BlackRock Funds IV NPORTP BlackRock Global Long/Short Credit Fund (Oct 2020 report)

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

October

31,

2020

Security

Par

(000)

(

000)

Value

Asset-Backed

Securities

—

2.7%

Cayman

Islands

—

0.7%

(a)(b)

Battalion

CLO

Ltd.,

Series

2016-10A,

Class

A2R,

(LIBOR

USD

Month

1.80%),

2.01%,

01/24/29

.......

USD

2,000

1,999,998

Benefit

Street

Partners

CLO

Ltd.,

Series

2013-IIA,

Class

A2R,

(LIBOR

USD

Month

1.75%),

1.99%,

07/15/29

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

1,800

1,789,155

CarVal

CLO

Ltd.,

Series

2019-1A,

Class

(LIBOR

USD

Month

4.15%),

4.37%,

04/20/32

.......

250

249,997

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

(LIBOR

USD

Month

2.15%),

2.39%,

10/15/30

.......

1,000

965,890

Madison

Park

Funding

XIX

Ltd.,

Series

2015-19A,

Class

A2R2,

(LIBOR

USD

Month

1.50%),

1.72%,

01/22/28

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

2,000

1,949,243

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A1,

(LIBOR

USD

Month

1.18%),

1.39%,

04/25/29

1,000

994,341

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-21A,

Class

CR,

(LIBOR

USD

Month

1.60%),

1.82%,

04/20/27

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

1,000

952,342

Octagon

Investment

Partners

Ltd.,

Series

2017-1A,

Class

(LIBOR

USD

Month

2.25%),

2.49%,

07/15/29

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

1,000

960,133

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

A1AR,

(LIBOR

USD

Month

1.17%),

1.41%,

07/15/29

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

550

546,416

Palmer

Square

Loan

Funding

Ltd.,

Series

2019-3A,

Class

A2,

(LIBOR

USD

Month

1.60%),

1.85%,

08/20/27

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

1,500

1,480,836

Regatta

Funding

LP,

Series

2013-2A,

Class

A1R2,

(LIBOR

USD

Month

1.25%),

1.49%,

01/15/29

.......

500

499,999

12,388,350

Ireland

—

1.4%

(b)

Anchorage

Capital

Europe

CLO

DAC,

Series

2X,

Class

(EURIBOR

Month

5.66%),

5.66%,

05/15/31

EUR

1,300

1,410,795

Aqueduct

European

CLO

DAC,

Series

2017-2X,

Class

(EURIBOR

Month

4.40%),

4.40%,

10/15/30

919

920,462

Avoca

CLO

DAC:

Series

15X,

Class

ER,

(EURIBOR

Month

4.13%),

4.13%,

04/15/31

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

1,765

1,758,156

Series

15X,

Class

FR,

(EURIBOR

Month

5.84%),

5.84%,

04/15/31

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

3,425

3,201,291

Series

15X,

Class

M1,

0.00%,

04/15/31

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

5,300

4,346,135

CVC

Cordatus

Loan

Fund

DAC,

Series

6X,

Class

SUB,

0.00%,

04/15/32

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

4,445

2,206,739

Harvest

CLO

XXII

DAC,

Series

22X,

Class

(EURIBOR

Month

6.11%),

6.11%,

01/15/32

.......

2,500

2,591,157

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Harvest

CLO

XXIII

DAC,

Series

23X,

Class

(EURIBOR

Month

5.33%),

5.33%,

10/20/32

.......

EUR

473

472,052

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

(EURIBOR

Month

8.07%),

8.07%,

07/15/32

.......

1,128

1,210,099

Madison

Park

Euro

Funding

DAC,

Series

10X,

Class

0.00%,

10/25/30

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

1,100

676,955

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

(EURIBOR

Month

6.40%),

6.40%,

01/15/32

.......

1,000

956,108

Voya

Euro

CLO

DAC,

Series

1X,

Class

SUB,

(EURIBOR

Month

0.00%),

0.00%,

10/15/30

.......

2,894

2,460,463

22,210,412

Netherlands

—

0.5%

(b)

Avoca

CLO

XIV

DAC:

Series

14X,

Class

ER,

(EURIBOR

Month

4.70%),

4.70%,

01/12/31

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

1,970

2,034,543

Series

14X,

Class

FR,

(EURIBOR

Month

6.35%),

6.35%,

01/12/31

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

2,200

2,144,098

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

1,051,205

OZLME

III

DAC,

Series

3X,

Class

SUB,

0.00%,

08/24/30

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

5,300

3,613,572

8,843,418

United

Kingdom

—

0.1%

Greene

King

Finance

plc,

Series

B1, (LIBOR

GBP

Month

1.80%),

1.86%,

12/15/34

(b)

...........

GBP

1,500

1,244,743

Total

Asset-Backed

Securities

—

2.7%

(Cost:

$55,295,241)

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

44,686,923

Common

Stocks

—

1.1%

Brazil

—

0.0%

SA,

ADR

(c)

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

67,264

86,098

China

—

0.0%

Holdings,

Inc.,

ADR

(c)

.........

895

62,426

Italy

—

0.0%

Telecom

Italia

SpA

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

164,091

59,730

Netherlands

—

0.4%

Altice

Europe

(c)

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

1,063,073

5,226,768

United

Kingdom

—

0.0%

Arrow

Global

Group

plc

..........

26,652

43,298

New

Look

Secured

Issuer

plc

(c)(d)

...

21,796,216

282,370

325,668

United

States

—

0.7%

Allegro

MicroSystems

Inc.

(c)

......

13,750

251,625

Altice

USA,

Inc.,

Class

(c)

........

7,063

190,348

Caesars

Entertainment,

Inc.

(c)

.....

9,040

405,173

Cinemark

Holdings,

Inc.

.........

9,132

74,791

Concho

Resources,

Inc.

.........

3,449

143,168

Conx

Corp.

(c)

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

10,558

104,735

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Value

United

States

(continued)

Dragoneer

Growth

Opportunities

Corp.

(c)

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

24,185

282,965

Falcon

Capital

Acquisition

Corp.

(c)

...

18,433

184,514

Forestar

Group,

Inc.

(c)

...........

6,842

113,851

HCA

Healthcare,

Inc.

...........

2,532

313,816

KINS

TECHNOLOGY

(c)

..........

28,241

123

Lions

Gate

Entertainment

Corp.,

Class

(c)

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

497,490

3,333,183

Service

Properties

Trust

.........

34,153

246,243

Taylor

Morrison

Home

Corp.

(c)

.....

33,384

721,094

Tribune

Resources

LLC,

Class

(c)

86,655

60,659

UWM

Property

Development

Co.

LLC

(c)

63,000

Western

Digital

Corp.

...........

99,500

3,754,135

Xilinx,

Inc.

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

10,000

1,186,900

11,367,329

Total

Common

Stocks

—

1.1%

(Cost:

$27,786,591)

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

17,128,019

Par

(000)

(

000)

Corporate

Bonds

—

75.9%

Australia

—

0.2%

FMG

Resources

August

2006

Pty.

Ltd.

(a)

4.75%,

05/15/22

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

USD

35,815

5.13%,

03/15/23

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

25,050

5.13%,

05/15/24

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

38,516

Glencore

Funding

LLC,

0.00%,

03/27/25

(e)(f)

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

3,200

2,799,360

Pacific

National

Finance

Pty.

Ltd.,

4.75%,

03/22/28

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

200

208,303

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

Year

4.40%),

5.87%,

06/17/46

(b)

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

277

302,245

Santos

Finance

Ltd.,

5.25%,

03/13/29

400

435,884

3,845,173

Austria

—

0.9%

ams

AG:

0.88%,

09/28/22

(e)

...........

4,600

4,233,794

0.00%,

03/05/25

(e)(f)

..........

EUR

600

509,781

6.00%,

07/31/25

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

165

199,470

2.13%,

11/03/27

(e)

...........

9,200

10,507,128

15,450,173

Brazil

—

0.7%

SA:

10.00%,

07/27/25

...........

USD

12,001

11,742,229

Canada

—

3.0%

(a)

1011778

ULC:

4.25%,

05/15/24

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

18,350

18,726,175

5.75%,

04/15/25

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

3,456

3,682,437

Air

Canada

Pass-Through

Trust:

Series

2015-2,

Class

5.00%,

12/15/23

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

10,033

8,277,733

Series

2017-1,

Class

3.70%,

01/15/26

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

16,085

13,237,671

Bombardier,

Inc.,

8.75%,

12/01/21

3,750

3,733,631

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

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

53,284

Mattamy

Group

Corp.:

5.25%,

12/15/27

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

54,990

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

4.63%,

03/01/30

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

USD

379

384,685

48,150,606

China

—

0.9%

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

9.22%),

6.87%

(b)(g)

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

200

200,125

Hai

Co.

Ltd.,

6.25%,

03/05/22

....

200

201,438

China

Aoyuan

Group

Ltd.,

6.35%,

02/08/24

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

200

202,500

China

Construction

Bank

Corp.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.15%),

2.45%,

06/24/30

(b)

...........

300

301,125

China

Development

Bank

Financial

Leasing

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.75%),

2.87%,

09/28/30

(b)

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

200

200,070

China

Evergrande

Group,

4.25%,

02/14/23

(e)

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

HKD

10,000

1,191,031

China

Huadian

Overseas

Development

2018

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

6.07%),

3.38%

(b)(g)

......

USD

225

230,414

China

Resources

Land

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.14%),

3.75%

(b)(g)

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

245

250,436

China

Shuifa

Singyes

Energy

Holdings

Ltd.,

2.00%,

(2.00%

Cash

6.00%

PIK),

12/19/22

(h)

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

434

384,423

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

7.45%),

4.30%

(b)(g)

290

293,716

Country

Garden

Holdings

Co.

Ltd.,

5.40%,

05/27/25

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

200

215,375

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(e)

......

EUR

9,500

4,268,006

Franshion

Brilliant

Ltd.,

4.25%,

07/23/29

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

USD

295

299,241

Hilong

Holding

Ltd.,

8.25%,

09/26/22

(c)(

)

200

97,062

Hopson

Capital

International

Group

Co.

Ltd.,

6.00%,

02/17/21

.........

500

497,656

Huachen

Energy

Co.

Ltd.,

6.63%,

05/18/20

(c)(

)

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

446

161,396

Huarong

Finance

2019

Co.

Ltd.:

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

6.98%),

4.25%

(b)(g)

.........

200

203,312

3.38%,

02/24/30

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

300

298,500

Jingrui

Holdings

Ltd.,

9.45%,

04/23/21

200

196,312

Kaisa

Group

Holdings

Ltd.:

6.75%,

02/18/21

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

345

344,676

8.50%,

06/30/22

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

200

195,125

9.38%,

06/30/24

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

200

180,969

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.52%),

5.60%

(b)(g)

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

400

347,375

Leader

Goal

International

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

6.92%),

4.25%

(b)(g)

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

200

204,313

Pearl

Holding

III

Ltd.,

9.50%,

12/11/22

400

92,757

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

China

(continued)

Poseidon

Finance

Ltd.,

0.00%,

02/01/25

(e)(f)

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

USD

860

835,795

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

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

1,003

179,600

Redsun

Properties

Group

Ltd.,

11.50%,

03/04/21

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

500

507,344

Rock

International

Investment,

Inc.,

6.63%,

03/27/20

(c)(

)

..........

743

74,300

Scenery

Journey

Ltd.,

11.50%,

10/24/22

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

265

225,084

Sino-Ocean

Land

Treasure

Ltd.,

4.75%,

08/05/29

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

230

230,791

Sunny

Express

Enterprises

Corp.,

3.13%,

04/23/30

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

295

307,781

Tencent

Holdings

Ltd.,

3.24%,

06/03/50

250

251,063

Union

Life

Insurance

Co.

Ltd.,

3.00%,

09/19/21

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

386

362,719

Yango

Justice

International

Ltd.,

6.80%,

03/11/21

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

495

493,917

Yuzhou

Group

Holdings

Co.

Ltd.:

6.00%,

10/25/23

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

230

227,125

7.38%,

01/13/26

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

200

191,999

14,944,871

France

—

4.0%

Accor

SA,

(EUR

Swap

Annual

Year

4.56%),

4.37%

(b)(g)

...........

EUR

6,600

6,957,992

Adevinta

ASA:

2.63%,

11/15/25

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

100

116,232

3.00%,

11/15/27

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

1,638

1,921,089

Airbus

SE,

Series

AMFP,

0.00%,

06/14/21

(e)(f)

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

4,800

5,572,207

Altice

France

SA:

5.88%,

02/01/27

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

2,474

3,003,801

4.13%,

01/15/29

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

7,123

8,097,533

Banijay

Entertainment

SASU,

3.50%,

03/01/25

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

100

113,845

BNP

Paribas

(g)

6.50%

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

USD

20,137

(USD

Swap

Semi

Year

4.15%),

6.63%

(a)(b)

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

2,400

2,546,280

(USD

Swap

Rate

Year

4.15%),

6.63%

(b)

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

600

636,570

(USD

Swap

Semi

Year

5.15%),

7.37%

(b)

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

1,400

1,562,750

Casino

Guichard

Perrachon

SA:

(EUR

Swap

Annual

Year

3.82%),

3.56%

(b)(g)

.........

EUR

3,500

1,416,505

4.50%,

03/07/24

(j)

...........

1,700

1,612,910

3.58%,

02/07/25

(j)

...........

1,800

1,611,836

CMA

CGM

SA:

6.50%,

07/15/22

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

200

233,467

5.25%,

01/15/25

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

1,600

1,708,402

7.50%,

01/15/26

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

3,744

4,207,468

Credit

Agricole

(b)(g)

(USD

Swap

Semi

Year

4.32%),

6.87%

(a)

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

USD

800

856,496

(GBP

Swap

Year

4.54%),

7.50%

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

GBP

1,564

2,282,929

Credit

Lyonnais

SACA,

Series

TMO,

(BFRTMO

0.30%),

0.19%

(b)(g)

...

EUR

1,310

1,201,440

Electricite

France

SA,

Series

EDF,

0.00%,

09/14/24

(e)(f)

..........

25,600

3,940,386

Faurecia

SE,

3.75%,

06/15/28

.....

100

117,944

Getlink

SE,

3.50%,

10/30/25

......

132

154,005

Security

Par

(000)

Par

(000)

Value

France

(continued)

Loxam

SAS:

4.25%,

04/15/24

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

EUR

100

112,486

3.25%,

01/14/25

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

1,300

1,406,227

3.75%,

07/15/26

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

400

437,005

5.75%,

07/15/27

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

303

308,772

Orano

SA,

2.75%,

03/08/28

.......

300

340,660

Picard

Groupe

SAS,

(EURIBOR

Month

3.00%),

3.00%,

11/30/23

(b)

300

338,581

Quatrim

SASU,

5.88%,

01/15/24

...

100

112,676

RCI

Banque

SA,

(EUR

Swap

Annual

Year

2.85%),

2.62%,

02/18/30

(b)

400

448,427

Rubis

Terminal

Infra

SAS,

5.63%,

05/15/25

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

153

184,874

Societe

Generale

(b)(g)

(EUR

Swap

Annual

Year

5.54%),

6.75%

...........

1,300

1,522,705

(USD

Swap

Semi

Year

6.24%),

7.37%

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

USD

2,200

2,259,840

(USD

Swap

Rate

Year

5.87%),

8.00%

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

500

561,855

SPIE

SA,

2.63%,

06/18/26

........

EUR

100

114,631

Tereos

Finance

Groupe

SA:

4.13%,

06/16/23

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

600

641,358

7.50%,

10/30/25

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

1,834

2,104,783

Valeo

SA,

0.00%,

06/16/21

(e)(f)

.....

USD

4,400

4,350,940

65,138,044

Germany

—

2.4%

ADLER

Real

Estate

AG:

1.50%,

04/17/22

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

EUR

100

113,898

3.00%,

04/27/26

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

600

695,631

Aroundtown

SA,

(EUR

Swap

Annual

Year

3.98%),

3.38%

(b)(g)

......

300

341,970

Securities

BV,

(USD

Swap

Semi

Year

3.55%),

5.25%

(b)(g)

......

USD

3,750

3,741,075

CeramTec

BondCo

GmbH,

5.25%,

12/15/25

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

EUR

1,772

1,985,708

Cheplapharm

Arzneimittel

GmbH,

3.50%,

02/11/27

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

666

741,528

Commerzbank

(b)

(EUR

Swap

Annual

Year

6.36%),

6.12%

(g)

..........

2,000

2,271,440

(EUR

Swap

Annual

Year

4.35%),

4.00%,

12/05/30

....

100

118,795

Consus

Real

Estate

AG,

9.63%,

05/15/24

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

691

853,060

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

....

300

319,420

Troplast

GmbH,

9.25%,

07/15/25

100

123,479

IHO

Verwaltungs

GmbH:

3.88%,

05/15/27

(b)

...........

252

292,400

6.00%,

(6.00%

Cash

6.75%

PIK),

05/15/27

(a)(h)

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

USD

200

208,500

Infineon

Technologies

AG,

(EUR

Swap

Annual

Year

3.39%),

2.87%

(b)(g)

EUR

300

346,350

K+S

AG,

3.00%,

06/20/22

........

700

809,131

LEG

Immobilien

AG,

0.40%,

06/30/28

(e)

2,000

2,462,070

Nidda

Healthcare

Holding

GmbH:

3.50%,

09/30/24

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

763

859,566

Peach

Property

Finance

GmbH:

3.50%,

02/15/23

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

100

114,332

4.38%,

11/15/25

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

300

350,263

RAG-

Stiftung

0.00%,

02/18/21

(e)(f)

2,500

2,902,104

Rebecca

Bidco

GmbH,

5.75%,

07/15/25

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

129

150,052

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

RWE

AG,

(USD

Swap

Semi

Year

4.52%),

6.62%,

07/30/75

(b)

.....

USD

1,000

1,144,980

Schaeffler

AG:

2.75%,

10/12/25

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

EUR

1,600

1,850,321

3.38%,

10/12/28

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

3,900

4,525,475

Summit

Properties

Ltd.,

2.00%,

01/31/25

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

302

330,621

Techem

Verwaltungsgesellschaft

674

mbH

6.00%,

07/30/26

........

400

473,412

Techem

Verwaltungsgesellschaft

675

mbH

2.00%,

07/15/25

........

200

220,776

Tele

Columbus

AG,

3.88%,

05/02/25

400

437,303

thyssenkrupp

AG:

1.88%,

03/06/23

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

127

137,557

2.88%,

02/22/24

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

7,579

8,178,813

2.50%,

02/25/25

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

1,057

Vertical

Midco

GmbH,

4.38%,

07/15/27

215

252,904

Vertical

Newco,

Inc.,

5.25%,

07/15/27

(a)

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

USD

440

452,848

WEPA

Hygieneprodukte

GmbH,

(EURIBOR

Month

2.88%),

2.87%,

12/15/26

(b)

...........

EUR

133

151,628

Europe

Finance

BV,

2.00%,

02/23/26

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

300

324,937

Finance

GmbH:

3.00%,

09/21/25

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

100

114,136

3.75%,

09/21/28

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

200

227,435

38,624,975

Ghana

—

0.1%

Tullow

Oil

plc:

6.25%,

04/15/22

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

USD

721

451,526

7.00%,

03/01/25

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

1,300

670,719

1,122,245

Hong

Kong

—

0.0%

Bank

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.75%),

4.00%,

05/29/30

(b)

...........

250

257,109

NWD

MTN

Ltd.,

4.13%,

07/18/29

...

400

403,875

660,984

India

—

0.1%

Adani

Electricity

Mumbai

Ltd.,

3.95%,

02/12/30

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

275

271,047

Adani

Ports

Special

Economic

Zone

Ltd.,

4.00%,

07/30/27

.........

214

215,145

Adani

Transmission

Ltd.,

4.00%,

08/03/26

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

295

306,892

Vedanta

Resources

Ltd.,

7.13%,

05/31/23

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

300

184,500

977,584

Indonesia

—

0.0%

JGC

Ventures

Pte.

Ltd.,

10.75%,

08/30/21

(c)(

)

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

500

203,438

LLPL

Capital

Pte.

Ltd.,

6.88%,

02/04/39

235

269,449

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

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

200

206,000

678,887

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.8%

AIB

Group

plc,

(EUR

Swap

Annual

Year

6.63%),

6.25%

(b)(g)

......

EUR

4,975

5,823,104

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

........

GBP

5,100

6,565,756

12,388,860

Israel

—

0.0%

Teva

Pharmaceutical

Finance

Netherlands

BV:

1.88%,

03/31/27

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

EUR

200

196,972

1.63%,

10/15/28

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

200

187,363

384,335

Italy

—

4.2%

Assicurazioni

Generali

SpA

(EURIBOR

Month

5.35%),

5.50%,

10/27/47

(b)

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

100

135,597

Autostrade

per

l'Italia

SpA

6.25%,

06/09/22

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

GBP

100

136,521

5.88%,

06/09/24

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

EUR

600

795,308

4.38%,

09/16/25

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

100

129,859

1.88%,

09/26/29

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

8,870

10,043,776

Banco

BPM

SpA

2.50%,

06/21/24

195

236,860

Centurion

Bidco

SpA

5.88%,

09/30/26

100

113,450

Diocle

Spa,

(EURIBOR

Month

3.88%),

3.87%,

06/30/26

(b)

.....

653

749,655

Gamma

Bidco

SpA

6.25%,

07/15/25

2,749

3,068,871

Intesa

Sanpaolo

SpA

(EUR

Swap

Annual

Year

7.19%),

7.75%

(b)(g)

.........

7,300

9,490,296

(EUR

Swap

Annual

Year

4.27%),

4.12%

(b)(g)

.........

750

707,525

5.15%,

06/10/30

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

GBP

3,400

4,782,408

(EUR

Swap

Annual

Year

6.09%),

5.87%

(b)(g)

.........

EUR

2,225

2,518,519

Rossini

SARL:

(EURIBOR

Month

3.88%),

3.88%,

10/30/25

(b)

.........

100

113,844

6.75%,

10/30/25

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

258

312,844

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

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

USD

6,520

8,832,448

Telecom

Italia

Finance

SA,

7.75%,

01/24/33

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

EUR

3,123

5,214,838

Telecom

Italia

SpA

1.13%,

03/26/22

(e)

...........

2,600

2,994,024

4.00%,

04/11/24

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

266

330,609

2.75%,

04/15/25

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

1,708

2,055,650

UniCredit

SpA

(b)

(EUR

Swap

Annual

Year

9.30%),

9.25%

(g)

..........

1,034

1,289,292

(EUR

Swap

Annual

Year

6.39%),

6.62%

(g)

..........

3,700

4,278,291

(EURIBOR

Swap

Rate

Year

7.33%),

7.50%

(g)

..........

2,600

3,251,412

(EURIBOR

Swap

Rate

Year

4.08%),

3.87%

(g)

..........

5,800

5,226,658

(EURIBOR

Swap

Rate

Year

4.74%),

4.87%,

02/20/29

....

400

490,317

Unione

Banche

Italiane

SpA

(EUR

Swap

Annual

Year

5.75%),

5.87%,

03/04/29

(b)

...........

200

254,154

Unipol

Gruppo

SpA

3.25%,

09/23/30

125

146,466

67,699,492

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Japan

—

1.8%

Nissan

Motor

Co.

Ltd.,

3.52%,

09/17/25

(a)

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

USD

648

652,678

SoftBank

Group

Corp.:

(USD

Swap

Rate

Year

4.23%),

6.00%

(b)(g)

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

8,220

7,582,950

4.75%,

09/19/24

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

1,500

1,514,846

4.75%,

07/30/25

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

EUR

200

245,969

3.13%,

09/19/25

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

1,700

1,961,357

(USD

Swap

Rate

Year

4.85%),

6.87%

(b)(g)

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

USD

1,600

1,520,000

5.00%,

04/15/28

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

EUR

5,000

6,142,947

4.00%,

09/19/29

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

7,900

9,153,259

28,774,006

Jersey

—

0.0%

LHC3

plc,

4.12%,

(4.12%

Cash

9.00%

PIK),

08/15/24

(h)

........

503

586,684

Luxembourg

—

3.8%

Altice

Financing

SA:

2.25%,

01/15/25

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

3,969

4,298,921

7.50%,

05/15/26

(a)

...........

USD

600

626,250

3.00%,

01/15/28

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

EUR

195

206,143

Altice

Finco

SA,

4.75%,

01/15/28

...

200

209,637

Altice

France

Holding

SA:

8.00%,

05/15/27

(a)

...........

200

243,994

8.00%,

05/15/27

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

1,283

1,565,223

ArcelorMittal

SA,

4.25%,

07/16/29

USD

172

181,316

Garfunkelux

Holdco

SA:

7.50%,

08/01/22

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

EUR

200

232,581

8.50%,

11/01/22

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

GBP

100

129,317

6.75%,

11/01/25

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

EUR

2,797

3,192,375

7.75%,

11/01/25

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

GBP

2,947

3,745,529

INEOS

Finance

plc,

3.38%,

03/31/26

EUR

165

187,790

LHMC

Finco

SARL,

7.25%,

10/02/25

2,228

1,803,380

Matterhorn

Telecom

SA:

2.63%,

09/15/24

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

100

113,117

3.13%,

09/15/26

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

3,300

3,633,114

4.00%,

11/15/27

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

5,200

5,904,775

Monitchem

HoldCo

SA,

9.50%,

09/15/26

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

100

119,097

Monitchem

HoldCo

SA,

5.25%,

03/15/25

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

522

610,136

SES

SA:

(EUR

Swap

Annual

Year

4.66%),

4.62%

(b)(g)

.........

1,300

1,534,106

(EUR

Swap

Annual

Year

5.40%),

5.62%

(b)(g)

.........

9,100

11,260,710

2.00%,

07/02/28

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

3,100

3,808,266

Summer

Holdco

SARL,

9.25%,

10/31/27

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

3,793

4,174,781

Summer

Holdco

SARL,

5.75%,

10/31/26

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

11,900

13,663,059

61,443,617

Macau

—

0.0%

Sands

China

Ltd.,

4.38%,

06/18/30

USD

230

236,732

Malaysia

—

0.0%

Cindai

Capital

Ltd.,

0.00%,

02/08/23

(e)(f)

567

572,818

Mexico

—

0.0%

Cemex

SAB

CV:

3.13%,

03/19/26

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

EUR

400

467,607

Security

Par

(000)

Par

(000)

Value

Netherlands

—

1.3%

Hema

Bondco

BV,

8.50%,

01/15/23

(c)

(

)

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

EUR

600

5,241

ING

Groep

(b)(g)

(USD

Swap

Rate

Year

4.20%),

6.75%

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

USD

700

741,230

(USD

Swap

Semi

Year

4.45%),

6.50%

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

600

635,250

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.34%),

5.75%

...........

1,400

1,458,632

Intertrust

Group

BV,

3.38%,

11/15/25

EUR

367

426,914

Koninklijke

KPN

NV,

(EUR

Swap

Annual

Year

2.34%),

2.03%

(b)(g)

100

113,262

OCI

NV:

3.13%,

11/01/24

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

100

114,705

3.63%,

10/15/25

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

300

347,627

PPF

Telecom

Group

BV,

3.25%,

09/29/27

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

175

204,332

Stichting

Rabobank

Certificaten

0.00%

(g)(j)

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

7,151

10,316,712

Summer

BidCo

BV,

9.00%,

(9.00%

Cash

9.75%

PIK),

11/15/25

(b)(h)

151

168,157

Trivium

Packaging

Finance

BV,

3.75%,

08/15/26

(j)

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

580

666,282

United

Group

BV:

4.88%,

07/01/24

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

160

186,083

3.63%,

02/15/28

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

166

179,989

UPCB

Finance

VII

Ltd.,

3.63%,

06/15/29

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

300

348,577

Vendor

Financing

BV,

2.50%,

01/31/24

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

271

307,730

Ziggo

Bond

Co.

BV,

3.38%,

02/28/30

3,600

3,982,055

Ziggo

BV:

4.25%,

01/15/27

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

126

150,488

2.88%,

01/15/30

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

106

120,127

20,473,393

Portugal

—

0.4%

Banco

Espirito

Santo

(c)(

)

2.63%,

05/08/17

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

6,100

923,567

4.75%,

01/15/18

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

19,300

2,922,107

4.00%,

01/21/19

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

22,800

3,452,023

7,297,697

South

Korea

—

0.0%

(b)(g)

KDB

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.66%),

7.50%

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

USD

300

290,813

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.05%),

5.87%

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

200

215,687

506,500

Spain

—

2.8%

Banco

Sabadell

SA,

(EUR

Swap

Annual

Year

2.20%),

2.00%,

01/17/30

(b)

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

EUR

300

299,355

Banco

Santander

(b)(g)

(EUR

Swap

Annual

Year

6.80%),

6.75%

...........

2,200

2,645,502

(EUR

Swap

Annual

Year

5.00%),

5.25%

...........

2,000

2,215,821

(EUR

Swap

Annual

Year

4.53%),

4.37%

...........

200

202,266

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Bankia

SA,

(EUR

Swap

Annual

Year

6.22%),

6.37%

(b)(g)

..........

EUR

3,600

4,187,499

CaixaBank

SA,

(EUR

Swap

Annual

Year

6.50%),

6.75%

(b)(g)

......

200

237,553

Cellnex

Telecom

SA,

1.75%,

10/23/30

3,100

3,553,363

Cirsa

Finance

International

SARL:

6.25%,

12/20/23

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

3,356

3,449,027

7.88%,

12/20/23

(a)

...........

USD

2,300

2,081,500

4.75%,

05/22/25

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

EUR

7,233

7,033,968

Codere

Finance

Luxembourg

SA:

6.75%,

11/01/21

(c)(

)

..........

7,800

4,360,449

7.63%,

11/01/21

(a)(c)(

)

.........

USD

1,100

534,600

10.75%,

09/30/23

(j)

..........

EUR

2,013

2,356,163

ContourGlobal

Power

Holdings

SA:

3.38%,

08/01/23

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

200

231,420

4.13%,

08/01/25

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

491

576,046

Ferrovial

Netherlands

BV,

(EUR

Swap

Annual

Year

2.13%),

2.12%

(b)(g)

300

327,647

Gestamp

Automocion

SA,

3.25%,

04/30/26

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

200

220,119

Lorca

Telecom

Bondco

4.00%,

09/18/27

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

300

354,636

Naturgy

Finance

BV,

(EUR

Swap

Annual

Year

3.35%),

4.13%

(b)(g)

100

121,005

Repsol

International

Finance

BV,

(EUR

Swap

Annual

Year

4.00%),

3.75%

(b)(g)

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

100

116,570

Telefonica

Europe

(b)(g)

(EUR

Swap

Annual

Year

4.30%),

5.87%

...........

4,400

5,554,218

(EUR

Swap

Annual

Year

4.11%),

4.37%

...........

100

120,687

(EUR

Swap

Annual

Year

2.97%),

3.87%

...........

2,500

2,953,645

Tendam

Brands

5.00%,

09/15/24

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

1,669

1,518,326

(EURIBOR

Month

5.25%),

5.25%,

09/15/24

(b)

.........

330

298,982

45,550,367

Sweden

—

0.7%

Heimstaden

Bostad

(b)(g)

(EUR

Swap

Annual

Year

3.67%),

3.25%

...........

100

115,009

(EUR

Swap

Annual

Year

3.91%),

3.37%

...........

100

113,537

Intrum

AB:

4.88%,

08/15/25

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

1,355

1,538,648

3.50%,

07/15/26

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

101

104,573

Skandinaviska

Enskilda

Banken

AB,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.46%),

5.12%

(b)(g)

...........

USD

1,600

1,622,000

Verisure

Holding

AB:

3.50%,

05/15/23

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

EUR

100

116,426

(EURIBOR

Month

5.00%),

5.00%,

04/15/25

(b)

.........

300

353,777

3.88%,

07/15/26

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

3,440

3,991,372

Verisure

Midholding

AB,

5.75%,

12/01/23

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

3,400

3,929,351

11,884,693

Switzerland

—

0.8%

Credit

Suisse

Group

(b)(g)

(USD

Swap

Semi

Year

4.60%),

7.50%

(a)

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

USD

400

424,004

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

(USD

Swap

Semi

Year

4.60%),

7.50%

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

USD

600

636,006

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.33%),

7.25%

(a)

..........

800

866,968

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.33%),

7.25%

...........

1,400

1,517,194

Dufry

One

BV:

2.50%,

10/15/24

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

EUR

100

104,818

2.00%,

02/15/27

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

294

297,141

ELM

for

Swiss

Ltd.,

3.25%,

06/13/24

(e)

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

USD

4,800

4,942,464

UBS

Group

(b)(g)

(USD

Swap

Semi

Year

4.34%),

7.00%

(a)

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

2,700

2,905,875

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.86%),

5.12%

...........

1,250

1,296,875

12,991,345

Thailand

—

0.1%

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.90%),

3.73%,

09/25/34

(b)

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

400

392,500

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.70%),

3.34%,

10/02/31

(b)

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

330

323,194

Thaioil

Treasury

Center

Co.

Ltd.,

3.75%,

06/18/50

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

240

220,425

936,119

Turkey

—

0.5%

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

4.20%,

03/15/27

(a)

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

10,281

8,025,954

United

Arab

Emirates

—

0.0%

Esic

Sukuk

Ltd.,

3.94%,

07/30/24

...

425

426,594

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%,

03/31/36

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

200

198,498

625,092

United

Kingdom

—

9.5%

Arrow

Global

Finance

plc,

5.13%,

09/15/24

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

GBP

200

244,430

B&M

European

Value

Retail

SA,

3.63%,

07/15/25

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

100

130,719

Capital

Markets

plc:

Series

BP,

1.00%,

04/28/23

(e)

...

2,200

2,849,473

(EUR

Swap

Annual

Year

3.88%),

3.25%

(b)(g)

.........

EUR

200

239,214

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

4.17%),

4.25%

(b)(g)

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

GBP

300

403,730

Cabot

Financial

Luxembourg

SA,

7.50%,

10/01/23

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

400

523,382

Derwent

London

Capital

No.

Jersey

Ltd.,

1.50%,

06/12/25

(e)

........

1,500

1,878,248

Drax

Finco

plc,

4.25%,

05/01/22

....

100

130,548

easyJet

plc:

1.75%,

02/09/23

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

EUR

1,476

1,573,766

1.13%,

10/18/23

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

800

813,857

0.88%,

06/11/25

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

900

877,097

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Global

Finance

plc:

4.38%,

02/07/25

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

EUR

100

106,134

6.25%,

10/30/25

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

8,992

9,942,623

EnQuest

plc

(h)

0.00%,

(0.00%

Cash

7.00%

PIK),

10/15/23

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

GBP

1,714

1,165,103

7.00%,

(7.00%

Cash

7.00%

PIK),

10/15/23

(a)(b)

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

USD

4,702

2,452,855

FCE

Bank

plc,

1.62%,

05/11/23

....

EUR

500

565,583

Fiat

Chrysler

Automobiles

NV:

3.75%,

03/29/24

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

1,427

1,780,835

3.88%,

01/05/26

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

2,285

2,908,453

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

GBP

105

139,064

Greene

King

Finance

plc,

Series

B2,

(LIBOR

GBP

Month

2.08%),

2.14%,

03/15/36

(b)

...........

800

684,197

Hammerson

plc,

2.00%,

07/01/22

...

EUR

3,100

3,375,738

HBOS

Capital

Funding

No.

LP:

6.85%

(g)

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

USD

8,093

8,161,790

Heathrow

Finance

plc:

4.75%,

03/01/24

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

GBP

100

125,382

4.13%,

09/01/29

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

115

133,339

HSBC

Bank

plc,

Series

1M,

(LIBOR

USD

Month

0.25%),

0.75%

(b)(g)

USD

4,700

3,981,088

Hurricane

Finance

plc,

8.00%,

10/15/25

GBP

100

134,538

Informa

plc,

2.13%,

10/06/25

......

EUR

100

116,923

InterContinental

Hotels

Group

plc,

3.38%,

10/08/28

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

GBP

3,450

4,479,034

International

Consolidated

Airlines

Group

SA:

0.63%,

11/17/22

(e)

...........

EUR

1,300

1,280,049

0.50%,

07/04/23

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

1,400

1,320,713

1.50%,

07/04/27

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

400

341,243

Intu

Jersey

Ltd.,

2.88%,

11/01/22

(e)

GBP

6,900

2,100,653

Intu

Metrocentre

Finance

plc,

4.13%,

12/06/23

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

800

494,900

Ithaca

Energy

North

Sea

plc,

9.38%,

07/15/24

(a)

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

USD

6,761

5,882,070

Jaguar

Land

Rover

Automotive

plc:

4.50%,

01/15/26

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

EUR

100

97,244

4.50%,

10/01/27

(a)

...........

USD

12,500

10,562,500

Legal

General

Group

plc,

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

5.38%),

5.62%

(b)

(g)

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

GBP

2,650

3,501,874

Marks

Spencer

plc

(j)

6.00%,

06/12/25

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

1,262

1,768,004

4.50%,

07/10/27

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

400

513,075

National

Westminster

Bank

plc

(b)(g)

Series

(LIBOR

USD

Month

0.25%),

0.51%

...........

USD

9,400

8,463,008

Series

(LIMEAN

USD

Month

0.25%),

0.62%

...........

100

89,925

Series

(LIBOR

USD

Month

0.25%),

0.41%

...........

1,300

1,169,025

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(a)

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

8,098

7,045,260

New

Look

Financing

plc,

5.00%,

05/03/24

(a)(b)

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

GBP

2,353

14,056

Pinewood

Finance

Co.

Ltd.,

3.25%,

09/30/25

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

100

128,410

Premier

Foods

Finance

plc,

6.25%,

10/15/23

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

700

927,254

Rolls-Royce

plc:

0.88%,

05/09/24

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

EUR

1,600

1,678,997

4.63%,

02/16/26

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

2,016

2,347,868

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

5.75%,

10/15/27

(a)

...........

USD

3,908

3,956,850

1.63%,

05/09/28

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

EUR

200

196,360

Santander

Group

Holdings

plc,

(GBP

Swap

Year

5.79%),

6.75%

(b)(g)

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

GBP

200

271,704

Stonegate

Pub

Co.

Financing

plc:

8.00%,

07/13/25

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

6,955

8,289,386

(EURIBOR

Month

5.75%),

5.75%,

07/31/25

(b)

.........

EUR

3,300

3,400,669

8.25%,

07/31/25

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

GBP

3,800

4,565,990

Synlab

Bondco

plc,

(EURIBOR

Month

4.75%),

4.75%,

07/01/25

(b)

....

EUR

306

358,126

Synthomer

plc,

3.88%,

07/01/25

....

100

118,514

Tesco

plc,

5.13%,

04/10/47

.......

300

504,962

Tullow

Oil

Jersey

Ltd.:

6.63%,

07/12/21

(e)

...........

USD

5,000

4,000,000

Unique

Pub

Finance

Co.

plc

(The),

Series

6.46%,

03/30/32

(j)

.....

GBP

7,176

9,069,062

Virgin

Media

Finance

plc,

3.75%,

07/15/30

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

EUR

1,871

2,069,039

Virgin

Media

Secured

Finance

plc:

5.00%,

04/15/27

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

GBP

100

133,825

5.25%,

05/15/29

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

200

271,565

5.50%,

05/15/29

(a)

...........

USD

1,500

1,602,615

4.25%,

01/15/30

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

GBP

900

1,136,801

4.50%,

08/15/30

(a)

...........

USD

1,125

1,143,281

Vmed

Financing

plc,

3.25%,

01/31/31

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

EUR

8,112

9,235,069

Vodafone

Group

plc

(b)

(EUR

Swap

Annual

Year

3.43%),

4.20%,

10/03/78

....

200

253,826

(EUR

Swap

Annual

Year

2.67%),

3.10%,

01/03/79

....

200

235,841

Series

NC10,

(EUR

Swap

Annual

Year

3.23%),

3.00%,

08/27/80

1,572

1,789,636

Wagamama

Finance

plc,

4.13%,

07/01/22

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

GBP

1,700

2,043,657

154,290,049

United

States

—

36.9%

Advanced

Micro

Devices,

Inc.,

7.50%,

08/15/22

(k)

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

USD

37,819

41,979,090

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(a)

...........

2,227

2,262,407

5.75%,

03/15/25

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

48,439

7.50%,

03/15/26

(a)

...........

34,348

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

46,216

4.75%,

08/01/25

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

36,907

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%,

08/15/23

(d)

....

9,645

8,439,288

American

Airlines

Pass-Through

Trust:

Series

2001-01,

6.98%,

05/23/21

1,623

1,509,744

Series

2019-1C,

Class

4.13%,

06/15/22

(d)

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

40,000

34,552,000

Series

2011-1,

Class

4.87%,

04/22/25

(d)

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

5,519

4,573,739

Series

2017-2,

Class

4.00%,

12/15/25

(d)

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

8,734

7,653,385

American

Airlines,

Inc.,

Series

2017-2C,

5.18%,

10/15/23

(d)

...........

9,469

7,575,135

AMN

Healthcare,

Inc.,

4.63%,

10/01/27

(a)

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

150

153,375

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

22,856

5.00%,

02/01/28

(a)

...........

55,488

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ardagh

Packaging

Finance

plc:

2.13%,

08/15/26

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

EUR

200

227,677

4.75%,

07/15/27

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

GBP

615

800,281

Avaya,

Inc.,

6.13%,

09/15/28

(a)

.....

USD

5,001

5,132,276

Avis

Budget

Finance

plc:

4.13%,

11/15/24

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

EUR

2,512

2,589,157

4.75%,

01/30/26

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

4,400

4,458,280

Bausch

Health

Cos.,

Inc.:

4.50%,

05/15/23

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

500

575,431

5.50%,

11/01/25

(a)

...........

USD

9,254

9,506,634

5.75%,

08/15/27

(a)

...........

20,378

Belden,

Inc.:

4.13%,

10/15/26

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

EUR

210

245,281

3.88%,

03/15/28

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

200

231,113

Berry

Global,

Inc.,

4.88%,

07/15/26

(a)

USD

1,680

1,757,204

Boxer

Parent

Co.,

Inc.:

6.50%,

10/02/25

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

EUR

573

694,105

7.13%,

10/02/25

(a)

...........

USD

1,186

1,271,534

Boyd

Gaming

Corp.,

4.75%,

12/01/27

33,065

Buckeye

Partners

LP:

4.15%,

07/01/23

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

202

198,717

4.35%,

10/15/24

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

275

266,750

4.13%,

03/01/25

(a)

...........

125

118,438

Crown

Parent

LLC,

4.25%,

01/31/26

(a)

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

83,025

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

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

1,170

1,198,511

8.13%,

07/01/27

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

374

390,342

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(a)

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

225

230,767

Calpine

Corp.,

5.13%,

03/15/28

(a)

...

31,964

Carnival

Corp.:

11.50%,

04/01/23

(a)

..........

6,975

7,660,921

10.13%,

02/01/26

...........

EUR

4,159

5,079,914

Carnival

plc,

1.00%,

10/28/29

.....

2,068

1,348,758

Carvana

Co.,

5.63%,

10/01/25

(a)

....

USD

2,000

1,970,000

Catalent

Pharma

Solutions,

Inc.:

2.38%,

03/01/28

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

EUR

594

660,104

CCO

Holdings

LLC,

5.00%,

02/01/28

(a)

USD

266

279,433

Cedar

Fair

LP:

5.50%,

05/01/25

(a)

...........

397

401,963

5.38%,

04/15/27

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

22,230

5.25%,

07/15/29

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

21,780

Centene

Corp.:

4.75%,

01/15/25

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

1,000

1,027,500

5.38%,

06/01/26

(a)

...........

90,490

5.38%,

08/15/26

(a)

...........

37,013

4.25%,

12/15/27

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

166

174,748

Charles

River

Laboratories

International,

Inc.,

5.50%,

04/01/26

(a)

25,080

Cheniere

Energy

Partners

LP:

5.25%,

10/01/25

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

71,204

5.63%,

10/01/26

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

53,383

4.50%,

10/01/29

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

19,371

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(a)

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

183

188,948

Churchill

Downs,

Inc.,

5.50%,

04/01/27

(a)

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

30,033

Cincinnati

Bell,

Inc.,

7.00%,

07/15/24

(a)

1,000

1,035,000

Cinemark

Holdings,

Inc.,

4.50%,

08/15/25

(a)(e)

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

232

200,253

Clarios

Global

LP,

4.38%,

05/15/26

EUR

4,701

5,489,255

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(a)

USD

26,125

Colfax

Corp.,

6.00%,

02/15/24

(a)

....

30,166

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Commercial

Metals

Co.:

4.88%,

05/15/23

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

USD

48,998

5.75%,

04/15/26

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

22,715

5.38%,

07/15/27

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

172

179,310

CommScope

Inc.

(a)

6.00%,

03/01/26

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

12,135

12,590,063

8.25%,

03/01/27

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

11,126

11,515,354

7.13%,

07/01/28

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

4,257

4,280,626

Coty,

Inc.:

4.00%,

04/15/23

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

EUR

400

378,317

4.75%,

04/15/26

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

100

89,096

CrownRock

LP,

5.63%,

10/15/25

(a)

USD

226

222,244

CSC

Holdings

LLC,

5.50%,

05/15/26

(a)

6,000

6,243,000

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(a)

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

25,440

DaVita,

Inc.,

4.63%,

06/01/30

(a)

....

593

603,167

Delta

Air

Lines

Pass-Through

Trust,

Series

2015-1,

Class

4.25%,

07/30/23

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

10,419

9,728,372

Diamondback

Energy,

Inc.,

5.38%,

05/31/25

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

27,937

Dun

Bradstreet

Corp.

(The)

(a)

6.88%,

08/15/26

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

3,904

4,177,280

10.25%,

02/15/27

...........

12,140

13,593,158

Elanco

Animal

Health,

Inc.

(j)

4.91%,

08/27/21

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

23,518

5.27%,

08/28/23

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

3,786

4,092,817

Encore

Capital

Group,

Inc.,

4.88%,

10/15/25

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

EUR

3,796

4,444,222

ESH

Hospitality,

Inc.,

5.25%,

05/01/25

(a)

USD

8,250

8,250,000

Ford

Motor

Credit

Co.

LLC,

2.33%,

11/25/25

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

EUR

300

331,052

Forestar

Group,

Inc.,

5.00%,

03/01/28

(a)

USD

1,399

1,388,815

Frontier

Communications

Corp.

(a)

8.50%,

04/01/26

(j)

...........

6,035

6,072,719

5.88%,

10/15/27

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

4,000

4,099,600

Gap,

Inc.

(The),

8.38%,

05/15/23

(a)

1,050

1,172,167

GLP

Capital

LP,

4.00%,

01/15/31

...

213

222,704

Goodyear

Tire

Rubber

Co.

(The),

9.50%,

05/31/25

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

3,156

3,472,231

Gray

Oak

Pipeline

LLC

(a)

2.00%,

09/15/23

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

302

302,908

2.60%,

10/15/25

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

387

386,647

Gray

Television,

Inc.,

5.88%,

07/15/26

(a)

1,500

1,561,260

H&E

Equipment

Services,

Inc.,

5.63%,

09/01/25

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

46,687

Hanesbrands,

Inc.

(a)

4.63%,

05/15/24

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

43,745

5.38%,

05/15/25

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

4,818

5,070,945

Supply,

Inc.,

5.38%,

10/15/26

(a)

1,036

1,083,697

Hilton

Domestic

Operating

Co.,

Inc.,

5.13%,

05/01/26

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

71,888

Hilton

Worldwide

Finance

LLC:

4.63%,

04/01/25

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

42,389

4.88%,

04/01/27

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

28,325

Howard

Hughes

Corp.

(The)

(a)

5.38%,

03/15/25

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

151

151,189

5.38%,

08/01/28

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

363

366,630

Hyatt

Hotels

Corp.,

5.38%,

04/23/25

197

213,652

iHeartCommunications

Inc.:

6.38%,

05/01/26

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

42,119

5.25%,

08/15/27

(a)

...........

35,534

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(a)

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

71,690

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

International

Game

Technology

plc:

3.50%,

07/15/24

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

EUR

200

225,302

3.50%,

06/15/26

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

2,571

2,820,807

IQVIA,

Inc.,

5.00%,

10/15/26

(a)

.....

USD

3,500

3,627,383

IRB

Holding

Corp.,

7.00%,

06/15/25

(a)

157

167,320

Iron

Mountain

plc,

3.88%,

11/15/25

GBP

758

991,431

Iron

Mountain,

Inc.

(a)

5.00%,

07/15/28

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

USD

7,525

7,681,745

5.25%,

07/15/30

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

4,579

4,699,199

Jaguar

Holding

Co.

II/PPD

Development

(a)

4.63%,

06/15/25

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

1,720

1,776,743

5.00%,

06/15/28

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

83,385

JBS

USA

LUX

(a)

5.75%,

06/15/25

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

50,225

6.75%,

02/15/28

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

50,406

6.50%,

04/15/29

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

79,796

KFC

Holding

Co.,

5.25%,

06/01/26

(a)

3,545

3,663,137

Kraft

Heinz

Foods

Co.,

3.88%,

05/15/27

(a)(l)

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

8,429

8,916,684

Kraton

Polymers

LLC,

5.25%,

05/15/26

EUR

200

236,424

Lamar

Media

Corp.,

5.75%,

02/01/26

USD

32,076

Lamb

Weston

Holdings,

Inc.

(a)

4.63%,

11/01/24

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

2,039

2,105,268

4.88%,

11/01/26

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

41,544

Lennar

Corp.:

4.75%,

04/01/21

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

23,201

4.75%,

11/15/22

(j)

...........

148

155,577

Level

Financing,

Inc.:

5.38%,

01/15/24

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

399

401,877

5.25%,

03/15/26

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

37,166

4.25%,

07/01/28

(a)

...........

760

763,800

3.63%,

01/15/29

(a)

...........

491

475,043

Levi

Strauss

Co.,

5.00%,

05/01/25

1,000

1,025,000

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

Year

3.70%),

3.62%,

05/23/59

(b)

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

EUR

100

114,596

Logan

Merger

Sub,

Inc.,

5.50%,

09/01/27

(a)

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

USD

10,001

10,138,514

Macy's

Retail

Holdings

LLC,

3.45%,

01/15/21

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

8,005

7,944,962

Macy's,

Inc.,

8.38%,

06/15/25

(a)

....

9,547

9,968,023

Marriott

International,

Inc.,

4.63%,

06/15/30

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

155

165,395

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(a)

...........

351

365,917

6.50%,

09/15/26

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

38,110

Masonite

International

Corp.,

5.38%,

02/01/28

(a)

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

25,440

Mauser

Packaging

Solutions

Holding

Co.,

4.75%,

04/15/24

.........

EUR

2,200

2,511,041

MGM

Growth

Properties

Operating

Partnership

LP:

4.63%,

06/15/25

(a)

...........

USD

71,292

5.75%,

02/01/27

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

101

108,993

Microchip

Technology,

Inc.,

4.25%,

09/01/25

(a)

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

24,436

25,368,696

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(j)

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

35,331

MPT

Operating

Partnership

LP,

5.00%,

10/15/27

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

70,112

NCR

Corp.

(a)

8.13%,

04/15/25

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

5,000

5,500,000

5.00%,

10/01/28

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

1,133

1,121,670

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Netflix,

Inc.:

3.88%,

11/15/29

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

EUR

249

321,463

3.63%,

06/15/30

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

152

192,691

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(a)

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

USD

108

108,675

Nexstar

Broadcasting,

Inc.

(a)

5.63%,

07/15/27

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

17,723

4.75%,

11/01/28

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

2,362

2,388,336

Nordstrom,

Inc.,

8.75%,

05/15/25

(a)

5,395

5,908,672

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

51,793

6.63%,

01/15/27

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

62,097

5.75%,

01/15/28

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

43,138

5.25%,

06/15/29

(a)

...........

37,931

Occidental

Petroleum

Corp.:

3.13%,

02/15/22

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

8,500

8,075,000

8.00%,

07/15/25

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

5,000

4,875,000

European

Group

BV:

3.13%,

11/15/24

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

EUR

300

349,187

2.88%,

02/15/25

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

300

341,033

Outfront

Media

Capital

LLC,

5.00%,

08/15/27

(a)

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

USD

29,373

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(a)

...........

40,180

Parsley

Energy

LLC,

4.13%,

02/15/28

(a)

78,041

PBF

Holding

Co.

LLC,

9.25%,

05/15/25

(a)

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

445

394,937

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(a)

...........

695

722,890

PG&E

Corp.,

5.00%,

07/01/28

.....

551

552,391

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(a)

43,312

PTC,

Inc.,

3.63%,

02/15/25

(a)

......

2,500

2,545,312

PulteGroup,

Inc.,

5.50%,

03/01/26

66,990

QEP

Resources,

Inc.,

5.25%,

05/01/23

116

92,220

Qorvo

Inc.,

4.38%,

10/15/29

......

382

409,550

Quicken

Loans

LLC,

3.63%,

03/01/29

(a)

292

287,620

Quicken

Loans,

Inc.,

5.25%,

01/15/28

(a)

49,127

Radiate

Holdco

LLC

(a)

4.50%,

09/15/26

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

869

871,390

6.50%,

09/15/28

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

1,847

1,904,719

Refinitiv

Holdings,

Inc.:

4.50%,

05/15/26

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

EUR

288

350,185

6.25%,

05/15/26

(a)

...........

USD

25,295

27,018,348

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

6,007

6,622,717

7.38%,

09/01/25

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

2,734

2,788,680

SeaWorld

Parks

Entertainment,

Inc.

(a)

8.75%,

05/01/25

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

399

418,202

9.50%,

08/01/25

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

117

122,850

Select

Medical

Corp.,

6.25%,

08/15/26

(a)

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

1,275

1,345,125

Service

Properties

Trust:

5.00%,

08/15/22

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

497

490,787

4.50%,

06/15/23

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

2,745

2,642,063

7.50%,

09/15/25

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

129

135,209

Silgan

Holdings,

Inc.:

3.25%,

03/15/25

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

EUR

300

351,186

2.25%,

06/01/28

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

232

263,248

Sirius

Radio,

Inc.

(a)

4.63%,

07/15/24

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

USD

1,596

1,645,795

5.38%,

07/15/26

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

48,949

5.00%,

08/01/27

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

75,420

5.50%,

07/01/29

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

91,430

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Energy

Co.:

1.50%,

07/01/21

(e)

...........

USD

502

461,260

10.00%,

01/15/25

(a)

..........

2,519

2,397,773

Solera

LLC,

10.50%,

03/01/24

(a)

....

250

259,568

Sprint

Communications,

Inc.,

6.00%,

11/15/22

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

5,500

5,887,035

Sprint

Corp.:

7.25%,

09/15/21

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

3,500

3,645,530

7.88%,

09/15/23

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

15,018

17,120,520

7.13%,

06/15/24

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

14,020

16,125,804

7.63%,

02/15/25

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

6,045

7,133,100

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

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

927

927,000

Standard

Industries,

Inc.:

2.25%,

11/21/26

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

EUR

109

124,720

5.00%,

02/15/27

(a)

...........

USD

24,750

Staples,

Inc.,

7.50%,

04/15/26

(a)

....

9,509

8,890,915

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%,

12/15/23

(d)

........

19,212

15,994,318

Sunoco

LP:

4.88%,

01/15/23

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

46,345

5.50%,

02/15/26

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

37,069

6.00%,

04/15/27

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

28,944

Talen

Energy

Supply

LLC:

6.50%,

06/01/25

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

103

61,197

7.25%,

05/15/27

(a)

...........

92,190

Targa

Resources

Partners

LP:

5.13%,

02/01/25

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

24,060

5.38%,

02/01/27

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

24,120

6.50%,

07/15/27

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

40,852

6.88%,

01/15/29

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

41,828

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(a)

...........

49,725

TEGNA,

Inc.,

4.63%,

03/15/28

(a)

....

10,847

Teleflex,

Inc.,

4.63%,

11/15/27

.....

25,309

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

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

29,119

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

87,454

4.63%,

09/01/24

(a)

...........

28,665

5.13%,

05/01/25

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

64,330

4.88%,

01/01/26

(a)

...........

98,400

6.25%,

02/01/27

(a)

...........

74,758

4.63%,

06/15/28

(a)

...........

45,619

Terex

Corp.,

5.63%,

02/01/25

(a)

....

28,420

Toll

Brothers

Finance

Corp.,

4.88%,

11/15/25

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

42,085

TRI

Pointe

Group,

Inc.:

5.25%,

06/01/27

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

10,750

5.70%,

06/15/28

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

32,190

UGI

International

LLC,

3.25%,

11/01/25

EUR

200

236,424

Unisys

Corp.,

6.88%,

11/01/27

(a)

....

USD

1,000

1,035,000

United

Airlines

Pass-Through

Trust:

Series

2014-2,

Class

4.63%,

09/03/22

(k)

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

1,482

1,410,369

Series

2018-1,

Class

4.60%,

03/01/26

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

2,536

2,006,155

Series

2020-1,

Class

5.88%,

10/15/27

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

8,257

8,275,588

Series

2019-2,

Class

3.50%,

05/01/28

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

2,954

2,365,500

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

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

51,567

5.50%,

05/15/27

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

52,093

4.88%,

01/15/28

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

81,900

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

United

Shore

Financial

Services

LLC,

5.50%,

11/15/25

(a)

...........

USD

922

933,248

Concrete,

Inc.,

6.38%,

06/01/24

9,225

Veritas

US,

Inc.,

7.50%,

09/01/25

(a)

389

394,485

VICI

Properties

(a)

3.50%,

02/15/25

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

36,133

4.63%,

12/01/29

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

36,366

Vistra

Operations

Co.

LLC

(a)

3.55%,

07/15/24

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

788

839,659

5.50%,

09/01/26

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

49,680

5.63%,

02/15/27

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

64,635

Weekley

Homes

LLC,

4.88%,

09/15/28

(a)

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

165

167,115

WESCO

Distribution,

Inc.

(a)

7.13%,

06/15/25

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

4,227

4,554,593

7.25%,

06/15/28

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

3,490

3,821,550

Western

Digital

Corp.:

1.50%,

02/01/24

(e)(j)

..........

1,450

1,383,927

4.75%,

02/15/26

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

7,925

8,535,621

William

Carter

Co.

(The)

(a)

5.50%,

05/15/25

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

5,500

5,775,000

5.63%,

03/15/27

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

25,185

WPX

Energy,

Inc.,

5.88%,

06/15/28

51,125

Wyndham

Destinations,

Inc.,

6.63%,

07/31/26

(a)

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

90,436

Wyndham

Hotels

Resorts,

Inc.,

5.38%,

04/15/26

(a)

...........

24,300

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(a)

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

517

495,028

Xerox

Holdings

Corp.

(a)

5.00%,

08/15/25

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

17,000

16,783,930

5.50%,

08/15/28

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

6,000

5,923,200

XHR

LP,

6.38%,

08/15/25

(a)

.......

119

118,132

XPO

Logistics,

Inc.

(a)

6.13%,

09/01/23

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

25,313

6.75%,

08/15/24

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

52,910

Yum!

Brands,

Inc.,

7.75%,

04/01/25

(a)

2,472

2,715,368

Zayo

Group

Holdings,

Inc.,

4.00%,

03/01/27

(a)

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

2,500

2,453,738

601,601,929

Total

Corporate

Bonds

—

75.9%

(Cost:

$1,313,841,433)

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

1,238,073,060

Floating

Rate

Loan

Interests

—

16.9%

Canada

—

0.1%

(b)

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.36%, 03/28/25

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

1,403

1,329,446

Trader

Corp.,1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%, 09/28/23

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

1,188

1,155,611

2,485,057

France

—

0.3%

(b)

Banijay

Entertainment

SAS,

Facility

Term

Loan

(EURIBOR

Month

3.75%),

3.75%, 03/01/25

.......

EUR

2,000

2,287,559

Claudius

Finance

SARL,

Facility

Term

Loan

B6,

(EURIBOR

Month

3.00%),

3.00%, 09/16/23

.......

1,391

1,573,453

Elsan

SAS,

Facility

Term

Loan

B3,

10/30/24

(m)

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

1,000

1,147,914

5,008,926

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Germany

—

0.7%

(b)

CTC

AcquiCo

GmbH,

Facility

Term

Loan

B1,

(EURIBOR

Month

2.75%),

2.75%, 03/07/25

.......

EUR

2,000

2,214,139

Nidda

Healthcare

Holding

GmbH,

Facility

Term

Loan

08/21/26

(m)

5,000

5,684,249

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

Month

3.00%),

3.00%, 01/16/25

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

3,000

3,231,904

11,130,292

Luxembourg

—

1.2%

(b)

Altice

Financing

SA,

Term

Loan:

07/15/25

(m)

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

USD

3,974

3,781,570

(EURIBOR

Month

2.75%),

2.75%, 01/31/26

..........

EUR

4,757

5,317,048

Claudius

Finance

SARL,

Facility

Term

Loan

B5,

(EURIBOR

Month

3.00%),

3.00%, 09/16/23

.......

609

688,880

Concrete

Investment

SCA,

Facility

Term

Loan

A2,

(EURIBOR

Month

0.00%),

2.00%, 10/30/20

(d)

....

Eircom

Finco

SARL,

Facility

Term

Loan

05/15/26

(m)

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

3,000

3,433,994

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(EURIBOR

Month

2.63%),

2.63%, 01/29/27

1,000

1,132,622

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

06/30/25

(m)

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

USD

1,000

965,000

Summer

(BC)

Bidco

LLC,

Facility

Term

Loan

12/04/26

(m)

.......

EUR

1,000

1,110,971

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B1,

(LIBOR

USD

Month

4.25%),

5.25%, 10/01/26

USD

3,154

3,118,635

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

5.00%),

5.22%, 05/29/26

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

375

196,003

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

Month

1.50%),

9.00%, 02/28/25

345

324,460

20,069,192

Netherlands

—

0.8%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

02/06/27

(m)

..........

EUR

1,000

1,131,714

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.26%, 09/06/24

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

USD

378

361,116

Peer

Holdings

III

BV,

Facility

Term

Loan

(EURIBOR

Month

3.25%),

3.25%, 03/07/25

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

EUR

4,000

4,481,014

UPC

Broadband

Holding

BV,

Facility

Term

Loan

AW,

01/31/29

(m)

.....

2,750

3,158,365

UPC

Broadband

Holding

BV,

Facility

Term

Loan

B1,

01/31/29

(m)

......

2,750

3,158,365

12,290,574

Norway

—

0.1%

Adevinta

ASA,

Term

Loan

10/22/27

(b)

(m)

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

2,000

2,324,525

Security

Par

(000)

Par

(000)

Value

Spain

—

1.7%

(b)

Invictus

Media

SLU,

Facility

2nd

Lien

Term

Loan,

(EURIBOR

Month

7.50%),

7.50%, 12/26/25

.......

EUR

3,500

3,220,257

Invictus

Media

SLU,

Facility

Term

Loan

B1,

(EURIBOR

Month

4.75%),

4.75%, 06/26/25

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

536

517,600

Invictus

Media

SLU,

Facility

Term

Loan

B2,

06/26/25

(m)

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

335

323,587

Lorca

Holdco

Ltd.,

Term

Loan

B2,

09/17/27

(m)

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

5,000

5,801,413

Pax

Midco

Spain

SLU,

Facility

Term

Loan

(EURIBOR

Month

4.75%),

4.75%, 07/01/26

.......

1,781

1,665,177

Piolin

BidCo

SAU,

Term

Loan,

(EURIBOR

Month

3.75%),

0.00%

10.00%, 12/31/2100

....

4,000

3,781,246

Promotora

Informaciones

SA,

Term

Loan,

(EURIBOR

Month

4.50%),

4.50%, 11/30/22

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

6,318

6,818,942

Promotora

Informaciones

SA,

Term

Loan,

(EURIBOR

Month

4.50%),

4.50%, 12/31/22

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

5,163

5,477,908

27,606,130

United

Kingdom

—

0.7%

(b)

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%, 12/11/26

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

USD

895

875,242

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

Month

2.25%),

2.40%, 01/29/27

968

930,369

Jackpotjoy

plc,

Facility

Term

Loan

(LIBOR

GBP

Month

4.25%),

4.25%, 12/05/24

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

GBP

1,000

1,274,448

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

Month

3.00%),

4.00%, 06/13/24

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

EUR

2,992

3,325,530

Sigma

Holdco

BV,

Facility

Term

Loan

B1,

(EURIBOR

Month

3.50%),

3.50%, 07/02/25

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

2,000

2,248,497

VMED

Holdco

Ltd.,

Facility

Term

Loan

01/31/29

(m)

......

789

906,432

Vue

International

Bidco

plc,

Facility

Term

Loan

B1,

07/03/26

(m)

......

1,315

1,101,499

10,662,017

United

States

—

11.3%

Acadia

Healthcare

Co.,

Term

Loan

B4,

(LIBOR

USD

Month

2.50%),

2.65%, 02/16/23

(b)

...........

USD

761

753,621

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

6.00%),

6.75%, 02/02/26

(b)(d)

....

180

176,400

Airbnb,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

7.50%),

8.50%, 04/17/25

(b)

...........

408

431,098

Allegro

Microsystems,

Inc.,

Term

Loan

09/30/27

(b)(d)(m)

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

2,463

2,450,685

Asurion

LLC,

Term

Loan

B4,

(LIBOR

USD

Month

3.00%),

3.15%, 08/04/22

(b)

...........

498

490,033

Avaya,

Inc.,

Term

Loan

12/15/24

(b)(m)

2,400

2,355,000

AVSC

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.25%, 03/03/25

(b)

.....

985

751,647

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

02/12/25

(b)(m)

.......

2,830

2,776,938

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

10/22/28

(b)(m)

.......

USD

1,810

1,798,688

Brand

Energy

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.25%),

5.25%, 06/21/24

(b)

349

324,225

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

3.00%),

4.00%, 02/02/26

(b)

...........

96,137

Cablevision

Lightpath

LLC,

Term

Loan,

09/29/27

(b)(m)

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

105

103,425

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

Month

4.50%),

4.65%

4.65%, 07/21/25

(b)

218

210,847

Camelot

Acquisition

Co.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%, 10/30/26

(b)

.....

875

864,430

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

07/31/25

(b)(d)(m)

......

47,640

Chobani

LLC,

Term

Loan

10/20/27

(b)

(m)

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

1,739

1,710,741

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

(LIBOR

USD

Month

3.50%),

3.67%

3.71%, 08/21/26

(b)

...........

1,995

1,812,563

Coty,

Inc.,

Term

Loan

04/05/23

(b)(m)

EUR

8,978

9,742,122

Coty,

Inc.,

Term

Loan

(EURIBOR

Month

2.50%),

2.50%, 04/07/25

(b)

992

1,054,651

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%, 05/05/24

(b)

...........

USD

226

225,121

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%, 04/09/27

(b)

.....

498

489,251

Douglas

Dynamics

LLC,

Term

Loan

(LIBOR

USD

Month

3.75%),

4.75%, 06/08/26

(b)(d)

..........

128

127,141

Dun

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

Month

3.75%),

3.91%, 02/06/26

(b)

.....

12,690

12,480,921

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.75%),

8.75%, 07/31/28

(b)

.....

561

572,921

Epicor

Software

Corp.,

Term

Loan

(LIBOR

USD

Month

4.25%),

5.25%, 07/30/27

(b)

...........

788

784,642

Equinox

Holdings

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

Month

3.00%),

4.00%, 03/08/24

(b)

.....

1,975

1,432,303

Everi

Payments,

Inc.,

Term

Loan,

(LIBOR

USD

Month

10.50%),

11.50%, 05/09/24

(b)(d)

.........

79,800

Filtration

Group

Corp.,

Term

Loan

(LIBOR

USD

Week

3.75%),

4.50%, 03/29/25

(b)

...........

1,208

1,190,883

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%, 10/25/23

(b)

...........

569

565,242

Frontier

Communications

Corp.,

Term

Loan

B1,

06/15/24

(b)(m)

........

3,000

2,940,690

Frontier

Communications

Corporation,

Term

Loan,

(LIBOR

USD

Month

4.75%),

5.75%, 10/08/21

(b)

.....

733

724,754

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

3.25%),

3.44%, 07/02/25

(b)

....

20,449

19,988,716

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Daddy

Operating

Co.

LLC,

Term

Loan

B3,

(LIBOR

USD

Month

2.50%),

2.65%, 08/10/27

(b)

.....

USD

408

400,667

Golden

Nugget,

Inc.,

Term

Loan

(LIBOR

USD

Month

2.50%),

3.25%, 10/04/23

(b)

...........

249

218,458

Greeneden

Holdings

LLC,

Term

Loan

B3,

12/01/23

(b)(m)

........

3,497

3,467,876

GTT

Communications

BV,

Term

Loan,

05/31/25

(b)(m)

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

EUR

7,960

8,649,902

GVC

Holdings

plc,

Facility

Term

Loan

B3,

(LIBOR

USD

Month

2.25%),

3.25%, 03/29/24

(b)

...........

USD

1,265

1,247,022

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

08/05/24

(b)(m)

...........

750

728,122

Supply,

Inc.,

Term

Loan

B5,

(LIBOR

USD

Month

1.75%),

1.90%, 10/17/23

(b)

...........

486

481,107

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

Month

5.75%),

6.75%, 08/25/25

(b)(d)

....

488

470,920

HUB

International

Ltd.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.19%

3.21%, 04/25/25

(b)

.....

283

271,343

Hyland

Software,

Inc.,

1st

Lien

Term

Loan.,

07/01/24

(b)(m)

..........

2,529

2,488,826

Illuminate

Buyer

LLC,

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.15%, 06/30/27

(b)

...........

787

772,858

I-Logic

Technologies

Bidco

Ltd.,

Term

Loan,

12/21/24

(b)(d)(m)

..........

EUR

1,000

1,161,738

Infoblox

Inc.,

Term

Loan

(b)(m)

10/07/27

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

USD

5,855

5,752,538

10/06/28

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

2,559

2,571,795

Informatica

LLC,

2nd

Lien

Term

Loan,

7.13%, 02/25/25

(n)

...........

11,176

11,315,700

Informatica

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.40%, 02/25/27

(b)

...........

10,310

9,943,680

Jaguar

Holding

Co.

LLC,

Term

Loan,

(LIBOR

USD

Month

2.50%),

3.50%, 08/18/22

(b)

...........

2,992

2,967,271

Lineage

Logistics

LLC,

Term

Loan,

(LIBOR

USD

Month

3.00%),

4.00%, 02/27/25

(b)

...........

2,562

2,528,415

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

Month

1.75%),

1.94%, 10/19/26

(b)

.....

751

695,510

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.75%),

4.89%, 08/31/27

(b)

...........

6,873

6,653,957

McAfee

LLC,

Term

Loan

09/30/24

(b)

(m)

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

4,095

4,049,376

Metro-Goldwyn-Mayer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

2.50%),

2.65%, 07/03/25

(b)

.....

1,496

1,427,613

Metro-Goldwyn-Mayer,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%, 07/03/26

(b)(d)

....

500

486,250

Sub

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.75%, 09/13/24

(b)

...........

617

606,264

Midas

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

Month

2.75%),

3.75%, 08/18/21

(b)

.....

1,223

1,150,608

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Milano

Acquisition

Corp.,

1st

Lien

Term

Loan

(LIBOR

USD

Month

4.00%),

4.75%, 10/01/27

(b)

.....

USD

877

860,925

Mitchell

International,

Inc.,

Facility

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.25%),

4.75%, 11/29/24

(b)

432

417,744

PetSmart,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.50%),

4.50%, 03/11/22

(b)

...........

1,067

1,054,720

PGE

Corp.,

Term

Loan,

(LIBOR

USD

Month

4.50%),

5.50%, 06/18/25

(b)

771

761,429

Pike

Corp.,

Term

Loan,

(LIBOR

USD

Month

2.00%),

3.16%

5.25%, 07/24/26

(b)

...........

126

123,669

Refinitiv

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.40%, 10/01/25

(b)

...........

3,492

3,436,206

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

4.00%, 09/01/27

(b)

...........

653

647,286

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan,

(LIBOR

USD

Month

4.25%),

5.25%, 09/03/26

(b)

...........

944

931,056

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

Month

4.00%),

4.75%, 09/23/27

(b)

.....

167

164,739

Sophia

LP,

2nd

Lien

Term

Loan,

10/09/28

(b)(d)(m)

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

2,250

2,227,500

Sophia

LP,

Term

Loan,

(LIBOR

USD

Month

3.75%),

4.50%, 10/07/27

(b)

1,126

1,106,531

Sotheby's,

Inc.,

Term

Loan,

(LIBOR

USD

Month

5.50%),

6.50%, 01/15/27

(b)

...........

748

740,875

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

Month

3.25%),

3.75%, 11/02/26

(b)

...........

874

843,684

Terrier

Media

Buyer,

Inc.,

Term

Loan

(LIBOR

USD

Month

4.25%),

4.40%, 01/01/38

(b)

...........

497

483,504

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

7.25%),

7.40%, 03/03/28

(b)

.....

632

615,059

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

Month

1.75%),

1.90%, 11/16/26

(b)

...........

380

370,071

TransDigm

Inc.,

Term

Loan

(LIBOR

USD

Month

2.25%),

2.40%, 12/09/25

(b)

...........

993

932,206

Ultimate

Software

Group,

Inc.

(The),

1st

Lien

Term

Loan

(b)

(LIBOR

USD

Month

3.75%),

3.90%, 05/04/26

..........

2,178

2,137,670

05/04/26

(m)

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

7,604

7,551,760

Ultimate

Software

Group,

Inc.

(The),

2nd

Lien

Term

Loan,

(LIBOR

USD

Month

6.75%),

7.50%, 05/03/27

(b)

1,433

1,454,495

Veritas

Inc.,

Term

Loan

(LIBOR

USD

Month

5.50%),

6.50%, 09/01/25

(b)

...........

4,918

4,809,608

Veritas

US,

Inc.,

Term

Loan

(EURIBOR

Month

5.50%),

6.50%, 09/01/25

(b)

...........

EUR

4,305

4,921,063

Vertiv

Group

Corp.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.15%, 03/02/27

(b)

...........

USD

995

975,349

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

(LIBOR

USD

Month

2.50%),

2.65%, 01/31/28

(b)

.....

USD

1,500

1,446,701

Buyer

LLC,

Term

Loan,

02/28/27

(b)(d)

(m)

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

2,683

2,615,685

White

Cap

Buyer,

LLC,

Term

Loan,

(LIBOR

USD

Month

0.00%),

4.50%, 10/19/27

(b)

...........

702

691,091

Wilsonart

LLC,

Term

Loan

(LIBOR

USD

Month

3.25%),

4.25%, 12/19/23

(b)

...........

497

489,167

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

Month

3.00%),

3.15%, 03/09/27

(b)

...........

1,493

1,435,904

184,306,789

Total

Floating

Rate

Loan

Interests

—

16.9%

(Cost:

$276,101,210)

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

275,883,502

Foreign

Agency

Obligations

—

1.6%

China

—

0.0%

Guangxi

Financial

Investment

Group

Co.

Ltd.,

5.75%,

01/23/21

......

200

198,438

France

—

1.4%

Electricite

France

SA:

(GBP

Swap

Year

3.96%),

6.00%

(b)(g)

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

GBP

3,500

4,908,326

(EUR

Swap

Annual

Year

3.37%),

2.87%

(b)(g)

.........

EUR

2,400

2,728,775

(GBP

Swap

Year

3.05%),

5.87%

(b)(g)

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

GBP

800

1,120,607

(EUR

Swap

Annual

Year

4.00%),

3.37%

(b)(g)

.........

EUR

9,600

10,971,003

2.00%,

12/09/49

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

2,600

3,287,985

23,016,696

India

—

0.0%

Oil

India

Ltd.,

5.13%,

02/04/29

.....

USD

240

258,750

Power

Finance

Corp.

Ltd.,

3.75%,

12/06/27

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

200

200,375

459,125

Indonesia

—

0.1%

Pertamina

Persero

PT,

4.18%,

01/21/50

550

546,562

Italy

—

0.1%

Banca

Monte

dei

Paschi

Siena

SpA

3.63%,

09/24/24

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

EUR

571

670,419

2.63%,

04/28/25

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

854

972,897

1,643,316

Total

Foreign

Agency

Obligations

—

1.6%

(Cost:

$25,873,036)

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

25,864,137

Foreign

Government

Obligations

—

0.1%

Maldives

—

0.1%

Republic

Maldives,

7.00%,

06/07/22

USD

1,000

748,125

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

Sri

Lanka:

7.85%,

03/14/29

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

225

121,570

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Sri

Lanka

(continued)

7.55%,

03/28/30

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

USD

200

108,125

229,695

Total

Foreign

Government

Obligations

—

0.1%

(Cost:

$1,424,651)

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

977,820

Investment

Companies

—

0.8%

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

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

124,834

13,020,186

Total

Investment

Companies

—

0.8%

(Cost:

$13,115,605)

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

13,020,186

Par

(000)

(

000)

Non-Agency

Mortgage-Backed

Securities

—

0.2%

Collateralized

Mortgage

Obligations

—

0.2%

United

Kingdom

—

0.2%

Paragon

Mortgages

No.

plc,

Series

13X,

Class

A2C,

(LIBOR

USD

Month

0.18%),

0.42%,

01/15/

(b)

4,150

3,943,148

Total

Non-Agency

Mortgage-Backed

Securities

—

0.2%

(Cost:

$3,765,603)

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

3,943,148

Preferred

Securities

—

0.5%

Capital

Trusts

—

0.3%

United

Kingdom

—

0.3%

Lloyds

Banking

Group

plc

(b)(g)

(LIBOR

USD

Month

1.50%),

6.41%

(a)

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

1,252

1,478,925

(LIBOR

USD

Month

1.27%),

6.66%

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

701

849,086

(LIBOR

USD

Month

1.27%),

6.66%

(a)

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

2,694

3,263,108

5,591,119

Total

Capital

Trusts

—

0.3%

(Cost:

$5,328,830)

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

5,591,119

Preferred

Stocks

—

0.2%

Spain

—

0.2%

Banco

Santander

SA,

Series

(LIBOR

USD

Month

0.52%),

4.00%

(b)(g)

109,000

2,752,250

Total

Preferred

Stocks

—

0.2%

(Cost:

$2,507,000)

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

2,752,250

Total

Preferred

Securities

—

0.5%

(Cost:

$7,835,830)

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

8,343,369

Security

Par

(000)

(

000)

Value

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

0.25%, 06/30/25

(l)

USD

4,850

4,827,266

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$4,858,993)

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

4,827,266

Warrants

—

0.0%

United

States

—

0.0%

(c)

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

for

warrant,

Expires

11/11/20,

Strike

Price

USD

10.00)

...........

44,300

Energy

Co.

(Issued/exercisable

06/17/20,

for

warrant,

Expires

06/30/23,

Strike

Price

USD

4.26)

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

67,242

107,587

Social

Capital

Hedosophia

Holdings

Corp.

III

(Issued/exercisable

09/11/20,

for

warrant,

Expires

12/31/20,

Strike

Price

USD

10.00)

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

550,000

Tribune

Resources

LLC

(Issued/

exercisable

04/06/18,

for

warrant,

Expires

12/31/49,

Strike

Price

USD

0.00)

(d)

...........

440,830

22,042

Tribune

Resources

LLC

(Issued/

exercisable

04/06/18,

for

warrant,

Expires

12/31/49,

Strike

Price

USD

0.00)

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

566,782

56,678

Total

Warrants

—

0.0%

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

230,612

Total

Long-Term

Investments

—

100.1%

(Cost:

$1,730,605,272)

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

1,632,978,042

Par

(000)

(

000)

Short-Term

Securities

—

9.5%

Borrowed

Bond

Agreements

—

6.9%

(o)(p)

Barclays

Bank

plc,

(2.25)%, Open

(Purchased

09/09/20

repurchased

EUR

2,477,066,

collateralized

eircom

Finance

DAC,

1.75%,

due

at 11/01/24,

par

and

fair

value

EUR

2,500,000

and

$2,780,602,

respectively)

......

EUR

2,468

2,874,036

Barclays

Bank

plc,

(2.00)%, Open

(Purchased

09/28/20

repurchased

EUR

2,126,960,

collateralized

eircom

Finance

DAC,

1.75%,

due

at 11/01/24,

par

and

fair

value

EUR

2,200,000

and

$2,446,930,

respectively)

......

2,122

2,471,886

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

09/28/20

repurchased

EUR

1,271,634,

collateralized

ARD

Finance

SA,

5.00%,

due

at 06/30/27,

par

and

fair

value

EUR

1,300,000

and

$1,461,238,

respectively)

......

1,271

1,479,706

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

10/28/20

repurchased

EUR

2,424,880,

collateralized

Banco

Bilbao

Vizcaya

Argentaria

SA,

6.00%,

par

and

fair

value

EUR

2,400,000

and

$2,795,160,

respectively)

(g)

.....

EUR

2,425

2,824,369

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

10/28/20

repurchased

EUR

2,494,930,

collateralized

Cooperatieve

Rabobank

UA,

4.37%,

par

and

fair

value

EUR

2,400,000

and

$2,854,557,

respectively)

(g)

.....

2,495

2,905,960

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

09/09/20

repurchased

EUR

4,172,624,

collateralized

ARD

Finance

SA,

5.00%,

due

at 06/30/27,

par

and

fair

value

EUR

4,100,000

and

$4,608,520,

respectively)

......

4,167

4,852,707

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

03/20/20

repurchased

USD

886,238,

collateralized

Sprint

Capital

Corp.,

6.88%,

due

at 11/15/28,

par

and

fair

value

USD

850,000

and

$1,075,250,

respectively)

......

USD

890

890,375

Barclays

Bank

plc,

(0.50)%, Open

(Purchased

03/20/20

repurchased

USD

959,045,

collateralized

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

2.80%,

due

at 07/21/23,

par

and

fair

value

USD

1,270,000

and

$1,204,493,

respectively)

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

962

962,025

Barclays

Bank

plc,

(0.40)%, Open

(Purchased

05/19/20

repurchased

USD

1,825,397,

collateralized

Air

Canada,

7.75%,

due

at 04/15/21,

par

and

fair

value

USD

1,900,000

and

$1,890,500,

respectively)

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

1,829

1,828,750

Barclays

Bank

plc,

(0.20)%, Open

(Purchased

10/14/20

repurchased

USD

421,235,

collateralized

Beacon

Roofing

Supply,

Inc.,

4.88%,

due

at 11/01/25,

par

and

fair

value

USD

410,000

and

$402,210,

respectively)

.....

421

421,275

Barclays

Bank

plc,

(0.20)%, Open

(Purchased

10/27/20

repurchased

USD

194,033,

collateralized

Beacon

Roofing

Supply,

Inc.,

4.88%,

due

at 11/01/25,

par

and

fair

value

USD

190,000

and

$186,390,

respectively)

.....

194

194,038

Barclays

Bank

plc,

(0.20)%, Open

(Purchased

09/22/20

repurchased

USD

1,343,584,

collateralized

Zayo

Group

Holdings,

Inc.,

6.13%,

due

at 03/01/28,

par

and

fair

value

USD

1,300,000

and

$1,311,375,

respectively)

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

1,344

1,343,875

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.20)%, Open

(Purchased

10/28/20

repurchased

USD

1,716,374,

collateralized

Beacon

Roofing

Supply,

Inc.,

4.88%,

due

at 11/01/25,

par

and

fair

value

USD

1,710,000

and

$1,677,510,

respectively)

...

USD

1,716

1,716,413

BNP

Paribas

SA,

(0.25)%, Open

(Purchased

09/30/20

repurchased

USD

1,036,489,

collateralized

Icahn

Enterprises

LP,

5.25%,

due

at 05/15/27,

par

and

fair

value

USD

985,000

and

$1,019,285,

respectively)

......

1,037

1,036,713

BNP

Paribas

SA,

(0.20)%, Open

(Purchased

09/10/20

repurchased

USD

1,493,077,

collateralized

Lions

Gate

Capital

Holdings

LLC,

5.88%,

due

at 11/01/24,

par

and

fair

value

USD

1,450,000

and

$1,363,000,

respectively)

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

1,494

1,493,500

BNP

Paribas

SA,

0.04%, Open

(Purchased

06/17/20

repurchased

USD

4,905,598,

collateralized

U.S.

Treasury

Notes,

0.25%,

due

at 05/31/25,

par

and

fair

value

USD

4,925,000

and

$4,904,800,

respectively)

......

4,907

4,906,531

Citigroup

Global

Markets

Ltd.,

(0.85)%, Open

(Purchased

10/28/20

repurchased

EUR

2,115,213,

collateralized

Ryanair

DAC,

1.13%,

due

at 08/15/23,

par

and

fair

value

EUR

2,200,000

and

$2,444,649,

respectively)

......

EUR

2,115

2,463,687

Citigroup

Global

Markets

Ltd.,

(0.80)%, Open

(Purchased

10/28/20

repurchased

EUR

2,993,690,

collateralized

Refinitiv

Holdings,

Inc.,

6.88%,

due

at 11/15/26,

par

and

fair

value

EUR

2,700,000

and

$3,388,484,

respectively)

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

2,994

3,486,871

Citigroup

Global

Markets,

Inc.,

(0.20)%, Open

(Purchased

06/04/20

repurchased

USD

1,474,029,

collateralized

CenturyLink,

Inc.,

5.13%,

due

at 12/15/26,

par

and

fair

value

USD

1,400,000

and

$1,431,500,

respectively)

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

USD

1,475

1,475,250

Citigroup

Global

Markets,

Inc.,

(0.20)%, Open

(Purchased

08/17/20

repurchased

USD

1,913,827,

collateralized

Kraft

Heinz

Foods

Co.,

4.88%,

due

at 10/01/49,

par

and

fair

value

USD

1,700,000

and

$1,797,311,

respectively)

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

1,915

1,914,625

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Citigroup

Global

Markets,

Inc.,

(0.20)%, Open

(Purchased

04/09/20

repurchased

USD

3,165,194,

collateralized

Ally

Financial,

Inc.,

3.88%,

due

at 05/21/24,

par

and

fair

value

USD

3,250,000

and

$3,495,210,

respectively)

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

USD

3,169

3,168,750

Citigroup

Global

Markets,

Inc.,

(0.15)%, Open

(Purchased

08/03/20

repurchased

USD

3,863,004,

collateralized

Southwest

Airlines

Co.,

5.13%,

due

at 06/15/27,

par

and

fair

value

USD

3,650,000

and

$4,058,764,

respectively)

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

3,864

3,864,438

Citigroup

Global

Markets,

Inc.,

(0.15)%, Open

(Purchased

05/15/20

repurchased

USD

2,056,381,

collateralized

Elanco

Animal

Health,

Inc.,

5.90%,

due

at 08/28/28,

par

and

fair

value

USD

1,875,000

and

$2,182,406,

respectively)

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

2,058

2,057,812

Citigroup

Global

Markets,

Inc.,

(0.15)%, Open

(Purchased

04/09/20

repurchased

USD

1,645,489,

collateralized

Bausch

Health

Cos.,

Inc.,

5.00%,

due

at 01/30/28,

par

and

fair

value

USD

1,700,000

and

$1,680,246,

respectively)

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

1,647

1,646,875

Citigroup

Global

Markets,

Inc.,

(0.10)%, Open

(Purchased

09/04/20

repurchased

USD

537,107,

collateralized

Bombardier,

Inc.,

7.88%,

due

at 04/15/27,

par

and

fair

value

USD

750,000

and

$546,353,

respectively)

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

537

537,188

Credit

Suisse

Securities

USA

LLC,

(0.20)%, Open

(Purchased

04/06/20

repurchased

USD

1,787,290,

collateralized

Uber

Technologies,

Inc.,

8.00%,

due

at 11/01/26,

par

and

fair

value

USD

1,850,000

and

$1,949,438,

respectively)

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

1,790

1,789,875

Credit

Suisse

Securities

USA

LLC,

(0.10)%, Open

(Purchased

09/25/20

repurchased

USD

1,422,309,

collateralized

Lions

Gate

Capital

Holdings

LLC,

6.38%,

due

at 02/01/24,

par

and

fair

value

USD

1,435,000

and

$1,377,600,

respectively)

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

1,422

1,422,444

Credit

Suisse

Securities

USA

LLC,

(0.10)%, Open

(Purchased

03/19/20

repurchased

USD

1,361,841,

collateralized

Kraft

Heinz

Foods

Co.,

3.75%,

due

at 04/01/30,

par

and

fair

value

USD

1,500,000

and

$1,576,050,

respectively)

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

1,363

1,363,125

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Goldman

Sachs

International,

(0.90)%, Open

(Purchased

09/28/20

repurchased

EUR

2,506,206,

collateralized

eircom

Finance

DAC,

3.50%,

due

at 05/15/26,

par

and

fair

value

EUR

2,500,000

and

$2,903,729,

respectively)

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

EUR

2,504

2,916,050

JPMorgan

Securities

plc,

(1.85)%, Open

(Purchased

09/28/20

repurchased

EUR

722,190,

collateralized

eircom

Finance

DAC,

2.63%,

due

at 02/15/27,

par

and

fair

value

EUR

750,000

and

$836,266,

respectively)

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

721

839,491

JPMorgan

Securities

plc,

(1.40)%, Open

(Purchased

10/01/20

repurchased

EUR

1,529,744,

collateralized

INEOS

Finance

plc,

2.88%,

due

at 05/01/26,

par

and

fair

value

EUR

1,564,000

and

$1,754,117,

respectively)

...

1,528

1,779,199

JPMorgan

Securities

plc,

(0.85)%, Open

(Purchased

09/28/20

repurchased

EUR

3,197,211,

collateralized

INEOS

Finance

plc,

2.88%,

due

at 05/01/26,

par

and

fair

value

EUR

3,300,000

and

$3,701,141,

respectively)

...

3,194

3,720,358

JPMorgan

Securities

plc,

(0.75)%, Open

(Purchased

09/28/20

repurchased

EUR

1,733,239,

collateralized

eircom

Finance

DAC,

2.63%,

due

at 02/15/27,

par

and

fair

value

EUR

1,800,000

and

$2,007,039,

respectively)

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

1,732

2,017,001

JPMorgan

Securities

plc,

(0.45)%, Open

(Purchased

10/27/20

repurchased

GBP

595,125,

collateralized

TalkTalk

Telecom

Group

plc,

3.88%,

due

at 02/20/25,

par

and

fair

value

GBP

614,000

and

$761,599,

respectively)

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

GBP

595

771,033

JPMorgan

Securities

plc,

(0.35)%, Open

(Purchased

09/28/20

repurchased

GBP

578,815,

collateralized

TalkTalk

Telecom

Group

plc,

3.88%,

due

at 02/20/25,

par

and

fair

value

GBP

600,000

and

$744,234,

respectively)

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

579

749,558

JPMorgan

Securities

plc,

(0.35)%, Open

(Purchased

06/18/20

repurchased

GBP

874,603,

collateralized

TalkTalk

Telecom

Group

plc,

3.88%,

due

at 02/20/25,

par

and

fair

value

GBP

886,000

and

$1,098,985,

respectively)

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

876

1,134,935

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

JPMorgan

Securities

plc,

(0.35)%, Open

(Purchased

06/17/20

repurchased

GBP

1,394,698,

collateralized

TalkTalk

Telecom

Group

plc,

3.88%,

due

at 02/20/25,

par

and

fair

value

GBP

1,400,000

and

$1,736,545,

respectively)

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

GBP

1,397

1,809,909

JPMorgan

Securities

plc,

(0.30)%, Open

(Purchased

09/28/20

repurchased

GBP

761,985,

collateralized

TalkTalk

Telecom

Group

plc,

3.88%,

due

at 02/20/25,

par

and

fair

value

GBP

790,000

and

$979,908,

respectively)

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

762

986,806

Merrill

Lynch

International,

(1.45)%, Open

(Purchased

10/01/20

repurchased

EUR

1,454,225,

collateralized

Nouryon

Holding

BV,

6.50%,

due

at 10/01/26,

par

and

fair

value

EUR

1,397,000

and

$1,651,421,

respectively)

...

EUR

1,452

1,691,283

Merrill

Lynch

International,

(1.45)%, Open

(Purchased

10/01/20

repurchased

EUR

2,394,215,

collateralized

Nouryon

Holding

BV,

6.50%,

due

at 10/01/26,

par

and

fair

value

EUR

2,300,000

and

$2,718,876,

respectively)

...

2,391

2,784,503

RBC

Capital

Markets

LLC,

(3.00)%, Open

(Purchased

10/29/20

repurchased

USD

332,657,

collateralized

Washington

Prime

Group

LP,

6.45%,

due

at 08/15/24,

par

and

fair

value

USD

619,000

and

$320,333,

respectively)

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

USD

333

332,712

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

10/29/20

repurchased

USD

4,773,960,

collateralized

Clarios

Global

LP,

8.50%,

due

at 05/15/27,

par

and

fair

value

USD

4,400,000

and

$4,589,860,

respectively)

...

4,774

4,774,000

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

10/30/20

repurchased

USD

1,249,995,

collateralized

Occidental

Petroleum

Corp,

6.63%,

due

at 09/01/30,

par

and

fair

value

USD

1,250,000

and

$1,095,375,

respectively)

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

1,113

1,112,500

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

10/27/20

repurchased

USD

5,656,781,

collateralized

Mattel,

Inc.,

6.75%,

due

at 12/31/25,

par

and

fair

value

USD

5,250,000

and

$5,521,688,

respectively)

......

5,657

5,656,875

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

09/18/20

repurchased

USD

3,411,742,

collateralized

Tenet

Healthcare

Corp.,

6.75%,

due

at 06/15/23,

par

and

fair

value

USD

3,145,000

and

$3,316,528,

respectively)

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

USD

3,412

3,412,325

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

10/29/20

repurchased

USD

5,318,174,

collateralized

Uber

Technologies,

Inc.,

7.50%,

due

at 09/15/27,

par

and

fair

value

USD

5,035,000

and

$5,262,833,

respectively)

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

5,318

5,318,219

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

10/29/20

repurchased

USD

4,351,951,

collateralized

Terrier

Media

Buyer,

Inc.,

8.88%,

due

at 12/15/27,

par

and

fair

value

USD

4,130,000

and

$4,221,872,

respectively)

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

4,352

4,351,988

RBC

Europe

Ltd.,

(2.00)%, Open

(Purchased

09/14/20

repurchased

EUR

1,922,083,

collateralized

Gestamp

Funding

Luxembourg

SA,

3.50%,

due

at 05/15/23,

par

and

fair

value

EUR

1,950,000

and

$2,225,519,

respectively)

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

EUR

1,928

2,245,382

RBC

Europe

Ltd.,

(1.65)%, Open

(Purchased

09/28/20

repurchased

EUR

2,498,180,

collateralized

Gestamp

Funding

Luxembourg

SA,

3.50%,

due

at 05/15/23,

par

and

fair

value

EUR

2,600,000

and

$2,967,359,

respectively)

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

2,494

2,904,544

RBC

Europe

Ltd.,

(1.15)%, Open

(Purchased

09/28/20

repurchased

EUR

2,597,021,

collateralized

Gestamp

Funding

Luxembourg

SA,

3.50%,

due

at 05/15/23,

par

and

fair

value

EUR

2,700,000

and

$3,081,487,

respectively)

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

2,594

3,020,911

Total

Borrowed

Bond

Agreements

—

6.9%

(Cost:

$111,951,226)

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

111,722,681

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Value

Money

Market

Funds

—

2.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(q)*

.....

42,367,024

Total

Money

Market

Funds

—

2.6%

(Cost:

$42,367,024)

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

42,367,024

Total

Short-Term

Securities

—

9.5%

(Cost:

$154,318,250)

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

154,089,705

Total

Options

Purchased

—

0.7%

(Cost:

$14,642,648)

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

11,609,263

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

110.3%

(Cost:

$1,899,566,170)

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

1,798,677,010

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$5,732,394)

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

(4,893,985)

Par

(000)

(

000)

Borrowed

Bonds

—

(6.8)%

Corporate

Bonds

—

(6.5)%

Canada

—

(0.2)%

(a)

Air

Canada,

7.75%, 04/15/21

......

USD

1,900

(1,890,500)

Bombardier,

Inc.,

7.88%, 04/15/27

750

(546,353)

(2,436,853)

Ireland

—

(0.8)%

eircom

Finance

DAC:

1.75%, 11/01/24

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

EUR

4,700

(5,227,531)

2.63%, 02/15/27

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

2,550

(2,843,306)

3.50%, 05/15/26

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

2,500

(2,903,729)

Ryanair

DAC,

1.13%, 08/15/23

.....

2,200

(2,444,649)

(13,419,215)

Israel

—

(0.1)%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

2.80%, 07/21/23

USD

1,270

(1,204,493)

Luxembourg

—

(0.7)%

ARD

Finance

SA,

5.00%, 06/30/27

(b)

EUR

5,400

(6,069,758)

INEOS

Finance

plc,

2.88%, 05/01/26

4,864

(5,455,258)

(11,525,016)

Netherlands

—

(0.4)%

Cooperatieve

Rabobank

UA,

(EUR

Swap

Annual

Year

4.68%),

4.37%

(b)(g)

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

2,400

(2,854,557)

Nouryon

Holding

BV,

6.50%, 10/01/26

3,697

(4,370,297)

(7,224,854)

Spain

—

(0.7)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

Year

6.46%),

6.00%

(b)(g)

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

2,400

(2,795,160)

Gestamp

Funding

Luxembourg

SA,

3.50%, 05/15/23

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

7,250

(8,274,365)

(11,069,525)

United

Kingdom

—

(0.3)%

TalkTalk

Telecom

Group

plc,

3.88%, 02/20/25

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

GBP

4,290

(5,321,271)

Security

Par

(000)

Par

(000)

Value

United

States

—

(3.3)%

Ally

Financial,

Inc.,

3.88%, 05/21/24

USD

3,250

(3,495,210)

Bausch

Health

Cos.,

Inc.,

5.00%, 01/30/28

(a)

...........

1,700

(1,680,246)

Beacon

Roofing

Supply,

Inc.,

4.88%, 11/01/25

(a)

...........

2,310

(2,266,110)

CenturyLink,

Inc.,

5.13%, 12/15/26

(a)

1,400

(1,431,500)

Clarios

Global

LP,

8.50%, 05/15/27

(a)

4,400

(4,589,860)

Elanco

Animal

Health,

Inc.,

5.90%, 08/28/28

(j)

...........

1,875

(2,182,406)

Icahn

Enterprises

LP,

5.25%, 05/15/27

985

(1,019,285)

Kraft

Heinz

Foods

Co.

(a)

3.75%, 04/01/30

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

1,500

(1,576,049)

4.88%, 10/01/49

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

1,700

(1,797,312)

Lions

Gate

Capital

Holdings

LLC

(a)

5.88%, 11/01/24

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

1,450

(1,363,000)

6.38%, 02/01/24

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

1,435

(1,377,600)

Mattel,

Inc.,

6.75%, 12/31/25

(a)

.....

5,250

(5,521,688)

Refinitiv

Holdings,

Inc.,

6.88%, 11/15/26

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

EUR

2,700

(3,388,484)

Southwest

Airlines

Co.,

5.13%, 06/15/27

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

USD

3,650

(4,058,764)

Sprint

Capital

Corp.,

6.88%, 11/15/28

850

(1,075,250)

Tenet

Healthcare

Corp.,

6.75%, 06/15/23

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

3,145

(3,316,528)

Terrier

Media

Buyer,

Inc.,

8.88%, 12/15/27

(a)

...........

4,130

(4,221,872)

Uber

Technologies,

Inc.

(a)

7.50%, 09/15/27

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

5,035

(5,262,834)

8.00%, 11/01/26

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

1,850

(1,949,437)

Washington

Prime

Group

LP,

6.45%, 08/15/24

(j)

...........

619

(320,333)

Zayo

Group

Holdings,

Inc.,

6.13%, 03/01/28

(a)

...........

1,300

(1,311,375)

(53,205,143)

Total

Corporate

Bonds

—

(6.5)%

(Proceeds:

$101,590,683)

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

(105,406,370)

U.S.

Treasury

Obligations

—

(0.3)%

United

States

—

(0.3)%

U.S.

Treasury

Notes,

0.25%, 05/31/25

4,925

(4,904,800)

Total

U.S.

Treasury

Obligations

—

(0.3)%

(Proceeds:

$4,901,679)

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

(4,904,800)

Total

Borrowed

Bonds

—

(6.8)%

(Proceeds:

$106,492,362)

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

(110,311,170)

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Security

Par

(000)

Par

(000)

Value

Investments

Sold

Short

—

(0.1)%

Corporate

Bonds

—

(0.1)%

United

States

—

(0.1)%

Occidental

Petroleum

Corp.,

6.63%,

09/01/30

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

USD

1,250

(1,095,375)

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

(a)

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

1,000

(970,000)

(2,065,375)

Total

Corporate

Bonds

—

(0.1)%

(Proceeds:

$2,071,317)

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

(2,065,375)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$2,071,317

)

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

(2,065,375)

Total

Investments

Net

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

103.1%

(Cost:

$1,785,270,097)

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

1,681,406,480

Liabilities

Excess

Other

Assets

—

(3.1)%

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

(50,271,242)

Net

Assets

—

100.0%

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

1,631,135,238

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(c)

Non-income

producing

security.

(d)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(e)

Convertible

security.

(f)

Zero-coupon

bond.

(g)

Perpetual

security

with

stated

maturity

date.

(h)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(i)

Issuer

filed

for

bankruptcy

and/or

default.

(j)

Step-up

bond

that

pays

initial

coupon

rate

for

the

first

period

and

then

higher

coupon

rate

for

the

following

periods.

Rate

period

end.

(k)

All

portion

the

security

has

been

pledged

and/or

segregated

collateral

connection

with

outstanding

exchange-traded

options

written.

(l)

All

portion

the

security

has

been

pledged

collateral

connection

with

outstanding

reverse

repurchase

agreements.

(m)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(n)

Fixed

rate.

(o)

Certain

agreements

have

stated

maturity

and

can

terminated

either

party

any

time.

(p)

The

amount

repurchased

assumes

the

maturity

will

the

day

after

the

period

end.

(q)

Annualized

7-day

yield

period

end.

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

October

31,

2020

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/20

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/20

Held

10/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

19,476,089

22,890,935

—

42,367,024

6,228

—

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

(b)

.....

2,841,950

—

(2,822,920)

20,649

(39,679)

—

11,334

666

20,649

(39,679)

42,367,024

17,562

666

(a)

Represents

net

amount

purchased

(sold).

(b)

period

end,

the

entity

longer

held.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face

Value

Face

Value

Including

Accrued

Interest

Type

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

the

Agreements

(a)

BNP

Paribas

.......

0.75

09/10/20

Open

8,197,202

8,205,912

Corporate

Bonds

Open/Demand

BNP

Paribas

.......

0.15

10/23/20

Open

3,735,938

3,736,078

U.S.

Treasury

Obligations

Open/Demand

11,933,140

11,941,990

(a)

Certain

agreements

have

stated

maturity

and

can

terminated

either

party

any

time.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

Euro-

Bobl

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

12/08/20

7,596

(40,659)

Euro-BTP

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

12/08/20

15,680

(457,071)

Euro-Bund

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

187

12/08/20

38,364

(435,728)

Russell

2000

Emini

Index

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

100

12/18/20

7,684

67,292

S&P

500

E-Mini

Index

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

12/18/20

12,732

47,122

U.S.

Treasury

Year

Note

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

12/21/20

12,854

90,386

U.S.

Treasury

Year

Ultra

Note

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

12/21/20

3,617

34,471

U.S.

Treasury

Long

Bond

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

12/21/20

1,897

41,578

U.S.

Treasury

Ultra

Bond

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

12/21/20

860

16,147

Long

Gilt

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

12/29/20

4,922

(10,972)

U.S.

Treasury

Year

Note

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

12/31/20

2,208

255

U.S.

Treasury

Year

Note

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

418

12/31/20

52,501

102,803

(544,376)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

GBP

33,189,000

USD

42,900,533

BNP

Paribas

11/04/20

96,101

USD

3,819,183

EUR

3,246,000

Bank

America

11/04/20

38,645

USD

335,819,342

EUR

286,774,580

Citibank

11/04/20

1,819,951

USD

1,097,179

EUR

937,000

Commonwealth

Bank

Australia

11/04/20

5,878

USD

79,608,666

EUR

67,791,000

Goldman

Sachs

International

11/04/20

654,134

USD

2,420,044

EUR

2,053,000

Morgan

Stanley

Co.

International

plc

11/04/20

28,965

USD

4,212,364

EUR

3,562,000

Royal

Bank

Canada

11/04/20

63,790

USD

17,121,055

EUR

14,488,000

State

Street

Bank

and

Trust

Co.

11/04/20

247,234

USD

81,268,049

EUR

69,353,000

UBS

11/04/20

494,293

USD

332,919,325

EUR

285,156,033

Citibank

12/03/20

592,779

USD

101,321,071

EUR

86,509,000

Goldman

Sachs

International

12/03/20

501,752

USD

888,051

EUR

760,000

State

Street

Bank

and

Trust

Co.

12/03/20

2,332

USD

101,084,036

EUR

86,509,000

UBS

12/03/20

264,717

USD

31,075,827

GBP

23,952,123

Citibank

12/03/20

40,103

4,850,674

EUR

286,774,580

USD

334,677,760

Citibank

11/04/20

(678,369)

EUR

86,509,000

USD

101,258,784

Goldman

Sachs

International

11/04/20

(503,853)

EUR

86,509,000

USD

101,020,885

UBS

11/04/20

(265,953)

GBP

23,952,123

USD

31,070,694

Citibank

11/04/20

(40,513)

USD

30,807,221

GBP

23,952,123

Citibank

11/04/20

(222,960)

USD

37,084,217

GBP

28,857,000

HSBC

Bank

plc

11/04/20

(300,274)

USD

3,654,295

GBP

2,829,000

State

Street

Bank

and

Trust

Co.

11/04/20

(10,699)

USD

42,907,270

GBP

33,189,000

BNP

Paribas

12/03/20

(97,045)

USD

1,267,879

HKD

9,831,574

Bank

America

12/16/20

(256)

(2,119,922)

Exchange-Traded

Options

Purchased

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Xilinx,

Inc.

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

500

11/06/20

USD

130.00

USD

5,935

33,500

Advanced

Micro

Devices,

Inc.

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

1,500

11/20/20

USD

85.00

USD

11,294

129,000

EURO

STOXX

Index

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

4,793

11/20/20

EUR

3,800.00

EUR

141,787

11,164

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Western

Digital

Corp.

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

1,000

11/20/20

USD

55.00

USD

3,773

3,000

Xilinx,

Inc.

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

500

11/20/20

USD

123.00

USD

5,935

166,500

Xilinx,

Inc.

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

500

11/20/20

USD

130.00

USD

5,935

90,000

Xilinx,

Inc.

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

750

11/20/20

USD

127.00

USD

8,902

214,500

Altice

Europe

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

6,721

12/18/20

EUR

4.50

EUR

2,842

39,138

EURO

STOXX

Index

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

367

12/18/20

EUR

3,300.00

EUR

10,857

51,291

EURO

STOXX

Index

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

712

12/18/20

EUR

3,800.00

EUR

21,062

2,902

EURO

STOXX

Index

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

726

12/18/20

EUR

3,600.00

EUR

21,477

8,455

Lions

Gate

Entertainment

Corp.

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

800

12/18/20

USD

10.00

USD

536

8,000

Lions

Gate

Entertainment

Corp.

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

1,000

12/18/20

USD

11.00

USD

670

10,000

S&P

500

Index

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

228

12/18/20

USD

3,500.00

USD

74,555

970,140

STOXX

Europe

600

Banks

Index

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

935

12/18/20

EUR

100.00

EUR

3,891

32,668

STOXX

Europe

600

Banks

Index

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

1,870

12/18/20

EUR

105.00

EUR

7,782

35,391

Caesars

Entertainment,

Inc.

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

126

01/15/21

USD

45.00

USD

565

78,750

Freeport-McMoRan,

Inc.

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

2,000

01/15/21

USD

20.00

USD

3,468

161,005

Lions

Gate

Entertainment

Corp.

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

850

01/15/21

USD

11.00

USD

570

8,500

Xerox

Holdings

Corp.

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

525

01/15/21

USD

30.00

USD

912

5,250

EURO

STOXX

Index

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

883

02/19/21

EUR

3,700.00

EUR

26,121

19,539

EURO

STOXX

Index

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

888

02/19/21

EUR

3,600.00

EUR

26,269

39,817

Freeport-McMoRan,

Inc.

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

1,000

02/19/21

USD

25.00

USD

1,734

28,500

Caesars

Entertainment,

Inc.

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

03/19/21

USD

35.00

USD

350

110,955

Caesars

Entertainment,

Inc.

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

103

03/19/21

USD

40.00

USD

462

116,133

EURO

STOXX

Index

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

553

03/19/21

EUR

3,400.00

EUR

16,359

150,386

STOXX

Europe

600

Banks

Index

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

2,021

03/19/21

EUR

105.00

EUR

8,410

114,746

Western

Digital

Corp.

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

1,500

04/16/21

USD

60.00

USD

5,660

93,000

2,732,230

Put

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

1,000

11/06/20

USD

82.50

USD

8,388

49,500

iShares

Russell

2000

ETF

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

500

11/06/20

USD

146.00

USD

7,655

61,500

SPDR

S&P

500

ETF

Trust

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

500

11/06/20

USD

314.00

USD

16,327

128,500

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

1,000

11/13/20

USD

82.50

USD

8,388

62,000

American

Airlines

Group,

Inc.

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

1,000

11/20/20

USD

6.00

USD

1,128

3,000

American

Airlines

Group,

Inc.

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

1,500

11/20/20

USD

8.00

USD

1,692

12,750

Carnival

Corp.

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

760

11/20/20

USD

12.50

USD

1,042

55,480

Invesco

Senior

Loan

ETF

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

1,000

11/20/20

USD

21.00

USD

2,150

14,000

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

750

11/20/20

USD

82.00

USD

6,291

60,750

Macy's,

Inc.

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

1,000

11/20/20

USD

5.00

USD

621

16,000

Nordstrom,

Inc.

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

500

11/20/20

USD

10.00

USD

605

18,250

S&P

500

Index

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

11/20/20

USD

3,100.00

USD

5,232

89,680

S&P

500

Index

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

11/20/20

USD

3,250.00

USD

15,042

456,780

S&P

500

Index

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

11/20/20

USD

3,400.00

USD

20,274

1,059,270

Allegiant

Travel

Co.

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

200

12/18/20

USD

40.00

USD

2,695

24,500

Avaya

Holdings

Corp.

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

360

12/18/20

USD

10.00

USD

619

7,200

Casino

Guichard

Perrachon

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

725

12/18/20

EUR

17.00

EUR

1,401

82,748

Electricite

France

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

1,416

12/18/20

EUR

9.00

EUR

1,411

67,615

Invesco

Senior

Loan

ETF

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

1,000

12/18/20

USD

21.00

USD

2,150

26,000

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

750

12/18/20

USD

82.00

USD

6,291

103,125

Occidental

Petroleum

Corp.

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

700

12/18/20

USD

9.00

USD

639

76,300

Southwest

Airlines

Co.

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

500

12/18/20

USD

15.00

USD

1,977

7,500

Southwest

Airlines

Co.

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

500

12/18/20

USD

32.50

USD

1,977

51,250

Southwest

Airlines

Co.

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

500

12/18/20

USD

12.50

USD

1,977

1,000

Uber

Technologies,

Inc.

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

500

12/18/20

USD

28.00

USD

1,671

54,500

ViacomCBS

Inc.

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

500

12/18/20

USD

23.00

USD

1,429

37,000

Air

Canada

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

2,000

01/15/21

CAD

8.00

CAD

2,946

40,531

Allegiant

Travel

Co.

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

200

01/15/21

USD

40.00

USD

2,695

6,500

American

Airlines

Group,

Inc.

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

750

01/15/21

USD

7.00

USD

846

30,375

American

Airlines

Group,

Inc.

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

2,500

01/15/21

USD

5.00

USD

2,820

50,000

Delta

Air

Lines,

Inc.

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

1,000

01/15/21

USD

5.00

USD

3,064

5,000

Sabre

Corp.

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

500

01/15/21

USD

5.00

USD

326

15,000

Simon

Property

Group,

Inc.

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

1,000

01/15/21

USD

40.00

USD

6,281

75,500

Southwest

Airlines

Co.

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

500

01/15/21

USD

20.00

USD

1,977

8,750

Uber

Technologies,

Inc.

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

500

01/15/21

USD

25.00

USD

1,671

37,500

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

United

Airlines

Holdings,

Inc.

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

150

01/15/21

USD

15.00

USD

508

2,775

United

Airlines

Holdings,

Inc.

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

850

01/15/21

USD

10.00

USD

2,878

5,950

Xerox

Holdings

Corp.

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

500

01/15/21

USD

15.00

USD

869

38,750

American

Airlines

Group,

Inc.

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

1,500

02/19/21

USD

6.00

USD

1,692

56,250

American

Airlines

Group,

Inc.

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

2,000

02/19/21

USD

10.00

USD

2,256

308,000

American

Airlines

Group,

Inc.

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

1,000

05/21/21

USD

6.00

USD

1,128

55,000

3,362,079

6,094,309

OTC

Options

Purchased

Description

Counterparty

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SoftBank

Group

Corp.

.....

Goldman

Sachs

International

766

11/27/20

JPY

6,000.00

JPY

5,203

142,475

OTC

Credit

Default

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Call

Bought

Protection

5-Year

Credit

Default

Swap

CDX.NA.IG.34.V1

Quarterly

1.00

Quarterly

Bank

America

12/16/20

USD

70.00

USD

100,000

49,194

Bought

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.34.V9

Quarterly

5.00

Quarterly

Barclays

Bank

plc

12/16/20

USD

106.00

USD

10,000

50,600

Bought

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

12/16/20

USD

107.50

USD

10,000

12,916

Bought

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

5.00

Quarterly

BNP

Paribas

12/16/20

EUR

275.00

EUR

31,300

23,467

136,177

Put

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Bank

America

01/20/21

USD

101.00

USD

15,000

297,540

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Bank

America

11/18/20

USD

102.00

USD

10,000

97,263

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Bank

America

12/16/20

USD

102.00

USD

10,000

168,851

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Barclays

Bank

plc

12/16/20

USD

104.00

USD

10,000

243,280

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Goldman

Sachs

International

12/16/20

USD

104.00

USD

10,000

243,280

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.35.V1

Quarterly

Goldman

Sachs

International

12/16/20

USD

104.00

USD

10,000

243,280

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

BNP

Paribas

11/18/20

EUR

350.00

EUR

16,200

325,061

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

BNP

Paribas

11/18/20

EUR

350.00

EUR

31,600

634,069

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

BNP

Paribas

11/18/20

EUR

350.00

EUR

35,600

714,331

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

BNP

Paribas

12/16/20

EUR

375.00

EUR

31,200

677,481

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.33.

Quarterly

BNP

Paribas

11/18/20

EUR

400.00

EUR

49,500

787,999

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

BNP

Paribas

11/18/20

EUR

400.00

EUR

31,020

281,919

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

Citibank

11/18/20

EUR

400.00

EUR

30,000

272,649

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.34.

Quarterly

Citibank

12/16/20

EUR

450.00

EUR

15,700

173,038

Bought

Protection

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.33.

Quarterly

BNP

Paribas

11/18/20

EUR

625.00

EUR

49,500

76,261

5,236,302

5,372,479

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Exchange-Traded

Options

Written

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Advanced

Micro

Devices,

Inc.

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

3,000

11/20/20

USD

92.50

USD

22,587

(88,500)

EURO

STOXX

Index

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

4,793

11/20/20

EUR

3,900.00

EUR

141,787

(11,164)

Xilinx,

Inc.

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

500

11/20/20

USD

140.00

USD

5,935

(28,750)

Xilinx,

Inc.

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

750

11/20/20

USD

128.00

USD

8,902

(129,375)

Xilinx,

Inc.

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

1,125

11/20/20

USD

132.00

USD

13,353

(203,625)

Altice

Europe

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

6,721

12/18/20

EUR

6.50

EUR

2,842

(23,483)

EURO

STOXX

Index

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

726

12/18/20

EUR

3,750.00

EUR

21,477

(3,805)

S&P

500

Index

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

12/18/20

USD

3,800.00

USD

28,449

(30,450)

S&P

500

Index

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

141

12/18/20

USD

3,600.00

USD

46,106

(253,800)

Freeport-McMoRan,

Inc.

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

500

01/15/21

USD

25.00

USD

867

(7,500)

American

Airlines

Group,

Inc.

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

2,000

02/19/21

USD

25.00

USD

2,256

(31,000)

(811,452)

Put

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

2,000

11/06/20

USD

79.00

USD

16,776

(21,000)

iShares

Russell

2000

ETF

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

1,000

11/06/20

USD

136.00

USD

15,309

(20,500)

SPDR

S&P

500

ETF

Trust

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

1,000

11/06/20

USD

300.00

USD

32,654

(150,000)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

2,000

11/13/20

USD

80.00

USD

16,776

(38,000)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

750

11/20/20

USD

77.00

USD

6,291

(12,375)

S&P

500

Index

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

124

11/20/20

USD

3,200.00

USD

40,548

(1,034,160)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

750

12/18/20

USD

77.00

USD

6,291

(33,750)

(1,309,785)

(2,121,237)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Options

Written

Description

Counterparty

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SoftBank

Group

Corp.

........

Goldman

Sachs

International

766

11/27/20

JPY

5,500.00

JPY

5,203

(101,237)

OTC

Credit

Default

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Bank

America

01/20/21

USD

96.00

USD

15,000

(164,528)

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.34.V9

Quarterly

5.00

Quarterly

Barclays

Bank

plc

12/16/20

USD

96.00

USD

10,000

(36,800)

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Bank

America

11/18/20

USD

97.00

USD

10,000

(27,549)

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

12/16/20

USD

100.00

USD

10,000

(121,431)

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

12/16/20

USD

100.00

USD

10,000

(121,431)

Sold

Protection

5-Year

Credit

Default

Swap

CDX.NA.HY.35.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

12/16/20

USD

100.00

USD

10,000

(121,431)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

400.00

EUR

31,600

(287,190)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

400.00

EUR

35,600

(323,543)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

425.00

EUR

16,200

(102,010)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

450.00

EUR

31,600

(143,062)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

12/16/20

EUR

450.00

EUR

31,200

(343,872)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

475.00

EUR

31,020

(105,240)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.33.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

500.00

EUR

49,500

(209,370)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

BNP

Paribas

12/16/20

EUR

500.00

EUR

31,200

(234,050)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.33.V1

Quarterly

5.00

Quarterly

BNP

Paribas

11/18/20

EUR

525.00

EUR

49,500

(161,960)

Sold

Protection

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.34.V1

Quarterly

5.00

Quarterly

Citibank

12/16/20

EUR

550.00

EUR

31,400

(168,044)

(2,671,511)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.33.V12

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

5.00

Quarterly

12/20/24

USD

2,717

(146,946)

(239,750)

92,804

CDX.NA.HY.35.V1

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

5.00

Quarterly

12/20/25

USD

34,860

(1,420,351)

(1,869,840)

449,489

ITRAXX.EUR.CROSSOVER.34.V1

........

5.00

Quarterly

12/20/25

EUR

41,874

(3,226,682)

(5,278,046)

2,051,364

ITRAXX.FINSR.34.V1

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

1.00

Quarterly

12/20/25

EUR

28,890

(307,931)

(388,728)

80,797

ITRAXX.FINSUB.34.V1

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

1.00

Quarterly

12/20/25

EUR

78,740

2,772,238

2,411,443

360,795

(2,329,672)

(5,364,921)

3,035,249

Centrally

Cleared

Interest

Rate

Swap

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.05%

Quarterly

day

Fed

Funds

Quarterly

10/21/22

USD

2,267

—

day

SOFR

Quarterly

0.05%

Quarterly

10/21/22

USD

2,267

(244)

—

(244)

3.15%

Semi-Annual

month

LIBOR

Quarterly

11/16/23

USD

33,000

(3,311,181)

—

(3,311,181)

0.18%

Quarterly

day

Fed

Funds

Quarterly

10/21/25

USD

143

474

—

474

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(433)

—

(433)

(3,311,344)

—

(3,311,344)

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

American

Airlines

Group,

Inc.

5.00

Quarterly

Goldman

Sachs

International

12/20/20

USD

5,000

87,754

191,406

(103,652)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Barclays

Bank

plc

12/20/20

USD

260

(2,366)

10,762

(13,128)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Barclays

Bank

plc

12/20/20

USD

260

(2,366)

6,676

(9,042)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Barclays

Bank

plc

12/20/20

USD

260

(2,333)

8,359

(10,692)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Goldman

Sachs

International

12/20/20

USD

265

(2,412)

5,965

(8,377)

Mattel,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/20

USD

4,870

(8,647)

7,429

(16,076)

Mattel,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/20

USD

4,870

(8,647)

5,313

(13,960)

Altice

France

Holding

.....

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/21

EUR

14,110

(551,344)

(404,767)

(146,577)

Altice

Luxembourg

......

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/21

EUR

2,220

(86,746)

(48,124)

(38,622)

American

Airlines

Group,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/21

USD

3,000

320,827

603,318

(282,491)

American

Airlines

Group,

Inc.

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

320,827

870,560

(549,733)

American

Airlines

Group,

Inc.

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

320,827

539,176

(218,349)

Casino

Guichard

Perrachon

5.00

Quarterly

Goldman

Sachs

International

06/20/21

EUR

660

11,843

11,869

(26)

Delta

Air

Lines,

Inc.

........

5.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

3,000

(26,021)

79,291

(105,312)

Ford

Motor

Co.

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

1,710

(45,168)

27,883

(73,051)

HP,

Inc.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/21

USD

5,500

(38,452)

33,216

(71,668)

SoftBank

Group

Corp.

......

1.00

Quarterly

Citibank

06/20/21

JPY

333,801

12,807

21,544

(8,737)

United

Airlines

Holdings,

Inc.

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

49,892

138,927

(89,035)

United

Airlines

Holdings,

Inc.

5.00

Quarterly

Goldman

Sachs

Bank

USA

06/20/21

USD

3,000

49,892

182,368

(132,476)

Carnival

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/21

USD

2,040

224,090

123,086

101,004

Casino

Guichard

Perrachon

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

2,240

145,198

68,733

76,465

Casino

Guichard

Perrachon

5.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/21

EUR

2,500

162,051

(7,295)

169,346

Iceland

Bondco

plc

.........

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

2,150

(59,905)

15,916

(75,821)

JPMorgan

Structured

Products

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

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/21

EUR

1,850

(5,519)

90,717

(96,236)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/21

EUR

1,650

54,264

16,187

38,077

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/21

EUR

960

31,572

62,811

(31,239)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

03/20/22

EUR

1,700

77,248

(33,217)

110,465

Altice

Luxembourg

......

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/22

EUR

2,480

(171,286)

(41,851)

(129,435)

American

Airlines

Group,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/22

USD

3,000

958,530

1,295,317

(336,787)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Citibank

06/20/22

USD

1,680

(37,950)

77,346

(115,296)

Bausch

Health

Cos.,

Inc.

.....

5.00

Quarterly

Citibank

06/20/22

USD

3,350

(249,852)

(200,604)

(49,248)

Ford

Motor

Co.

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,020

(50,951)

50,019

(100,970)

Marks

Spencer

plc

.......

1.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,100

21,934

33,056

(11,122)

Marks

Spencer

plc

.......

1.00

Quarterly

Deutsche

Bank

06/20/22

EUR

800

15,952

20,256

(4,304)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

875

57,064

91,836

(34,772)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,650

107,607

156,286

(48,679)

Staples,

Inc.

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

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/22

USD

1,000

65,216

143,161

(77,945)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,650

95,295

(5,929)

101,224

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Citibank

06/20/22

EUR

2,640

152,473

(68,538)

221,011

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

06/20/22

EUR

1,650

95,295

12,681

82,614

Jaguar

Land

Rover

Automotive

plc

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

5.00

Quarterly

Barclays

Bank

plc

12/20/22

EUR

7,490

172,551

156,224

16,327

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

970

78,354

43,270

35,084

Ally

Financial,

Inc.

.........

5.00

Quarterly

Goldman

Sachs

International

06/20/23

USD

1,710

(197,777)

(126,632)

(71,145)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/23

USD

960

(13,364)

(19,755)

6,391

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Goldman

Sachs

International

06/20/23

USD

2,000

(27,841)

50,052

(77,893)

Deutsche

Lufthansa

.....

1.00

Quarterly

Citibank

06/20/23

EUR

3,240

300,403

233,692

66,711

Cable

Wireless

International

Finance

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,398

(237,000)

(177,106)

(59,894)

Cable

Wireless

International

Finance

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,480

(250,961)

(197,054)

(53,907)

Cable

Wireless

International

Finance

...........

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/23

EUR

1,434

(243,118)

(191,442)

(51,676)

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

3,725

737,878

81,255

656,623

Accor

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

5,692

330,339

(50,448)

380,787

Accor

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

1.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

1,898

110,152

(12,591)

122,743

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

270

4,945

18,745

(13,800)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(427,799)

(269,074)

(158,725)

Devon

Energy

Corp.

........

1.00

Quarterly

BNP

Paribas

12/20/24

USD

1,000

41,267

(2,351)

43,618

Devon

Energy

Corp.

........

1.00

Quarterly

Citibank

12/20/24

USD

2,250

92,852

(12,254)

105,106

Financial

Guaranty

Insurance

Company

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

800

(10,558)

20,296

(30,854)

Hess

Corp.

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

1.00

Quarterly

BNP

Paribas

12/20/24

USD

1,300

48,695

34,733

13,962

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

560

133,921

242,932

(109,011)

Republic

Italy

...........

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

39,430

66,304

658,285

(591,981)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

12/20/24

USD

5,000

50,748

(39,553)

90,301

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

12/20/24

USD

10,000

101,497

(171,167)

272,664

Standard

Chartered

plc

......

1.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

5,740

10,306

(25,912)

36,218

Staples,

Inc.

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

5.00

Quarterly

BNP

Paribas

12/20/24

USD

500

112,835

6,468

106,367

Sunrise

Communications

5.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

4,090

(914,144)

(746,568)

(167,576)

Sunrise

Communications

5.00

Quarterly

Credit

Suisse

International

12/20/24

EUR

5,290

(1,182,353)

(1,037,876)

(144,477)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

4,000

105,167

245,447

(140,280)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

06/20/25

USD

1,320

(234,638)

(131,692)

(102,946)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

06/20/25

USD

880

(156,425)

(87,808)

(68,617)

Altice

France

..........

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

3,362

(282,332)

(378,032)

95,700

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

USD

270

6,291

31,126

(24,835)

Avnet,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

USD

5,265

(47,254)

(107,985)

60,731

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,150

(76,827)

(39,820)

(37,007)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,000

(107,201)

(54,253)

(52,948)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

5,000

(178,668)

(99,531)

(79,137)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

USD

4,000

(142,935)

(53,903)

(89,032)

CenturyLink,

Inc.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

USD

2,220

215,685

269,312

(53,627)

Crown

European

Holdings

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

700

(136,837)

(118,836)

(18,001)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

06/20/25

USD

4,350

69,957

245,199

(175,242)

General

Electric

Co.

........

1.00

Quarterly

BNP

Paribas

06/20/25

USD

5,000

80,410

224,046

(143,636)

Halliburton

Co.

...........

1.00

Quarterly

BNP

Paribas

06/20/25

USD

3,150

81,366

281,464

(200,098)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,350

34,871

120,456

(85,585)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

BNP

Paribas

06/20/25

USD

2,215

768,930

515,568

253,362

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

798,437

517,643

280,794

Natwest

Group

plc

.........

1.00

Quarterly

Citibank

06/20/25

EUR

3,240

58,554

62,723

(4,169)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Citibank

06/20/25

USD

1,000

261,459

222,440

39,019

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

880

230,084

231,403

(1,319)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,320

345,126

346,548

(1,422)

Republic

Italy

...........

1.00

Quarterly

Bank

America

06/20/25

USD

19,700

123,793

1,156,604

(1,032,811)

SES

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

4,131

37,145

(33,014)

SES

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,710

4,155

46,719

(42,564)

Simon

Property

Group

....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

4,250

59,550

281,972

(222,422)

Simon

Property

Group

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

14,012

99,959

(85,947)

Simon

Property

Group

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

16,814

91,253

(74,439)

Simon

Property

Group

....

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/25

USD

4,325

60,601

336,314

(275,713)

SoftBank

Group

Corp.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

JPY

411,470

259,218

205,479

53,739

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

22,872

49,561

(26,689)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

22,872

49,561

(26,689)

Stora

Enso

OYJ

...........

5.00

Quarterly

Citibank

06/20/25

EUR

3,400

(816,464)

(642,847)

(173,617)

Stora

Enso

OYJ

...........

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

4,140

(994,165)

(759,627)

(234,538)

Stora

Enso

OYJ

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

(408,232)

(335,573)

(72,659)

Telefonica

Emisiones

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

EUR

3,360

(22,041)

(24,304)

2,263

Telefonica

Emisiones

.....

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

EUR

3,700

(24,272)

96,550

(120,822)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,360

92,677

161,121

(68,444)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

06/20/25

USD

1,375

53,996

117,335

(63,339)

Xerox

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,200

86,394

223,124

(136,730)

Anglo

American

Capital

plc

...

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

5,040

(1,164,762)

(1,115,109)

(49,653)

ArcelorMittal

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,600

(255,150)

(238,080)

(17,070)

Ardagh

Packaging

Finance

plc

5.00

Quarterly

Citibank

12/20/25

EUR

8,980

(1,349,543)

(1,073,980)

(275,563)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Citibank

12/20/25

USD

631

24,372

25,230

(858)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

USD

631

24,372

28,384

(4,012)

Avis

Budget

Car

Rental

LLC

5.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

USD

947

36,558

35,480

1,078

Banco

Bilbao

Vizcaya

Argentaria

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

8,020

594,175

484,636

109,539

Barclays

plc

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

1.00

Quarterly

Citibank

12/20/25

EUR

1,600

48,388

70,376

(21,988)

Capital

Markets

plc

......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,050

11,153

(7,181)

18,334

British

Telecommunications

plc

1.00

Quarterly

Citibank

12/20/25

EUR

6,510

(13,119)

(27,444)

14,325

Cie

Generale

des

Etablissements

Michelin

SCA

..........

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

3,210

(113,287)

(119,373)

6,086

Clariant

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

6,410

(65,263)

(26,445)

(38,818)

Dell,

Inc.

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

USD

2,500

173,071

182,717

(9,646)

Electricite

France

.....

1.00

Quarterly

BNP

Paribas

12/20/25

EUR

3,123

(97,579)

(105,493)

7,914

Electricite

France

.....

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

2,811

(87,830)

(95,139)

7,309

Electricite

France

.....

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

3,124

(97,610)

(105,457)

7,847

Electricite

France

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,562

(48,805)

(52,729)

3,924

Federative

Republic

Brazil

1.00

Quarterly

BNP

Paribas

12/20/25

USD

8,490

470,970

641,754

(170,784)

Glencore

Finance

Europe

Ltd.

5.00

Quarterly

Bank

America

12/20/25

EUR

8,020

(1,487,861)

(1,467,564)

(20,297)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

50,474

46,974

3,500

HeidelbergCement

......

5.00

Quarterly

Citibank

12/20/25

EUR

3,210

(776,893)

(795,936)

19,043

Hess

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,500

94,662

81,264

13,398

HSBC

Holdings

plc

........

1.00

Quarterly

Citibank

12/20/25

EUR

12,190

252,853

287,996

(35,143)

ITV

plc

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

5,130

(981,767)

(964,775)

(16,992)

JPMorgan

Structured

Products

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

1.00

Quarterly

Citibank

12/20/25

EUR

3,210

327,118

334,643

(7,525)

Koninklijke

KPN

........

1.00

Quarterly

Bank

America

12/20/25

EUR

1,565

(3,719)

(11,208)

7,489

Koninklijke

KPN

........

1.00

Quarterly

BNP

Paribas

12/20/25

EUR

1,565

(3,719)

(11,270)

7,551

LANXESS

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

7,770

(172,249)

(203,199)

30,950

Monitchem

HoldCo

.....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

3,850

(267,523)

(308,299)

40,776

Group

plc

...........

1.00

Quarterly

Citibank

12/20/25

EUR

3,240

84,623

78,991

5,632

Group

plc

...........

1.00

Quarterly

Citibank

12/20/25

EUR

8,570

223,833

190,325

33,508

Group

plc

...........

1.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,540

40,222

34,201

6,021

Group

plc

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

1,600

41,789

32,770

9,019

Nokia

OYJ

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,210

(711,558)

(739,889)

28,331

Repsol

International

Finance

1.00

Quarterly

Citibank

12/20/25

EUR

4,810

48,648

28,348

20,300

Repsol

International

Finance

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

EUR

3,200

32,365

(7,668)

40,033

Repsol

International

Finance

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

EUR

3,200

32,365

(5,709)

38,074

Santander

Issuances

....

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

3,210

165,008

139,917

25,091

Simon

Property

Group

....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

3,650

77,001

97,024

(20,023)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Solvay

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

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

3,108

(78,328)

(91,895)

13,567

Solvay

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

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

EUR

4,662

(117,491)

(124,218)

6,727

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

12/20/25

USD

2,000

39,153

62,652

(23,499)

Sudzucker

International

Finance

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

1.00

Quarterly

Barclays

Bank

plc

12/20/25

EUR

2,640

9,939

15,525

(5,586)

Sudzucker

International

Finance

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

3,338

12,567

(25,823)

38,390

Sudzucker

International

Finance

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

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

4,692

17,665

(36,297)

53,962

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

12/20/25

USD

3,750

194,381

216,500

(22,119)

Xerox

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,585

82,158

109,639

(27,481)

–

(3,458,417)

1,554,341

(5,012,758)

–

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.ASIA.XJ.IG.24.V1

1.00

Quarterly

Goldman

Sachs

International

12/20/20

USD

3,750

13,383

(2,819)

16,202

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

BB+

USD

1,000

172,434

142,573

29,861

Financial

Guaranty

Insurance

Company

1.00

Quarterly

Citibank

06/20/24

BBB-

USD

23,695

365,159

(1,319,422)

1,684,581

Financial

Guaranty

Insurance

Company

1.00

Quarterly

Citibank

06/20/24

BBB-

USD

7,900

121,745

(439,900)

561,645

HCA,

Inc.

...........

5.00

Quarterly

Citibank

06/20/24

USD

4,900

711,578

596,809

114,769

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

12/20/24

BB+

USD

14,150

2,716,697

2,442,668

274,029

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

BNP

Paribas

12/20/24

BB+

USD

1,000

191,993

182,657

9,336

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

1,500

238,767

204,552

34,215

HCA,

Inc.

...........

5.00

Quarterly

BNP

Paribas

12/20/24

USD

5,000

795,890

783,971

11,919

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

2,950

469,575

430,079

39,496

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

5,800

923,233

924,896

(1,663)

Republic

Italy

.......

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

BBB

USD

39,430

425,299

30,495

394,804

ADLER

Real

Estate

5.00

Quarterly

Citibank

06/20/25

BB+

EUR

1,710

180,415

119,129

61,286

ADLER

Real

Estate

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB+

EUR

1,830

193,076

(18,496)

211,572

ADLER

Real

Estate

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB+

EUR

1,040

109,726

24,608

85,118

Altice

France

Holding

5.00

Quarterly

Goldman

Sachs

International

06/20/25

CCC+

EUR

1,630

68,875

35,486

33,389

Altice

France

Holding

5.00

Quarterly

Goldman

Sachs

International

06/20/25

CCC+

EUR

1,630

68,875

19,030

49,845

Altice

France

Holding

5.00

Quarterly

Goldman

Sachs

International

06/20/25

CCC+

EUR

1,630

68,875

15,167

53,708

Altice

France

Holding

5.00

Quarterly

Goldman

Sachs

International

06/20/25

CCC+

EUR

1,620

68,452

61,896

6,556

Altice

France

Holding

5.00

Quarterly

Goldman

Sachs

International

06/20/25

CCC+

EUR

1,620

68,452

57,825

10,627

Altice

France

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

5,039

6,429

(1,390)

Altice

France

......

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,600

134,382

193,065

(58,683)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

......

5.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,650

138,582

199,098

(60,516)

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

EUR

3,250

272,964

357,712

(84,748)

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

EUR

2,280

191,495

260,421

(68,926)

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

06/20/25

BBB

USD

5,250

48,064

(137,207)

185,271

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

06/20/25

BBB

USD

3,050

27,923

(60,173)

88,096

AT&T,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BBB

USD

2,000

18,310

19,908

(1,598)

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BBB

USD

3,000

27,465

20,295

7,170

Casino

Guichard

Perrachon

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

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

1,980

(414,937)

(123,162)

(291,775)

Casino

Guichard

Perrachon

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

5.00

Quarterly

Credit

Suisse

International

06/20/25

EUR

470

(98,571)

(45,794)

(52,777)

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB-

USD

1,000

170,357

176,813

(6,456)

Kraft

Heinz

Foods

Co.

1.00

Quarterly

Citibank

06/20/25

BB+

USD

2,000

5,961

16,276

(10,315)

Kraft

Heinz

Foods

Co.

1.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

2,700

8,048

20,734

(12,686)

Kraft

Heinz

Foods

Co.

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB+

USD

2,000

5,961

13,547

(7,586)

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

BNP

Paribas

06/20/25

EUR

1,026

(50,890)

(122,842)

71,952

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

1,275

181,058

170,838

10,220

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

750

106,505

100,558

5,947

NRG

Energy,

Inc.

......

5.00

Quarterly

Goldman

Sachs

International

06/20/25

BB+

USD

1,500

213,010

215,965

(2,955)

NRG

Energy,

Inc.

......

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB+

USD

2,125

301,764

269,638

32,126

European

Group

5.00

Quarterly

Credit

Suisse

International

06/20/25

B+

EUR

684

103,161

32,556

70,605

Republic

Italy

.......

1.00

Quarterly

Bank

America

06/20/25

BBB

USD

19,700

172,167

(661,490)

833,657

Rolls-Royce

plc

.......

1.00

Quarterly

BNP

Paribas

06/20/25

BB-

EUR

1,700

(270,665)

(225,144)

(45,521)

Rolls-Royce

plc

.......

1.00

Quarterly

BNP

Paribas

06/20/25

BB-

EUR

1,640

(261,112)

(217,198)

(43,914)

Rolls-Royce

plc

.......

1.00

Quarterly

Citibank

06/20/25

BB-

EUR

1,700

(270,665)

(365,004)

94,339

Rolls-Royce

plc

.......

1.00

Quarterly

Citibank

06/20/25

BB-

EUR

(10,935)

(11,532)

597

Rolls-Royce

plc

.......

1.00

Quarterly

Citibank

06/20/25

BB-

EUR

(4,986)

(5,259)

273

Rolls-Royce

plc

.......

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB-

EUR

(11,145)

(9,578)

(1,567)

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,000

381,860

304,010

77,850

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

3,000

572,789

418,985

153,804

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,200

420,045

381,901

38,144

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

667

127,287

116,109

11,178

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

1,300

248,209

219,432

28,777

thyssenkrupp

......

1.00

Quarterly

Credit

Suisse

International

06/20/25

BB-

EUR

1,710

(271,134)

(281,631)

10,497

thyssenkrupp

......

1.00

Quarterly

Credit

Suisse

International

06/20/25

BB-

EUR

1,980

(313,945)

(160,508)

(153,437)

thyssenkrupp

......

1.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

BB-

EUR

1,630

(258,449)

(195,666)

(62,783)

Verisure

Midholding

5.00

Quarterly

Credit

Suisse

International

06/20/25

CCC+

EUR

1,040

181,028

11,048

169,980

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

1,115

(4,181)

(2,496)

(1,685)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

06/20/25

USD

2,540

(9,524)

(22,601)

13,077

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

06/20/25

USD

2,000

(7,499)

14,451

(21,950)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,500

(5,624)

(6,705)

1,081

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Ziggo

Bond

Co.

....

5.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

B-

EUR

2,280

337,318

337,810

(492)

Altice

France

......

5.00

Quarterly

Credit

Suisse

International

12/20/25

EUR

1,610

113,670

101,699

11,971

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

1,000

70,602

82,920

(12,318)

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

1,021

72,085

84,662

(12,577)

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

1,170

82,605

99,699

(17,094)

Altice

France

......

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

10,900

769,565

686,974

82,591

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BBB

USD

2,000

11,242

9,943

1,299

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

USD

2,000

389,831

365,334

24,497

CMA

CGM

........

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B-

EUR

1,790

(189,037)

(135,239)

(53,798)

CMA

CGM

........

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

B-

EUR

1,570

(165,803)

(109,731)

(56,072)

International

Business

Machines

Corp.

.....

1.00

Quarterly

BNP

Paribas

12/20/25

USD

4,250

120,975

120,645

330

International

Business

Machines

Corp.

.....

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

USD

4,650

132,360

141,579

(9,219)

International

Game

Technology

plc

.....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

1,340

52,913

92,082

(39,169)

International

Game

Technology

plc

.....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

EUR

600

23,693

34,559

(10,866)

Intrum

...........

5.00

Quarterly

Citibank

12/20/25

EUR

1,560

7,250

47,047

(39,797)

Kraft

Heinz

Foods

Co.

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BB+

USD

1,030

(507)

(1,019)

512

Kraft

Heinz

Foods

Co.

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BB+

USD

1,500

(738)

1,486

(2,224)

Loxam

SAS

.........

5.00

Quarterly

Barclays

Bank

plc

12/20/25

CCC+

EUR

630

(91,503)

(76,497)

(15,006)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/25

CCC+

EUR

1,920

(278,867)

(255,933)

(22,934)

Mondelez

International,

Inc.

1.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/25

BBB

USD

4,650

153,587

158,574

(4,987)

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

12/20/25

BB+

USD

1,600

232,557

259,504

(26,947)

Rolls-Royce

plc

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

BB-

EUR

3,140

(565,117)

(562,311)

(2,806)

thyssenkrupp

......

1.00

Quarterly

Citibank

12/20/25

BB-

EUR

1,590

(285,842)

(288,245)

2,403

Yum!

Brands,

Inc.

.....

1.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

B+

USD

1,500

(12,502)

(741)

(11,761)

Ziggo

Bond

Co.

....

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

3,520

519,378

515,608

3,770

Ziggo

Bond

Co.

....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

B-

EUR

1,610

237,556

233,785

3,771

Ziggo

Bond

Co.

....

5.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

B-

EUR

1,570

202,968

202,278

690

11,711,910

7,323,475

4,388,435

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

(aa)

The

Fund

receives

the

total

return

portfolio

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

portfolio

short

positions

underlying

the

total

return

swap.

addition,

the

Fund

pays

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

minus

range)

used

determining

the

variable

rate

interest:

(b)

Amount

includes

$3,364

net

dividends

and

financing

fees.

OTC

Total

Return

Swaps

Paid

the

Fund

Received

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

...........

Monthly

month

LIBOR

minus

2.95%

Monthly

Citibank

11/27/20

USD

(47,252)

—

(47,252)

iShares

MSCI

India

ETF

Quarterly

month

LIBOR

minus

1.20%

Quarterly

Credit

Suisse

International

11/30/20

USD

(13,120)

—

(13,120)

ConocoPhillips

.....

Quarterly

month

LIBOR

minus

0.30%

Quarterly

Credit

Suisse

International

10/18/21

USD

24,754

—

24,754

(35,618)

–

(35,618)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Merrill

Lynch

International

Co.

(a)

02/15/23

14,504,525

(709,940)

(b)

13,791,221

2.2

(a)

Range:

20-65

basis

points

Benchmarks:

Euro

Interbank

Offer

Rate:

EUR

Week

Intercontinental

Exchange

LIBOR:

GBP

Week

USD

Month

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

values

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

Co.,

October

31,

2020,

expiration

date

02/15/23:

Value

Basket

Value

Reference

Entity

—

Long

Belgium

Telenet

Group

Holding

...

66,828

2,570,238

18.6

Brazil

SA,

ADR

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

629,896

806,267

5.8

Germany

Aroundtown

...........

205,456

985,503

7.2

Tele

Columbus

........

455,073

1,120,951

8.1

2,106,454

Value

Basket

Value

Italy

Telecom

Italia

SpA

........

9,439,670

3,436,114

24.9

UniCredit

SpA

...........

85,436

639,864

4.7

4,075,978

United

Kingdom

Arrow

Global

Group

plc

.....

1,300,236

2,112,307

15.3

ITV

plc

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

1,812,374

1,693,781

12.3

Liberty

Global

plc,

Class

...

79,158

1,502,419

10.9

5,308,507

United

States

Ardagh

Group

.........

50,996

840,414

6.1

Bausch

Health

Cos.,

Inc.

....

184,187

3,039,086

22.0

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.....

55,000

4,613,400

33.4

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Value

Basket

Value

United

States

(continued)

Southwest

Airlines

Co.

......

10,000

395,300

2.9

8,888,200

Total

Reference

Entity

—

Long

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

23,755,644

Reference

Entity

—

Short

United

Kingdom

EnQuest

plc

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

(2,045,774)

(252,929)

(1.8)

Value

Basket

Value

United

States

Allegiant

Travel

Co.

........

(5,000)

(673,800)

(4.9)

CommScope

Holding

Co.,

Inc.

(273,460)

(2,433,794)

(17.7)

iShares

MSCI

Brazil

ETF

....

(50,000)

(1,343,000)

(9.7)

iShares

Russell

2000

ETF

...

(30,000)

(4,592,700)

(33.3)

Uber

Technologies,

Inc.

.....

(20,000)

(668,200)

(4.8)

(9,711,494)

Total

Reference

Entity

—

Short

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

(9,964,423)

Net

Value

Reference

Entity

—

Merrill

Lynch

International

Co.

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

13,791,221

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

day

Fed

Funds

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

day

Fed

Funds

0.09

day

SOFR

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

Secured

Overnight

Financing

Rate

1.04

month

LIBOR

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

London

Interbank

Offered

Rate

0.14

month

LIBOR

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

London

Interbank

Offered

Rate

0.22

Glossary

Terms

Used

this

Report

Currency

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

S&P

Standard

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

Poor’s

Depositary

Receipts

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

(unaudited)

(continued)

October

31,

2020

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

•

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access

•

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs)

•

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

determining

the

fair

value

financial

instruments)

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/or

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

disclosure

hierarchy.

The

breakdown

the

Fund's

investments

into

major

BlackRock Funds IV NPORT-PBlackRock Global Long/Short Credit Fund (Oct 2020 report)