vice

Chair

of

the

Board)

(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)

from

2011

to

2022;

Professor

of

Practice,

Johns

Hopkins

University

since

2021;

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.

71

RICs

consisting

of

101

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.

69

RICs

consisting

of

99

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.

69

RICs

consisting

of

99

Portfolios

The

Boeing

Company

J.

Phillip

Holloman

1955

Trustee

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

69

RICs

consisting

of

99

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation)

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.

71

RICs

consisting

of

101

Portfolios

PennyMac

Mortgage

Investment

Trust

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:

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

and

W.

Carl

Kester,

1995.

Certain

other

Independent

Trustees

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

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.

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.

97

RICs

consisting

of

261

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.

99

RICs

consisting

of

263

Portfolios

None

Trustee

and

Officer

Information

(continued)

2022

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.

Effective

May

31,

2022,

Karen

P.

Robards

retired

as

a

Trustee

of

the

Trust.

Effective

December

31,

2021,

Richard

E.

Cavanagh

and

Michael

J.

Castellano

retired

as

Trustees

of

the

Trust.

Additional

Information

81

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorp

orate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

Additional

Information

(continued)

2022

BlackRock

Annual

Report

to

Shareholders

82

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

83

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EAFE

Europe,

Australasia

and

Far

East

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

CSGLSCMT-7/22-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:

               Frank J. Fabozzi

Lorenzo A. Flores
Catherine A. Lynch

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.

               (i) – Not Applicable

               (j) – Not Applicable

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)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: September 23, 2022

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: September 23, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: September 23, 2022