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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 07/31/2024

Item 1 – Report to Stockholders

(a)     The Reports to Shareholders is attached herewith.

BlackRock Global Long/Short Credit Fund

Institutional Shares | BGCIX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Global Long/Short Credit Fund (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$153	1.46%

How did the Fund perform last year?

• The global fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution in the high interest rate environment.

• Credit-oriented investments performed particularly well, as positive investor sentiment contributed to a narrowing of yield spreads. 

What contributed to performance?

The Fund’s U.S. and European absolute return strategies and European traditional strategies contributed to performance. Specifically, idiosyncratic long positions, event-related trades, and thematic trades all made meaningful contributions. European absolute return strategies, particularly event-related trades, also contributed. European traditional strategies further helped results, primarily in high yield, financials, and mezzanine collateralized loan obligations.

As part of its investment strategy, the Fund used derivatives to manage duration (sensitivity to interest rate movements) and currency risk. The Fund also has the flexibility to utilize derivatives in order to express a positive or negative view on a particular issuer or sector, or to manage overall credit risk. Derivatives may also serve as a more liquid way to establish positions. The use of derivatives had a marginally positive impact on the Fund’s performance during the reporting period.

What detracted from performance?

At a time of positive returns for the broader market, few aspects of the Fund’s positioning detracted. With that said, idiosyncratic short positions in the Fund’s U.S. absolute return strategies, along with U.S. and European risk-management  strategies, had small adverse effects.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Institutional Shares	Bloomberg Global Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
Aug 14	10,009	10,055	10,000
Sep 14	9,936	9,774	10,001
Oct 14	9,936	9,776	10,001
Nov 14	9,936	9,740	10,001
Dec 14	9,886	9,673	10,001
Jan 15	9,934	9,658	10,001
Feb 15	10,058	9,579	10,001
Mar 15	10,058	9,487	10,001
Apr 15	10,096	9,588	10,002
May 15	10,096	9,416	10,002
Jun 15	10,000	9,375	10,002
Jul 15	10,010	9,396	10,001
Aug 15	9,972	9,407	10,003
Sep 15	9,838	9,455	10,003
Oct 15	9,915	9,475	10,002
Nov 15	9,896	9,318	10,003
Dec 15	9,787	9,368	10,006
Jan 16	9,737	9,449	10,007
Feb 16	9,657	9,659	10,009
Mar 16	9,717	9,920	10,014
Apr 16	9,797	10,052	10,016
May 16	9,837	9,917	10,017
Jun 16	9,827	10,207	10,021
Jul 16	9,927	10,284	10,024
Aug 16	9,987	10,234	10,026
Sep 16	9,997	10,290	10,031
Oct 16	10,077	10,005	10,033
Nov 16	10,067	9,607	10,035
Dec 16	10,137	9,563	10,039
Jan 17	10,228	9,671	10,044
Feb 17	10,258	9,717	10,048
Mar 17	10,248	9,732	10,049
Apr 17	10,278	9,841	10,056
May 17	10,318	9,994	10,061
Jun 17	10,318	9,985	10,070
Jul 17	10,378	10,153	10,078
Aug 17	10,378	10,253	10,088
Sep 17	10,428	10,161	10,096
Oct 17	10,488	10,122	10,105
Nov 17	10,468	10,235	10,114
Dec 17	10,488	10,270	10,125
Jan 18	10,580	10,393	10,137
Feb 18	10,580	10,301	10,147
Mar 18	10,539	10,410	10,161
Apr 18	10,570	10,243	10,174
May 18	10,509	10,166	10,190
Jun 18	10,468	10,121	10,207
Jul 18	10,499	10,104	10,223
Aug 18	10,529	10,114	10,241
Sep 18	10,549	10,027	10,257
Oct 18	10,499	9,915	10,275
Nov 18	10,387	9,946	10,296
Dec 18	10,302	10,147	10,315
Jan 19	10,442	10,302	10,335
Feb 19	10,517	10,242	10,354
Mar 19	10,571	10,371	10,377
Apr 19	10,678	10,340	10,396
May 19	10,646	10,480	10,420
Jun 19	10,732	10,712	10,443
Jul 19	10,796	10,682	10,462
Aug 19	10,850	10,900	10,483
Sep 19	10,904	10,789	10,502
Oct 19	10,914	10,861	10,522
Nov 19	10,968	10,778	10,535
Dec 19	11,067	10,841	10,550
Jan 20	11,123	10,980	10,564
Feb 20	11,090	11,053	10,580
Mar 20	10,276	10,806	10,611
Apr 20	10,454	11,018	10,611
May 20	10,633	11,066	10,612
Jun 20	10,744	11,165	10,613
Jul 20	10,900	11,521	10,615
Aug 20	10,967	11,503	10,616
Sep 20	10,922	11,462	10,617
Oct 20	10,956	11,473	10,618
Nov 20	11,279	11,681	10,619
Dec 20	11,505	11,838	10,620
Jan 21	11,597	11,734	10,621
Feb 21	11,737	11,532	10,622
Mar 21	11,737	11,310	10,623
Apr 21	11,818	11,453	10,623
May 21	11,864	11,560	10,624
Jun 21	11,922	11,458	10,623
Jul 21	11,876	11,611	10,624
Aug 21	11,910	11,563	10,624
Sep 21	11,910	11,357	10,625
Oct 21	11,864	11,330	10,624
Nov 21	11,829	11,297	10,625
Dec 21	11,905	11,281	10,626
Jan 22	11,797	11,050	10,625
Feb 22	11,665	10,918	10,627
Mar 22	11,641	10,586	10,630
Apr 22	11,521	10,006	10,632
May 22	11,341	10,033	10,639
Jun 22	10,981	9,711	10,642
Jul 22	11,113	9,918	10,647
Aug 22	11,137	9,526	10,665
Sep 22	10,873	9,037	10,692
Oct 22	10,849	8,975	10,709
Nov 22	10,921	9,397	10,743
Dec 22	10,952	9,448	10,782
Jan 23	11,160	9,758	10,816
Feb 23	11,199	9,434	10,851
Mar 23	11,108	9,732	10,898
Apr 23	11,290	9,775	10,932
May 23	11,303	9,584	10,975
Jun 23	11,355	9,583	11,025
Jul 23	11,433	9,649	11,069
Aug 23	11,485	9,517	11,119
Sep 23	11,537	9,239	11,170
Oct 23	11,498	9,129	11,220
Nov 23	11,706	9,589	11,270
Dec 23	11,936	9,988	11,323
Jan 24	12,057	9,850	11,371
Feb 24	12,098	9,726	11,418
Mar 24	12,192	9,780	11,469
Apr 24	12,192	9,533	11,518
May 24	12,353	9,658	11,573
Jun 24	12,420	9,672	11,621
Jul 24	12,541	9,939	11,673

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.69%	3.04%	2.29%
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.00	(1.43)	(0.06)
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.45	2.21	1.56

The Fund has added the Bloomberg Global Aggregate Bond Index in response to new regulatory requirements. 

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$872,029,693
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	926
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,223,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	110%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Geographic allocation

Credit quality allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.2%	1.1%	48.3%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5	0.6	10.1
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9	-	9.9
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3	0.3	6.6
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9	-	3.9
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.3	3.6
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8	0.4	3.2
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4	-	2.4
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2	0.7	1.9
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
OtherFootnote Reference(b)	7.9	0.4	8.3
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	96.2%	3.8%	100.0%

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2

Footnote	Description
Footnote(a)	Includes the gross market value of long and short securities and excludes short-term securities and options, if any.
Footnote(b)	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(d)	Excludes short-term securities, short investments and options, if any.
Footnote(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.
Footnote(f)	Rounds to less than 0.1%.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Long/Short Credit Fund

Institutional Shares | BGCIX

Annual Shareholder Report — July 31, 2024

BGCIX-07/24-AR

BlackRock Global Long/Short Credit Fund

Investor A Shares | BGCAX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Global Long/Short Credit Fund (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$176	1.68%

How did the Fund perform last year?

• The global fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution in the high interest rate environment.

• Credit-oriented investments performed particularly well, as positive investor sentiment contributed to a narrowing of yield spreads. 

What contributed to performance?

The Fund’s U.S. and European absolute return strategies and European traditional strategies contributed to performance. Specifically, idiosyncratic long positions, event-related trades, and thematic trades all made meaningful contributions. European absolute return strategies, particularly event-related trades, also contributed. European traditional strategies further helped results, primarily in high yield, financials, and mezzanine collateralized loan obligations.

As part of its investment strategy, the Fund used derivatives to manage duration (sensitivity to interest rate movements) and currency risk. The Fund also has the flexibility to utilize derivatives in order to express a positive or negative view on a particular issuer or sector, or to manage overall credit risk. Derivatives may also serve as a more liquid way to establish positions. The use of derivatives had a marginally positive impact on the Fund’s performance during the reporting period.

What detracted from performance?

At a time of positive returns for the broader market, few aspects of the Fund’s positioning detracted. With that said, idiosyncratic short positions in the Fund’s U.S. absolute return strategies, along with U.S. and European risk-management  strategies, had small adverse effects.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor A Shares	Bloomberg Global Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
Aug 14	9,609	10,055	10,000
Sep 14	9,530	9,774	10,001
Oct 14	9,539	9,776	10,001
Nov 14	9,530	9,740	10,001
Dec 14	9,480	9,673	10,001
Jan 15	9,526	9,658	10,001
Feb 15	9,636	9,579	10,001
Mar 15	9,636	9,487	10,001
Apr 15	9,673	9,588	10,002
May 15	9,673	9,416	10,002
Jun 15	9,581	9,375	10,002
Jul 15	9,590	9,396	10,001
Aug 15	9,545	9,407	10,003
Sep 15	9,426	9,455	10,003
Oct 15	9,490	9,475	10,002
Nov 15	9,471	9,318	10,003
Dec 15	9,365	9,368	10,006
Jan 16	9,317	9,449	10,007
Feb 16	9,231	9,659	10,009
Mar 16	9,288	9,920	10,014
Apr 16	9,365	10,052	10,016
May 16	9,403	9,917	10,017
Jun 16	9,394	10,207	10,021
Jul 16	9,480	10,284	10,024
Aug 16	9,538	10,234	10,026
Sep 16	9,547	10,290	10,031
Oct 16	9,624	10,005	10,033
Nov 16	9,605	9,607	10,035
Dec 16	9,672	9,563	10,039
Jan 17	9,758	9,671	10,044
Feb 17	9,778	9,717	10,048
Mar 17	9,778	9,732	10,049
Apr 17	9,797	9,841	10,056
May 17	9,835	9,994	10,061
Jun 17	9,835	9,985	10,070
Jul 17	9,893	10,153	10,078
Aug 17	9,893	10,253	10,088
Sep 17	9,931	10,161	10,096
Oct 17	9,979	10,122	10,105
Nov 17	9,960	10,235	10,114
Dec 17	9,983	10,270	10,125
Jan 18	10,070	10,393	10,137
Feb 18	10,070	10,301	10,147
Mar 18	10,021	10,410	10,161
Apr 18	10,050	10,243	10,174
May 18	9,983	10,166	10,190
Jun 18	9,944	10,121	10,207
Jul 18	9,973	10,104	10,223
Aug 18	10,002	10,114	10,241
Sep 18	10,021	10,027	10,257
Oct 18	9,973	9,915	10,275
Nov 18	9,857	9,946	10,296
Dec 18	9,784	10,147	10,315
Jan 19	9,906	10,302	10,335
Feb 19	9,978	10,242	10,354
Mar 19	10,029	10,371	10,377
Apr 19	10,131	10,340	10,396
May 19	10,090	10,480	10,420
Jun 19	10,171	10,712	10,443
Jul 19	10,233	10,682	10,462
Aug 19	10,284	10,900	10,483
Sep 19	10,335	10,789	10,502
Oct 19	10,335	10,861	10,522
Nov 19	10,386	10,778	10,535
Dec 19	10,483	10,841	10,550
Jan 20	10,536	10,980	10,564
Feb 20	10,493	11,053	10,580
Mar 20	9,723	10,806	10,611
Apr 20	9,892	11,018	10,611
May 20	10,061	11,066	10,612
Jun 20	10,166	11,165	10,613
Jul 20	10,314	11,521	10,615
Aug 20	10,367	11,503	10,616
Sep 20	10,314	11,462	10,617
Oct 20	10,346	11,473	10,618
Nov 20	10,652	11,681	10,619
Dec 20	10,871	11,838	10,620
Jan 21	10,947	11,734	10,621
Feb 21	11,068	11,532	10,622
Mar 21	11,078	11,310	10,623
Apr 21	11,144	11,453	10,623
May 21	11,188	11,560	10,624
Jun 21	11,242	11,458	10,623
Jul 21	11,199	11,611	10,624
Aug 21	11,232	11,563	10,624
Sep 21	11,221	11,357	10,625
Oct 21	11,177	11,330	10,624
Nov 21	11,144	11,297	10,625
Dec 21	11,211	11,281	10,626
Jan 22	11,109	11,050	10,625
Feb 22	10,974	10,918	10,627
Mar 22	10,951	10,586	10,630
Apr 22	10,838	10,006	10,632
May 22	10,669	10,033	10,639
Jun 22	10,330	9,711	10,642
Jul 22	10,443	9,918	10,647
Aug 22	10,476	9,526	10,665
Sep 22	10,217	9,037	10,692
Oct 22	10,194	8,975	10,709
Nov 22	10,262	9,397	10,743
Dec 22	10,292	9,448	10,782
Jan 23	10,487	9,758	10,816
Feb 23	10,511	9,434	10,851
Mar 23	10,426	9,732	10,898
Apr 23	10,596	9,775	10,932
May 23	10,609	9,584	10,975
Jun 23	10,657	9,583	11,025
Jul 23	10,730	9,649	11,069
Aug 23	10,779	9,517	11,119
Sep 23	10,816	9,239	11,170
Oct 23	10,779	9,129	11,220
Nov 23	10,974	9,589	11,270
Dec 23	11,187	9,988	11,323
Jan 24	11,300	9,850	11,371
Feb 24	11,338	9,726	11,418
Mar 24	11,425	9,780	11,469
Apr 24	11,425	9,533	11,518
May 24	11,564	9,658	11,573
Jun 24	11,639	9,672	11,621
Jul 24	11,739	9,939	11,673

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.40%	2.79%	2.03%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.03	1.95	1.62
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.00	(1.43)	(0.06)
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.45	2.21	1.56

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund has added the Bloomberg Global Aggregate Bond Index in response to new regulatory requirements. 

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$872,029,693
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	926
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,223,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	110%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Geographic allocation

Credit quality allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.2%	1.1%	48.3%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5	0.6	10.1
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9	-	9.9
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3	0.3	6.6
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9	-	3.9
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.3	3.6
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8	0.4	3.2
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4	-	2.4
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2	0.7	1.9
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
OtherFootnote Reference(b)	7.9	0.4	8.3
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	96.2%	3.8%	100.0%

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2

Footnote	Description
Footnote(a)	Includes the gross market value of long and short securities and excludes short-term securities and options, if any.
Footnote(b)	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(d)	Excludes short-term securities, short investments and options, if any.
Footnote(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.
Footnote(f)	Rounds to less than 0.1%.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Long/Short Credit Fund

Investor A Shares | BGCAX

Annual Shareholder Report — July 31, 2024

BGCAX-07/24-AR

BlackRock Global Long/Short Credit Fund

Investor C Shares | BGCCX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Global Long/Short Credit Fund (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$254	2.44%

How did the Fund perform last year?

• The global fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution in the high interest rate environment.

• Credit-oriented investments performed particularly well, as positive investor sentiment contributed to a narrowing of yield spreads. 

What contributed to performance?

The Fund’s U.S. and European absolute return strategies and European traditional strategies contributed to performance. Specifically, idiosyncratic long positions, event-related trades, and thematic trades all made meaningful contributions. European absolute return strategies, particularly event-related trades, also contributed. European traditional strategies further helped results, primarily in high yield, financials, and mezzanine collateralized loan obligations.

As part of its investment strategy, the Fund used derivatives to manage duration (sensitivity to interest rate movements) and currency risk. The Fund also has the flexibility to utilize derivatives in order to express a positive or negative view on a particular issuer or sector, or to manage overall credit risk. Derivatives may also serve as a more liquid way to establish positions. The use of derivatives had a marginally positive impact on the Fund’s performance during the reporting period.

What detracted from performance?

At a time of positive returns for the broader market, few aspects of the Fund’s positioning detracted. With that said, idiosyncratic short positions in the Fund’s U.S. absolute return strategies, along with U.S. and European risk-management  strategies, had small adverse effects.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor C Shares	Bloomberg Global Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
Aug 14	10,000	10,055	10,000
Sep 14	9,917	9,774	10,001
Oct 14	9,917	9,776	10,001
Nov 14	9,899	9,740	10,001
Dec 14	9,842	9,673	10,001
Jan 15	9,890	9,658	10,001
Feb 15	9,995	9,579	10,001
Mar 15	9,985	9,487	10,001
Apr 15	10,023	9,588	10,002
May 15	10,014	9,416	10,002
Jun 15	9,918	9,375	10,002
Jul 15	9,918	9,396	10,001
Aug 15	9,861	9,407	10,003
Sep 15	9,727	9,455	10,003
Oct 15	9,794	9,475	10,002
Nov 15	9,765	9,318	10,003
Dec 15	9,656	9,368	10,006
Jan 16	9,596	9,449	10,007
Feb 16	9,506	9,659	10,009
Mar 16	9,556	9,920	10,014
Apr 16	9,626	10,052	10,016
May 16	9,666	9,917	10,017
Jun 16	9,646	10,207	10,021
Jul 16	9,735	10,284	10,024
Aug 16	9,785	10,234	10,026
Sep 16	9,785	10,290	10,031
Oct 16	9,855	10,005	10,033
Nov 16	9,835	9,607	10,035
Dec 16	9,895	9,563	10,039
Jan 17	9,975	9,671	10,044
Feb 17	9,995	9,717	10,048
Mar 17	9,985	9,732	10,049
Apr 17	10,005	9,841	10,056
May 17	10,035	9,994	10,061
Jun 17	10,025	9,985	10,070
Jul 17	10,075	10,153	10,078
Aug 17	10,065	10,253	10,088
Sep 17	10,104	10,161	10,096
Oct 17	10,154	10,122	10,105
Nov 17	10,124	10,235	10,114
Dec 17	10,144	10,270	10,125
Jan 18	10,224	10,393	10,137
Feb 18	10,214	10,301	10,147
Mar 18	10,164	10,410	10,161
Apr 18	10,184	10,243	10,174
May 18	10,114	10,166	10,190
Jun 18	10,065	10,121	10,207
Jul 18	10,094	10,104	10,223
Aug 18	10,104	10,114	10,241
Sep 18	10,124	10,027	10,257
Oct 18	10,065	9,915	10,275
Nov 18	9,945	9,946	10,296
Dec 18	9,861	10,147	10,315
Jan 19	9,976	10,302	10,335
Feb 19	10,049	10,242	10,354
Mar 19	10,091	10,371	10,377
Apr 19	10,185	10,340	10,396
May 19	10,143	10,480	10,420
Jun 19	10,216	10,712	10,443
Jul 19	10,268	10,682	10,462
Aug 19	10,321	10,900	10,483
Sep 19	10,363	10,789	10,502
Oct 19	10,352	10,861	10,522
Nov 19	10,404	10,778	10,535
Dec 19	10,486	10,841	10,550
Jan 20	10,529	10,980	10,564
Feb 20	10,486	11,053	10,580
Mar 20	9,714	10,806	10,611
Apr 20	9,875	11,018	10,611
May 20	10,036	11,066	10,612
Jun 20	10,133	11,165	10,613
Jul 20	10,272	11,521	10,615
Aug 20	10,326	11,503	10,616
Sep 20	10,261	11,462	10,617
Oct 20	10,283	11,473	10,618
Nov 20	10,583	11,681	10,619
Dec 20	10,794	11,838	10,620
Jan 21	10,871	11,734	10,621
Feb 21	10,981	11,532	10,622
Mar 21	10,981	11,310	10,623
Apr 21	11,046	11,453	10,623
May 21	11,079	11,560	10,624
Jun 21	11,123	11,458	10,623
Jul 21	11,068	11,611	10,624
Aug 21	11,101	11,563	10,624
Sep 21	11,079	11,357	10,625
Oct 21	11,035	11,330	10,624
Nov 21	10,981	11,297	10,625
Dec 21	11,049	11,281	10,626
Jan 22	10,936	11,050	10,625
Feb 22	10,802	10,918	10,627
Mar 22	10,768	10,586	10,630
Apr 22	10,656	10,006	10,632
May 22	10,476	10,033	10,639
Jun 22	10,140	9,711	10,642
Jul 22	10,252	9,918	10,647
Aug 22	10,285	9,526	10,665
Sep 22	10,030	9,037	10,692
Oct 22	10,008	8,975	10,709
Nov 22	10,075	9,397	10,743
Dec 22	10,104	9,448	10,782
Jan 23	10,296	9,758	10,816
Feb 23	10,319	9,434	10,851
Mar 23	10,236	9,732	10,898
Apr 23	10,403	9,775	10,932
May 23	10,415	9,584	10,975
Jun 23	10,463	9,583	11,025
Jul 23	10,535	9,649	11,069
Aug 23	10,583	9,517	11,119
Sep 23	10,618	9,239	11,170
Oct 23	10,583	9,129	11,220
Nov 23	10,774	9,589	11,270
Dec 23	10,983	9,988	11,323
Jan 24	11,094	9,850	11,371
Feb 24	11,131	9,726	11,418
Mar 24	11,217	9,780	11,469
Apr 24	11,217	9,533	11,518
May 24	11,353	9,658	11,573
Jun 24	11,427	9,672	11,621
Jul 24	11,525	9,939	11,673

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.64%	2.01%	1.43%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.64	2.01	1.43
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.00	(1.43)	(0.06)
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.45	2.21	1.56

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund has added the Bloomberg Global Aggregate Bond Index in response to new regulatory requirements. 

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$872,029,693
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	926
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,223,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	110%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Geographic allocation

Credit quality allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.2%	1.1%	48.3%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5	0.6	10.1
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9	-	9.9
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3	0.3	6.6
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9	-	3.9
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.3	3.6
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8	0.4	3.2
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4	-	2.4
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2	0.7	1.9
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
OtherFootnote Reference(b)	7.9	0.4	8.3
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	96.2%	3.8%	100.0%

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2

Footnote	Description
Footnote(a)	Includes the gross market value of long and short securities and excludes short-term securities and options, if any.
Footnote(b)	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(d)	Excludes short-term securities, short investments and options, if any.
Footnote(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.
Footnote(f)	Rounds to less than 0.1%.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Long/Short Credit Fund

Investor C Shares | BGCCX

Annual Shareholder Report — July 31, 2024

BGCCX-07/24-AR

BlackRock Global Long/Short Credit Fund

Class K Shares | BDMKX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Global Long/Short Credit Fund (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$144	1.37%

How did the Fund perform last year?

• The global fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution in the high interest rate environment.

• Credit-oriented investments performed particularly well, as positive investor sentiment contributed to a narrowing of yield spreads. 

What contributed to performance?

The Fund’s U.S. and European absolute return strategies and European traditional strategies contributed to performance. Specifically, idiosyncratic long positions, event-related trades, and thematic trades all made meaningful contributions. European absolute return strategies, particularly event-related trades, also contributed. European traditional strategies further helped results, primarily in high yield, financials, and mezzanine collateralized loan obligations.

As part of its investment strategy, the Fund used derivatives to manage duration (sensitivity to interest rate movements) and currency risk. The Fund also has the flexibility to utilize derivatives in order to express a positive or negative view on a particular issuer or sector, or to manage overall credit risk. Derivatives may also serve as a more liquid way to establish positions. The use of derivatives had a marginally positive impact on the Fund’s performance during the reporting period.

What detracted from performance?

At a time of positive returns for the broader market, few aspects of the Fund’s positioning detracted. With that said, idiosyncratic short positions in the Fund’s U.S. absolute return strategies, along with U.S. and European risk-management  strategies, had small adverse effects.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Class K Shares	Bloomberg Global Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
Aug 14	10,009	10,055	10,000
Sep 14	9,936	9,774	10,001
Oct 14	9,936	9,776	10,001
Nov 14	9,936	9,740	10,001
Dec 14	9,886	9,673	10,001
Jan 15	9,934	9,658	10,001
Feb 15	10,058	9,579	10,001
Mar 15	10,058	9,487	10,001
Apr 15	10,096	9,588	10,002
May 15	10,096	9,416	10,002
Jun 15	10,000	9,375	10,002
Jul 15	10,010	9,396	10,001
Aug 15	9,972	9,407	10,003
Sep 15	9,838	9,455	10,003
Oct 15	9,915	9,475	10,002
Nov 15	9,896	9,318	10,003
Dec 15	9,787	9,368	10,006
Jan 16	9,737	9,449	10,007
Feb 16	9,657	9,659	10,009
Mar 16	9,727	9,920	10,014
Apr 16	9,807	10,052	10,016
May 16	9,857	9,917	10,017
Jun 16	9,837	10,207	10,021
Jul 16	9,937	10,284	10,024
Aug 16	9,997	10,234	10,026
Sep 16	10,007	10,290	10,031
Oct 16	10,087	10,005	10,033
Nov 16	10,077	9,607	10,035
Dec 16	10,147	9,563	10,039
Jan 17	10,238	9,671	10,044
Feb 17	10,268	9,717	10,048
Mar 17	10,268	9,732	10,049
Apr 17	10,298	9,841	10,056
May 17	10,338	9,994	10,061
Jun 17	10,338	9,985	10,070
Jul 17	10,398	10,153	10,078
Aug 17	10,398	10,253	10,088
Sep 17	10,448	10,161	10,096
Oct 17	10,508	10,122	10,105
Nov 17	10,488	10,235	10,114
Dec 17	10,517	10,270	10,125
Jan 18	10,609	10,393	10,137
Feb 18	10,609	10,301	10,147
Mar 18	10,568	10,410	10,161
Apr 18	10,598	10,243	10,174
May 18	10,527	10,166	10,190
Jun 18	10,487	10,121	10,207
Jul 18	10,527	10,104	10,223
Aug 18	10,558	10,114	10,241
Sep 18	10,588	10,027	10,257
Oct 18	10,527	9,915	10,275
Nov 18	10,416	9,946	10,296
Dec 18	10,339	10,147	10,315
Jan 19	10,468	10,302	10,335
Feb 19	10,543	10,242	10,354
Mar 19	10,608	10,371	10,377
Apr 19	10,716	10,340	10,396
May 19	10,683	10,480	10,420
Jun 19	10,769	10,712	10,443
Jul 19	10,834	10,682	10,462
Aug 19	10,888	10,900	10,483
Sep 19	10,942	10,789	10,502
Oct 19	10,953	10,861	10,522
Nov 19	11,006	10,778	10,535
Dec 19	11,115	10,841	10,550
Jan 20	11,171	10,980	10,564
Feb 20	11,126	11,053	10,580
Mar 20	10,321	10,806	10,611
Apr 20	10,500	11,018	10,611
May 20	10,679	11,066	10,612
Jun 20	10,791	11,165	10,613
Jul 20	10,947	11,521	10,615
Aug 20	11,014	11,503	10,616
Sep 20	10,970	11,462	10,617
Oct 20	11,003	11,473	10,618
Nov 20	11,327	11,681	10,619
Dec 20	11,562	11,838	10,620
Jan 21	11,655	11,734	10,621
Feb 21	11,783	11,532	10,622
Mar 21	11,795	11,310	10,623
Apr 21	11,876	11,453	10,623
May 21	11,923	11,560	10,624
Jun 21	11,981	11,458	10,623
Jul 21	11,934	11,611	10,624
Aug 21	11,969	11,563	10,624
Sep 21	11,969	11,357	10,625
Oct 21	11,923	11,330	10,624
Nov 21	11,888	11,297	10,625
Dec 21	11,972	11,281	10,626
Jan 22	11,864	11,050	10,625
Feb 22	11,719	10,918	10,627
Mar 22	11,695	10,586	10,630
Apr 22	11,575	10,006	10,632
May 22	11,406	10,033	10,639
Jun 22	11,044	9,711	10,642
Jul 22	11,177	9,918	10,647
Aug 22	11,201	9,526	10,665
Sep 22	10,936	9,037	10,692
Oct 22	10,911	8,975	10,709
Nov 22	10,984	9,397	10,743
Dec 22	11,013	9,448	10,782
Jan 23	11,222	9,758	10,816
Feb 23	11,261	9,434	10,851
Mar 23	11,183	9,732	10,898
Apr 23	11,366	9,775	10,932
May 23	11,379	9,584	10,975
Jun 23	11,431	9,583	11,025
Jul 23	11,510	9,649	11,069
Aug 23	11,562	9,517	11,119
Sep 23	11,614	9,239	11,170
Oct 23	11,575	9,129	11,220
Nov 23	11,784	9,589	11,270
Dec 23	12,013	9,988	11,323
Jan 24	12,135	9,850	11,371
Feb 24	12,175	9,726	11,418
Mar 24	12,270	9,780	11,469
Apr 24	12,283	9,533	11,518
May 24	12,432	9,658	11,573
Jun 24	12,513	9,672	11,621
Jul 24	12,621	9,939	11,673

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.66%	3.10%	2.36%
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.00	(1.43)	(0.06)
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.45	2.21	1.56

The Fund has added the Bloomberg Global Aggregate Bond Index in response to new regulatory requirements. 

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.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of 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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$872,029,693
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	926
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,223,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	110%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Geographic allocation

Credit quality allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.2%	1.1%	48.3%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5	0.6	10.1
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9	-	9.9
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3	0.3	6.6
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9	-	3.9
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.3	3.6
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8	0.4	3.2
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4	-	2.4
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2	0.7	1.9
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
OtherFootnote Reference(b)	7.9	0.4	8.3
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	96.2%	3.8%	100.0%

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.3
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.3
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2

Footnote	Description
Footnote(a)	Includes the gross market value of long and short securities and excludes short-term securities and options, if any.
Footnote(b)	Ten largest country/geographic regions are presented. Additional country/geographic regions are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(d)	Excludes short-term securities, short investments and options, if any.
Footnote(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.
Footnote(f)	Rounds to less than 0.1%.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Long/Short Credit Fund

Class K Shares | BDMKX

Annual Shareholder Report — July 31, 2024

BDMKX-07/24-AR

(b)    Not Applicable

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:
                      

Lorenzo A. Flores
Catherine A. Lynch
Arthur P. Steinmetz

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 PricewaterhouseCoopers LLP (“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 End3	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Long/Short Credit Fund	$ 77,871	$77,871	$0	$0	$28,080	$28,080	$0	$303

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 Fees	$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.

               (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	$28,080	$28,383

              (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 Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies –

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

July

31,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Annual

Financial

Statements

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

35

Statement

of

Operations

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

38

Statements

of

Changes

in

Net

Assets

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

39

Financial

Highlights

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

40

Notes

to

Financial

Statements

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

44

Report

of

Independent

Registered

Public

Accounting

Firm

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

58

Important

Tax

Information

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

59

Additional

Information

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

60

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

62

Glossary

of

Terms

Used

in

this

Report

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

65

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

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.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.3%

(a)(b)

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.49%,

10/20/30

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

USD

182

$

182,050

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.51%,

10/15/30

.......

87

87,518

BlueMountain

CLO

Ltd.,

Series

2015-

3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.54%,

04/20/31

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

172

171,786

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.31%),

6.63%,

05/15/31

...

162

161,957

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.31%),

6.58%,

07/27/31

...

138

138,662

CIFC

Funding

Ltd.,

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.13%),

6.41%,

04/19/29

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

78

78,328

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.53%,

04/15/31

.......

171

170,961

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.50%,

04/17/31

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

113

112,891

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.54%,

04/20/31

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

119

119,169

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.56%),

6.86%,

07/15/31

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

139

139,531

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.54%,

07/21/30

.......

175

175,216

OCP

CLO

Ltd.,

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

11/20/30

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

144

143,992

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.51%,

07/15/29

.......

121

121,198

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.45%),

6.73%,

01/20/31

.......

94

93,620

Palmer

Square

Loan

Funding

Ltd.

Series

2021-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.39%,

05/20/29

...

55

54,694

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.36%,

10/15/29

...

79

78,521

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.72%,

07/24/31

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

USD

179

$

179,581

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.39%,

01/17/32

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

106

106,178

2,315,853

Ireland

—

8.3%

(b)(c)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

0.00%,

02/15/37

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

EUR

340

367,965

Aqueduct

European

CLO

DAC

Series

2022-7X,

Class

A,

(3-mo.

EURIBOR

at

2.05%

Floor

+

2.05%),

5.77%,

03/15/36

....

2,002

2,168,373

Series

2022-7X,

Class

AR,

(3-mo.

EURIBOR

at

1.28%

Floor

+

1.28%),

0.00%,

08/15/37

....

2,002

2,166,664

Arini

European

CLO

I

DAC

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.59%,

07/15/36

....

1,000

1,092,777

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.73%,

07/15/36

....

480

534,548

Arini

European

CLO

II

DAC,

Series

2X,

Class

A,

(3-mo.

EURIBOR

at

1.55%

Floor

+

1.55%),

5.41%,

04/15/38

.

1,500

1,633,126

Aurium

CLO

IV

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

4.39%,

01/16/31

.

896

969,625

Aurium

CLO

VIII

DAC,

Series

8X,

Class

A,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.55%,

06/23/34

.....

1,500

1,617,694

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(3-mo.

EURIBOR

at

4.70%

Floor

+

4.70%),

8.40%,

01/12/31

....

1,970

2,157,183

Series

14X,

Class

FR,

(3-mo.

EURIBOR

at

6.35%

Floor

+

6.35%),

10.05%,

01/12/31

....

2,200

2,370,029

Series

14X,

Class

SUB,

0.00%,

01/12/31

(d)

(e)

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

1,500

832,791

Avoca

CLO

XV

DAC

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

7.81%,

04/15/31

....

1,765

1,896,146

Series

15X,

Class

FR,

(3-mo.

EURIBOR

at

5.84%

Floor

+

5.84%),

9.52%,

04/15/31

....

3,425

3,589,782

Capital

Four

CLO

V

DAC,

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.84%

Floor

+

1.84%),

5.52%,

04/25/36

.

2,968

3,229,785

CIFC

European

Funding

CLO

IV

DAC,

Series

4X,

Class

A,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.62%,

08/18/35

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

2,800

3,027,816

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

at

0.79%

Floor

+

0.79%),

4.48%,

04/15/34

.

4,400

4,746,320

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.65%,

05/14/32

.

EUR

200

$

219,568

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.87%,

12/15/34

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

400

436,229

CVC

Cordatus

Loan

Fund

XXX

DAC,

Series

30X,

Class

A,

(3-mo.

EURIBOR

at

1.48%

Floor

+

1.48%),

5.35%,

05/15/37

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

2,000

2,177,073

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

A,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.73%,

08/15/36

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

4,800

5,225,472

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

.

188

204,377

Henley

CLO

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.64%,

07/25/34

.

1,500

1,621,114

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

11.76%,

07/15/32

622

673,430

Invesco

Euro

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

5.34%,

04/20/36

.

3,000

3,253,742

Margay

CLO

I

DAC

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.95%

Floor

+

1.95%),

5.64%,

07/15/36

....

2,928

3,181,840

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.09%,

07/15/36

....

285

315,281

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.18%,

04/17/34

.......

438

477,551

Neuberger

Berman

Loan

Advisers

Euro

CLO

DAC,

Series

2022-3X,

Class

A,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.61%,

10/25/34

.......

1,700

1,836,008

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.09%,

01/15/32

1,000

1,085,615

Palmer

Square

European

CLO

DAC

Series

2023-1X,

Class

A,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.59%,

07/15/36

....

4,700

5,104,380

Series

2024-2X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

0.00%,

10/15/37

....

1,700

1,839,825

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

0.00%,

05/15/34

.......

340

367,965

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

08/15/38

.

211

228,355

Rockfield

Park

CLO

DAC,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.66%,

07/16/34

.

870

948,592

RRE

18

Loan

Management

DAC,

Series

18X,

Class

A1,

(3-mo.

EURIBOR

at

1.47%

Floor

+

1.47%),

5.27%,

04/15/39

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

2,000

2,182,917

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

RRE

19

Loan

Management

DAC,

Series

19X,

Class

A1,

(3-mo.

EURIBOR

at

1.41%

Floor

+

1.41%),

5.11%,

07/15/37

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

EUR

936

$

1,016,759

Tikehau

CLO

VII

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.69%,

10/20/35

.....

4,500

4,880,352

Tikehau

CLO

XII

DAC

Series

12X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

0.00%,

10/20/38

....

1,700

1,839,825

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/20/38

....

500

541,125

72,058,019

United

Kingdom

—

0.4%

Greene

King

Finance

plc,

Series

B1,

(Sterling

Overnight

Index

Average

+

1.92%),

7.15%,

12/15/34

(b)

.....

GBP

1,518

1,668,894

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

(f)

....

1,575

2,072,200

3,741,094

United

States

—

0.0%

(a)(b)

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

08/14/30

.

USD

74

73,668

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.56%,

05/15/30

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

184

184,241

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.29%),

6.59%,

04/15/31

.......

135

134,633

392,542

Total

Asset-Backed

Securities

—

9.0%

(Cost:

$

79,291,085

)

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

78,507,508

Shares

Shares

Common

Stocks

Canada

—

0.1%

Algoma

Steel

Group,

Inc.

........

8,666

76,694

Lionsgate

Studios

Corp.

(e)

........

62,500

451,875

528,569

France

—

0.0%

Casino

Guichard

Perrachon

SA

(e)

...

16,223

61,451

Germany

—

0.0%

ADLER

Group

SA

(a)

(c)

(e)

..........

58,949

10,361

Japan

—

0.0%

New

TOPCO

(e)

(g)

(h)

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

59,462

1

Luxembourg

—

0.0%

Travelport

Finance

SARL

(e)

(h)

......

70

188,292

United

Kingdom

—

0.0%

(e)

Genius

Sports

Ltd.

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

42,682

291,518

NEW

Look

Retailers

(h)

...........

5,436,112

70

291,588

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

—

0.9%

AGNC

Investment

Corp.

.........

50,000

$

500,500

Aiven,

Inc.

,

Series

D

(e)

(h)

.........

6,597

391,004

Altice

USA,

Inc.

,

Class

A

(e)

........

14,012

29,285

AMC

Networks,

Inc.

,

Class

A

(e)

.....

3,409

37,942

Astra

Space,

Inc.

,

Class

A

(e)

.......

3,047

1,523

Avaya,

Inc.

(e)

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

2,625

17,884

Boyd

Gaming

Corp.

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

877

53,383

Caesars

Entertainment,

Inc.

(e)

.....

5,931

236,943

California

Resources

Corp.

.......

590

30,350

Centuri

Holdings,

Inc.

(e)

..........

1,365

22,536

Cheniere

Energy,

Inc.

...........

912

166,568

Citigroup,

Inc.

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

3,486

226,172

Comerica,

Inc.

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

577

31,625

Concentra

Group

Holdings

Parent,

Inc.

(e)

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

2,661

62,028

Constellium

SE

,

Class

A

(e)

........

9,633

171,564

Crown

PropTech

Acquisitions

(e)

(h)

...

15,186

669

Crown

PropTech

Acquisitions

,

Class

A

(e)

6,461

69,391

DiamondRock

Hospitality

Co.

(i)

.....

15,329

126,158

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

12/15/21

,

cost

$

1,041,005

)

(e)

(h)

(j)

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

15,345

970,725

First

Citizens

BancShares,

Inc.

,

Class

A

101

210,857

First

Horizon

Corp.

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

6,598

110,385

Forestar

Group,

Inc.

(e)

...........

3,273

103,525

Freewire

Technologies,

Inc.

(e)

(h)

.....

13

—

Golden

Entertainment,

Inc.

.......

1,570

52,485

Green

Plains,

Inc.

(e)

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

10,121

179,445

Halliburton

Co.

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

3,944

136,778

HawkEye

360,

Inc.

,

Series

D1

(e)

(h)

...

34,579

346,136

Kinder

Morgan,

Inc.

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

3,088

65,249

Landsea

Homes

Corp.

(e)

.........

5,918

72,081

Latch,

Inc.

(e)

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

31,344

12,538

Lineage,

Inc.

(e)

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

257

22,585

Lions

Gate

Entertainment

Corp.

,

Class

A

(e)

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

30,865

283,032

Marathon

Petroleum

Corp.

.......

1,262

223,399

New

Look

Builders,

Inc.

(e)

(h)

.......

11,518,792

115

New

York

Community

Bancorp,

Inc.

.

24,767

260,545

Palladyne

AI

Corp.

(e)

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

35,879

71,758

Palladyne

AI

Corp.

(e)

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

2,874

5,748

Paramount

Global

,

Class

B

.......

37,500

428,250

Park

Hotels

&

Resorts,

Inc.

.......

8,214

123,703

Playstudios,

Inc.

(e)

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

50,453

109,483

Screaming

Eagle

Acquistion

Corp.

,

(Acquired

05/14/24

,

cost

$

203,300

)

(e)

(j)

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

20,000

144,600

Service

Properties

Trust

.........

21,310

120,828

Smith

Douglas

Homes

Corp.

(e)

.....

1,690

55,584

Sonder

Holdings,

Inc.

,

Class

A

(e)

....

2,393

6,843

Sunstone

Hotel

Investors,

Inc.

.....

9,225

95,571

Texas

Capital

Bancshares,

Inc.

(e)

...

1,834

121,227

Transocean

Ltd.

(e)

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

47,745

276,444

Tribune

Resources

LLC

(e)

........

86,655

89,515

United

States

Steel

Corp.

........

12,682

521,103

Valero

Energy

Corp.

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

1,165

188,404

Waystar

Holding

Corp.

(e)

.........

19,468

447,764

8,032,230

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

.......

814

9,964

Total

Common

Stocks

—

1.0%

(Cost:

$

21,957,336

)

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

9,122,456

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

Australia

—

0.1%

Mineral

Resources

Ltd.

,

9.25%

,

10/01/28

(a)

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

USD

28

$

29,777

Oceana

Australian

Fixed

Income

Trust

(h)

12.00%

,

08/31/25

...........

AUD

178

116,333

12.50%

,

07/31/26

...........

267

174,937

12.50%

,

07/31/27

...........

445

292,841

613,888

Austria

—

0.5%

ams-OSRAM

AG

(c)

0.00%

,

03/05/25

(k)

(l)

..........

EUR

1,200

1,244,865

2.13%

,

11/03/27

(l)

...........

1,300

1,111,471

10.50%

,

03/30/29

...........

1,385

1,570,617

3,926,953

Canada

—

0.6%

1011778

BC

ULC

,

6.13%

,

06/15/29

(a)

USD

2,250

2,272,977

Brookfield

Residential

Properties,

Inc.

,

5.00%

,

06/15/29

(a)

...........

100

92,872

Dye

&

Durham

Ltd.

,

8.63%

,

04/15/29

(a)

88

90,046

Freed

Hotels

&

Resorts

,

12.00%

,

11/21/28

(b)

(h)

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

2,457

2,460,595

Garda

World

Security

Corp.

(a)

9.50%

,

11/01/27

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

50

50,316

7.75%

,

02/15/28

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

27

27,861

Mattamy

Group

Corp.

(a)

5.25%

,

12/15/27

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

21

20,536

4.63%

,

03/01/30

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

217

203,203

5,218,406

Chile

—

0.0%

Kenbourne

Invest

SA

(a)(d)(e)

6.88%

,

11/26/24

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

23

13,167

4.70%

,

01/22/28

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

200

112,750

125,917

China

—

0.2%

(c)(d)(e)

European

TopSoho

SARL

,

Series

SMCP

,

4.00%

,

10/14/24

(l)

......

EUR

7,100

2,087,415

Fantasia

Holdings

Group

Co.

Ltd.

,

11.75%

,

04/17/25

...........

USD

200

2,000

2,089,415

Cyprus

—

0.1%

Bank

of

Cyprus

PCL

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%

,

06/24/27

(b)

(c)

..

EUR

1,110

1,168,262

Czech

Republic

—

0.2%

Allwyn

Entertainment

Financing

UK

plc

7.25%

,

04/30/30

(c)

...........

1,544

1,767,076

Denmark

—

0.1%

SGL

Group

ApS

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.44%

,

04/22/30

(b)

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

538

587,636

Finland

—

0.1%

Ahlstrom

Holding

3

Oy

,

4.88%

,

02/04/28

(a)

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

USD

640

601,578

France

—

2.7%

Alstom

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.93%),

5.87%

(b)

(c)

(m)

.

EUR

400

451,870

Altice

France

SA

,

11.50%

,

02/01/27

(c)

419

368,280

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Atos

SE

(c)(d)(e)

0.00%

,

11/06/24

(k)

(l)

..........

EUR

2,300

$

186,688

1.75%

,

05/07/25

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

700

57,219

2.50%

,

11/07/28

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

400

24,730

1.00%

,

11/12/29

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

600

48,887

Bertrand

Franchise

Finance

SAS

(c)

6.50%

,

07/18/30

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

399

438,692

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%

,

07/18/30

(b)

...

1,171

1,273,651

BNP

Paribas

SA

,

Series

TMO

,

(BFRTMO

at

0.00%

Floor

-

0.25%),

2.82%

(b)

(m)

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

1,163

1,192,171

Clariane

SE

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

13.17%

(b)

(c)

(m)

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

GBP

2,200

2,715,082

Eramet

SA

,

6.50%

,

11/30/29

(c)

.....

EUR

1,000

1,095,237

Eutelsat

SA

,

1.50%

,

10/13/28

(c)

....

800

704,328

Goldstory

SAS

(c)

6.75%

,

02/01/30

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

759

822,455

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.84%

,

02/01/30

(b)

...

529

573,884

La

Financiere

Atalian

,

8.50%

,

(

8.50

%

Cash

or

5.00

%

PIK),

06/30/28

(c)

(n)

.

2,752

1,753,640

Lion/Polaris

Lux

4

SA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

7.33%

,

07/01/29

(b)

(c)

..........

833

906,455

Lune

Holdings

SARL

,

5.63%

,

11/15/28

(c)

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

1,024

976,789

Nova

Alexandre

III

SAS

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

8.91%

,

07/15/29

(b)

(c)

..........

469

510,874

Paprec

Holding

SA

,

7.25%

,

11/17/29

(c)

1,563

1,780,617

Picard

Bondco

SA

,

5.38%

,

07/01/27

(c)

700

740,392

Picard

Groupe

SAS

,

6.38%

,

07/01/29

(c)

701

774,525

RCI

Banque

SA

,

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%

,

02/18/30

(b)

(c)

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

3,400

3,636,963

Sabena

Technics

SAS

,

(Acquired

10/28/22

,

cost

$

292,597

)

,

(3-mo.

EURIBOR

+

5.00%),

8.72%

,

09/30/29

(b)

(h)

(j)

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

297

321,913

Worldline

SA

,

0.00%

,

07/30/26

(c)

(k)

(l)

..

2,174

2,213,030

23,568,372

Germany

—

4.8%

ADLER

Group

SA

,

21.00%

,

(

21.00

%

Cash

or

21.00

%

PIK),

07/31/25

(c)

(n)

1,700

2,160,206

Agps

Bondco

plc

(c)(d)(e)

6.00%

,

08/05/25

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

1,900

659,550

5.50%

,

11/13/26

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

700

241,098

5.00%

,

04/27/27

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

1,900

645,814

5.00%

,

01/14/29

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

2,300

791,558

Aroundtown

Finance

SARL

(b)(c)(m)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

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

GBP

2,097

2,117,415

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.16%),

7.88%

...........

USD

1,500

1,113,000

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

...........

EUR

1,200

1,029,941

Aroundtown

SA

(c)

2.00%

,

11/02/26

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

1,000

1,026,785

0.38%

,

04/15/27

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

1,500

1,456,921

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

1.45%

,

07/09/28

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

EUR

2,300

$

2,192,119

Commerzbank

AG

(b)(c)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(m)

..........

4,400

4,750,729

(3-mo.

EURIBOR

+

1.25%),

4.00%

,

07/16/32

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

1,100

1,201,368

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%

,

02/28/33

..........

GBP

600

829,762

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG

,

1.88%

,

10/15/24

(c)

...

EUR

2,400

2,183,115

Deutsche

Bank

AG

(b)(c)

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

(m)

..........

USD

1,600

1,536,000

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(m)

..........

EUR

800

882,138

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.30%),

4.00%

,

06/24/32

....

2,000

2,144,788

Envalior

,

13.63%

,

03/31/31

(h)

......

458

481,108

Fraport

AG

Frankfurt

Airport

Services

Worldwide

,

4.25%

,

06/11/32

(c)

...

850

944,373

HT

Troplast

GmbH

,

9.38%

,

07/15/28

(c)

776

842,870

Mahle

GmbH

,

6.50%

,

05/02/31

(c)

...

1,365

1,504,231

PCF

GmbH

,

4.75%

,

04/15/26

(c)

....

1,370

1,244,230

PrestigeBidCo

GmbH

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%

,

07/01/29

(b)

(c)

..........

678

739,260

Techem

Verwaltungsgesellschaft

674

mbH

,

6.00%

,

07/30/26

(c)

.......

636

688,015

Tele

Columbus

AG

,

10.00%

,

(

10.00

%

Cash

or

10.00

%

PIK),

01/01/29

(b)

(c)

(n)

5,313

4,213,270

TUI

AG

,

1.95%

,

07/26/31

(c)

(l)

.......

1,000

1,073,228

TUI

Cruises

GmbH

,

6.50%

,

05/15/26

(c)

411

447,635

Volkswagen

International

Finance

NV

,

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

(b)

(c)

(m)

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

2,300

2,325,477

Wintershall

Dea

Finance

2

BV

,

Series

NC8

,

(5-Year

EUR

Swap

Annual

+

3.32%),

3.00%

(b)

(c)

(m)

..........

700

683,711

42,149,715

Greece

—

0.2%

National

Bank

of

Greece

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%

,

06/28/35

(b)

(c)

..........

1,450

1,640,526

Hong

Kong

—

0.4%

FWD

Group

Holdings

Ltd.

,

8.40%

,

04/05/29

(c)

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

USD

3,604

3,730,338

Ireland

—

0.6%

Bank

of

Ireland

Group

plc

,

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(b)

(c)

(m)

EUR

2,808

3,093,416

Flutter

Treasury

DAC

,

6.38%

,

04/29/29

(a)

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

USD

2,000

2,036,140

5,129,556

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

7.38%

,

09/15/29

EUR

888

1,076,363

Italy

—

2.9%

A2A

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(b)

(c)

(m)

.....

950

1,035,849

Azzurra

Aeroporti

SpA

,

2.63%

,

05/30/27

(c)

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

992

1,024,142

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Davide

Campari-Milano

NV

,

2.38%

,

01/17/29

(c)

(l)

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

EUR

1,200

$

1,291,945

Duomo

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.80%

,

07/15/31

(b)

(c)

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

1,526

1,678,152

Engineering

-

Ingegneria

Informatica

-

SpA

,

11.13%

,

05/15/28

(c)

.......

1,312

1,365,778

Fiber

Bidco

SpA

(c)

10.00%

,

06/15/29

...........

778

809,492

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.69%

,

01/15/30

(b)

...

600

652,925

IMA

Industria

Macchine

Automatiche

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.44%

,

04/15/29

(b)

(c)

1,132

1,238,353

Infrastrutture

Wireless

Italiane

SpA

,

1.63%

,

10/21/28

(c)

...........

2,604

2,621,817

Intesa

Sanpaolo

SpA

(c)

5.15%

,

06/10/30

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

GBP

399

485,820

8.51%

,

09/20/32

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

364

519,943

Lottomatica

SpA

(c)

5.38%

,

06/01/30

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

EUR

462

507,589

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.05%

,

06/01/31

(b)

...

701

766,244

Nexi

SpA

,

0.00%

,

02/24/28

(c)

(k)

(l)

....

3,600

3,315,455

Optics

Bidco

SpA

,

Series

2034

,

6.00%

,

09/30/34

(a)

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

USD

406

383,670

Pachelbel

Bidco

SpA

(c)

7.13%

,

05/17/31

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

EUR

596

669,012

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%

,

05/17/31

(b)

...

784

856,969

Rekeep

SpA

,

7.25%

,

02/01/26

(c)

....

583

578,898

Rossini

SARL

(c)

6.75%

,

12/31/29

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

1,225

1,372,158

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

7.55%

,

12/31/29

(b)

...

1,741

1,907,278

Salini

SpA

,

4.00%

,

05/30/28

(c)

(l)

.....

900

1,038,111

TeamSystem

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.19%

,

07/31/31

(b)

(c)

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

1,087

1,177,876

25,297,476

Japan

—

0.5%

Rakuten

Group,

Inc.

,

9.75%

,

04/15/29

(a)

USD

200

211,732

SoftBank

Group

Corp.

(c)

3.13%

,

09/19/25

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

EUR

1,250

1,330,897

3.38%

,

07/06/29

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

230

227,521

4.00%

,

09/19/29

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

240

243,792

3.88%

,

07/06/32

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

1,963

1,898,733

3,912,675

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%

,

03/31/29

(a)

..........

USD

200

200,806

10.38%

,

03/31/29

(c)

..........

GBP

1,456

1,871,761

2,072,567

Luxembourg

—

1.6%

Altice

Financing

SA

2.25%

,

01/15/25

(c)

...........

EUR

1,280

1,354,180

9.63%

,

07/15/27

(a)

...........

USD

1,175

1,097,041

Cidron

Aida

Finco

SARL

,

5.00%

,

04/01/28

(c)

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

EUR

1,797

1,803,192

Codere

New

Holdco

SA

(d)(e)

7.50%

,

11/30/27

(c)

...........

1,514

14,745

7.50%

,

11/30/27

(a)

...........

197

1,542

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Ephios

Subco

3

SARL

,

7.88%

,

01/31/31

(c)

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

EUR

1,141

$

1,330,562

Garfunkelux

Holdco

3

SA

,

6.75%

,

11/01/25

(c)

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

2,877

1,977,157

INEOS

Finance

plc

,

6.38%

,

04/15/29

(c)

709

789,391

Kleopatra

Finco

SARL

,

4.25%

,

03/01/26

(c)

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

884

856,255

Opus-Chartered

Issuances

SA

,

2.50%

,

07/04/25

(b)

(c)

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

897

975,632

Sani/Ikos

Financial

Holdings

1

Sarl

,

7.25%

,

07/31/30

(c)

...........

1,021

1,113,817

Vivion

Investments

SARL

(c)

3.00%

,

08/08/24

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

1,600

1,723,202

7.90%

,

(

7.90

%

Cash

or

7.90

%

PIK),

02/28/29

(n)

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

556

547,051

13,583,767

Netherlands

—

0.4%

ABN

AMRO

Bank

NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.63%),

4.38%

,

07/16/36

(b)

(c)

..........

1,100

1,203,141

ING

Groep

NV

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

(b)

(m)

....

USD

1,857

1,599,574

Titan

Holdings

II

BV

,

5.13%

,

07/15/29

(c)

EUR

734

803,507

3,606,222

Norway

—

0.4%

Var

Energi

ASA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%

,

11/15/83

(b)

(c)

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

2,525

2,992,286

Portugal

—

1.7%

Banco

Espirito

Santo

SA

(c)(d)(e)

2.63%

,

05/08/17

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

6,100

1,848,483

4.75%

,

01/15/18

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

19,300

5,848,479

4.00%

,

07/30/24

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

22,800

6,909,084

14,606,046

Romania

—

0.4%

RCS

&

RDS

SA

(c)

2.50%

,

02/05/25

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

500

534,854

3.25%

,

02/05/28

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

2,800

2,880,512

3,415,366

Slovenia

—

0.3%

(c)

Summer

BidCo

BV

,

10.00%

,

02/15/29

609

661,432

United

Group

BV

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.08%

,

02/15/31

(b)

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

1,549

1,682,692

2,344,124

South

Korea

—

0.2%

SK

Hynix,

Inc.

,

6.25%

,

01/17/26

(a)

...

USD

2,000

2,028,750

Spain

—

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(b)

(c)

(m)

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

EUR

1,200

1,298,700

Cellnex

Telecom

SA

(c)

2.13%

,

08/11/30

(l)

...........

3,700

4,126,052

1.75%

,

10/23/30

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

700

680,087

0.75%

,

11/20/31

(l)

...........

2,700

2,488,339

Cirsa

Finance

International

SARL

(c)

7.88%

,

07/31/28

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

482

551,900

(3-mo.

EURIBOR

+

4.50%),

8.14%

,

07/31/28

(b)

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

940

1,028,760

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

6.50%

,

03/15/29

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

EUR

403

$

449,776

Natural

Foods

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

6.75%),

10.36%

,

10/13/29

(b)

(h)

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

698

755,843

11,379,457

Sweden

—

1.1%

Heimstaden

Bostad

AB

(c)

(5-Year

EUR

Swap

Annual

+

3.67%),

3.25%

(b)

(m)

.........

531

435,316

1.13%

,

01/21/26

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

332

336,235

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(b)

(m)

.........

124

84,551

Heimstaden

Bostad

Treasury

BV

(c)

0.63%

,

07/24/25

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

332

338,944

1.38%

,

03/03/27

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

332

321,280

1.00%

,

04/13/28

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

996

913,723

Intrum

AB

(c)

3.00%

,

09/15/27

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

5,120

3,851,078

9.25%

,

03/15/28

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

438

327,658

Stena

International

SA

(a)

7.25%

,

01/15/31

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

USD

2,675

2,736,437

7.63%

,

02/15/31

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

425

437,015

9,782,237

Switzerland

—

0.5%

Julius

Baer

Group

Ltd.

,

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

(b)

(c)

(m)

EUR

698

745,054

UBS

AG

,

0.25%

,

09/01/28

(c)

.......

900

866,413

UBS

Group

AG

(b)

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(c)

(m)

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

USD

2,250

2,250,000

(1-Year

EURIBOR

ICE

Swap

Rate

+

0.77%),

0.65%

,

01/14/28

(c)

...

EUR

500

505,232

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)

(m)

.........

USD

225

244,962

4,611,661

United

Arab

Emirates

—

0.0%

Shelf

Drilling

Holdings

Ltd.

,

9.63%

,

04/15/29

(a)

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

265

254,649

United

Kingdom

—

7.1%

Amber

Finco

plc

,

6.63%

,

07/15/29

(c)

.

EUR

1,561

1,750,663

Ardonagh

Finco

Ltd.

,

6.88%

,

02/15/31

(c)

1,970

2,110,712

Barclays

plc

,

(USISSO05

+

5.78%),

9.63%

(b)

(m)

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

USD

825

900,984

British

Airways

Pass-Through

Trust

,

Series

2013-1

,

Class

A

,

8.63%

,

12/15/32

(h)

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

19,378

20,420,707

Centrica

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(b)

(c)

....

GBP

525

685,645

CK

Hutchison

Group

Telecom

Finance

SA

,

2.63%

,

10/17/34

(c)

........

1,296

1,242,645

CPUK

Finance

Ltd.

(c)

3.59%

,

08/28/25

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

341

429,522

7.88%

,

08/28/29

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

316

412,327

Deuce

Finco

plc

,

5.50%

,

06/15/27

(c)

.

709

872,992

EnQuest

plc

,

11.63%

,

11/01/27

(a)

...

USD

1,712

1,750,592

Galaxy

Bidco

Ltd.

,

6.50%

,

07/31/26

(c)

GBP

2,257

2,879,725

Global

Switch

Finance

BV

,

1.38%

,

10/07/30

(c)

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

EUR

2,142

2,097,598

INEOS

Quattro

Finance

2

plc

,

8.50%

,

03/15/29

(c)

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

2,157

2,483,174

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Intu

Jersey

2

Ltd.

,

2.88%

,

11/01/24

(c)

(d)

(e)

(l)

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

GBP

4,134

$

810,473

Jerrold

Finco

plc

,

5.25%

,

01/15/27

(c)

.

1,799

2,249,105

Lloyds

Banking

Group

plc

(b)(m)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.61%),

5.13%

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

587

748,015

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(c)

..........

EUR

2,645

2,836,376

Metrocentre

Finance

plc

,

8.75%

,

(

8.75

%

Cash

or

8.75

%

PIK),

12/05/24

(n)

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

GBP

632

400,610

Motion

Finco

SARL

,

7.38%

,

06/15/30

(c)

EUR

1,890

2,134,524

Nationwide

Building

Society

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.39%),

5.88%

(b)

(c)

(m)

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

GBP

1,132

1,448,025

NatWest

Group

plc

,

Series

-*-

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

(b)

(m)

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

USD

1,433

1,414,505

Phoenix

Group

Holdings

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(b)

(c)

(m)

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

1,470

1,471,837

Pinewood

Finco

plc

,

6.00%

,

03/27/30

(c)

GBP

2,004

2,564,494

Premier

Foods

Finance

plc

,

3.50%

,

10/15/26

(c)

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

951

1,179,842

Stonegate

Pub

Co.

Financing

2019

plc

(c)

(3-mo.

EURIBOR

+

0.00%),

10.27%

,

07/31/29

(b)

........

EUR

587

635,281

10.75%

,

07/31/29

...........

GBP

1,156

1,486,096

Thames

Water

Kemble

Finance

plc

,

4.63%

,

05/19/26

(c)

...........

432

16,716

Thames

Water

Utilities

Finance

plc

(c)

4.00%

,

06/19/25

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

1,810

1,780,037

0.88%

,

01/31/28

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

EUR

662

494,372

Zegona

Finance

plc

6.75%

,

07/15/29

(c)

...........

1,620

1,786,118

8.63%

,

07/15/29

(a)

...........

USD

225

229,528

61,723,240

United

States

—

31.2%

AAR

Escrow

Issuer

LLC

,

6.75%

,

03/15/29

(a)

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

1,739

1,777,586

Affinity

Interactive

,

6.88%

,

12/15/27

(a)

125

108,990

Alexander

Funding

Trust

II

,

7.47%

,

07/31/28

(a)

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

10,012

10,711,113

Allegiant

Travel

Co.

,

7.25%

,

08/15/27

(a)

90

83,940

Allied

Universal

Holdco

LLC

9.75%

,

07/15/27

(a)

...........

60

59,949

4.88%

,

06/01/28

(c)

...........

GBP

1,852

2,180,253

AMC

Networks,

Inc.

10.25%

,

01/15/29

(a)

..........

USD

107

105,733

4.25%

,

02/15/29

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

163

112,151

Amentum

Escrow

Corp.

,

7.25%

,

08/01/32

(a)

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

441

450,397

Amkor

Technology,

Inc.

,

6.63%

,

09/15/27

(a)

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

3,000

3,006,972

Ardagh

Packaging

Finance

plc

2.13%

,

08/15/26

(c)

...........

EUR

1,783

1,580,144

4.13%

,

08/15/26

(a)

...........

USD

604

510,798

4.75%

,

07/15/27

(c)

...........

GBP

393

270,596

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ashton

Woods

USA

LLC

(a)

4.63%

,

08/01/29

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

USD

38

$

35,086

4.63%

,

04/01/30

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

154

140,582

Bausch

+

Lomb

Corp.

,

8.38%

,

10/01/28

(a)

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

4,500

4,623,394

Big

River

Steel

LLC

,

6.63%

,

01/31/29

(a)

121

121,245

Buckeye

Partners

LP

4.35%

,

10/15/24

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

41

40,860

4.13%

,

03/01/25

(a)

...........

38

37,498

California

Resources

Corp.

,

8.25%

,

06/15/29

(a)

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

78

79,875

Calumet

Specialty

Products

Partners

LP

,

9.75%

,

07/15/28

(a)

.........

221

202,682

Carnival

Corp.

,

7.00%

,

08/15/29

(a)

...

470

491,206

Catalent

Pharma

Solutions,

Inc.

,

5.00%

,

07/15/27

(a)

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

2,000

1,986,145

Champions

Financing,

Inc.

,

8.75%

,

02/15/29

(a)

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

21

21,419

Civitas

Resources,

Inc.

(a)

5.00%

,

10/15/26

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

156

152,576

8.38%

,

07/01/28

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

291

305,524

Cloud

Software

Group,

Inc.

(a)

6.50%

,

03/31/29

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

3,000

2,924,242

9.00%

,

09/30/29

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

1,210

1,203,231

8.25%

,

06/30/32

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

2,940

3,050,259

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%

,

04/15/30

(a)

...........

90

88,326

CommScope

Technologies

LLC

,

6.00%

,

06/15/25

(a)

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

3,669

3,444,274

Constellium

SE

,

5.38%

,

08/15/32

(c)

..

EUR

1,129

1,224,915

Crescent

Energy

Finance

LLC

,

7.63%

,

04/01/32

(a)

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

USD

74

75,892

CSC

Holdings

LLC

(a)

5.50%

,

04/15/27

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

200

167,206

11.25%

,

05/15/28

...........

200

180,816

11.75%

,

01/31/29

...........

200

180,798

DISH

DBS

Corp.

,

5.88%

,

11/15/24

..

498

464,406

DISH

Network

Corp.

(l)

0.00%

,

12/15/25

(k)

...........

185

134,881

3.38%

,

08/15/26

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

60

36,445

Dresdner

Funding

Trust

I

,

8.15%

,

06/30/31

(c)

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

2,023

2,212,389

Edison

International

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%

,

06/15/54

(b)

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

3,650

3,820,455

EQM

Midstream

Partners

LP

,

7.50%

,

06/01/27

(a)

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

7,250

7,448,386

EquipmentShare.com,

Inc.

,

9.00%

,

05/15/28

(a)

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

1,397

1,437,964

Forestar

Group,

Inc.

,

5.00%

,

03/01/28

(a)

557

536,203

Freewire

Technologies,

Inc.

,

6.00%

,

02/20/28

(h)

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

769

—

Frontier

Communications

Holdings

LLC

(a)

8.75%

,

05/15/30

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

11,344

11,884,336

8.63%

,

03/15/31

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

150

157,109

Frontier

Florida

LLC

,

Series

E

,

6.86%

,

02/01/28

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

8,500

8,603,608

Full

House

Resorts,

Inc.

,

8.25%

,

02/15/28

(a)

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

48

47,252

GoTo

Group,

Inc.

5.50%

,

05/01/28

(a)

...........

3,512

1,871,181

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Gray

Television,

Inc.

,

10.50%

,

07/15/29

(a)

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

USD

2,000

$

2,087,014

Helios

Software

Holdings,

Inc.

,

7.88%

,

05/01/29

(c)

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

EUR

1,391

1,527,601

Howard

Hughes

Corp.

(The)

,

5.38%

,

08/01/28

(a)

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

USD

323

313,227

Icon

Investments

Six

DAC

,

5.81%

,

05/08/27

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

3,000

3,060,326

Illuminate

Buyer

LLC

,

9.00%

,

07/01/28

(a)

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

67

67,219

Iron

Mountain

UK

plc

,

3.88%

,

11/15/25

(c)

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

GBP

1,443

1,818,666

JPMorgan

Chase

&

Co.

,

Series

KK

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65%

(b)

(m)

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

USD

35

33,236

Kronos

International,

Inc.

(c)

3.75%

,

09/15/25

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

EUR

319

341,785

9.50%

,

03/15/29

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

1,467

1,718,643

Landsea

Homes

Corp.

,

11.00%

,

07/17/28

(h)

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

USD

1,819

1,962,337

Lessen,

Inc.

,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)

(b)

(h)

..

1,287

1,197,018

Level

3

Financing,

Inc.

,

4.63%

,

09/15/27

(a)

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

295

194,818

LGI

Homes,

Inc.

,

8.75%

,

12/15/28

(a)

.

122

129,619

Lightning

eMotors,

Inc.

,

7.50%

,

05/15/25

(a)

(d)

(e)

(l)

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

200

2,000

Lions

Gate

Capital

Holdings

1,

Inc.

,

5.50%

,

04/15/29

(a)

...........

17,535

15,693,825

Macy's

Retail

Holdings

LLC

,

5.88%

,

04/01/29

(a)

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

1,000

976,707

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%

,

04/15/27

(a)

........

281

290,001

Midwest

Gaming

Borrower

LLC

,

4.88%

,

05/01/29

(a)

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

122

115,202

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%

,

01/15/27

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

40

39,702

5.50%

,

08/15/28

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

193

187,444

5.13%

,

12/15/30

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

190

176,943

5.75%

,

11/15/31

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

89

84,940

NCR

Atleos

Corp.

,

9.50%

,

04/01/29

(a)

6,750

7,373,850

Neogen

Food

Safety

Corp.

,

8.63%

,

07/20/30

(a)

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

5,334

5,761,515

Nexstar

Media,

Inc.

,

5.63%

,

07/15/27

(a)

6

5,819

NiSource,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.95%

,

11/30/54

(b)

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

3,000

3,042,244

Olympus

Water

US

Holding

Corp.

,

9.75%

,

11/15/28

(a)

...........

304

323,051

Palomino

Funding

Trust

I

,

7.23%

,

05/17/28

(a)

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

10,850

11,572,893

Paramount

Global

7.88%

,

07/30/30

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

3,000

3,183,300

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%

,

03/30/62

(b)

...

3,851

3,535,699

Park

Intermediate

Holdings

LLC

,

4.88%

,

05/15/29

(a)

...........

168

158,744

PennyMac

Financial

Services,

Inc.

,

7.88%

,

12/15/29

(a)

...........

43

45,012

Permian

Resources

Operating

LLC

(a)

7.75%

,

02/15/26

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

28

28,348

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

8.00%

,

04/15/27

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

USD

208

$

214,697

5.88%

,

07/01/29

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

61

60,631

7.00%

,

01/15/32

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

69

71,441

Pilgrim's

Pride

Corp.

,

6.25%

,

07/01/33

209

216,425

Pitney

Bowes,

Inc.

,

6.88%

,

03/15/27

(a)

6,350

6,280,308

Playtika

Holding

Corp.

,

4.25%

,

03/15/29

(a)

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

32

28,432

Rand

Parent

LLC

,

8.50%

,

02/15/30

(a)

6,500

6,427,637

Reworld

Holding

Corp.

,

4.88%

,

12/01/29

(a)

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

51

46,636

RingCentral,

Inc.

,

8.50%

,

08/15/30

(a)

.

7,500

7,879,935

Sabre

GLBL,

Inc.

(a)

8.63%

,

06/01/27

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

4,739

4,430,066

11.25%

,

12/15/27

...........

4,183

4,142,457

SCIL

IV

LLC

,

9.50%

,

07/15/28

(c)

....

EUR

1,528

1,785,550

Seagate

HDD

Cayman

8.25%

,

12/15/29

(a)

...........

USD

7,000

7,543,766

8.50%

,

07/15/31

(a)

...........

1,269

1,377,859

9.63%

,

12/01/32

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

7,150

8,187,975

Service

Properties

Trust

8.38%

,

06/15/29

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

5,383

5,358,906

8.88%

,

06/15/32

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

415

395,395

Sitio

Royalties

Operating

Partnership

LP

,

7.88%

,

11/01/28

(a)

.........

99

103,587

Sonder

Corp.

,

10.00%

,

12/31/24

(h)

..

132

127,652

Sonder

Holdings,

Inc.

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

14.35%

,

01/19/27

(b)

(h)

...

1,464

1,291,684

Spirit

AeroSystems,

Inc.

(a)

9.38%

,

11/30/29

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

5,500

5,952,664

9.75%

,

11/15/30

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

8,762

9,765,205

Stem,

Inc.

,

0.50%

,

12/01/28

(a)

(l)

.....

47

18,677

STL

Holding

Co.

LLC

,

8.75%

,

02/15/29

(a)

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

82

85,371

SUN

Country

Marine,

Inc.

,

Series

2022-

1B

,

5.75%

,

03/15/29

(h)

........

10,235

10,413,943

Talen

Energy

Supply

LLC

,

8.63%

,

06/01/30

(a)

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

3,600

3,879,463

Tenneco,

Inc.

,

8.00%

,

11/17/28

(a)

...

203

184,235

Texas

Capital

Bancshares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(b)

...........

100

92,695

Transocean

Titan

Financing

Ltd.

,

8.38%

,

02/01/28

(a)

...........

77

80,081

Transocean,

Inc.

,

8.25%

,

05/15/29

(a)

.

124

126,613

Uniti

Group

LP

(a)

Series

MAY

,

10.50%

,

02/15/28

...

439

444,026

10.50%

,

02/15/28

...........

8,632

8,730,822

Univision

Communications,

Inc.

,

8.00%

,

08/15/28

(a)

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

2,000

2,009,900

Venture

Global

LNG,

Inc.

(a)

9.50%

,

02/01/29

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

6,764

7,524,877

7.00%

,

01/15/30

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

3,000

3,031,330

Veritas

US,

Inc.

,

7.50%

,

09/01/25

(a)

..

2,790

2,427,300

Vistra

Operations

Co.

LLC

(a)

7.75%

,

10/15/31

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

4,002

4,229,134

6.00%

,

04/15/34

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

2,000

2,046,448

Vital

Energy,

Inc.

,

7.88%

,

04/15/32

(a)

.

52

52,893

Warnermedia

Holdings,

Inc.

,

6.41%

,

03/15/26

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

7,025

7,024,646

Weekley

Homes

LLC

,

4.88%

,

09/15/28

(a)

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

147

139,948

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

William

Carter

Co.

(The)

,

5.63%

,

03/15/27

(a)

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

USD

11

$

10,881

XHR

LP

(a)

6.38%

,

08/15/25

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

104

104,010

4.88%

,

06/01/29

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

25

23,591

Zayo

Group

Holdings,

Inc.

,

4.00%

,

03/01/27

(a)

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

148

125,854

271,935,682

Zambia

—

0.4%

First

Quantum

Minerals

Ltd.

,

9.38%

,

03/01/29

(a)

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

3,544

3,732,293

Total

Corporate

Bonds

—

60.9%

(Cost:

$

575,430,884

)

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

530,672,499

Fixed

Rate

Loan

Interests

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

,

0.00

%

,

11/09/29

(h)

...........

GBP

213

2,744

United

States

—

0.0%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3

,

5.00

%

,

10/15/26

......

USD

382

386,831

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$

420,647

)

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

389,575

Floating

Rate

Loan

Interests

Colombia

—

0.0%

Ecopetrol

SA,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

10.00

%

,

09/06/30

(b)

(h)

...

150

153,480

Finland

—

0.1%

Mehilainen

Yhtiot

Oy,

Facility

Term

Loan

B4

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.00%),

7.65

%

,

08/09/28

(b)

EUR

867

939,830

France

—

0.5%

(b)

Altice

France

SA,

Term

Loan

B14

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.19

%

,

08/15/28

......

1,990

1,608,240

Tarkett

Participation,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.45%),

7.12

%

,

04/21/28

.....

2,831

3,065,466

4,673,706

Germany

—

1.1%

(b)

Apleona

Holding

GmbH,

Facility

Term

Loan

B3

,

7.39

%

,

04/28/28

......

1,240

1,344,387

Nidda

Healthcare

Holding

GmbH,

Term

Loan

B3

,

02/21/30

(o)

..........

3,263

3,523,209

Tele

Columbus

AG,

Facility

Term

Loan

B

,

10.00

%

,

01/01/29

.........

1,000

793,430

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.59

%

,

04/30/30

.

2,357

2,555,099

Wittur

Holding

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.18

%

,

09/29/28

.

1,412

1,346,206

9,562,331

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

,

(6-

mo.

SONIA

at

0.00%

Floor

+

0.00%),

16.50

%

,

11/10/27

(b)

(h)

.........

GBP

390

$

301,123

Luxembourg

—

0.7%

(b)

Altice

Financing

SA,

Term

Loan

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.69

%

,

10/28/27

....

EUR

1,194

1,109,421

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.69

%

,

10/31/27

....

1,933

1,795,708

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

5.87

%

,

10/30/24

(h)

...........

86

9

EURO

Parfums

Fze,

Term

Loan

,

(6-

mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

12.21

%

,

01/01/30

(h)

.....

USD

218

218,000

Index

Holdco

SARL,

Facility

Term

Loan

A

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

0.10%),

0.10

%

,

12/29/28

.....

EUR

1,714

259,564

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.41

%

,

02/24/29

.

2,400

2,589,660

5,972,362

Netherlands

—

1.0%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

B2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.80

%

,

05/23/31

.....

1,293

1,401,560

Median

BV,

Facility

Term

Loan

B2

,

11.02

%

,

10/14/27

(d)

(e)

.........

GBP

1,700

2,073,432

Sigma

Holdco

BV,

Facility

Term

Loan

B6

,

01/02/28

(o)

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

EUR

2,500

2,701,675

Ziggo

BV,

Facility

Term

Loan

H

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.61

%

,

01/31/29

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

2,139

2,277,986

8,454,653

Spain

—

1.1%

(b)

Europa

University

Education

Group

SL,

Term

Loan

,

06/13/31

(o)

........

927

1,003,344

Lorca

Holdco

Ltd.,

Facility

Term

Loan

B3

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.20

%

,

03/25/31

.....

5,946

6,437,506

Pax

Midco

SLU,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.74

%

,

12/31/29

......

1,706

1,830,033

9,270,883

United

Kingdom

—

1.3%

(b)

Bellis

Acquisition

Co.

plc,

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.80

%

,

12/31/30

......

1,293

1,393,180

CD&R

Firefly

Bidco

Ltd.,

Facility

Term

Loan

B6

,

(6-mo.

SONIA

at

0.00%

Floor

+

5.75%),

10.81

%

,

06/21/28

GBP

2,250

2,892,487

Ineos

Quattro

Holdings

UK

Ltd.,

Term

Loan

B

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.10

%

,

04/02/29

.

EUR

2,810

3,044,521

Ineos

US

Finance

LLC,

Term

Loan

,

(1-mo.

EURIBOR

+

3.50%),

7.10

%

,

06/23/31

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

3,931

4,225,353

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Seashell

Bidco

SL,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

6.50%),

0.00

%

,

10/10/29

(h)

....

EUR

74

$

79,789

11,635,330

United

States

—

10.2%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.21

%

,

02/02/26

(b)

..........

USD

173

170,660

Altar

BidCo,

Inc.,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.10%),

7.95

%

,

02/01/29

(b)

2,985

2,985,518

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.40

%

,

02/01/30

(b)

11,512

11,252,863

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.49

%

,

12/30/27

(b)

..........

117

117,454

Amneal

Pharmaceuticals

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.84

%

,

05/04/28

(b)

..........

3,237

3,264,389

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84

%

,

02/24/31

(b)

...........

851

854,907

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96

%

,

08/02/28

(b)

...........

2

2,376

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

05/25/28

(b)

(o)

......

831

607,451

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C

,

05/25/28

(b)

(o)

......

169

123,549

Avaya,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.84

%

,

08/01/28

(b)

.....

58

51,382

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.69

%

,

03/03/25

(b)

...........

956

949,237

Boxer

Parent

Co.,

Inc.,

Term

Loan

,

(1-mo.

EURIBOR

+

4.00%),

7.61

%

,

07/03/31

(b)

...........

EUR

2,388

2,587,643

Champions

Holdco,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.08

%

,

02/23/29

(b)

USD

765

757,671

Chemours

Co.

(The),

Term

Loan

B3

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.60

%

,

08/18/28

(b)

.....

EUR

4,000

4,332,593

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84

%

,

03/21/31

(b)

...........

USD

1,782

1,788,023

Cloud

Software

Group,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34

%

,

03/30/29

(b)

715

714,115

Conair

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.21

%

,

05/17/28

(b)

...........

88

84,368

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ConnectWise

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.10

%

,

09/29/28

(b)

.....

USD

79

$

78,659

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

Term

Loan

(b)(h)

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

9.62%),

14.08

%

,

07/31/28

1,432

1,429,822

(3-mo.

CME

Term

SOFR

+

0.00%),

2.50

%

,

05/16/29

..........

122

120,501

Cotiviti

Holdings,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

05/01/31

(b)

1,494

1,498,932

DirecTV

Financing

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.46

%

,

08/02/27

(b)

135

135,460

DRI

Holding,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.69

%

,

12/21/28

(b)

237

227,242

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84

%

,

08/24/28

(b)

...........

186

186,498

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84

%

,

08/24/28

(b)

...........

72

71,909

ECL

Entertainment

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34

%

,

08/31/30

(b)

492

493,059

EIS

Group

Ltd.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

12.34

%

,

07/10/28

(b)

(h)

.......

642

632,829

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.00%),

13.44

%

,

10/09/28

(b)

(h)

.........

1,417

1,416,667

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.75

%

,

12/29/27

(b)

(h)

285

250,811

First

Brands

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

8.64

%

,

03/30/27

(b)

(h)

EUR

2,598

2,814,906

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

10.85

%

,

11/01/28

(b)

..........

USD

171

153,956

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan

(b)

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84

%

,

12/01/27

1,990

1,999,858

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21

%

,

12/01/27

3,260

3,279,308

GoTo

Group,

Inc.,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

4.75%),

10.14

%

,

04/28/28

(b)

.....

3,501

3,082,149

Green

Plains

Operating

Co.

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

8.00%),

13.59

%

,

07/20/26

(b)

(h)

.........

414

408,918

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Helios

Service

Partners

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.10

%

,

03/19/27

(b)

(h)

.........

USD

20

$

20,484

Helios

Service

Partners

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.85

%

,

03/19/27

(b)

(h)

.........

107

107,260

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

0.00%),

1.00

%

,

03/19/27

(b)

(h)

....

165

164,890

Helios

Services

Partners,

Delayed

Draw

Term

Loan

,

0.00

%

,

12/31/30

(b)

(e)

(h)

.

108

107,315

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.96

%

,

10/25/28

(b)

(h)

.........

165

132,831

J&J

Ventures

Gaming

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46

%

,

04/26/28

(b)

319

319,219

Jack

Ohio

Finance

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.21

%

,

10/04/28

(b)

129

128,560

Level

3

Financing,

Inc.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.91

%

,

04/15/29

(b)

54

53,796

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.82

%

,

06/03/28

(b)

..........

115

109,326

Maverick

Gaming

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.82

%

,

06/03/28

(b)

(h)

.........

190

132,870

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.35

%

,

11/01/29

(b)

..........

461

308,870

MH

Sub

I

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.25%),

11.50

%

,

02/23/29

(b)

302

299,264

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59

%

,

06/17/31

(b)

...........

878

867,833

Modena

Buyer

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.83

%

,

07/01/31

(b)

.....

1,000

961,500

Naked

Juice

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69

%

,

01/24/29

(b)

400

355,456

Naked

Juice

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.44

%

,

01/24/30

(b)

969

722,448

NGP

XI

Midstream

Holdings

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.29

%

,

07/25/31

(b)

(h)

....

95

94,644

Nielsen

Consumer,

Inc.,

Term

Loan

,

(1-mo.

EURIBOR

+

4.75%),

8.35

%

,

03/06/28

(b)

...........

EUR

1,678

1,815,189

Olympus

Water

US

Holding

Corp.,

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46

%

,

06/20/31

(b)

1,438

1,551,945

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Orion

Group

HoldCo

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

0.00

%

,

03/19/27

(b)

(h)

....

USD

91

$

92,073

Orion

Group

HoldCo

LLC,

Delayed

Draw

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

0.00%),

11.60

%

,

03/19/27

(b)

(h)

.......

238

239,539

Orion

Group

HoldCo

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

0.00%),

11.60

%

,

03/19/27

(b)

(h)

.......

21

20,982

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.84

%

,

12/28/27

(b)

...........

91

86,305

Playtika

Holding

Corp.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21

%

,

03/13/28

(b)

478

478,495

Potters

Industries

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.09

%

,

12/14/27

(b)

88

88,192

Project

Montage

Note,

Term

Loan

,

01/01/28

(b)

(h)

(o)

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

143

143,077

Project

Montage,

Term

Loan

,

01/01/38

(b)

(h)

(o)

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

322

321,923

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34

%

,

08/31/28

(b)

637

638,510

Quartz

AcquireCo

LLC,

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09

%

,

06/28/30

(b)

5,868

5,886,056

RealPage,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.50%),

11.96

%

,

04/23/29

(b)

1,293

1,221,943

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.26

%

,

04/27/28

(b)

..........

4,690

3,963,949

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.26

%

,

04/27/29

(b)

..........

3,548

2,703,860

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76

%

,

03/16/27

(b)

...........

344

345,310

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

,

02/24/28

(b)

(o)

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

242

242,291

StubHub

Holdco

Sub

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.09

%

,

03/15/30

(b)

1,620

1,617,631

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.85

%

,

03/31/28

(b)

...........

170

170,158

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

05/06/31

(b)

...........

417

417,717

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Vaco

Holdings

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.49

%

,

01/21/29

(b)

.....

USD

286

$

282,675

VeriFone

Systems,

Inc.,

First

Lien

Term

Loan

,

08/20/25

(b)

(o)

...........

2,498

2,150,067

Veritas

US,

Inc.,

Term

Loan

B

,

09/01/25

(b)

(o)

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

250

218,827

VS

Buyer

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

04/12/31

(b)

.....

908

910,822

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09

%

,

10/22/29

(b)

...........

3,841

3,870,122

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35

%

,

12/21/27

(b)

...........

147

111,766

Xerox

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34

%

,

11/17/29

(b)

5,216

5,190,169

Zayo

Group

Holdings,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.46

%

,

03/09/27

(b)

92

81,977

88,673,819

Total

Floating

Rate

Loan

Interests

—

16.0%

(Cost:

$

143,091,014

)

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

139,637,517

Foreign

Agency

Obligations

France

—

0.4%

Electricite

de

France

SA

(b)(c)(m)

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

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

GBP

1,000

1,268,947

(BPISDS15

+

3.32%),

5.88%

...

400

494,274

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

...........

EUR

1,600

1,547,618

3,310,839

Ireland

—

0.4%

AIB

Group

plc

,

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

(b)

(c)

(m)

...

3,030

3,274,954

Italy

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA

,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

(b)

(c)

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

1,725

1,889,900

Total

Foreign

Agency

Obligations

—

1.0%

(Cost:

$

8,155,317

)

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

8,475,693

Shares

Shares

Investment

Companies

Invesco

Senior

Loan

ETF

........

300,000

6,300,000

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

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

512

74,952

Total

Investment

Companies

—

0.7%

(Cost:

$

6,406,647

)

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

6,374,952

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

0

.5

%

United

States

—

0.5%

CSMC

Trust,

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

8.77%,

02/15/25

(a)

(b)

(h)

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

USD

4,000

$

3,896,978

Total

Non-Agency

Mortgage-Backed

Securities

—

0.5%

(Cost:

$

3,988,304

)

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

3,896,978

Preferred

Securities

Capital

Trusts

—

0

.3

%

Spain

—

0.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00

%

(b)

(c)

(m)

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

EUR

2,000

2,172,617

United

States

—

0.0%

Citigroup,

Inc.

,

Series

Y

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15

%

(b)

(m)

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

USD

35

32,454

Total

Capital

Trusts

—

0.3%  

(Cost:

$

2,061,023

)

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

2,205,071

Shares

Shares

Preferred

Stocks

—

0

.5

%

United

States

—

0.5%

(h)

Cap

Hill

Brands

(Preference)

,

Class

E

(e)

506,652

106,397

Coreweave,

Inc.

,

10.00

%

(e)

.......

430,000

438,600

Dream

Finders

Homes,

Inc.

(Preference)

,

9.00

%

(m)

........

2,261

2,184,692

HNG

Hospitality

offshore

LP

,

(Acquired

02/16/24

,

cost

$

723,000

)

(e)

(j)

.....

723,000

730,230

Lessen

Holdings,

Inc.

,

Series

B

(e)

...

16,373

76,462

Versa

Networks,

Inc.

,

Series

E

,

(Acquired

10/14/22

,

cost

$

567,638

)

,

12.00

%

,

(e)

(j)

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

194,516

805,296

4,341,677

Total

Preferred

Stocks

—

0.5%  

(Cost:

$

5,095,410

)

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

4,341,677

Total

Preferred

Securities

—

0.8%

(Cost:

$

7,156,433

)

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

6,546,748

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(

Issued/Exercisable

12/27/22

,

1

Share

for

1

Warrant,

Expires

12/27/27

,

Strike

Price

USD

11.50

)

(e)

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

5,012

1,506

Germany

—

0.0%

Tonies

SE

(

Issued/Exercisable

04/30/21

,

1

Share

for

1

Warrant,

Expires

04/30/26

,

Strike

Price

EUR

11.50

)

(e)

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

109,736

17,814

Security

Shares

Shares

Value

Luxembourg

—

0.0%

HomeToGo

SE

(

Issued/Exercisable

02/17/21

,

1

Share

for

1

Warrant,

Expires

12/31/25

,

Strike

Price

EUR

11.50

)

(e)

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

71,516

$

77

United

States

—

0.0%

(e)

Aurora

Innovation,

Inc.

(

Issued/

Exercisable

05/04/21

,

1

Share

for

1

Warrant,

Expires

11/03/26

,

Strike

Price

USD

11.50

)

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

1,667

509

Crown

PropTech

Acquisitions

(

Issued/

Exercisable

01/25/21

,

1

Share

for

1

Warrant,

Expires

12/31/27

,

Strike

Price

USD

11.50

)

(h)

..........

9,692

—

Crown

PropTech

Acquisitions

(

Issued/

Exercisable

02/05/21

,

1

Share

for

1

Warrant,

Expires

02/01/26

,

Strike

Price

USD

11.50

)

(h)

..........

16,190

180

EVgo,

Inc.

(

Issued/Exercisable

11/10/20

,

1

Share

for

1

Warrant,

Expires

07/01/26

,

Strike

Price

USD

11.50

)

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

7,796

2,339

HawkEye

360,

Inc.

(

Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

0.01

)

(h)

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

4,328

23,588

HawkEye

360,

Inc.

(

Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

11.17

)

(h)

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

1,695

4,932

HawkEye

360,

Inc.

(

Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

0.01

)

(h)

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

10,681

58,211

Latch,

Inc.

(

Issued/Exercisable

12/29/20

,

1

Share

for

1

Warrant,

Expires

06/04/26

,

Strike

Price

USD

11.50

)

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

6,894

1

Lightning

eMotors,

Inc.

(

Issued/

Exercisable

05/06/21

,

1

Share

for

1

Warrant,

Expires

12/15/25

,

Strike

Price

USD

11.50

)

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

17,391

12

New

York

Community

Bancorp,

Inc.

,

(Acquired

03/07/24

,

cost

$

0

)

(

Issued/

Exercisable

03/11/24

,

1

Share

for

1

Warrant,

Expires

03/11/31

,

Strike

Price

USD

2.50

)

(j)

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

43

90,189

Offerpad

Solutions,

Inc.

(

Issued/

Exercisable

10/13/20

,

1

Share

for

1

Warrant,

Expires

09/01/26

,

Strike

Price

USD

11.50

)

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

13,726

63

Palladyne

AI

Corp.

(

Issued/Exercisable

01/15/21

,

1

Share

for

1

Warrant,

Expires

06/15/27

,

Strike

Price

USD

69.00

)

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

5,599

167

Palladyne

AI

Corp.

(

Issued/Exercisable

12/21/20

,

1

Share

for

1

Warrant,

Expires

09/24/26

,

Strike

Price

USD

11.50

)

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

20,304

605

Service

King

Midas

International

(

Issued/Exercisable

07/14/22

,

1

Share

for

1

Warrant,

Expires

04/26/27

,

Strike

Price

USD

10.00

)

(h)

580

—

Sonder

Holdings,

Inc.

(

Issued/

Exercisable

06/10/24

,

1

Share

for

1

Warrant,

Expires

12/10/26

,

Strike

Price

USD

36.00

)

(h)

..........

3,909

12,900

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Versa

Networks,

Inc.

,

Series

E

,

(Acquired

10/14/22

,

cost

$

0

)

(

Issued/

Exercisable

10/14/22

,

1

Share

for

1

Warrant,

Expires

10/07/32

,

Strike

Price

USD

0.01

)

(h)

(j)

..........

23,975

$

83,193

Volato

Group,

Inc.

,

(Acquired

12/03/23

,

cost

$

11,228

)

(

Issued/Exercisable

12/04/23

,

1

Share

for

1

Warrant,

Expires

12/03/28

,

Strike

Price

USD

11.50

)

(j)

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

11,228

146

277,035

Total

Warrants

—

0

.0

%

(Cost:

$

140,376

)

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

296,432

Total

Long-Term

Investments

—

89

.9

%

(Cost:

$

846,038,043

)

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

783,920,358

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

—

3.5%

(p)

Barclays

Bank

plc

,

3.25

%

,

08/01/24

(Purchased

on

07/18/24

to

be

repurchased

at

USD

344,122

,

collateralized

by

CommScope

LLC

,

8.25

%,

due

at

03/01/27

,

par

and

fair

value

of

USD

650,000

and

$

449,843

,

respectively)

........

USD

344

343,688

Barclays

Bank

plc

,

5.15

%

,

08/01/24

(Purchased

on

07/25/24

to

be

repurchased

at

USD

1,180,869

,

collateralized

by

CommScope

LLC

,

6.00

%,

due

at

03/01/26

,

par

and

fair

value

of

USD

1,250,000

and

$

1,173,348

,

respectively)

......

1,180

1,179,688

Barclays

Bank

plc

,

(

0.40

)

%

,

Open

(Purchased

on

06/04/24

to

be

repurchased

at

USD

756,809

,

collateralized

by

Webuild

SpA

,

7.00

%,

due

at

09/27/28

,

par

and

fair

value

of

EUR

620,000

and

$

721,568

,

respectively)

(q)

......

EUR

700

757,251

Barclays

Bank

plc

,

0.60

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,952,904

,

collateralized

by

INEOS

Quattro

Finance

1

plc

,

3.75

%,

due

at

07/15/26

,

par

and

fair

value

of

EUR

1,850,000

and

$

1,955,866

,

respectively)

(q)

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

1,804

1,952,449

Barclays

Bank

plc

,

1.90

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

853,259

,

collateralized

by

Intrum

AB

,

4.88

%,

due

at

08/15/25

,

par

and

fair

value

of

EUR

1,010,000

and

$

860,248

,

respectively)

(q)

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

788

852,629

Security

Par

(000)

Par

(000)

Value

Barclays

Bank

plc

,

2.25

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,396,702

,

collateralized

by

Motion

Bondco

DAC

,

4.50

%,

due

at

11/15/27

,

par

and

fair

value

of

EUR

1,350,000

and

$

1,388,716

,

respectively)

(q)

.....

EUR

1,289

$

1,395,480

Barclays

Bank

plc

,

3.30

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,635,140

,

collateralized

by

Akelius

Residential

Property

Financing

BV

,

0.75

%,

due

at

02/22/30

,

par

and

fair

value

of

EUR

1,850,000

and

$

1,643,954

,

respectively)

(q)

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

1,509

1,633,044

Barclays

Bank

plc

,

5.00

%

,

Open

(Purchased

on

05/17/24

to

be

repurchased

at

USD

1,978,920

,

collateralized

by

AthenaHealth

Group,

Inc.

,

6.50

%,

due

at

02/15/30

,

par

and

fair

value

of

USD

2,100,000

and

$

1,979,952

,

respectively)

(q)

..

USD

1,958

1,958,250

Barclays

Bank

plc

,

5.15

%

,

Open

(Purchased

on

02/08/24

to

be

repurchased

at

USD

130,505

,

collateralized

by

Park

River

Holdings,

Inc.

,

5.63

%,

due

at

02/01/29

,

par

and

fair

value

of

USD

156,000

and

$

126,232

,

respectively)

(q)

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

127

127,335

Barclays

Capital,

Inc.

,

3.75

%

,

08/01/24

(Purchased

on

06/13/24

to

be

repurchased

at

USD

235,771

,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.

,

5.25

%,

due

at

06/01/29

,

par

and

fair

value

of

USD

261,000

and

$

235,103

,

respectively)

235

234,574

BNP

Paribas

SA

,

0.55

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,061,476

,

collateralized

by

Webuild

SpA

,

3.63

%,

due

at

01/28/27

,

par

and

fair

value

of

EUR

990,000

and

$

1,051,477

,

respectively)

(q)

.....

EUR

981

1,061,249

BNP

Paribas

SA

,

3.00

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,363,148

,

collateralized

by

Next

Group

plc

,

3.63

%,

due

at

05/18/28

,

par

and

fair

value

of

GBP

1,100,000

and

$

1,361,246

,

respectively)

(q)

.....

GBP

1,059

1,361,585

BNP

Paribas

SA

,

3.25

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,218,346

,

collateralized

by

Banco

de

Sabadell

SA

,

5.13

%,

due

at

06/27/34

,

par

and

fair

value

of

EUR

1,100,000

and

$

1,223,402

,

respectively)

(q)

.....

EUR

1,124

1,216,808

BNP

Paribas

SA

,

5.16

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

310,781

,

collateralized

by

PHH

Mortgage

Corp.

,

7.88

%,

due

at

03/15/26

,

par

and

fair

value

of

USD

309,000

and

$

303,236

,

respectively)

(q)

......

USD

310

310,159

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

BNP

Paribas

SA

,

5.16

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

170,186

,

collateralized

by

CrownRock

LP

,

5.00

%,

due

at

05/01/29

,

par

and

fair

value

of

USD

169,000

and

$

169,702

,

respectively)

(q)

......

USD

170

$

169,845

BofA

Securities,

Inc.

,

3.50

%

,

08/15/24

(Purchased

on

07/17/24

to

be

repurchased

at

USD

2,643,099

,

collateralized

by

GN

Bondco

LLC

,

9.50

%,

due

at

10/15/31

,

par

and

fair

value

of

USD

2,700,000

and

$

2,541,668

,

respectively)

......

2,639

2,639,250

Goldman

Sachs

&

Co.

LLC

,

5.10

%

,

Open

(Purchased

on

06/12/24

to

be

repurchased

at

USD

329,674

,

collateralized

by

PBF

Holding

Co.

LLC

,

6.00

%,

due

at

02/15/28

,

par

and

fair

value

of

USD

329,000

and

$

322,724

,

respectively)

(q)

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

327

327,355

Goldman

Sachs

International

,

3.35

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,181,307

,

collateralized

by

Verisure

Midholding

AB

,

5.25

%,

due

at

02/15/29

,

par

and

fair

value

of

EUR

1,080,000

and

$

1,155,739

,

respectively)

(q)

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

EUR

1,090

1,179,770

J.P.

Morgan

Securities

plc

,

(

1.75

)

%

,

Open

(Purchased

on

06/04/24

to

be

repurchased

at

USD

365,415

,

collateralized

by

Webuild

SpA

,

7.00

%,

due

at

09/27/28

,

par

and

fair

value

of

EUR

300,000

and

$

349,146

,

respectively)

(q)

......

339

366,412

J.P.

Morgan

Securities

plc

,

1.50

%

,

Open

(Purchased

on

07/12/24

to

be

repurchased

at

USD

836,662

,

collateralized

by

Intrum

AB

,

4.88

%,

due

at

08/15/25

,

par

and

fair

value

of

EUR

1,010,000

and

$

860,248

,

respectively)

(q)

......

773

836,069

J.P.

Morgan

Securities

plc

,

3.30

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,613,516

,

collateralized

by

Vonovia

SE

,

0.25

%,

due

at

09/01/28

,

par

and

fair

value

of

EUR

1,700,000

and

$

1,616,069

,

respectively)

(q)

.....

1,489

1,611,448

J.P.

Morgan

Securities

plc

,

3.35

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

759,316

,

collateralized

by

Vonovia

SE

,

0.25

%,

due

at

09/01/28

,

par

and

fair

value

of

EUR

800,000

and

$

760,503

,

respectively)

(q)

......

701

758,328

J.P.

Morgan

Securities

plc

,

3.37

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

2,435,497

,

collateralized

by

Grifols

SA

,

2.25

%,

due

at

11/15/27

,

par

and

fair

value

of

EUR

2,400,000

and

$

2,400,803

,

respectively)

(q)

.....

2,247

2,432,309

Security

Par

(000)

Par

(000)

Value

J.P.

Morgan

Securities

plc

,

3.40

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,768,106

,

collateralized

by

Erste

Group

Bank

AG

,

0.88

%,

due

at

11/15/32

,

par

and

fair

value

of

EUR

1,800,000

and

$

1,764,953

,

respectively)

(q)

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

EUR

1,632

$

1,765,771

J.P.

Morgan

Securities

plc

,

3.45

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,768,140

,

collateralized

by

Erste

Group

Bank

AG

,

0.88

%,

due

at

11/15/32

,

par

and

fair

value

of

EUR

1,800,000

and

$

1,764,953

,

respectively)

(q)

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

1,632

1,765,771

RBC

Capital

Markets

LLC

,

0.50

%

,

Open

(Purchased

on

06/28/24

to

be

repurchased

at

USD

525,183

,

collateralized

by

Walgreens

Boots

Alliance,

Inc.

,

4.80

%,

due

at

11/18/44

,

par

and

fair

value

of

USD

650,000

and

$

487,347

,

respectively)

(q)

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

USD

524

524,062

RBC

Capital

Markets

LLC

,

4.45

%

,

Open

(Purchased

on

07/24/24

to

be

repurchased

at

USD

277,177

,

collateralized

by

Walgreens

Boots

Alliance,

Inc.

,

4.50

%,

due

at

11/18/34

,

par

and

fair

value

of

USD

350,000

and

$

278,312

,

respectively)

(q)

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

277

276,938

RBC

Capital

Markets

LLC

,

5.15

%

,

Open

(Purchased

on

07/26/24

to

be

repurchased

at

USD

368,816

,

collateralized

by

Community

Health

Systems,

Inc.

,

6.00

%,

due

at

01/15/29

,

par

and

fair

value

of

USD

400,000

and

$

371,381

,

respectively)

(q)

......

369

368,500

RBC

Europe

Ltd.

,

3.40

%

,

Open

(Purchased

on

07/17/24

to

be

repurchased

at

USD

1,181,330

,

collateralized

by

Verisure

Midholding

AB

,

5.25

%,

due

at

02/15/29

,

par

and

fair

value

of

EUR

1,080,000

and

$

1,155,739

,

respectively)

(q)

.....

EUR

1,090

1,179,770

TD

Securities

(USA)

LLC

,

1.20

%

,

Open

(Purchased

on

07/25/24

to

be

repurchased

at

USD

289,255

,

collateralized

by

Walgreens

Boots

Alliance,

Inc.

,

3.20

%,

due

at

04/15/30

,

par

and

fair

value

of

USD

350,000

and

$

288,604

,

respectively)

(q)

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

USD

289

289,188

Total

Borrowed

Bond

Agreements

—

3.5%

(Cost:

$

31,101,841

)

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

30,874,975

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Commercial

Paper

—

0.6%

L3Harris

Technologies,

Inc.

,

6.22%

,

08/29/24

(a)

(r)

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

USD

5,000

$

4,977,898

Total

Commercial

Paper

—

0.6%

(Cost:

$

4,977,172

)

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

4,977,898

Shares

Shares

Money

Market

Funds

—

10.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.21

%

(s)

(t)

....

94,657,933

94,657,933

Total

Money

Market

Funds

—

10

.9

%

(Cost:

$

94,657,933

)

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

94,657,933

Total

Short-Term

Securities

—

15.0%

(Cost:

$

130,736,946

)

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

130,510,806

Total

Options

Purchased

—

0

.0

%

(Cost:

$

1,046,045

)

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

755,295

Total

Investments

Before

Options

Written

and

Borrowed

Bonds

—

104.9%

(Cost:

$

977,821,034

)

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

915,186,459

Total

Options

Written

—

(0.0)

%

(Premiums

Received

—

$

(

267,533

)

)

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

(

173,376

)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(

3

.5

)

%

Austria

—

(0.4)%

Erste

Group

Bank

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

0.88

%

,

11/15/32

(b)

...........

EUR

(

3,600

)

(

3,529,906

)

Germany

—

(0.3)%

Vonovia

SE

,

0.25

%

,

09/01/28

......

(

2,500

)

(

2,376,572

)

Italy

—

(0.2)%

Webuild

SpA:

3.63

%

,

01/28/27

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

(

990

)

(

1,051,477

)

7.00

%

,

09/27/28

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

(

920

)

(

1,070,714

)

(

2,122,191

)

Spain

—

(0.4)%

Banco

de

Sabadell

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

5.13

%

,

06/27/34

(b)

...........

(

1,100

)

(

1,223,402

)

Grifols

SA

,

2.25

%

,

11/15/27

.......

(

2,400

)

(

2,400,803

)

(

3,624,205

)

Sweden

—

(0.7)%

Akelius

Residential

Property

Financing

BV

,

0.75

%

,

02/22/30

.........

(

1,850

)

(

1,643,954

)

Intrum

AB

,

4.88

%

,

08/15/25

.......

(

2,020

)

(

1,720,496

)

Verisure

Midholding

AB

,

5.25

%

,

02/15/29

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

(

2,160

)

(

2,311,478

)

(

5,675,928

)

United

Kingdom

—

(0.5)%

INEOS

Quattro

Finance

1

plc

,

3.75

%

,

07/15/26

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

(

1,850

)

(

1,955,866

)

Motion

Bondco

DAC

,

4.50

%

,

11/15/27

(

1,350

)

(

1,388,716

)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Next

Group

plc

,

3.63

%

,

05/18/28

...

GBP

(

1,100

)

$

(

1,361,246

)

(

4,705,828

)

United

States

—

(1.0)%

AthenaHealth

Group,

Inc.

,

6.50

%

,

02/15/30

(a)

...........

USD

(

2,100

)

(

1,979,952

)

CommScope

LLC

(a)

:

6.00

%

,

03/01/26

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

(

1,250

)

(

1,173,348

)

8.25

%

,

03/01/27

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

(

650

)

(

449,843

)

Community

Health

Systems,

Inc.

,

6.00

%

,

01/15/29

(a)

...........

(

400

)

(

371,381

)

CrownRock

LP

,

5.00

%

,

05/01/29

(a)

..

(

169

)

(

169,702

)

GN

Bondco

LLC

,

9.50

%

,

10/15/31

(a)

.

(

2,700

)

(

2,541,668

)

Great

Lakes

Dredge

&

Dock

Corp.

,

5.25

%

,

06/01/29

(a)

...........

(

261

)

(

235,103

)

Park

River

Holdings,

Inc.

,

5.63

%

,

02/01/29

(a)

...........

(

156

)

(

126,232

)

PBF

Holding

Co.

LLC

,

6.00

%

,

02/15/28

(

329

)

(

322,724

)

PHH

Mortgage

Corp.

,

7.88

%

,

03/15/26

(a)

...........

(

309

)

(

303,236

)

Walgreens

Boots

Alliance,

Inc.:

3.20

%

,

04/15/30

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

(

350

)

(

288,604

)

4.50

%

,

11/18/34

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

(

350

)

(

278,312

)

4.80

%

,

11/18/44

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

(

650

)

(

487,347

)

(

8,727,452

)

Total

Borrowed

Bonds

—

(

3

.5

)

%

(Proceeds:

$

(

29,943,822

)

)

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

(

30,762,082

)

Total

Investments

Net

of

Options

Written

and

Borrowed

Bonds

—

101

.4

%

(Cost:

$

947,609,679

)

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

884,251,001

Liabilities

in

Excess

of

Other

Assets

—

(

1.4

)

%

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

(

12,221,308

)

Net

Assets

—

100.0%

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

$

872,029,693

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(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)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

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.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(i)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(j)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,146,292,

representing

0.36%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$2,838,768.

(k)

Zero-coupon

bond.

(l)

Convertible

security.

(m)

Perpetual

security

with

no

stated

maturity

date.

(n)

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.

(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)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(q)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(r)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(s)

Affiliate

of

the

Fund.

(t)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

07/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/24

Shares

Held

at

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

56,350,784

$

38,307,149

(a)

$

—

$

—

$

—

$

94,657,933

94,657,933

$

3,463,033

$

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(b)

...

—

2,018,530

(

2,059,904

)

41,374

—

—

—

—

—

$

41,374

$

—

$

94,657,933

$

3,463,033

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

20

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10-Year

Note

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

36

09/19/24

$

4,039

$

115,059

U.S.

Treasury

10-Year

Ultra

Note

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

2

09/19/24

232

7,309

U.S.

Treasury

2-Year

Note

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

50

09/30/24

10,282

20,988

143,356

Short

Contracts

Euro-Bobl

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

7

09/06/24

890

(17,921)

EURO

STOXX

50

Index

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

24

09/20/24

1,273

4,843

Russell

2000

E-Mini

Index

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

61

09/20/24

6,933

(692,326)

S&P

500

E-Mini

Index

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

1

09/20/24

278

(

2,716)

(708,120)

$

(564,764)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

4,740,990

USD

5,104,144

JPMorgan

Chase

Bank

NA

09/18/24

$

38,405

GBP

60,208

EUR

71,000

Deutsche

Bank

AG

09/18/24

420

GBP

1,462,290

USD

1,873,916

Barclays

Bank

plc

09/18/24

6,743

USD

545,601

AUD

816,000

Deutsche

Bank

AG

09/18/24

11,323

USD

3,134,509

EUR

2,885,000

Barclays

Bank

plc

09/18/24

5,151

USD

19,705,905

EUR

18,084,000

Deutsche

Bank

AG

09/18/24

90,199

USD

845,798

EUR

777,028

Goldman

Sachs

International

09/18/24

2,956

USD

519,110

EUR

475,000

JPMorgan

Chase

Bank

NA

09/18/24

3,878

USD

1,278,214

EUR

1,172,119

Morgan

Stanley

&

Co.

International

plc

09/18/24

6,817

USD

8,743

EUR

8,000

Nomura

International

plc

09/18/24

65

165,957

EUR

3,851,000

USD

4,170,439

Deutsche

Bank

AG

08/02/24

(2,694)

USD

4,141,538

EUR

3,858,702

Barclays

Bank

plc

08/02/24

(34,542)

USD

877,519

EUR

809,713

JPMorgan

Chase

Bank

NA

09/04/24

(218)

USD

305,676

GBP

237,907

JPMorgan

Chase

Bank

NA

09/04/24

(267)

EUR

8,125,852

USD

8,823,196

Barclays

Bank

plc

09/18/24

(9,088)

USD

730,355

EUR

677,000

Barclays

Bank

plc

09/18/24

(3,986)

USD

288,642,936

EUR

268,108,256

BNP

Paribas

SA

09/18/24

(2,173,964)

USD

2,908,082

EUR

2,699,000

Deutsche

Bank

AG

09/18/24

(19,523)

USD

1,878,121

EUR

1,734,933

JPMorgan

Chase

Bank

NA

09/18/24

(3,760)

USD

1,059,820

EUR

984,744

Toronto

Dominion

Bank

09/18/24

(8,332)

USD

448,076

GBP

353,125

Barclays

Bank

plc

09/18/24

(6,080)

USD

5,648,386

GBP

4,453,000

Citibank

NA

09/18/24

(78,640)

USD

365,785

GBP

286,000

Deutsche

Bank

AG

09/18/24

(2,041)

USD

19,180,466

GBP

15,125,000

Goldman

Sachs

International

09/18/24

(271,874)

USD

15,309,679

GBP

12,051,000

JPMorgan

Chase

Bank

NA

09/18/24

(189,174)

USD

127,089

JPY

19,821,000

Deutsche

Bank

AG

09/18/24

(6,174)

(2,810,357)

$

(2,644,400)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

iShares

20+

Year

Treasury

Bond

ETF

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

1,000

08/02/24

USD

96.50

USD

9,481

$

10,500

iShares

20+

Year

Treasury

Bond

ETF

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

1,500

08/02/24

USD

96.00

USD

14,222

24,750

CommScope

Holding

Co.,

Inc.

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

500

08/16/24

USD

2.00

USD

130

30,000

iShares

20+

Year

Treasury

Bond

ETF

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

500

08/16/24

USD

95.50

USD

4,741

43,750

iShares

20+

Year

Treasury

Bond

ETF

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

500

08/16/24

USD

102.00

USD

4,741

1,750

Paramount

Global

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

500

08/16/24

USD

13.00

USD

571

2,000

Pitney

Bowes,

Inc.

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

750

08/16/24

USD

8.00

USD

495

16,875

Western

Digital

Corp.

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

300

08/16/24

USD

77.50

USD

2,012

24,150

Western

Digital

Corp.

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

300

08/16/24

USD

81.00

USD

2,012

13,200

Western

Digital

Corp.

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

350

08/16/24

USD

90.00

USD

2,347

5,075

CBOE

Volatility

Index

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

1,000

08/21/24

USD

20.00

USD

1,636

63,000

U.S.

Treasury

5-Year

Note

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

350

08/23/24

USD

108.50

USD

35,000

82,031

Western

Digital

Corp.

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

300

09/20/24

USD

90.00

USD

2,012

10,800

Sabre

Corp.

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

750

10/18/24

USD

4.50

USD

257

12,375

CommScope

Holding

Co.,

Inc.

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

350

11/15/24

USD

3.00

USD

91

20,126

Paramount

Global

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

500

12/20/24

USD

15.00

USD

571

8,000

Paramount

Global

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

500

01/17/25

USD

15.00

USD

571

9,000

Sabre

Corp.

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

1,000

01/17/25

USD

5.00

USD

343

27,501

404,883

Put

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,250

08/16/24

USD

74.00

USD

17,672

25,875

iShares

Russell

2000

ETF

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

250

08/16/24

USD

210.00

USD

5,597

19,000

S&P

500

Index

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

20

08/16/24

USD

5,300.00

USD

11,045

23,900

SPDR

S&P

500

ETF

Trust

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

200

08/16/24

USD

525.00

USD

11,016

20,000

Spirit

Airlines,

Inc.

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

500

08/16/24

USD

2.00

USD

151

3,250

Spirit

Airlines,

Inc.

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

500

08/16/24

USD

2.50

USD

151

5,750

Xerox

Holdings

Corp.

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

400

08/16/24

USD

10.00

USD

431

6,000

American

Airlines

Group,

Inc.

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

750

09/20/24

USD

9.00

USD

798

7,875

EURO

STOXX

50

Index

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

81

09/20/24

EUR

4,750.00

EUR

3,947

45,365

iShares

Russell

2000

ETF

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

200

09/20/24

USD

200.00

USD

4,477

20,400

American

Airlines

Group,

Inc.

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

350

11/15/24

USD

8.00

USD

372

4,725

182,140

$

587,023

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

%

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

55.00

EUR

19,230

$

37,521

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

55.00

EUR

19,230

37,521

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

70.00

EUR

19,230

9,441

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Bank

of

America

NA

10/16/24

USD

101.50

USD

10,000

17,367

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Bank

of

America

NA

10/16/24

USD

101.50

USD

5,000

8,684

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Barclays

Bank

plc

09/18/24

USD

102.00

USD

10,000

10,237

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Barclays

Bank

plc

09/18/24

USD

102.00

USD

5,000

5,119

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

22

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

42.V1

Quarterly

Goldman

Sachs

International

08/21/24

USD

106.00

USD

15,000

$

30,207

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/21/24

EUR

337.50

EUR

10,000

10,117

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

BNP

Paribas

SA

08/21/24

EUR

475.00

EUR

7,500

1,235

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

BNP

Paribas

SA

08/21/24

EUR

475.00

EUR

5,000

823

$

168,272

(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

20+

Year

Treasury

Bond

ETF

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

1,500

08/02/24

USD

99.00

USD

14,222

$

(

1,500)

iShares

20+

Year

Treasury

Bond

ETF

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

500

08/16/24

USD

99.00

USD

4,741

(6,750)

Western

Digital

Corp.

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

300

08/16/24

USD

88.00

USD

2,012

(21,000)

Western

Digital

Corp.

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

300

08/16/24

USD

85.00

USD

2,012

(7,350)

Western

Digital

Corp.

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

350

08/16/24

USD

100.00

USD

2,347

(3,325)

CBOE

Volatility

Index

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

1,000

08/21/24

USD

35.00

USD

1,636

(20,000)

Western

Digital

Corp.

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

300

09/20/24

USD

105.00

USD

2,012

(9,150)

(69,075)

Put

iShares

Russell

2000

ETF

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

250

08/16/24

USD

195.00

USD

5,597

(3,250)

S&P

500

Index

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

20

08/16/24

USD

5,100.00

USD

11,045

(7,500)

SPDR

S&P

500

ETF

Trust

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

200

08/16/24

USD

475.00

USD

11,016

(3,300)

EURO

STOXX

50

Index

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

81

09/20/24

EUR

4,400.00

EUR

3,947

(10,782)

iShares

Russell

2000

ETF

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

200

09/20/24

USD

175.00

USD

4,477

(4,600)

(29,432)

$

(98,507)

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

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

60.00

EUR

19,230

$

(21,923)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

60.00

EUR

19,230

(21,923)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

65.00

EUR

19,230

(13,852)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

OTC

Credit

Default

Swaptions

Written

(continued)

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

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

65.00

EUR

19,230

$

(13,852)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

41.V1

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/21/24

BB-

EUR

400.00

EUR

10,000

(3,319)

$

(74,869)

(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)

iTraxx

Europe

Crossover

Index

Series

41.V1

.

5.00

%

Quarterly

06/20/29

EUR

318

$

(31,265)

$

(30,308)

$

(957)

iTraxx

Europe

Crossover

Index

Series

41.V1

.

5.00

Quarterly

06/20/29

EUR

15,720

(1,545,559)

(1,197,914)

(347,645)

iTraxx

Europe

Main

Index

Series

41.V1

.....

1.00

Quarterly

06/20/29

EUR

1,009

(23,787)

(22,365)

(1,422)

iTraxx

Europe

Senior

Financials

Index

Series

41.V1

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

1.00

Quarterly

06/20/29

EUR

2,667

(53,431)

(47,127)

(6,304)

iTraxx

Europe

Subordinated

Financials

Index

Series

41.V1

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

1.00

Quarterly

06/20/29

EUR

9,636

38,152

77,886

(

39,734)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

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

5.00

Quarterly

06/20/29

USD

7,347

(542,496)

(456,881)

(85,615)

$

(2,158,386)

$

(1,676,709)

$

(481,677)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.18%

Quarterly

1-day

EFFR

Quarterly

10/21/25

USD

143

$

7,430

$

—

$

7,430

1-day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(7,514)

—

(7,514)

$

(84)

$

—

$

(84)

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

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,000

$

(15,896)

$

(4,509)

$

(11,387)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

500

(7,948)

(2,254)

(5,694)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(6,008)

1,752

(7,760)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(40,501)

(16,020)

(24,481)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(60,535)

(25,193)

(35,342)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(40,357)

(16,798)

(23,559)

Ardagh

Packaging

Finance

plc

.

5.00

Quarterly

Deutsche

Bank

AG

06/20/25

EUR

964

262,070

267,828

(5,758)

Ardagh

Packaging

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

EUR

873

237,331

145,160

92,171

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(10,837)

5,945

(16,782)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

(11,523)

98,922

(110,445)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

24

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)

Pitney

Bowes,

Inc.

.........

1.00

%

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

$

(970)

$

92,686

$

(

93,656)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(10,052)

17,439

(27,491)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(8,377)

19,092

(27,469)

Boparan

Finance

plc

.......

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,709

(3,988)

48,016

(52,004)

Grifols

SA

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

670

(18,319)

(9,188)

(

9,131)

Grifols

SA

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

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

1,068

(29,201)

(3,708)

(25,493)

Community

Health

Systems,

Inc.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

300

7,285

26,428

(19,143)

Community

Health

Systems,

Inc.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

200

4,857

13,590

(8,733)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(21,482)

10,940

(32,422)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,201

(28,701)

13,687

(42,388)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(21,482)

10,940

(32,422)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

2,000

(35,406)

18,801

(54,207)

INEOS

Group

Holdings

SA

...

5.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

449

(69,134)

(32,609)

(36,525)

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

2,100

(4,442)

113,891

(118,333)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

750

59,730

135,786

(76,056)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

510

40,617

89,850

(49,233)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

450

35,838

85,882

(50,044)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

300

23,892

55,630

(31,738)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,500

119,461

378,032

(258,571)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

500

39,820

88,138

(48,318)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,000

79,641

238,797

(159,156)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,250

(98,523)

55,426

(153,949)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

3,650

(68,497)

38,607

(107,104)

UniCredit

SpA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

2,100

(4,256)

112,348

(116,604)

UniCredit

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

1,939

(3,930)

94,765

(98,695)

Xerox

Corp.

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

1.00

Quarterly

Citibank

NA

12/20/27

USD

490

32,992

38,748

(5,756)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

830

55,884

65,868

(9,984)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

600

(5,230)

39,046

(44,276)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

352

(3,068)

14,862

(17,930)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

117

(1,020)

4,940

(5,960)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

131

(1,142)

5,837

(6,979)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

4,150

63,285

143,123

(79,838)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/28

USD

750

78,667

210,553

(131,886)

UBS

Group

AG

...........

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

133

(2,887)

4,678

(7,565)

UBS

Group

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

38

(825)

1,641

(2,466)

UBS

Group

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,000

(21,705)

27,824

(49,529)

UBS

Group

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

112

(2,431)

4,646

(7,077)

UBS

Group

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

117

(2,539)

5,454

(7,993)

Boeing

Co.

(The)

..........

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

200

1,311

(859)

2,170

Deutsche

Bank

AG

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

EUR

1,070

21,942

57,183

(35,241)

eG

Global

Finance

plc

......

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

1,711

40,734

60,891

(20,157)

Gap,

Inc.

(The)

...........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

1,000

27,322

136,582

(109,260)

International

Consolidated

Airlines

Group

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

EUR

3,000

(496,449)

(167,856)

(328,593)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

125

3,367

7,909

(4,542)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

170

19,703

18,100

1,603

Xerox

Corp.

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

330

38,248

35,135

3,113

Boeing

Co.

(The)

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

200

2,136

2,347

(211)

DXC

Technology

Co.

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

750

(112,111)

(82,165)

(29,946)

DXC

Technology

Co.

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

1,500

(224,222)

(185,929)

(38,293)

eG

Global

Finance

plc

......

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

970

37,301

43,381

(6,080)

ELO

SACA

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

1.00

Quarterly

Bank

of

America

NA

06/20/29

EUR

1,975

249,347

141,398

107,949

Grifols

SA

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

5.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

1,568

10,784

158,928

(148,144)

Ladbrokes

Group

Finance

plc

.

1.00

Quarterly

Bank

of

America

NA

06/20/29

EUR

426

9,570

11,853

(2,283)

Ladbrokes

Group

Finance

plc

.

1.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

1,705

38,279

55,082

(16,803)

Monitchem

HoldCo

3

SA

.....

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

576

(20,262)

(14,451)

(5,811)

Novafives

SAS

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

948

(165,185)

(

86,036)

(79,149)

Novafives

SAS

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

EUR

1,026

(178,776)

(72,161)

(106,615)

Picard

Bondco

SA

.........

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

1,069

(109,863)

(92,569)

(

17,294)

Republic

of

Panama

........

1.00

Quarterly

Bank

of

America

NA

06/20/29

USD

4,000

126,767

147,659

(20,892)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

06/20/29

USD

10,070

4,176

(71,294)

75,470

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

06/20/29

USD

4,500

1,866

(11,507)

13,373

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

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)

Stena

AB

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

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

EUR

2,617

$

(387,735)

$

(320,279)

$

(67,456)

Telecom

Italia

SpA

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

1,987

85,959

143,791

(57,832)

United

Group

BV

..........

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

1,930

(219,142)

(208,053)

(11,089)

Verisure

Midholding

AB

......

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

1,000

(75,518)

(57,958)

(17,560)

Volvo

Car

AB

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

5.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

2,140

(332,063)

(335,702)

3,639

Volvo

Car

AB

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

5.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

2,000

(310,339)

(320,489)

10,150

Xerox

Corp.

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

1.00

Quarterly

Bank

of

America

NA

06/20/29

USD

700

97,206

82,013

15,193

$

–

$

–

$

–

$

(1,335,489)

$

1,810,263

$

(3,145,752)

$

–

$

–

$

–

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)

ADLER

Real

Estate

GmbH

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

NR

EUR

420

$

(3,086)

$

(13,932)

$

10,846

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

667

31,636

22,215

9,421

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

104,401

72,983

31,418

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,300

61,691

41,936

19,755

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

3,000

142,365

80,067

62,298

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,000

94,910

58,156

36,754

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

909

55,924

46,919

9,005

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

545

33,555

28,165

5,390

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

545

33,555

28,404

5,151

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

2,000

123,033

98,695

24,338

ADLER

Real

Estate

GmbH

5.00

Quarterly

Goldman

Sachs

International

06/20/26

CCC-

EUR

712

(22,895)

(21,812)

(1,083)

ADLER

Real

Estate

GmbH

5.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

125

(3,430)

(18,494)

15,064

ADLER

Real

Estate

GmbH

5.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

182

(5,000)

(26,953)

21,953

ADLER

Real

Estate

GmbH

5.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

248

(6,827)

(37,885)

31,058

ADLER

Real

Estate

GmbH

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

377

(10,359)

(56,995)

46,636

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

800

99,592

(17,214)

116,806

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

NR

EUR

942

117,268

(22,352)

139,620

Amkor

Technology,

Inc.

..

5.00

Quarterly

Citibank

NA

06/20/28

BB

USD

2,000

317,772

237,687

80,085

Amkor

Technology,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB

USD

2,000

317,772

234,077

83,695

Amkor

Technology,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB

USD

2,000

317,772

229,208

88,564

AT&T,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

12/20/28

BBB

USD

5,000

86,837

48,548

38,289

Boparan

Finance

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/28

NR

EUR

2,137

(77,778)

(150,101)

72,323

Bristol-Myers

Squibb

Co.

.

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

A

USD

5,000

139,298

124,619

14,679

CCO

Holdings

LLC

....

5.00

Quarterly

Bank

of

America

NA

12/20/28

BB-

USD

2,000

229,922

143,065

86,857

CCO

Holdings

LLC

....

5.00

Quarterly

Bank

of

America

NA

12/20/28

BB-

USD

2,000

229,922

150,366

79,556

CCO

Holdings

LLC

....

5.00

Quarterly

Bank

of

America

NA

12/20/28

BB-

USD

3,000

344,884

214,975

129,909

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1.00

Quarterly

Goldman

Sachs

International

12/20/28

BB-

USD

2,000

(8,765)

(

57,292)

48,527

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1.00

Quarterly

Goldman

Sachs

International

12/20/28

BB-

USD

2,000

(11,465)

(50,519)

39,054

ADLER

Real

Estate

GmbH

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

CCC-

EUR

712

(16,753)

(16,865)

112

CCO

Holdings

LLC

....

5.00

Quarterly

Bank

of

America

NA

06/20/29

BB-

USD

2,000

233,091

162,595

70,496

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

26

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)

EQM

Midstream

Partners

LP

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

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

2,000

$

363,512

$

357,743

$

5,769

Forvia

SE

...........

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

BB

EUR

969

122,728

110,995

11,733

Frontier

Communications

Holdings

LLC

......

5.00

Quarterly

Bank

of

America

NA

06/20/29

CCC+

USD

1,000

74,805

67,058

7,747

Frontier

Communications

Holdings

LLC

......

5.00

Quarterly

Barclays

Bank

plc

06/20/29

CCC+

USD

650

46,633

46,633

—

Oracle

Corp.

.........

1.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

5,000

135,416

120,386

15,030

Royal

Caribbean

Cruises

Ltd.

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

5.00

Quarterly

Bank

of

America

NA

06/20/29

BB+

USD

2,000

351,062

304,054

47,008

Sunrise

HoldCo

IV

BV

..

5.00

Quarterly

Bank

of

America

NA

06/20/29

B

EUR

572

78,352

55,009

23,343

Sunrise

HoldCo

IV

BV

..

5.00

Quarterly

Deutsche

Bank

AG

06/20/29

B

EUR

364

49,812

34,107

15,705

Uber

Technologies,

Inc.

..

5.00

Quarterly

Barclays

Bank

plc

06/20/29

BB

USD

2,000

395,121

347,479

47,642

Virgin

Media

Finance

plc

.

5.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

2,380

117,193

80,251

36,942

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

618

30,447

22,724

7,723

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

442

18,364

15,628

2,736

Vistra

Operations

Co.

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/29

BB

USD

2,000

322,928

297,862

25,066

Vistra

Operations

Co.

LLC

5.00

Quarterly

BNP

Paribas

SA

06/20/29

BB

USD

1,000

161,464

154,749

6,715

Vistra

Operations

Co.

LLC

5.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

USD

1,000

161,464

146,993

14,471

Vistra

Operations

Co.

LLC

5.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

USD

1,000

161,464

153,364

8,100

Vistra

Operations

Co.

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BB

USD

650

102,868

102,868

—

$

5,642,475

$

3,950,169

$

1,692,306

(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

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

Barclays

Bank

plc

(b)

03/31/25

$

641,653

$

(25,270)

(c)

$

618,902

0.1

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

08/09/24

(2,383,259)

(

115,761)

(e)

(2,506,640)

0.5

Monthly

Merrill

Lynch

International

&

Co.

(f)

02/15/28

(583,900)

(26,118)

(g)

(611,200)

0.1

Monthly

Merrill

Lynch

International

&

Co.

(h)

02/15/28

369,196

23,631

(

i

)

399,683

0.5

$

(143,518)

$

(2,099,255)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(b)

(d)

(f)

Range:

15-26

basis

points

15-40

basis

points

20-59

basis

points

Benchmarks:

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(h)

Range:

15

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Barclays

Bank

(c)

Amount

includes

$(2,519)

of

net

dividends

and

financing

fees.

(d)

JPMChase

(e)

Amount

includes

$7,620

of

net

dividends

and

financing

fees.

(f)

Merill

L

(g)

Amount

includes

$1,182

of

net

dividends

and

financing

fees.

(h)

Merill

Lynch

(i)

Amount

includes

$(6,856)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Barclays

Bank

plc,

as

of

period

end,

termination

date

March

31,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Germany

Northern

Data

AG

.........

29,000

$

659,061

106.5

%

United

States

AMC

Networks,

Inc.,

Class

A

..

3,085

34,336

5.5

Total

Reference

Entity

—

Long

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

693,397

Reference

Entity

—

Short

Common

Stocks

United

States

Devon

Energy

Corp.

.......

(1,584)

(74,495)

(12.0)

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

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

$

618,902

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

August

9,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

CommScope

Holding

Co.,

Inc.

10,000

25,900

(1.0)

Eagle

Bancorp,

Inc.

........

1,722

37,057

(1.5)

New

York

Community

Bancorp,

Inc.

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

29,731

312,770

(12.5)

Pitney

Bowes,

Inc.

........

25,000

165,000

(6.6)

Western

Digital

Corp.

.......

4,000

268,200

(10.7)

808,927

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(10,534)

$

(827,340)

33.0

%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(7,392)

(809,868)

32.3

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(16,935)

(1,383,420)

55.2

(3,020,628)

Common

Stocks

United

States

Atlantic

Union

Bankshares

Corp.

(796)

(32,867)

1.3

Community

Financial

System,

Inc.

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

(552)

(34,047)

1.4

CVB

Financial

Corp.

.......

(1,903)

(36,271)

1.5

Dime

Community

Bancshares,

Inc.

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

(108)

(2,730)

0.1

First

Bancorp

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

(848)

(35,447)

1.4

Independent

Bank

Group,

Inc.

.

(904)

(53,390)

2.1

Provident

Financial

Services,

Inc.

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

(2,608)

(48,352)

1.9

ServisFirst

Bancshares,

Inc.

..

(646)

(51,835)

2.1

(294,939)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

(2,506,640)

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,

2028:

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

28

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Brandywine

Realty

Trust

....

(5,000)

$

(25,200)

11.9

%

Frontier

Communications

Parent,

Inc.

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

(20,000)

(586,000)

277.1

(611,200)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

(611,200)

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,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Belgium

Liberty

Global

Ltd.,

Class

A

...

60,802

1,185,031

(560.3)

Shares

Value

%

of

Basket

Value

Germany

ADLER

Group

SA

.........

6,390

$

1,123

(0.5)

%

United

Kingdom

EnQuest

plc

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

2,969,582

504,680

(238.6)

Synthomer

plc

...........

225,140

766,387

(362.3)

1,271,067

United

States

Waystar

Holding

Corp.

......

5,000

115,000

(54.4)

Total

Reference

Entity

—

Long

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

2,572,221

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(8,080)

(634,603)

300.0

iShares

Preferred

&

Income

Securities

ETF

.........

(48,500)

(1,537,935)

727.1

(2,172,538)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

399,683

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

EFFR

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

Effective

Federal

Funds

Rate

5.33

%

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5.35

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)

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

$

77,886

$

(1,754,595)

$

7,430

$

(489,191)

$

—

OTC

Swaps

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

8,388,433

(2,628,001)

2,041,851

(3,638,815)

—

Options

Written

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

N/A

N/A

117,768

(23,611)

(173,376)

(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.

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

4,843

$

—

$

143,356

$

—

$

148,199

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

165,957

—

—

165,957

Options

purchased

Investments

at

value

—

unaffiliated

(b)

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

—

168,272

504,992

—

82,031

—

755,295

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

7,430

—

7,430

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

10,406,653

23,631

—

—

—

10,430,284

$

—

$

10,574,925

$

533,466

$

165,957

$

232,817

$

—

$

11,507,165

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

695,042

$

—

$

17,921

$

—

$

712,963

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

2,810,357

—

—

2,810,357

Options

written

Options

written

at

value

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

—

74,869

98,507

—

—

—

173,376

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

481,677

—

—

7,514

—

489,191

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

6,099,667

167,149

—

—

—

6,266,816

$

—

$

6,656,213

$

960,698

$

2,810,357

$

25,435

$

—

$

10,452,703

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

July

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(1,008,981)

$

—

$

206,652

$

—

$

(802,329)

Forward

foreign

currency

exchange

contracts

....

—

—

—

10,373,841

—

—

10,373,841

Options

purchased

(a)

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

—

(3,067,989)

(4,564,543)

—

(234,006)

—

(7,866,538)

Options

written

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

—

1,577,905

1,735,126

—

60,922

—

3,373,953

Swaps

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

—

(6,711,398)

(454,173)

—

—

—

(7,165,571)

$

—

$

(8,201,482)

$

(4,292,571)

$

10,373,841

$

33,568

$

—

$

(2,086,644)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

363,049

$

—

$

(33,844)

$

—

$

329,205

Forward

foreign

currency

exchange

contracts

....

—

—

—

(653,549)

—

—

(653,549)

Options

purchased

(b)

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

—

41,267

430,014

—

11,567

—

482,848

Options

written

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

—

437,225

(207,380)

—

—

—

229,845

Swaps

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

—

939,303

92,779

—

42

—

1,032,124

$

—

$

1,417,795

$

678,462

$

(653,549)

$

(22,235)

$

—

$

1,420,473

(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.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

30

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

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

$

10,250,614

Average

notional

value

of

contracts

—

short

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

$

13,740,901

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

390,348,727

Average

amounts

sold

—

in

USD

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

$

25,058,868

Options

Average

value

of

option

contracts

purchased

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

$

995,591

Average

value

of

option

contracts

written

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

$

261,102

Average

notional

value

of

swaption

contracts

purchased

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

$

143,143,114

Average

notional

value

of

swaption

contracts

written

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

$

101,432,832

Credit

default

swaps

Average

notional

value

—

buy

protection

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

$

219,272,517

Average

notional

value

—

sell

protection

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

$

91,406,906

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

143,110

Average

notional

value

—

receives

fixed

rate

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

$

143,110

Total

return

swaps

Average

notional

value

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

$

9,663,276

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

13,203

$

25,157

Forward

f

oreign

currency

exchange

contracts

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

165,957

2,810,357

Options

(a)

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

755,295

173,376

Swaps

—

centrally

cleared

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

—

58,326

Swaps

—

OTC

(b)

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

10,430,284

6,266,816

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

11,364,739

$

9,334,032

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(600,226)

(181,990)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

10,764,513

$

9,152,042

(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

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

$

2,723,375

$

(151,686)

$

(2,245,844)

$

—

$

325,845

Barclays

Bank

plc

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

1,516,369

(657,492)

—

(858,877)

—

BNP

Paribas

SA

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

529,991

(529,991)

—

—

—

Citibank

NA

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

1,206,518

(818,714)

—

(387,804)

—

Deutsche

Bank

AG

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

648,752

(

488,071)

—

—

160,681

Goldman

Sachs

International

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

1,297,103

(1,297,103)

—

—

—

JPMorgan

Chase

Bank

NA

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

2,460,259

(2,019,980)

—

(440,279)

—

Merrill

Lynch

International

&

Co.

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

23,631

(23,631)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

358,450

(358,450)

—

—

—

Nomura

International

plc

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

65

—

—

—

65

$

10,764,513

$

(

6,345,118)

$

(2,245,844)

$

(1,686,960)

$

486,591

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

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

$

151,686

$

(151,686)

$

—

$

—

$

—

Barclays

Bank

plc

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

657,492

(657,492)

—

—

—

BNP

Paribas

SA

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

2,445,555

(

529,991)

—

—

1,915,564

Citibank

NA

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

818,714

(818,714)

—

—

—

Deutsche

Bank

AG

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

488,071

(488,071)

—

—

—

Goldman

Sachs

International

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

1,770,802

(1,297,103)

—

—

473,699

JPMorgan

Chase

Bank

NA

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

2,019,980

(2,019,980)

—

—

—

Merrill

Lynch

International

&

Co.

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

26,118

(23,631)

—

(2,487)

—

Morgan

Stanley

&

Co.

International

plc

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

765,292

(358,450)

—

(406,842)

—

Toronto

Dominion

Bank

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

8,332

—

—

—

8,332

$

9,152,042

$

(6,345,118)

$

—

$

(409,329)

$

2,397,595

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

78,507,508

$

—

$

78,507,508

Common

Stocks

Canada

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

528,569

—

—

528,569

France

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

61,451

—

—

61,451

Germany

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

10,361

—

—

10,361

Japan

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

—

—

1

1

Luxembourg

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

—

—

188,292

188,292

United

Kingdom

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

291,518

—

70

291,588

United

States

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

5,800,046

523,535

1,708,649

8,032,230

Zambia

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

9,964

—

—

9,964

Corporate

Bonds

Australia

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

—

29,777

584,111

613,888

Austria

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

—

3,926,953

—

3,926,953

Canada

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

—

2,757,811

2,460,595

5,218,406

Chile

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

—

125,917

—

125,917

China

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

—

2,089,415

—

2,089,415

Cyprus

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

—

1,168,262

—

1,168,262

Czech

Republic

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

—

1,767,076

—

1,767,076

Denmark

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

—

587,636

—

587,636

Finland

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

—

601,578

—

601,578

France

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

—

23,246,459

321,913

23,568,372

Germany

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

—

41,668,607

481,108

42,149,715

Greece

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

—

1,640,526

—

1,640,526

Hong

Kong

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

—

3,730,338

—

3,730,338

Ireland

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

—

5,129,556

—

5,129,556

Israel

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

—

1,076,363

—

1,076,363

Italy

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

—

25,297,476

—

25,297,476

Japan

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

—

3,912,675

—

3,912,675

Jersey,

Channel

Islands

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

—

2,072,567

—

2,072,567

Luxembourg

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

—

13,583,767

—

13,583,767

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

32

Level

1

Level

2

Level

3

Total

Netherlands

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

$

—

$

3,606,222

$

—

$

3,606,222

Norway

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

—

2,992,286

—

2,992,286

Portugal

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

—

14,606,046

—

14,606,046

Romania

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

—

3,415,366

—

3,415,366

Slovenia

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

—

2,344,124

—

2,344,124

South

Korea

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

—

2,028,750

—

2,028,750

Spain

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

—

10,623,614

755,843

11,379,457

Sweden

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

—

9,782,237

—

9,782,237

Switzerland

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

—

4,611,661

—

4,611,661

United

Arab

Emirates

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

—

254,649

—

254,649

United

Kingdom

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

—

41,302,533

20,420,707

61,723,240

United

States

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

—

256,943,048

14,992,634

271,935,682

Zambia

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

—

3,732,293

—

3,732,293

Fixed

Rate

Loan

Interests

Jersey,

Channel

Islands

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

—

—

2,744

2,744

United

States

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

—

386,831

—

386,831

Floating

Rate

Loan

Interests

Colombia

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

—

—

153,480

153,480

Finland

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

—

939,830

—

939,830

France

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

—

4,673,706

—

4,673,706

Germany

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

—

9,562,331

—

9,562,331

Jersey,

Channel

Islands

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

—

—

301,123

301,123

Luxembourg

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

—

5,754,353

218,009

5,972,362

Netherlands

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

—

8,454,653

—

8,454,653

Spain

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

—

9,270,883

—

9,270,883

United

Kingdom

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

—

11,555,541

79,789

11,635,330

United

States

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

—

80,021,477

8,652,342

88,673,819

Foreign

Agency

Obligations

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

—

8,475,693

—

8,475,693

Investment

Companies

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

6,374,952

—

—

6,374,952

Non-Agency

Mortgage-Backed

Securities

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

—

—

3,896,978

3,896,978

Preferred

Securities

Spain

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

—

2,172,617

—

2,172,617

United

States

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

—

32,454

4,341,677

4,374,131

Warrants

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

22,914

90,514

183,004

296,432

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

30,874,975

—

30,874,975

Commercial

Paper

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

—

4,977,898

—

4,977,898

Money

Market

Funds

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

94,657,933

—

—

94,657,933

Options

Purchased

Credit

contracts

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

—

168,272

—

168,272

Equity

contracts

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

504,992

—

—

504,992

Interest

rate

contracts

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

82,031

—

—

82,031

Unfunded

Floating

Rate

Loan

Interests

(a)

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

—

—

2,715

2,715

Liabilities

Borrowed

Bonds

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

—

(30,762,082)

—

(30,762,082)

$

108,344,731

$

716,336,577

$

59,745,784

$

884,427,092

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

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

$

—

$

2,018,220

$

—

$

2,018,220

Equity

contracts

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

—

28,474

—

28,474

Foreign

currency

exchange

contracts

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

—

165,957

—

165,957

Interest

rate

contracts

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

143,356

7,430

—

150,786

Liabilities

Credit

contracts

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

—

(4,028,212)

—

(4,028,212)

Equity

contracts

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

(793,549)

(167,149)

—

(960,698)

Foreign

currency

exchange

contracts

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

—

(2,810,357)

—

(2,810,357)

Interest

rate

contracts

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

(17,921)

(7,514)

—

(25,435)

$

(668,114)

$

(4,793,151)

$

—

$

(5,461,265)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

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

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2023

..........

$

5,279,991

$

1,640,563

$

66,615,016

$

2,739

$

11,362,356

$

3,586,951

$

4,369,932

$

—

$

125,966

$

92,983,514

Transfers

into

Level

3

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

—

—

—

—

2,244,375

—

—

—

204

2,244,579

Transfers

out

of

Level

3

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

(5,279,991)

—

—

—

(110,214)

—

—

—

—

(

5,390,205)

Other

(a)

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

—

607,452

—

—

—

—

(607,452)

—

—

—

Accrued

discounts/premiums

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

—

—

75,779

(2,958)

17,212

6,574

—

—

—

96,607

Net

realized

gain

(loss)

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

—

(1,255,470)

61,762

—

(150,980)

—

—

—

(715,938)

(2,060,626)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

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

—

1,008,562

(64,357)

2,963

398,195

303,453

(573,803)

2,715

789,530

1,867,258

Purchases

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

—

214,134

3,842,854

—

6,830,604

3,940,000

1,364,970

—

—

16,192,562

Sales

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

—

(318,229)

(30,514,143)

—

(11,186,805)

(3,940,000)

(211,970)

—

(16,758)

(46,187,905)

Closing

balance,

as

of

July

31,

2024

...........

$

—

$

1,897,012

$

40,016,911

$

2,744

$

9,404,743

$

3,896,978

$

4,341,677

$

2,715

$

183,004

$

59,745,784

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2024

(c)

.....

$

—

$

(504,568)

$

(303,776)

$

2,963

$

(192,595)

$

(91,327)

$

(620,406)

$

2,715

$

112,774

$

(1,594,220)

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks

and

Preferred

Securities.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

34

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

in

the

amount

of

$5,302,986.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

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

$

1,896,826

Market

Time

to

Exit

3.0

–

5.1

years

3.0

years

Volatility

75%

–

80%

80%

Revenue

Multiple

3.38x

–

14.00x

6.95x

EBITDA

Multiple

13.25x

—

Corporate

Bonds

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

40,016,911

Income

Discount

Rate

5%

–

19%

8%

Floating

Rate

Interests

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

4,107,402

Income

Discount

Rate

6%

–

14%

11%

Preferred

Stocks

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

4,341,677

Income

Discount

Rate

11%

—

Market

Revenue

Multiple

8.75x

–

9.38x

8.97x

EBITDA

Multiple

7.00x

–

12.40x

11.71x

Time

to

Exit

2.0

–

3.0

years

2.6

years

Volatility

80%

–

90%

86%

Gross

Profit

Multiple

4.50x

—

Warrants

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

183,004

Market

Time

to

Exit

3.0

–

5.1

years

3.0

years

Volatility

75%

–

80%

80%

Revenue

Multiple

8.75x

–

9.00x

8.88x

Income

Discount

Rate

6%

–

19%

19%

Non-Agency

Mortgage-Backed

Securities

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

3,896,978

Income

Discount

Rate

10%

—

$

54,442,798

(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,

2024

35

Statement

of

Assets

and

Liabilities

BlackRock

Global

Long/

Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

820,528,526‌

Investments,

at

value

—

affiliated

(b)

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

94,657,933‌

Cash

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

156,234‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

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

1,494,766‌

Futures

contracts

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

722,880‌

Centrally

cleared

swaps

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

1,475,600‌

Foreign

currency,

at

value

(c)

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

610,789‌

Receivables:

–‌

Investments

sold

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

3,260,821‌

Swaps

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

23,472‌

Capital

shares

sold

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

4,487,546‌

Dividends

—

unaffiliated

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

11,150‌

Dividends

—

affiliated

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

402,373‌

Interest

—

unaffiliated

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

10,878,061‌

Due

from

broker

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

126,000‌

Variation

margin

on

futures

contracts

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

13,203‌

Swap

premiums

paid

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

8,388,433‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

165,957‌

OTC

swaps

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

2,041,851‌

Unfunded

floating

rate

loan

interests

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

2,715‌

Prepaid

e

xpenses

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

34,831‌

Total

a

ssets

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

949,483,141‌

LIABILITIES

Cash

received:

–‌

Collateral

—

OTC

derivatives

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

2,099,659‌

Borrowed

bonds,

at

value

(d)

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

30,762,082‌

Options

written,

at

value

(e)

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

173,376‌

Payables:

–‌

Investments

purchased

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

27,958,541‌

Swaps  

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

458,717‌

Administration

fees

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

40,708‌

Capital

shares

redeemed

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

4,976,157‌

Interest

expense

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

474,180‌

Investment

advisory

fees

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

686,528‌

Trustees'

and

Officer's

fees

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

29,440‌

Other

affiliate

fees

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

2,101‌

Professional

fees

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

124,765‌

Service

and

distribution

fees

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

49,171‌

Variation

margin

on

futures

contracts

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

25,157‌

Variation

margin

on

centrally

cleared

swaps

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

58,326‌

Other

accrued

expenses

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

457,367‌

Swap

premiums

received

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

2,628,001‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

2,810,357‌

OTC

swaps

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

3,638,815‌

Total

li

abilities

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

77,453,448‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

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

$

872,029,693‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2024

2024

BlackRock

Annual

Financial

Statements

36

See

notes

to

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

1,474,939,051‌

Accumulated

loss

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

(

602,909,358‌

)

NET

ASSETS

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

$

872,029,693‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

883,163,101‌

(b)

  Investments,

at

cost

—

affiliated

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

$

94,657,933‌

(c)

  Foreign

currency,

at

cost

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

$

606,504‌

(d)

  Proceeds

received

from

borrowed

bonds

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

$

29,943,822‌

(e)

  Premiums

received

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

$

267,533‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2024

37

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

617,576,420‌

Shares

outstanding

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

66,151,272‌

Net

asset

value

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

$

9.34‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

49,768,761‌

Shares

outstanding

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

5,325,652‌

Net

asset

value

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

$

9.35‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

2,960,617‌

Shares

outstanding

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

318,112‌

Net

asset

value

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

$

9.31‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

201,723,895‌

Shares

outstanding

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

21,589,611‌

Net

asset

value

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

$

9.34‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

Year

Ended

July

31,

2024

2024

BlackRock

Annual

Financial

Statements

38

See

notes

to

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

548,546‌

Dividends

—

affiliated

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

3,463,033‌

Interest

—

unaffiliated

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

70,854,672‌

Foreign

taxes

withheld

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

(

304‌

)

Total

investment

income

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

74,865,947‌

EXPENSES

Investment

advisory

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

9,273,149‌

Transfer

agent

—

class

specific

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

735,059‌

Administration

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

402,955‌

Accounting

services

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

215,636‌

Service

and

distribution

—

class

specific

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

173,293‌

Administration

—

class

specific

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

146,638‌

Registration

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

111,514‌

Professional

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

110,175‌

Custodian

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

67,709‌

Printing

and

postage

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

62,767‌

Trustees

and

Officer

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

19,289‌

Miscellaneous

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

257,307‌

Total

expenses

excluding

dividend

expense

and

interest

expense

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

11,575,491‌

Dividends

expense

—

unaffiliated

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

400‌

Interest

expense

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

2,774,000‌

Total

expenses

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

14,349,891‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

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

(

27,649‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(

50,072‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

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

(

9,509‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

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

14,262,661‌

Net

investment

income

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

60,603,286‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

29,279,067‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

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

(

29,307,743‌

)

Investments

—

affiliated

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

41,374‌

Borrowed

bonds

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

2,425,267‌

Forward

foreign

currency

exchange

contracts

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

10,373,841‌

Foreign

currency

transactions

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

1,085,786‌

Futures

contracts

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

(

802,329‌

)

Options

written

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

3,373,953‌

Payment

by

affiliate

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

1,118‌

Short

sales

—

unaffiliated

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

(

227,990‌

)

Swaps

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

(

7,165,571‌

)

A

(20,202,294‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

50,400,136‌

Borrowed

bonds

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

(

1,925,464‌

)

Forward

foreign

currency

exchange

contracts

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

(

653,549‌

)

Foreign

currency

translations

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

(

107,427‌

)

Futures

contracts

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

329,205‌

Options

written

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

229,845‌

Short

sales

—

unaffiliated

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

173,776‌

Swaps

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

1,032,124‌

Unfunded

floating

rate

loan

interests

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

2,715‌

A

49,481,361‌

Net

realized

and

unrealized

gain

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

29,279,067‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

89,882,353‌

Statements

of

Changes

in

Net

Assets

39

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

60,603,286

‌

$

59,266,211

‌

Net

realized

loss

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

(

20,202,294

)

(

137,259,190

)

Net

change

in

unrealized

appreciation

(depreciation)

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

49,481,361

‌

102,001,892

‌

Net

increase

in

net

assets

resulting

from

operations

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

89,882,353

‌

24,008,913

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

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

(

24,041,522

)

(

66,995,894

)

Investor

A

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

(

1,678,966

)

(

5,315,056

)

Investor

C

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

(

62,946

)

(

433,580

)

Class

K

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

(

7,348,283

)

(

20,255,590

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(33,131,717

)

(93,000,120

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(273,093,801

)

(384,466,653

)

NET

ASSETS

Total

decrease

in

net

assets

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

(

216,343,165

)

(

453,457,860

)

Beginning

of

year

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

1,088,372,858

‌

1,541,830,718

‌

End

of

year

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

$

872,029,693

‌

$

1,088,372,858

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

40

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

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

$

8.80

‌

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

Net

investment

income

(a)

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

0

.56

‌

0

.43

‌

0

.28

‌

0

.38

‌

0

.37

‌

Net

realized

and

unrealized

gain

(loss)

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

0

.28

‌

(

0

.19

)

(

0

.92

)

0

.48

‌

(

0

.27

)

Net

increase

(decrease)

from

investment

operations

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

0.84

‌

0.24

‌

(0.64

)

0.86

‌

0.10

‌

Distributions

from

net

investment

income

(b)

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

(0.30

)

(0.70

)

(0.35

)

(0.39

)

(0.37

)

Net

asset

value,

end

of

year

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

$

9.34

‌

$

8.80

‌

$

9.26

‌

$

10.25

‌

$

9.78

‌

Total

Return

(c)

Based

on

net

asset

value

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

9.69

%

(d)

2.88

%

(6.42

)%

8.95

%

0.96

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

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

1.47

%

1.49

%

1.34

%

1.46

%

1.85

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

1.46

%

1.47

%

1.33

%

1.45

%

1.85

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.18

%

1.17

%

1.12

%

1.09

%

1.12

%

Net

investment

income

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

6.19

%

4.87

%

2.89

%

3.80

%

3.74

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

617,576

‌

$

783,811

‌

$

1,077,774

‌

$

1,202,628

‌

$

1,223,282

‌

Portfolio

turnover

rate

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

110

%

(f)

132

%

(f)

149

%

156

%

232

%

(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.

(f)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

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

$

8.81

‌

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

Net

investment

income

(a)

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

0

.54

‌

0

.40

‌

0

.26

‌

0

.35

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

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

0

.27

‌

(

0

.17

)

(

0

.93

)

0

.49

‌

(

0

.27

)

Net

increase

(decrease)

from

investment

operations

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

0.81

‌

0.23

‌

(0.67

)

0.84

‌

0.07

‌

Distributions

from

net

investment

income

(b)

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

(0.27

)

(0.66

)

(0.33

)

(0.36

)

(0.34

)

Net

asset

value,

end

of

year

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

$

9.35

‌

$

8.81

‌

$

9.24

‌

$

10.24

‌

$

9.76

‌

Total

Return

(c)

Based

on

net

asset

value

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

9.40

%

(d)

2.76

%

(6.75

)%

8.69

%

0.69

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

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

1.71

%

1.76

%

1.61

%

1.73

%

2.10

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

1.68

%

1.70

%

1.60

%

1.72

%

2.10

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.40

%

1.40

%

1.39

%

1.36

%

1.37

%

Net

investment

income

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

5.97

%

4.50

%

2.70

%

3.53

%

3.49

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

49,769

‌

$

65,580

‌

$

136,073

‌

$

86,176

‌

$

101,727

‌

Portfolio

turnover

rate

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

110

%

(f)

132

%

(f)

149

%

156

%

232

%

(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)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

42

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

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

$

8.73

‌

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

Net

investment

income

(a)

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

0

.47

‌

0

.34

‌

0

.18

‌

0

.27

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

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

0

.28

‌

(

0

.19

)

(

0

.91

)

0

.47

‌

(

0

.26

)

Net

increase

(decrease)

from

investment

operations

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

0.75

‌

0.15

‌

(0.73

)

0.74

‌

0.01

‌

Distributions

from

net

investment

income

(b)

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

(0.17

)

(0.56

)

(0.22

)

(0.23

)

(0.25

)

Net

asset

value,

end

of

year

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

$

9.31

‌

$

8.73

‌

$

9.14

‌

$

10.09

‌

$

9.58

‌

Total

Return

(c)

Based

on

net

asset

value

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

8.64

%

(d)

1.84

%

(7.37

)%

7.75

%

0.03

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

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

2.48

%

2.51

%

2.37

%

2.50

%

2.86

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

2.44

%

2.45

%

2.36

%

2.49

%

2.86

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

2.15

%

2.15

%

2.15

%

2.13

%

2.13

%

Net

investment

income

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

5.22

%

3.82

%

1.88

%

2.71

%

2.75

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

2,961

‌

$

4,735

‌

$

9,827

‌

$

18,771

‌

$

29,291

‌

Portfolio

turnover

rate

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

110

%

(f)

132

%

(f)

149

%

156

%

232

%

(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)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

43

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

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

$

8.81

‌

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

Net

investment

income

(a)

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

0

.57

‌

0

.44

‌

0

.29

‌

0

.39

‌

0

.38

‌

Net

realized

and

unrealized

gain

(loss)

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

0

.26

‌

(

0

.20

)

(

0

.92

)

0

.48

‌

(

0

.27

)

Net

increase

(decrease)

from

investment

operations

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

0.83

‌

0.24

‌

(0.63

)

0.87

‌

0.11

‌

Distributions

from

net

investment

income

(b)

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

(0.30

)

(0.70

)

(0.36

)

(0.40

)

(0.38

)

Net

asset

value,

end

of

year

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

$

9.34

‌

$

8.81

‌

$

9.27

‌

$

10.26

‌

$

9.79

‌

Total

Return

(c)

Based

on

net

asset

value

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

9.66

%

(d)

2.98

%

(6.35

)%

9.02

%

1.04

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

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

1.38

%

1.40

%

1.26

%

1.39

%

1.77

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

1.37

%

1.38

%

1.26

%

1.38

%

1.76

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.09

%

1.09

%

1.05

%

1.02

%

1.04

%

Net

investment

income

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

6.29

%

4.95

%

2.97

%

3.85

%

3.85

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

201,724

‌

$

234,247

‌

$

318,157

‌

$

299,722

‌

$

399,165

‌

Portfolio

turnover

rate

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

110

%

(f)

132

%

(f)

149

%

156

%

232

%

(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.

(f)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

BlackRock

Annual

Financial

Statements

44

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.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

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,

2024

,

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)

45

Notes

to

Financial

Statements

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

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

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds 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.

ETFs

and

closed-end

funds

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. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

46

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

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

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

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

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

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

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

47

Notes

to

Financial

Statements

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

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. 

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

48

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end, the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

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. 

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

Term

Loan

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

$

1,437,825‌

$

1,416,258‌

$

1,418,127‌

$

1,869‌

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

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

37,794‌

37,794‌

37,844‌

50‌

Seashell

Bidco

SL,

Facility

Term

Loan

B

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

221,175‌

238,570‌

239,366‌

796‌

$

2,715‌

Notes

to

Financial

Statements

(continued)

49

Notes

to

Financial

Statements

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Statement

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

July

31,

2024,

the

average

daily

amount

of

reverse

repurchase

agreements outstanding and

the

weighted

average

interest

rate

for

the

Fund

were

$313,086

and

4.82%,

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

to

the

extent

that

the

aggregate

market

value

of

the

cash

collateral

and

the

purchased

securities

it

holds

is

less

than

the

repurchase

price.

As

such,

the

receipt

of

any

shortfall

or

any

closeout

amount

owed

to

a

fund

upon

termination

of

the

MRA

could

be

delayed

or

not

received

at

all.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

agreements by

counterparty

which

are

subject

to

offset

under

an MRA

on

a

net

basis:

Short

Sale

Transactions:

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statement

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

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)

Barclays

Bank

plc

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

$

10,199,814‌

$

(10,495,442‌)

$

(295,628‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(295,628‌)

Barclays

Capital,

Inc.

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

234,574‌

(237,387‌)

(2,813‌)

—‌

—‌

—‌

—‌

—‌

(2,813‌)

BNP

Paribas

SA

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

4,119,646‌

(4,156,488‌)

(36,842‌)

—‌

—‌

—‌

—‌

—‌

(36,842‌)

BofA

Securities,

Inc.

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

2,639,250‌

(2,617,430‌)

21,820‌

—‌

—‌

—‌

—‌

—‌

21,820‌

Goldman

Sachs

&

Co.

LLC

........

327,355‌

(331,835‌)

(4,480‌)

—‌

—‌

—‌

—‌

—‌

(4,480‌)

Goldman

Sachs

International

.......

1,179,770‌

(1,184,060‌)

(4,290‌)

—‌

—‌

—‌

—‌

—‌

(4,290‌)

J.P.

Morgan

Securities

plc

.........

9,536,108‌

(9,589,953‌)

(53,845‌)

—‌

—‌

—‌

—‌

—‌

(53,845‌)

RBC

Capital

Markets

LLC

.........

1,169,500‌

(1,147,679‌)

21,821‌

—‌

—‌

—‌

—‌

—‌

21,821‌

RBC

Europe

Ltd.

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

1,179,770‌

(1,184,060‌)

(4,290‌)

—‌

—‌

—‌

—‌

—‌

(4,290‌)

TD

Securities

(USA)

LLC

.........

289,188‌

(291,928‌)

(2,740‌)

—‌

—‌

—‌

—‌

—‌

(2,740‌)

$

30,874,975‌

$

(31,236,262‌)

$

(361,287‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(361,287‌)

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

(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

$474,180

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

50

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. The

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”).

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between the

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, the

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

52

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

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,

respectively,

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,

2024,

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

Share

Class

Service

and

Distribution

Fees

—

Class

Specific

Investor

A

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

$

137,726‌

Investor

C

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

35,567‌

$

173,293‌

Notes

to

Financial

Statements

(continued)

53

Notes

to

Financial

Statements

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,

2024,

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,

2024,

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,

2024,

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,

2024,

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,

2024

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$94

.

For

the year

ended

July

31,

2024,

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,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

July

31,

2024,

the

amount

waived

was

$49,821.

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,

2025.

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,

2024,

the

Manager

waived

$251

in

investment

advisory

fees

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

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,

2024,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

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

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

$

105,527‌

$

8,264‌

$

534‌

$

32,313‌

$

146,638‌

Institutional

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

$

735‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

Amount

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

$

1,626‌

$

829‌

$

543‌

$

526‌

$

3,524‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

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

$

680,496‌

$

45,734‌

$

3,493‌

$

5,336‌

$

735,059‌

Fund

Name

Investor

A

Investor

C

BlackRock

Global

Long/Short

Credit

Fund

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

$

2,816‌

$

10‌

Institutional

Investor

A

Investor

C

Class

K

Expense

Limitations

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

1.20‌%

1.40‌%

2.15‌%

1.15‌%

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

54

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

year ended

July

31,

2024,

class

specific

expense

waivers

and/or

reimbursements were as

follows:

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

July

31,

2024,

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:

During

the year

ended

July

31,

2024, the

Fund

received

a

reimbursement

of $1,118

from

an

affiliate,

which

is

included

in

payment

by

affiliate

in

the

Statements

of

Operations,

related

to

an operating

event.

7.

PURCHASES

AND

SALES 

For

the

year ended

July

31,

2024,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

investments,

were

as

follows:

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,

2024,

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.

The

tax

character

of

distributions

paid

was

as

follows: 

Share

Class

Administration

Fees

Waived

by

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Institutional

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

$

23,747‌

$

1,366‌

Investor

A

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

3,525‌

7,357‌

Investor

C

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

377‌

786‌

$

27,649‌

$

9,509‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Sales

Purchases

Sales

BlackRock

Global

Long/Short

Credit

Fund

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

$

10,111,777

$

981,129,460

$

1,225,645,640

Fund

Name

Year

Ended

07/31/24

Year

Ended

07/31/23

BlackRock

Global

Long/Short

Credit

Fund

Ordinary

income

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

$

33,131,717‌

$

93,000,120‌

Notes

to

Financial

Statements

(continued)

55

Notes

to

Financial

Statements

As

of

July

31,

2024,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

methods

of

premiums

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

accounting

for

swap

agreements,

the

deferral

of

compensation

to

Trustees

and

classification

of

investments.

As

of

July

31,

2024, 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

party

to

a

364-day,

$2.40

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

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

2025

unless

extended

or

renewed. Prior

to

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

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,

2024,

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.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

Fund

Name

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

Global

Long/Short

Credit

Fund

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

$

34,994,785‌

$

(553,226,079‌)

$

(84,678,064‌)

$

(602,909,358‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

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

$

985,228,462‌

$

21,845,721‌

$

(96,533,885‌)

$

(74,688,164‌)

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

56

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. 

Geographic/Asset

Class

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

during

a

period

of

historically

low

interest

rates. The

Federal

Reserve

has

raised

the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states. The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be,

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

Notes

to

Financial

Statements

(continued)

57

Notes

to

Financial

Statements

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

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

07/31/24

Year

Ended

07/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

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

22,937,743‌

$

206,598,748‌

32,070,701‌

$

284,550,002‌

Shares

issued

in

reinvestment

of

distributions

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

2,226,143‌

19,679,102‌

6,464,375‌

54,430,040‌

Shares

redeemed

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

(48,085,127‌)

(433,309,730‌)

(65,878,345‌)

(584,133,352‌)

(22,921,241‌)

$

(207,031,880‌)

(27,343,269‌)

$

(245,153,310‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

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

1,236,696‌

$

11,087,655‌

1,780,436‌

$

15,948,428‌

Shares

issued

in

reinvestment

of

distributions

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

169,697‌

1,503,513‌

564,634‌

4,765,509‌

Shares

redeemed

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

(3,527,662‌)

(31,655,416‌)

(9,617,384‌)

(85,960,296‌)

(2,121,269‌)

$

(19,064,248‌)

(7,272,314‌)

$

(65,246,359‌)

Investor

C

Shares

sold

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

35,143‌

$

314,588‌

50,419‌

$

436,299‌

Shares

issued

in

reinvestment

of

distributions

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

7,038‌

62,428‌

51,209‌

430,667‌

Shares

redeemed

and

automatic

conversion

of

shares

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

(266,231‌)

(2,372,154‌)

(634,856‌)

(5,582,929‌)

(224,050‌)

$

(1,995,138‌)

(533,228‌)

$

(4,715,963‌)

Class

K

Shares

sold

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

5,030,210‌

$

45,501,253‌

6,862,326‌

$

60,444,858‌

Shares

issued

in

reinvestment

of

distributions

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

126,460‌

1,119,173‌

343,658‌

2,897,041‌

Shares

redeemed

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

(10,163,297‌)

(91,622,961‌)

(14,940,513‌)

(132,692,920‌)

(5,006,627‌)

$

(45,002,535‌)

(7,734,529‌)

$

(69,351,021‌)

(30,273,187‌)

$

(273,093,801‌)

(42,883,340‌)

$

(384,466,653‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2024

BlackRock

Annual

Financial

Statements

58

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,

2024,

the

related

statement

of

operations

for

the

year

ended

July

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2024

(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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2024

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,

2024

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,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

59

Important

Tax

Information

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,

2024

:

The

following

amount,

or

maximum

amount

allowable

by

law, are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

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,

2024:

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,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

100

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,

2024:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

as

interest-related

dividends

and

qualified

short-term

capital

gains

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

July

31,

2024:

Fund

Name

Qualified

Dividend

Income

BlackRock

Global

Long/Short

Credit

Fund

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

$

2,996,182‌

Fund

Name

Qualified

Business

Income

BlackRock

Global

Long/Short

Credit

Fund

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

$

24,877

Fund

Name

Federal

Obligation

Interest

BlackRock

Global

Long/Short

Credit

Fund

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

$

465,956‌

Fund

Name

Dividends-Received

Deduction

BlackRock

Global

Long/Short

Credit

Fund

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

0

.88‌

%

Fund

Name

Interest

Dividends

BlackRock

Global

Long/Short

Credit

Fund

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

$

56,325,303‌

Fund

Name

Interest-Related

Dividends

BlackRock

Global

Long/Short

Credit

Fund

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

$

33,630,993‌

Additional

Information

2024

BlackRock

Annual

Financial

Statements

60

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

the

Fund.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

61

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2024

BlackRock

Annual

Financial

Statements

62

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

IV

(the

“Trust”)

met

on

May

3,

2024

(the

“May

Meeting”)

and

June

6-7,

2024

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund,”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

the

Fund

and

(2)

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

of

which

extended

over

a

two-day

period,

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

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

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’

investment

performance

analyses,

and

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

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

June

Meeting

and

such

responses

were

reviewed

by

the

Board

Members.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

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

Agreement

and

Sub-Advisory

Agreements

(continued)

63

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

experience

of

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.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

the

Fund

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

the

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

May

Meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2023,

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

outperformed,

underperformed

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

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

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).

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Annual

Financial

Statements

64

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,

2023

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

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

and

resources,

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

fourth

and

third

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

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

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

any

economies

of

scale

might

benefit

the

Fund

in

a

variety

of

ways

as

the

assets

of

the

Fund

increase.

The

Board

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

as

applicable.

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.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

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

June

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2025,

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,

2025.

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

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Glossary

of

Terms

Used

in

this

Report

65

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

              <<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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, 2024 

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, 2024 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: September 23, 2024