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

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-23341

Name of Fund: 

BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds IV, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 07/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

 Not Applicable

JULY

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

Despite

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

July

31,

2023,

the

resilience

of

the

U.S.

economy

in

the

face

of

ever

tighter

financial

conditions

provided

an

encouraging

backdrop

for

investors.

While

inflation

was

near

multi-decade

highs

at

the

beginning

of

the

period,

it

declined

precipitously

as

commodity

prices

dropped.

Labor

shortages

also

moderated,

although

wages

continued

to

grow

and

unemployment

rates

reached

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

Equity

returns

were

solid,

as

the

durability

of

consumer

sentiment

eased

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

Most

major

classes

of

equities

advanced,

including

large-

and

small-capitalization

U.S.

stocks

and

equities

from

developed

and

emerging

markets.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-

grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

seven

times

during

the

12-month

period

ended

July

31,

2023.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

its

June

2023

meeting,

the

first

time

it

paused

its

tightening

in

the

current

cycle,

before

again

raising

rates

in

July

2023.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

a

pause,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

to

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near-term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

in

the

near-term

as

growth

trends

for

emerging

markets

appear

brighter.

We

also

believe

that

stocks

with

an

A.I.

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

We

are

neutral

on

credit

overall

amid

tightening

credit

and

financial

conditions;

however,

there

are

selective

opportunities

in

the

near

term.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

U.S.

mortgage-backed

securities,

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

July

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

13.52%

13.02%

U.S.

small

cap

equities

(Russell

2000

®

Index)

4.51

7.91

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

6.65

16.79

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

3.26

8.35

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.34

3.96

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(2.08)

(7.56)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(1.02)

(3.37)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

0.20

0.93

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.92

4.42

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summary

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

4

The

Benefits

and

Risks

of

Leveraging

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

7

About

Fund

Performance 

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

7

Disclosure

of

Expenses

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

8

Derivative

Financial

Instruments

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

8

Financial

Statements:

Schedule

of

Investments

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

9

Statement

of

Assets

and

Liabilities

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

42

Statement

of

Operations

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

45

Statements

of

Changes

in

Net

Assets

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

46

Financial

Highlights

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

47

Notes

to

Financial

Statements

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

51

Report

of

Independent

Registered

Public

Accounting

Firm

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

65

Important

Tax

Information

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

66

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

67

Trustee

and

Officer

Information

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

70

Additional

Information

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

73

Glossary

of

Terms

Used

in

this

Report

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

75

Fund

Summary

as

of

July

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Global

Long/Short

Credit

Fund

Investment

Objective

BlackRock

Global

Long/Short

Credit

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

absolute

total

returns

over

a

complete

market

cycle.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

July

31,

2023,

the

Fund

underperformed

its

benchmark,

the

ICE

BofA

3-month

U.S.

Treasury

Bill

Index.

The

Fund

is

not

managed

specifically

to

a

benchmark

due

to

the

nature

of

its

strategy,

so

the

index

return

listed

above

is

for

reference

purposes

only.

What

factors

influenced

performance?

The

Fund’s

European

Traditional

strategies

and

U.S.

Absolute

Return

strategies

were

the

leading

positive

drivers

of

performance.

The

U.S.

Traditional

and

Carry

strategies

also

contributed,

as

did

European

Absolute

Return

strategies.

European

and

U.S.

risk-management

strategies

were

the

largest

detractors.

The

Fund

used

derivatives,

including

currency

forward

contracts,

futures

and

swaps,

in

order

to

manage

its

positioning

in

an

efficient

manner.

Positions

in

derivatives,

primarily

used

as

part

of

the

Fund’s

risk-management

strategies,

detracted

from

performance.

The

Fund’s

cash

position

did

not

materially

impact

performance.

Describe

recent

portfolio

activity.

The

investment

adviser

increased

the

Fund’s

overall

net

long

positioning

over

the

course

of

the

period.

It

also

moved

duration

(interest

rate

sensitivity)

to

the

top

end

of

its

target

range

in

response

to

the

large

increase

in

prevailing

yields

and

continued

challenges

in

the

macroeconomic

backdrop.

The

investment

adviser

entered

the

period

with

a

generally

negative

view

on

the

U.S.

economy,

but

became

more

optimistic

as

2023

progressed

given

that

growth

data

continued

to

exceed

expectations.

The

investment

adviser

reduced

the

Fund’s

position

in

U.S.

corporate

bonds

in

favor

of

AAA

rated

collateralized

loan

obligations.

The

investment

adviser

believed

certain

segments

of

the

European

corporate

bond

market

remained

attractive.

It

reduced

the

Fund’s

long

positions

in

securities

with

greater

sensitivity

to

the

region’s

economic

growth

and

rotated

into

select

investment-grade

and

high

yield

issuers,

with

a

tilt

in

favor

of

the

latter.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

positioned

with

a

preference

for

short-dated

investment-grade

corporates.

It

also

held

high-quality

securitized

assets,

particularly

aviation-related

securities

with

above-average

yields

and

lower

sensitivity

to

market

movements.

The

adviser

believes

this

area

offers

a

favorable

risk-reward

profile

at

a

time

of

macroeconomic

uncertainty.

The

investment

adviser

reduced

the

position

in

senior

loans

in

favor

of

fixed-rate

high

yield

bonds

on

the

view

that

the

former

category

could

come

under

some

pressure

in

the

months

ahead.

It

also

aimed

to

build

a

lower-volatility

portfolio

in

Europe

via

a

high-quality

bias.

The

investment

manager

believed

that

taking

on

risk

in

Europe

over

the

first

half

of

the

period

was

not

compelling.

While

fundamentals

in

the

region

remained

uneven,

robust

investor

demand

continued

to

support

the

category’s

performance.

The

investment

adviser

continues

to

monitor

market

conditions

closely.

The

Fund’s

cash

position

was

above

typical

levels

due

to

continued

market

volatility.

The

investment

adviser

believed

the

performance

dispersion

in

the

credit

markets

was

likely

to

persist

as

the

economy

slows

and

financial

conditions

tighten

due

to

the

lagged

effects

of

monetary

policy.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

July

31,

2023

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

GROWTH

OF

$10,000

INVESTMENT

Performance

N/A

—

Not

Applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund

seeks

to

provide

absolute

total

returns

over

a

complete

market

cycle

through

diversified

long

and

short

exposure

to

the

global

fixed-income

markets.

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

total

assets

in

credit-related

instruments.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Global

Long/Short

Credit

Fund

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

SM

,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

March

1,

2021,

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”).

Historical

index

data

prior

to

March

1,

2021

is

for

the

3pm

pricing

variant

of

the

lndex.

Index

data

on

and

after

March

1,

2021

is

for

the

4pm

pricing

variant

of

the

Index.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

6.15‌%

5.99‌%

2.88‌%

N/A‌

1.72‌%

N/A‌

1.78‌%

N/A‌

Investor

A

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

5.70‌

5.48‌

2.76‌

(1.35‌)%

1.47‌

0.65‌%

1.53‌

1.11‌%

Investor

C

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

5.19‌

5.00‌

1.84‌

0.89‌

0.68‌

0.68‌

0.92‌

0.92‌

Class

K

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

6.21‌

6.08‌

2.98‌

N/A‌

1.80‌

N/A‌

1.85‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

...

—‌

—‌

3.96‌

N/A‌

1.60‌

N/A‌

1.03‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

seeks

to

provide

absolute

total

returns

over

a

complete

market

cycle

through

diversified

long

and

short

exposure

to

the

global

fixed-income

markets.

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

total

assets

in

credit-related

instruments.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Funds

SM

,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

Fund

Summary

as

of

July

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Global

Long/Short

Credit

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(02/01/23)

Ending

Account

Value

(07/31/23)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(02/01/23)

Ending

Account

Value

(07/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(07/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

$

1,000.00‌

$

1,024.40‌

$

7.58‌

$

5.97‌

$

1,000.00‌

$

1,017.31‌

$

7.55‌

$

1,018.89‌

$

5.96‌

1.51‌%

1.19‌%

Investor

A

.....

1,000.00‌

1,023.20‌

8.68‌

7.02‌

1,000.00‌

1,016.22‌

8.65‌

1,017.85‌

7.00‌

1.73‌

1.40‌

Investor

C

.....

1,000.00‌

1,018.70‌

12.36‌

10.76‌

1,000.00‌

1,012.55��

12.33‌

1,014.13‌

10.74‌

2.47‌

2.15‌

Class

K

......

1,000.00‌

1,025.60‌

7.13‌

5.52‌

1,000.00‌

1,017.75‌

7.10‌

1,019.34‌

5.51‌

1.42‌

1.10‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

45.9‌

%

3.1‌

%

49.0‌

%

United

Kingdom

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

11.4‌

0.8‌

12.2‌

Ireland

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

6.2‌

—‌

6.2‌

Cayman

Islands

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

4.7‌

—‌

4.7‌

France

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

4.2‌

—‌

4.2‌

Italy

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

3.8‌

0.2‌

4.0‌

Germany

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

3.2‌

0.2‌

3.4‌

Luxembourg

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

2.5‌

—‌

2.5‌

Spain

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

2.2‌

—‌

2.2‌

Netherlands

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

1.4‌

—‌

1.4‌

Israel

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

1.3‌

—‌

1.3‌

Portugal

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

1.0‌

—‌

1.0‌

Other

(b)

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

7.6‌

0.3‌

7.9‌

Total

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

95.4‌%

4.6‌%

100.0‌%

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(d)

AAA/Aaa

(e)

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

13.0‌

%

AA/Aa

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

0.3‌

A

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

2.5‌

BBB/Baa

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

16.5‌

BB/Ba

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

25.7‌

B

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

24.2‌

CCC/Caa

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

4.5‌

CC/Ca

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

0.3‌

C

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

0.1‌

NR

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

12.9‌

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

Excludes

short-term

securities,

options

purchased,

options

written

and

borrowed

bonds

and

investments

sold

short.

(e)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

The

Benefits

and

Risks

of

Leveraging

7

The

Benefits

and

Risks

of

Leveraging

/

About

Fund

Performance

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

About

Fund

Performance 

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Institutional

Shares.

The

performance

of

the

Fund’s

Class

K

Shares

would

be

substantially

similar

to

I

nstitutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.  

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

4.00

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at 

NAV

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund’s

performance

would

have

been

lower.

With

respect

to

the

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

2023

BlackRock

Annual

Report

to

Shareholders

8

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Schedule

of

Investments

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

4.5%

(a)(b)

ACAS

CLO

Ltd.,

Series

2015-1A,

Class

AR3,

(3-mo.

LIBOR

USD

at

0.89%

Floor

+

0.89%),

6.46%,

10/18/28

.

USD

752

$

747,696

Allegro

CLO

V

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.52%,

10/16/30

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

471

467,234

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.67%,

07/16/31

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

250

248,474

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

1.06%),

6.65%,

04/20/31

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

249

247,668

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.54%,

10/20/30

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

250

247,891

Apidos

CLO

XXV

Ltd.,

Series

2016-

25A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.17%

Floor

+

1.17%),

6.76%,

10/20/31

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

250

248,430

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.93%

Floor

+

0.93%),

6.50%,

07/17/30

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

467

463,839

Bain

Capital

Credit

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

0.96%),

6.57%,

04/23/31

..

993

985,371

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A1R2,

(3-

mo.

LIBOR

USD

at

1.13%

Floor

+

0.87%),

6.44%,

07/15/29

.......

265

262,710

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.52%,

10/15/30

.......

224

222,737

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.18%),

6.79%,

10/22/30

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

1,604

1,596,860

Series

2015-3A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.59%,

04/20/31

....

241

239,447

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2013-3A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.67%,

10/15/30

..........

1,114

1,111,227

Series

2013-4A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.57%,

01/15/31

....

238

237,668

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.54%,

04/17/31

....

1,739

1,728,636

Series

2014-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.37%,

05/15/31

....

246

244,626

Series

2014-3RA,

Class

A1A,

(3-mo.

LIBOR

USD

+

1.05%),

6.67%,

07/27/31

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

248

246,470

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

07/20/31

...

237

235,578

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Carlyle

US

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.02%),

6.61%,

04/20/31

.......

USD

745

$

738,350

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.57%,

04/20/31

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

1,250

1,242,089

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.59%,

01/20/31

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

986

979,463

CIFC

Funding

Ltd.

Series

2013-2A,

Class

A1L2,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.57%,

10/18/30

....

734

730,954

Series

2014-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.66%,

04/24/30

....

905

899,761

Series

2015-3A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.45%,

04/19/29

....

208

207,399

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.61%,

04/23/29

....

1,678

1,670,377

Series

2017-2A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.54%,

04/20/30

....

727

721,663

Series

2017-4A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.56%,

10/24/30

....

468

464,681

Series

2018-2A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.04%),

6.63%,

04/20/31

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

1,000

994,980

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.82%

Floor

+

0.82%),

6.14%,

11/15/28

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

710

707,062

Dryden

36

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.59%,

04/15/29

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

1,118

1,111,715

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.54%,

04/15/31

.......

244

240,726

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.52%,

07/18/30

.......

465

463,656

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.52%,

08/15/30

.......

904

901,293

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.52%,

04/17/31

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

233

231,473

Galaxy

XVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.67%,

07/15/31

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

1,500

1,493,431

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

04/20/31

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

246

244,764

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Galaxy

XXI

CLO

Ltd.,

Series

2015-21A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.28%),

6.61%,

04/20/31

.....

USD

247

$

244,899

Galaxy

XXIII

CLO

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.48%,

04/24/29

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

534

531,001

Galaxy

XXV

CLO

Ltd.,

Series

2018-

25A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.41%),

6.76%,

10/25/31

250

248,143

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

A,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.34%,

05/16/31

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

1,000

991,110

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.30%),

6.87%,

07/15/31

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

250

249,375

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.76%,

01/22/31

.

2,947

2,927,263

Generate

CLO

4

Ltd.,

Series

4A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.09%),

6.68%,

04/20/32

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

244

241,912

Madison

Park

Funding

XLI

Ltd.,

Series

12A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.83%),

6.44%,

04/22/27

.....

1,352

1,345,763

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.60%,

07/21/30

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

241

239,342

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

ARR,

(3-

mo.

LIBOR

USD

at

0.94%

Floor

+

0.94%),

6.54%,

10/21/30

.......

492

488,529

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-23A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.59%,

07/27/31

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

733

728,447

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.58%,

04/25/29

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

970

965,763

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.20%),

6.83%,

07/29/30

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

1,962

1,956,110

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.49%,

10/15/29

.......

729

725,240

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-17A,

Class

AR2,

(3-

mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.64%,

04/22/29

.......

712

707,893

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.92%

Floor

+

0.92%),

6.49%,

10/18/30

.......

487

484,361

OCP

CLO

Ltd.

Series

2017-13A,

Class

A1AR,

(3-

mo.

LIBOR

USD

at

0.96%

Floor

+

0.96%),

6.53%,

07/15/30

....

985

975,593

Series

2017-14A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.53%,

11/20/30

.....

249

247,370

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2019-17A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

6.63%,

07/20/32

...

USD

500

$

493,994

Octagon

Investment

Partners

30

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.00%),

6.59%,

03/17/30

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

236

234,585

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.52%,

07/15/29

.......

224

222,730

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.26%

Floor

+

1.19%),

6.78%,

01/20/31

.......

243

241,754

Octagon

Investment

Partners

36

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.54%,

04/15/31

.......

607

603,727

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.52%,

07/15/29

.......

1,001

997,551

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.55%,

07/19/30

.......

919

914,461

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.59%,

07/17/30

.......

1,000

990,700

OZLM

VII

Ltd.,

Series

2014-7RA,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.58%,

07/17/29

.

1,062

1,053,562

Palmer

Square

CLO

Ltd.

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.29%

Floor

+

1.03%),

6.60%,

04/18/31

....

472

469,998

Series

2020-3A,

Class

A1AR,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.40%,

11/15/31

.....

250

248,226

Palmer

Square

Loan

Funding

Ltd.

Series

2020-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.18%,

02/20/28

....

56

56,140

Series

2021-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.16%

Floor

+

0.90%),

6.49%,

04/20/29

....

110

109,853

Series

2021-2A,

Class

A1,

(3-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

6.18%,

05/20/29

....

143

141,856

Series

2021-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.06%

Floor

+

0.80%),

6.37%,

10/15/29

....

180

178,181

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.79%,

07/24/31

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

250

248,407

Regatta

Funding

LP,

Series

2013-2A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

0.85%

Floor

+

1.11%),

6.42%,

01/15/29

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

283

282,056

Regatta

XI

Funding

Ltd.,

Series

2018-

1A,

Class

A,

(3-mo.

LIBOR

USD

+

1.07%),

6.64%,

07/17/31

.......

248

247,515

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.62%,

04/20/31

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

USD

1,959

$

1,941,447

Shackleton

CLO

Ltd.,

Series

2017-10A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.15%),

6.48%,

04/20/29

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

192

190,391

Signal

Peak

CLO

5

Ltd.,

Series

2018-

5A,

Class

A,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.72%,

04/25/31

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

237

235,355

Stratus

CLO

Ltd.,

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.49%,

12/28/29

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

196

194,328

Symphony

CLO

XV

Ltd.,

Series

2014-

15A,

Class

AR3,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.65%,

01/17/32

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

500

493,528

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.41%,

01/17/32

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

213

210,574

49,125,432

Ireland

—

5.3%

(b)(c)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

4.60%

Floor

+

4.60%),

8.26%,

07/15/35

.

EUR

1,695

1,769,385

Aqueduct

European

CLO

DAC,

Series

2022-7X,

Class

A,

(3-mo.

EURIBOR

at

2.05%

Floor

+

2.05%),

5.25%,

03/15/36

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

2,002

2,202,917

Aurium

CLO

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

4.39%,

01/16/31

.......

898

971,389

Aurium

CLO

VIII

DAC,

Series

8X,

Class

A,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.42%,

06/23/34

.....

1,500

1,604,714

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(3-mo.

EURIBOR

at

4.70%

Floor

+

4.70%),

8.36%,

01/12/31

....

1,970

1,953,110

Series

14X,

Class

FR,

(3-mo.

EURIBOR

at

6.35%

Floor

+

6.35%),

10.01%,

01/12/31

....

2,200

2,091,708

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

609,816

Avoca

CLO

XV

DAC

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

7.79%,

04/15/31

....

1,765

1,695,308

Series

15X,

Class

FR,

(3-mo.

EURIBOR

at

5.84%

Floor

+

5.84%),

9.50%,

04/15/31

....

3,425

3,096,765

Bridgepoint

CLO

IV

DAC,

Series

4X,

Class

A,

(3-mo.

EURIBOR

at

2.20%

Floor

+

2.20%),

5.91%,

01/20/37

.

4,000

4,401,527

Capital

Four

CLO

V

DAC,

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.84%

Floor

+

1.84%),

5.33%,

04/25/36

.

2,968

3,245,913

CIFC

European

Funding

CLO

IV

DAC,

Series

4X,

Class

A,

4.61%,

08/18/35

2,800

2,992,387

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

at

0.79%

Floor

+

0.79%),

4.45%,

04/15/34

.

4,400

4,711,017

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.68%,

12/15/34

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

EUR

400

$

400,935

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

A,

5.68%,

08/15/36

(d)

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

4,800

5,279,991

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

11.73%,

07/15/32

788

770,500

Invesco

Euro

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

4.76%,

04/20/36

.

3,000

3,276,036

Margay

CLO

I

DAC

Series

1X,

Class

A,

5.80%,

07/15/36

2,928

3,234,752

Series

1X,

Class

D,

10.25%,

07/15/36

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

285

316,966

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.18%,

04/17/34

.......

438

433,166

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(3-mo.

EURIBOR

at

5.66%

Floor

+

5.66%),

8.98%,

05/15/34

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

280

265,657

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.06%,

01/15/32

1,000

960,626

Palmer

Square

European

CLO

DAC

Series

2023-1X,

Class

A,

5.75%,

07/15/36

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

4,700

5,171,933

Series

2023-1X,

Class

D,

10.05%,

07/15/36

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

1,036

1,145,429

Tikehau

CLO

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.70%,

10/20/35

.......

4,500

4,944,482

57,546,429

United

Kingdom

—

0.4%

Greene

King

Finance

plc,

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

6.88%,

12/15/34

(b)

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

GBP

1,518

1,441,624

Unique

Pub

Finance

Co.

plc

(The)

(c)(e)

Series

M,  7.39%,

03/28/24

.....

163

207,782

Series

N,  6.46%,

03/30/32

.....

1,575

1,998,488

3,647,894

United

States

—

0.1%

(a)(b)

522

Funding

CLO

Ltd.,

Series

2018-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.63%,

10/20/31

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

USD

250

249,152

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.27%,

08/14/30

.......

228

226,591

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.30%,

05/15/30

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

381

378,315

GoldenTree

Loan

Opportunities

X

Ltd.,

Series

2015-10A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.12%

Floor

+

1.12%),

6.71%,

07/20/31

.......

250

249,229

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.29%),

6.60%,

04/15/31

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

USD

250

$

248,162

1,351,449

Total

Asset-Backed

Securities

—

10.3%

(Cost:

$113,989,100)

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

111,671,204

Shares

Shares

Common

Stocks

Canada

—

0.0%

CTC

Triangle

BV

(d)(f)

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

1,318,669

14

Germany

—

0.0%

(f)

ADLER

Group

SA

(a)(c)

...........

129,055

95,212

ADLER

Group

SA

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

58,283

41,530

136,742

Luxembourg

—

0.0%

Codere

New

Topco

SA

(d)(f)(g)

.......

59,465

1

United

Kingdom

—

0.0%

(f)

Genius

Sports

Ltd.

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

48,779

382,427

NEW

Look

Retailers

(d)

...........

2,879,698

37

382,464

United

States

—

0.9%

Ascent

Resources

Marcellus

Holdings

LLC

(f)

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

86,655

86,655

Astra

Space,

Inc.,

Class

A

(f)

.......

45,693

18,734

Caesars

Entertainment,

Inc.

(f)

......

1,918

113,200

California

Resources

Corp.

.......

6,541

348,962

Chesapeake

Energy

Corp.

.......

2,372

200,054

Citigroup,

Inc.

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

1,884

89,791

Crown

PropTech

Acquisitions

(d)(f)

....

11,148

7,581

Crown

PropTech

Acquisitions,

Class

A

(f)

6,461

66,742

DiamondRock

Hospitality

Co.

......

32,659

277,602

Element

Solutions,

Inc.

..........

10,185

213,478

Equitrans

Midstream

Corp.

.......

15,000

155,550

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

12/15/21,

cost

$1,041,005)

(d)(f)(h)

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

15,345

1,185,862

Forestar

Group,

Inc.

(f)

...........

3,741

110,285

Green

Plains,

Inc.

(f)

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

11,567

410,744

Halliburton

Co.

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

5,872

229,478

HawkEye

360,

Inc.

(d)(f)

...........

34,579

386,410

Informatica,

Inc.,

Class

A

(f)

........

117,758

2,242,112

KINS

Technology

Group,

Inc.

(d)(f)

....

10,167

52,969

Latch,

Inc.

(f)

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

31,344

54,539

Lions

Gate

Entertainment

Corp.,

Class

A

(f)

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

15,865

121,843

Marathon

Petroleum

Corp.

.......

1,442

191,815

Mr

Cooper

Group,

Inc.

(f)

.........

3,902

226,199

New

Look

Builders,

Inc.

(d)(f)

.......

11,518,792

115

Park

Hotels

&

Resorts,

Inc.

.......

15,408

210,011

Phillips

66

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

2,068

230,685

Playstudios,

Inc.

(f)

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

50,453

248,733

Proof

Acquisition

Corp.

I

(d)(f)

.......

6,703

7,574

Sarcos

Technology

&

Robotics

Corp.

(f)

35,000

63,001

Sarcos

Technology

&

Robotics

Corp.

(f)

879

1,336

Sarcos

Technology

&

Robotics

Corp.

(f)

2,874

5,173

Service

Properties

Trust

.........

24,354

206,765

Sonder

Holdings,

Inc.,

Class

A

(f)

....

47,852

28,233

Security

Shares

Shares

Value

United

States

(continued)

Sunstone

Hotel

Investors,

Inc.

.....

14,058

$

143,251

Symbotic

Corp.,

Class

A

(f)

........

11,176

710,123

Texas

Capital

Bancshares,

Inc.

(f)

....

903

57,657

Transocean

Ltd.

(f)

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

35,896

315,885

Xenia

Hotels

&

Resorts,

Inc.

......

18,007

228,689

9,247,836

Total

Common

Stocks

—

0.9%

(Cost:

$22,130,575)

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

9,767,057

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.1%

FMG

Resources

August

2006

Pty.

Ltd.

(a)

4.38%,

04/01/31

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

USD

134

115,229

6.13%,

04/15/32

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

492

472,365

587,594

Austria

—

0.6%

(c)

ams-OSRAM

AG

(i)

0.00%,

03/05/25

(j)

...........

EUR

3,200

2,700,372

2.13%,

11/03/27

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

1,600

1,240,674

Erste

Group

Bank

AG,

(3-mo.

EURIBOR

+

1.25%),

4.25%

,

05/30/30

(b)

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

2,300

2,535,981

6,477,027

Belgium

—

0.1%

Solvay

SA,

(5-Year

EUR

Swap

Annual

+

2.98%),

2.50%

(b)(c)(k)

.........

1,100

1,115,754

Brazil

—

0.1%

Embraer

Netherlands

Finance

BV,

7.00%

,

07/28/30

(a)

...........

USD

200

202,120

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

193

124,405

Suzano

Austria

GmbH

3.75%,

01/15/31

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

150

128,257

Series

DM3N,

3.13%,

01/15/32

..

120

96,214

550,996

Canada

—

0.0%

(a)

Brookfield

Residential

Properties,

Inc.,

5.00%

,

06/15/29

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

115

95,450

Garda

World

Security

Corp.,

7.75%

,

02/15/28

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

32

31,832

Mattamy

Group

Corp.

5.25%,

12/15/27

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

35

33,095

4.63%,

03/01/30

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

252

221,053

381,430

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

6.00%

,

(c)(k)

....

191

1,027

Chile

—

0.0%

Kenbourne

Invest

SA

(a)

6.88%,

11/26/24

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

229

198,845

4.70%,

01/22/28

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

200

141,158

340,003

China

—

0.6%

(c)

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(f)(i)(l)

.....

EUR

7,100

6,632,017

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%

,

04/17/22

(b)(f)(l)

.........

USD

200

10,500

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

China

(continued)

Modern

Land

China

Co.

Ltd.,

9.00%

,

(9.00%

Cash

or

11.00%

PIK),

12/30/26

(b)(f)(l)(m)

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

USD

238

$

6,422

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

152

46,760

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

(b)(f)(l)

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

200

2,000

6,697,699

Colombia

—

0.1%

ABRA

Global

Finance,

11.50%

,

(11.50%

Cash

or

11.50%

PIK),

03/02/28

(a)(m)

386

317,516

Avianca

Midco

2

plc,

9.00%

,

12/01/28

(a)

116

101,344

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

171,450

SURA

Asset

Management

SA,

4.88%

,

04/17/24

(c)

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

231

226,523

816,833

Cyprus

—

0.1%

Bank

of

Cyprus

PCL

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%,

06/24/27

(b)(c)

..

EUR

1,110

1,073,992

Czech

Republic

—

0.2%

Allwyn

Entertainment

Financing

UK

plc

7.25%,

04/30/30

(c)

...........

1,944

2,177,505

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

200

196,366

France

—

3.0%

Altice

France

SA

(c)

2.50%,

01/15/25

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

EUR

2,200

2,141,331

4.25%,

10/15/29

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

1,110

839,056

Atos

SE

(c)

0.00%,

11/06/24

(i)(j)

..........

2,500

2,306,940

1.75%,

05/07/25

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

100

86,195

BNP

Paribas

SA,

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

(b)(k)

...

1,163

930,667

Casino

Guichard

Perrachon

SA

(b)(f)(k)(l)

(10-Year

EURIBOR

ICE

Swap

Rate  at

9.00%

Cap

+

1.00%),

4.02%

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

7,464

26,180

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.82%),

3.99%

(c)

..........

7,500

28,037

Clariane

SE

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(c)(k)

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

GBP

3,200

3,271,003

Credit

Agricole

SA,

4.88%

,

10/23/29

(c)

1,400

1,712,026

Eutelsat

SA

(c)

2.00%,

10/02/25

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

EUR

800

804,651

1.50%,

10/13/28

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

1,800

1,510,518

Goldstory

SAS,

5.38%

,

03/01/26

(c)

..

1,433

1,512,623

Iliad

SA

(c)

5.38%,

06/14/27

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

2,200

2,418,416

5.63%,

02/15/30

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

500

544,253

La

Financiere

Atalian

SASU

(c)

4.00%,

05/15/24

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

1,252

1,006,903

5.13%,

05/15/25

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

1,763

1,366,585

RCI

Banque

SA,

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%

,

02/18/30

(b)

(c)

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

6,400

6,580,815

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$335,754)

(b)(d)(h)

...

342

376,029

Societe

Generale

SA,

(5-Year

USD

Swap

Semi

+

4.30%),

7.38%

(a)(b)(k)

.

USD

1,663

1,642,438

Security

Par

(000)

Par

(000)

Value

France

(continued)

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.00%),

7.25%

(b)(c)(k)

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

EUR

1,100

$

1,090,552

Vallourec

SA,

8.50%

,

06/30/26

(c)

....

1,812

2,002,255

32,197,473

Germany

—

2.7%

ADLER

Group

SA,

2.00%

,

11/23/23

(c)(e)(f)

(i)(l)

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

800

791,640

Agps

Bondco

plc

(c)

6.00%,

08/05/25

(f)(l)

..........

1,900

799,062

5.50%,

11/13/26

(b)(f)(l)

.........

700

250,136

5.00%,

04/27/27

(f)(l)

..........

1,900

658,051

5.00%,

01/14/29

(b)

...........

2,000

626,715

Aroundtown

SA

(c)

(5-Year

GBP

Swap

+

4.38%),

4.75%

(b)(k)

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

GBP

2,097

989,549

2.00%,

11/02/26

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

EUR

1,000

924,954

0.38%,

04/15/27

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

1,500

1,222,546

1.45%,

07/09/28

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

3,200

2,455,182

AT

Securities

BV,

(5-Year

USD

Swap

Semi

+

3.55%),

7.75%

(b)(c)(k)

.....

USD

3,250

1,439,425

ATF

Netherlands

BV,

(5-Year

EUR

Swap

Annual

+

4.38%),

7.08%

(b)(c)(k)

EUR

1,200

583,834

Cheplapharm

Arzneimittel

GmbH,

4.38%

,

01/15/28

(c)

...........

1,071

1,089,659

Commerzbank

AG,

(3-mo.

EURIBOR

+

2.40%),

5.13%

,

01/18/30

(b)(c)

....

1,000

1,104,355

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

(c)

...

1,600

1,195,584

Deutsche

Bank

AG

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(k)

.........

1,200

1,345,036

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.30%),

4.00%,

06/24/32

....

4,100

4,066,279

HT

Troplast

GmbH,

9.38%

,

07/15/28

(c)

1,276

1,400,829

Lanxess

AG,

12.25%

,

06/20/30

(b)(d)

..

400

431,554

Renk

AG,

5.75%

,

07/15/25

(c)

......

780

853,039

Sudzucker

International

Finance

BV,

1.25%

,

11/29/23

(c)

...........

135

146,908

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

(c)

.......

636

687,551

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

,

07/15/25

(c)

.......

1,002

1,059,046

Tele

Columbus

AG,

3.88%

,

05/02/25

(c)

5,303

3,585,965

TK

Elevator

US

Newco,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

240

224,437

ZF

Finance

GmbH,

5.75%

,

08/03/26

(c)

EUR

1,200

1,339,492

29,270,828

Ghana

—

0.3%

Tullow

Oil

plc,

10.25%

,

05/15/26

(a)

..

USD

4,125

3,357,915

Greece

—

0.2%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

1,731

1,749,106

India

—

0.1%

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

188

170,862

Natural

Foods,

0.00%

,

10/13/29

(b)(d)

..

EUR

993

1,056,639

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(c)

..........

USD

200

178,192

8.95%,

03/11/25

(a)

...........

240

157,836

1,563,529

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.0%

Freeport

Indonesia

PT,

4.76%

,

04/14/27

(c)

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

USD

239

$

231,204

JGC

Ventures

Pte.

Ltd.

(m)

0.00%,

(0.00%

Cash

or

3.00%

PIK),

06/30/25

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

28

5,399

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(b)(c)(f)(l)

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

597

141,633

378,236

Ireland

—

0.3%

Bank

of

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(b)(c)(k)

EUR

2,808

3,056,522

Israel

—

1.2%

Energian

Israel

Finance

Ltd.,

8.50%

,

09/30/33

(a)(c)

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

USD

181

181,634

Leviathan

Bond

Ltd.,

6.75%

,

06/30/30

(a)

(c)

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

145

135,811

Teva

Pharmaceutical

Finance

Netherlands

II

BV

7.38%,

09/15/29

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

EUR

2,788

3,118,039

7.88%,

09/15/31

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

893

1,019,694

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.88%,

09/15/29

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

USD

5,728

5,937,187

8.13%,

09/15/31

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

2,500

2,638,675

13,031,040

Italy

—

3.5%

Azzurra

Aeroporti

SpA

(c)

2.13%,

05/30/24

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

EUR

4,583

4,898,128

2.63%,

05/30/27

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

992

980,696

Banco

BPM

SpA

(b)(c)

(3-mo.

EURIBOR

+

2.80%),

6.00%,

06/14/28

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

3,575

3,960,421

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

....

937

909,929

Cedacri

Mergeco

SpA,

8.88%

,

05/15/28

(b)(c)

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

997

1,071,537

Engineering

-

Ingegneria

Informatica

-

SpA,

11.13%

,

05/15/28

(c)

.......

2,271

2,496,964

Fiber

Bidco

SpA,

11.00%

,

10/25/27

(c)

.

680

805,604

Infrastrutture

Wireless

Italiane

SpA,

1.63%

,

10/21/28

(c)

...........

2,604

2,521,021

Inter

Media

&

Communication

SpA,

6.75%

,

02/09/27

(c)

...........

426

453,125

Intesa

Sanpaolo

SpA

5.02%,

06/26/24

(a)

...........

USD

1,150

1,123,602

5.15%,

06/10/30

(c)

...........

GBP

950

1,016,116

Lottomatica

SpA

(c)

9.75%,

09/30/27

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

EUR

1,130

1,346,489

(3-mo.

EURIBOR

+

4.13%),

7.59%,

06/01/28

(b)

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

460

508,245

Nexi

SpA,

0.00%

,

02/24/28

(c)(i)(j)

....

3,500

2,967,081

Rekeep

SpA,

7.25%

,

02/01/26

(c)

....

1,899

1,976,997

Rossini

SARL,

6.75%

,

10/30/25

(c)

...

2,761

3,056,878

Telecom

Italia

SpA

(c)

2.38%,

10/12/27

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

763

708,329

6.88%,

02/15/28

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

2,226

2,420,849

7.88%,

07/31/28

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

1,018

1,137,479

1.63%,

01/18/29

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

2,605

2,176,962

UniCredit

SpA,

(3-mo.

EURIBOR

+

1.60%),

4.45%

,

02/16/29

(b)(c)

....

1,100

1,197,162

37,733,614

Security

Par

(000)

Par

(000)

Value

Japan

—

0.8%

Rakuten

Group,

Inc.

3.55%,

11/27/24

(c)

...........

USD

400

$

361,997

10.25%,

11/30/24

(a)

..........

200

199,539

SoftBank

Group

Corp.

(c)

2.13%,

07/06/24

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

EUR

5,062

5,384,785

3.13%,

09/19/25

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

1,250

1,301,313

4.00%,

09/19/29

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

240

231,909

3.88%,

07/06/32

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

1,503

1,330,926

8,810,469

Kuwait

—

0.0%

MEGlobal

BV

(c)

4.25%,

11/03/26

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

USD

200

191,335

2.63%,

04/28/28

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

200

174,810

366,145

Luxembourg

—

2.1%

Adler

Financing

SARL,

12.50%

,

(12.50%

Cash

or

12.50%

PIK),

06/30/25

(m)

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

EUR

2,887

3,217,836

Altice

Financing

SA,

3.00%

,

01/15/28

(c)

1,157

940,683

Cidron

Aida

Finco

SARL,

6.25%

,

04/01/28

(c)

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

GBP

1,951

2,184,579

Codere

New

Holdco

SA

7.50%,

11/30/27

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

EUR

1,514

124,836

7.50%,

11/30/27

(a)

...........

197

9,131

Cullinan

Holdco

Scsp,

4.63%

,

10/15/26

(c)

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

2,355

2,140,075

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

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

5,132

4,107,510

7.75%,

11/01/25

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

GBP

700

645,910

Kleopatra

Holdings

2

SCA,

6.50%

,

09/01/26

(c)

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

EUR

1,886

1,324,030

Monitchem

HoldCo

3

SA,

8.75%

,

05/01/28

(c)

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

993

1,069,260

SES

SA,

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

(b)(c)(k)

..........

2,687

2,533,361

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(c)

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

1,260

1,234,442

Vivion

Investments

SARL,

3.50%

,

11/01/25

(c)

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

4,500

3,468,373

23,000,026

Mexico

—

0.0%

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(k)

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

USD

200

171,500

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

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

200

127,004

Tierra

Mojada

Luxembourg

II

SARL,

5.75%

,

12/01/40

(c)

...........

183

160,301

458,805

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

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

238

217,018

Netherlands

—

1.0%

(c)

Cooperatieve

Rabobank

UA,

4.23%

,

04/25/29

(b)

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

EUR

2,400

2,633,549

Nobian

Finance

BV,

3.63%

,

07/15/26

780

735,400

Summer

BidCo

BV

(m)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)

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

1,936

1,882,063

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

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

EUR

726

$

710,384

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

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

4,916

4,341,021

10,302,417

Nigeria

—

0.0%

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(a)

.

USD

200

164,600

Oman

—

0.0%

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

(a)

200

195,798

Portugal

—

1.0%

Banco

Espirito

Santo

SA

(b)(c)(f)(l)

2.63%,

05/08/17

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

EUR

6,100

1,341,390

4.75%,

01/15/18

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

19,300

4,244,070

4.00%,

01/21/24

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

22,800

5,013,720

10,599,180

Romania

—

0.3%

RCS

&

RDS

SA,

2.50%

,

02/05/25

(c)

..

3,200

3,367,214

Singapore

—

0.0%

Puma

International

Financing

SA,

5.00%

,

01/24/26

(a)

...........

USD

200

182,124

Slovenia

—

0.1%

United

Group

BV,

4.88%

,

07/01/24

(c)

.

EUR

814

884,924

South

Africa

—

0.1%

Sasol

Financing

USA

LLC

6.50%,

09/27/28

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

USD

200

183,910

8.75%,

05/03/29

(a)

...........

201

200,498

Stillwater

Mining

Co.,

4.00%

,

11/16/26

(c)

200

179,880

564,288

South

Korea

—

0.7%

SK

Hynix,

Inc.,

6.38%

,

01/17/28

(a)

...

7,620

7,748,168

Spain

—

2.1%

Banco

de

Sabadell

SA

(b)(c)

(1-Year

EUR

Swap

Annual

+

2.40%),

5.25%,

02/07/29

....

EUR

800

879,741

(5-Year

EUR

Swap

Annual

+

2.20%),

2.00%,

01/17/30

....

600

609,639

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%,

04/15/31

....

1,600

1,565,512

Bankinter

SA,

4.38%

,

05/03/30

(b)(c)

..

1,300

1,431,477

CaixaBank

SA,

(5-Year

EUR

Swap

Annual

+

6.50%),

6.75%

(b)(c)(k)

....

1,200

1,301,430

Cellnex

Finance

Co.

SA

2.00%,

02/15/33

(c)

...........

4,000

3,484,298

3.88%,

07/07/41

(a)

...........

USD

1,000

723,280

Cellnex

Telecom

SA

(c)

1.75%,

10/23/30

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

EUR

2,000

1,806,408

0.75%,

11/20/31

(i)

...........

3,400

2,891,966

Cirsa

Finance

International

SARL

(c)

7.88%,

07/31/28

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

482

532,704

(3-mo.

EURIBOR

+

4.50%),

8.18%,

07/31/28

(b)

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

732

801,228

Codere

Finance

2

Luxembourg

SA

(b)(m)

11.00%,

(11.00%

Cash

or

11.00%

PIK),

09/30/26

(c)(e)

.........

2,373

2,138,711

12.75%,

(12.75%

Cash

or

12.75%

PIK),

11/30/27

(c)

...........

1,213

396,766

13.62%,

(13.62%

Cash

or

13.63%

PIK),

11/30/27

(a)

...........

USD

746

266,071

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

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

EUR

560

$

543,373

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(c)

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

1,057

1,088,130

Repsol

International

Finance

BV,

(5-

Year

EUR

Swap

Annual

+

4.41%),

4.25%

(b)(c)(k)

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

2,399

2,406,321

22,867,055

Sweden

—

0.3%

(c)

Heimstaden

Bostad

AB

(b)(k)

(5-Year

EUR

Swap

Annual

+

3.67%),

3.25%

...........

1,600

1,023,415

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

...........

124

61,588

Intrum

AB,

3.13%

,

07/15/24

.......

254

269,222

Samhallsbyggnadsbolaget

i

Norden

AB

(b)(k)

(5-Year

EUR

Swap

Annual

+

3.23%),

2.63%

...........

291

58,951

(5-Year

EUR

Swap

Annual

+

3.22%),

2.88%

...........

1,200

249,037

SBB

Treasury

OYJ

0.75%,

12/14/28

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

1,900

1,185,807

1.13%,

11/26/29

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

1,000

608,402

3,456,422

Switzerland

—

0.5%

(c)

Credit

Suisse

AG,

0.25%

,

09/01/28

..

900

805,007

UBS

Group

AG

(b)

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(k)

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

USD

2,250

2,164,995

(1-Year

EUR

Swap

Annual

+

0.77%),

0.65%,

01/14/28

....

EUR

500

478,129

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.95%),

7.75%,

03/01/29

....

1,760

2,156,463

5,604,594

Tanzania,

United

Republic

Of

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

USD

200

190,692

United

Arab

Emirates

—

0.1%

DP

World

Salaam,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(b)(c)(k)

...

200

198,710

MAF

Sukuk

Ltd.

(c)

4.64%,

05/14/29

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

200

194,656

3.93%,

02/28/30

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

200

186,608

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

33

32,917

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

355

355,114

968,005

United

Kingdom

—

10.1%

Barclays

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.67%),

8.00%

(b)(k)

....

2,258

2,223,407

BAT

Capital

Corp.

6.34%,

08/02/30

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

3,000

3,000,000

7.75%,

10/19/32

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

6,010

6,669,683

6.42%,

08/02/33

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

3,115

3,115,000

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

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

GBP

2,590

2,850,277

4.50%,

02/16/26

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

624

702,311

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

A,

8.63%

,

12/15/32

(d)

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

USD

20,924

$

22,022,510

British

Telecommunications

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%,

11/23/81

(a)

...

1,672

1,370,363

8.38%,

12/20/83

(c)

...........

GBP

1,325

1,701,527

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

USD

12,260

11,753,893

CPUK

Finance

Ltd.

(c)

3.59%,

08/28/25

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

GBP

1,030

1,231,642

4.88%,

08/28/25

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

3,092

3,763,284

EnQuest

plc,

11.63%

,

11/01/27

(a)

...

USD

3,525

3,318,301

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(c)

GBP

2,707

3,143,996

Global

Switch

Finance

BV,

1.38%

,

10/07/30

(c)

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

EUR

1,000

910,536

Global

Switch

Holdings

Ltd.,

2.25%

,

05/31/27

(c)

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

400

409,314

Heathrow

Finance

plc

(b)(c)(e)

4.75%,

03/01/24

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

GBP

1,287

1,618,638

5.75%,

03/03/25

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

380

472,331

HSBC

Bank

plc,

Series

2M,

(6-mo.

LIBOR

USD

+

0.25%),

5.46%

(b)(k)

.

USD

3,050

3,036,885

INEOS

Quattro

Finance

2

plc

(c)

2.50%,

01/15/26

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

EUR

1,350

1,316,258

2.50%,

01/15/26

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

708

690,304

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(b)(c)(f)

(i)(l)

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

GBP

4,275

850,354

Lloyds

Banking

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(b)(c)(k)

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

EUR

600

617,328

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(b)(m)

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

GBP

600

357,933

NatWest

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.55%),

3.62%

,

08/14/30

(b)(c)

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

1,500

1,795,147

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

USD

7,758

7,700,994

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(c)

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

GBP

2,799

3,304,729

Rolls-Royce

plc,

0.88%

,

05/09/24

(c)

..

EUR

1,600

1,710,681

Santander

UK

Group

Holdings

plc,

(BPSWS5

+

5.79%),

6.75%

(b)(c)(k)

..

GBP

1,494

1,837,372

Sherwood

Financing

plc,

6.00%

,

11/15/26

(c)

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

1,000

1,070,599

Standard

Chartered

plc,

(1-Year

EUR

Swap

Annual

+

1.85%),

4.87%

,

05/10/31

(b)(c)

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

EUR

3,163

3,482,761

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

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

GBP

2,955

3,488,915

8.25%,

07/31/25

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

1,731

2,077,083

Synthomer

plc,

3.88%

,

07/01/25

(c)

...

EUR

1,075

1,061,223

Thames

Water

Utilities

Finance

plc

(c)

4.00%,

06/19/25

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

GBP

556

665,256

0.88%,

01/31/28

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

EUR

662

607,915

Virgin

Media

Secured

Finance

plc,

5.25%

,

05/15/29

(c)

...........

GBP

1,188

1,314,210

Vmed

O2

UK

Financing

I

plc,

4.00%

,

01/31/29

(c)

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

2,495

2,601,232

109,864,192

Security

Par

(000)

Par

(000)

Value

United

States

—

33.5%

Affinity

Interactive,

6.88%

,

12/15/27

(a)

USD

125

$

110,585

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

155

152,914

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(d)

....

2,687

2,687,277

American

Airlines

Pass-Through

Trust

(d)

Series

2017-2C,

5.18%,

10/15/23

3,036

3,024,605

Series

2011-1B,

Class

B,

4.87%,

04/22/25

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

1,713

1,702,022

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

4,110

4,012,593

AmeriGas

Partners

LP,

9.38%

,

06/01/28

(a)

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

157

160,046

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

6,500

6,517,004

Ardagh

Packaging

Finance

plc

(c)

2.13%,

08/15/26

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

EUR

2,259

2,243,988

4.75%,

07/15/27

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

GBP

1,044

1,079,278

Arrow

Electronics,

Inc.,

6.13%

,

03/01/26

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

USD

6,000

5,989,272

Arsenal

AIC

Parent

LLC,

8.00%

,

10/01/30

(a)

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

333

339,660

Ashton

Woods

USA

LLC

(a)

4.63%,

08/01/29

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

57

49,323

4.63%,

04/01/30

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

205

175,275

Banff

Merger

Sub,

Inc.,

8.38%

,

09/01/26

(c)

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

EUR

950

1,006,947

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

USD

57

57,160

Buckeye

Partners

LP

4.35%,

10/15/24

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

245

238,569

4.13%,

03/01/25

(a)

...........

111

106,837

Caesars

Entertainment,

Inc.,

8.13%

,

07/01/27

(a)

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

333

341,549

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

115

115,863

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

301

300,272

Carnival

Corp.

(c)

10.13%,

02/01/26

...........

EUR

569

657,597

7.63%,

03/01/26

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

1,850

2,003,564

Carnival

plc,

1.00%

,

10/28/29

.....

352

255,914

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

USD

3,913

3,300,154

Catalent

Pharma

Solutions,

Inc.,

3.13%

,

02/15/29

(a)

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

1,000

834,441

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

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

88

81,730

Civitas

Resources,

Inc.,

8.38%

,

07/01/28

(a)

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

377

387,767

Cleveland-Cliffs,

Inc.,

6.75%

,

04/15/30

(a)

400

389,118

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

7,617

6,855,587

9.00%,

09/30/29

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

4,337

3,884,407

Concentrix

Corp.

6.65%,

08/02/26

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

7,500

7,487,185

6.60%,

08/02/28

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

5,000

4,943,522

6.85%,

08/02/33

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

3,000

2,900,501

Consensus

Cloud

Solutions,

Inc.,

6.00%

,

10/15/26

(a)

...........

2,850

2,635,358

Coty,

Inc.,

6.63%

,

07/15/30

(a)

......

33

33,289

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

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

81

71,532

Crown

European

Holdings

SA

(c)

3.38%,

05/15/25

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

EUR

1,174

1,269,393

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.00%,

05/15/28

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

EUR

1,458

$

1,624,071

CSC

Holdings

LLC,

5.25%

,

06/01/24

.

USD

313

291,787

Dana

Financing

Luxembourg

SARL,

8.50%

,

07/15/31

(c)

...........

EUR

826

953,596

Dana,

Inc.,

4.25%

,

09/01/30

......

USD

45

38,453

Earthstone

Energy

Holdings

LLC

(a)

8.00%,

04/15/27

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

243

240,475

9.88%,

07/15/31

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

136

140,369

eBay,

Inc.,

5.90%

,

11/22/25

.......

5,000

5,067,875

Emerald

Debt

Merger

Sub

LLC,

6.63%

,

12/15/30

(a)

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

135

134,156

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

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

6,750

6,850,487

7.50%,

06/01/30

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

2,000

2,062,420

EQT

Corp.,

7.00%

,

02/01/30

(b)(e)

....

4,000

4,209,440

EquipmentShare.com,

Inc.,

9.00%

,

05/15/28

(a)

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

664

658,170

Ford

Motor

Co.,

3.25%

,

02/12/32

...

62

49,019

Ford

Motor

Credit

Co.

LLC

6.86%,

06/05/26

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

GBP

2,410

3,039,676

6.13%,

05/15/28

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

EUR

833

956,073

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

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

USD

101

93,754

5.00%,

03/01/28

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

1,246

1,155,447

Freed

Corp.,

10.00%

,

12/01/23

(d)

...

1,009

957,519

Freedom

Mortgage

Corp.,

8.13%

,

11/15/24

(a)

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

369

367,036

FreeWire

Technologies,

Inc.,

15.27%

,

03/31/25

(b)(d)

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

667

691,945

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

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

1,986

1,819,032

8.75%,

05/15/30

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

10,594

10,220,926

8.63%,

03/15/31

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

5,000

4,784,168

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

8,500

7,820,000

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,133

1,048,025

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

78

71,943

Garden

Spinco

Corp.,

8.63%

,

07/20/30

(a)

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

5,334

5,756,598

Gen

Digital,

Inc.

(a)

6.75%,

09/30/27

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

2,978

2,988,392

7.13%,

09/30/30

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

4,567

4,602,326

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

5,986

3,439,072

GrafTech

Global

Enterprises,

Inc.,

9.88%

,

12/15/28

(a)

...........

37

37,584

GXO

Logistics,

Inc.,

2.65%

,

07/15/31

355

278,003

Hanesbrands,

Inc.,

9.00%

,

02/15/31

(a)

3,500

3,578,657

HCA,

Inc.,

5.38%

,

02/01/25

.......

175

173,963

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(d)

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

1,201

1,110,925

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

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

323

296,353

Hyatt

Hotels

Corp.,

5.75%

,

01/30/27

.

6,000

6,025,407

Illumina,

Inc.,

5.80%

,

12/12/25

.....

5,000

5,019,485

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

67

61,237

Iron

Mountain

UK

plc,

3.88%

,

11/15/25

(c)

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

GBP

1,443

1,731,448

Kronos

International,

Inc.,

3.75%

,

09/15/25

(c)

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

EUR

2,124

2,134,088

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(d)

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

USD

1,819

$

1,764,430

Lessen,

Inc.,

13.40%

,

01/05/28

(a)(b)(d)

.

1,206

1,122,694

Level

3

Financing,

Inc.,

3.40%

,

03/01/27

(a)

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

73

64,386

Liberty

Mutual

Group,

Inc.,

(5-Year

EUR

Swap

Annual

+

3.70%),

3.63%

,

05/23/59

(b)(c)

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

EUR

1,250

1,309,505

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(i)

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

USD

200

105,000

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

13,446

9,199,484

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

08/15/26

(a)

........

1,630

1,625,601

Medline

Borrower

LP,

3.88%

,

04/01/29

(a)

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

694

607,717

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

189

167,870

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

54

51,603

5.50%,

08/15/28

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

258

233,671

5.13%,

12/15/30

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

254

214,047

5.75%,

11/15/31

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

119

100,983

New

Home

Co.,

Inc.

(The),

8.25%

,

10/15/27

(a)(e)

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

72

68,777

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

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

11

10,341

4.75%,

11/01/28

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

123

108,403

NRG

Energy,

Inc.,

7.00%

,

03/15/33

(a)

8,500

8,480,364

Olympus

Water

US

Holding

Corp.

9.63%,

11/15/28

(c)

...........

EUR

2,323

2,464,034

9.75%,

11/15/28

(a)

...........

USD

710

686,925

Pacific

Gas

&

Electric

Co.

6.10%,

01/15/29

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

4,685

4,658,016

6.15%,

01/15/33

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

985

972,375

6.40%,

06/15/33

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

5,205

5,230,878

Paramount

Global,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%

,

03/30/62

(b)

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

4,501

3,710,849

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

258

225,428

Permian

Resources

Operating

LLC

(a)

7.75%,

02/15/26

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

46

46,453

5.88%,

07/01/29

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

101

96,258

Pilgrim's

Pride

Corp.,

6.25%

,

07/01/33

309

306,847

Pitney

Bowes,

Inc.

4.63%,

03/15/24

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

750

735,052

6.88%,

03/15/27

(a)

...........

9,700

7,327,685

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

49

43,244

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

10,241

9,629,750

Regal

Rexnord

Corp.,

6.05%

,

02/15/26

(a)

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

4,250

4,248,645

Rocket

Mortgage

LLC,

3.63%

,

03/01/29

(a)

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

194

165,381

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

989

927,232

7.38%,

09/01/25

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

6,834

6,167,685

11.25%,

12/15/27

...........

2,733

2,417,885

SCIL

IV

LLC,

9.50%

,

07/15/28

(c)

....

EUR

1,628

1,821,955

Seagate

HDD

Cayman

(a)

8.25%,

12/15/29

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

USD

6,890

7,221,616

8.50%,

07/15/31

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

1,269

1,324,861

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

9.63%,

12/01/32

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

USD

7,150

$

7,916,004

Service

Properties

Trust

4.50%,

03/15/25

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

280

263,900

7.50%,

09/15/25

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

5,402

5,339,073

Sitio

Royalties

Corp.,

11.08%

,

09/21/26

(b)(d)

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

1,931

1,926,522

Sonder

Holdings,

Inc.,

Note,

12.60%

,

01/19/27

(b)(d)

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

1,434

1,258,106

Spirit

AeroSystems,

Inc.

(a)

7.50%,

04/15/25

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

11,750

11,744,710

9.38%,

11/30/29

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

3,500

3,746,568

Sprint

Spectrum

Co.

LLC

(a)

4.74%,

03/20/25

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

5,250

5,191,665

5.15%,

03/20/28

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

2,850

2,820,539

Stem,

Inc.,

0.50%

,

12/01/28

(a)(i)

.....

47

28,965

SUN

Country

Marine,

Inc.

(d)

Series

2019-1C,

7.00%,

12/15/23

10,641

10,548,390

Series

2022-1B,

5.75%,

03/15/29

11,876

11,921,256

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

77

79,526

Tenet

Healthcare

Corp.

4.25%,

06/01/29

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

129

115,589

4.38%,

01/15/30

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

239

213,161

Topaz

Solar

Farms

LLC,

5.75%

,

09/30/39

(a)

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

2,785

2,687,793

Transocean

Titan

Financing

Ltd.,

8.38%

,

02/01/28

(a)

...........

77

79,503

Transocean,

Inc.,

8.75%

,

02/15/30

(a)

.

81

84,097

Tri

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

7

6,764

5.70%,

06/15/28

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

26

24,960

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

541

520,111

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

10,132

10,071,413

Univision

Communications,

Inc.,

8.00%

,

08/15/28

(a)

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

3,017

3,039,628

Venture

Global

LNG,

Inc.,

8.13%

,

06/01/28

(a)

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

667

677,926

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

1,955

1,754,948

Viasat,

Inc.

(a)

5.63%,

09/15/25

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

5,250

4,921,875

5.63%,

04/15/27

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

750

675,653

VICI

Properties

LP,

5.63%

,

05/15/52

.

116

106,298

Vistra

Operations

Co.

LLC

(a)

4.88%,

05/13/24

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

5,000

4,924,126

5.13%,

05/13/25

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

7,000

6,833,156

Warnermedia

Holdings,

Inc.,

6.41%

,

03/15/26

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

7,025

7,036,880

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

147

131,939

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

16

15,598

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

456

412,624

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

11,250

10,793,628

XHR

LP

(a)

6.38%,

08/15/25

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

119

116,996

4.88%,

06/01/29

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

40

34,796

364,710,114

Zambia

—

0.7%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

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

3,000

2,984,790

Security

Par

(000)

Par

(000)

Value

Zambia

(continued)

6.88%,

03/01/26

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

USD

3,400

$

3,329,620

6.88%,

10/15/27

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

600

586,875

8.63%,

06/01/31

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

500

511,875

7,413,160

Total

Corporate

Bonds

—

66.6%

(Cost:

$810,469,575)

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

724,689,899

Fixed

Rate

Loan

Interests

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan,

0.17%

,

 11/09/29

(d)

...........

GBP

213

2,739

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$45,312)

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

2,739

Floating

Rate

Loan

Interests

France

—

0.3%

Tarkett

Participation,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

3.70%),

7.63%

,

 04/21/28

(b)

...........

EUR

2,831

2,923,467

Germany

—

0.3%

(b)

Tele

Columbus

AG,

Facility

Term

Loan

A3,

(6-mo.

EURIBOR

+

3.50%),

7.43%

,

 10/15/24

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

1,900

1,282,447

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

+

4.50%),

8.47%

,

 10/02/26

......

2,800

2,135,009

3,417,456

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan,

(6-mo.

LIBOR

USD

+

0.00%),

16.50%

,

 11/10/27

(b)(d)

.........

GBP

333

341,902

Luxembourg

—

0.3%

(b)

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(3-mo.

EURIBOR

+

2.00%),

5.71%

,

 10/31/23

(d)

.....

EUR

82

9

EURO

Parfums

Fze,

Term

Loan

B,

0

6

/

23

/

28

(n)

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

USD

262

254,140

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2,

(6-mo.

EURIBOR

+

3.75%),

6.95%

,

 02/24/29

......

EUR

2,400

2,572,540

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.36%

,

 05/29/26

(d)

USD

395

252,776

3,079,465

Netherlands

—

0.4%

(b)

Columbus

Finance

BV,

Facility

Term

Loan

B,

(3-mo.

EURIBOR

+

3.75%),

7.35%

,

 01/01/38

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

EUR

2,400

2,114,339

Median

BV,

Facility

Term

Loan

B1,

(3-mo.

EURIBOR

+

4.93%),

8.52%

,

 10/14/27

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

2,400

2,427,036

4,541,375

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Singapore

—

0.0%

Grab

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

9.93%

,

 01/29/26

(b)

.....

USD

69

$

69,360

United

Kingdom

—

0.4%

(b)

Misys

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

3.00%),

6.60%

,

 06/13/24

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

EUR

2,188

2,281,777

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

M,

(1-mo.

LIBOR

GBP

+

3.25%),

8.22%

,

 11/15/27

.......

GBP

1,900

2,326,029

4,607,806

United

States

—

5.6%

(b)

2U,

Inc.,

Term

Loan,

11.95%

,

 12/28/26

USD

408

391,333

ACProducts

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.75%

,

 05/17/28

.

148

126,760

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.17%

,

 02/02/26

...........

175

170,134

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.49%

,

 02/01/30

10,286

9,377,438

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(1-mo.

LIBOR

USD

+

3.00%),

8.20%

,

 04/22/26

......

339

263,714

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.39%

,

 12/30/27

(d)

..........

119

110,214

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.43%

,

 06/09/28

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

92

88,166

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.93%

,

 05/04/25

......

2,000

1,897,500

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.60%

,

 02/08/29

...........

198

183,829

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.42%

,

 11/24/27

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

184

177,756

Athenahealth

Group,

Inc.,

Delayed

Draw

Term

Loan,

3.50%

,

 02/15/29

137

132,537

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.81%

,

 02/15/29

.

1,110

1,076,158

Avaya,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

10.00%),

0.00%

,

 12/15/27

(d)

...........

597

149,185

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

3.50%),

8.67%

,

 03/03/25

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

963

948,628

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

(3-mo.

LIBOR

USD

+

15.00%),

15.00%

,

 10/15/26

.....

346

357,123

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

9.07%

,

 04/05/28

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

USD

164

$

104,873

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.59%

,

 03/30/29

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

720

688,766

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.29%

,

 05/17/28

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

88

83,967

ConnectWise

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.93%

,

 09/29/28

......

178

174,318

CoreLogic,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

11.93%

,

 06/04/29

750

612,187

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.99%

,

 04/09/27

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

750

720,585

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.43%

,

 08/02/27

317

314,455

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.67%

,

 12/21/28

239

217,467

DS

Parent,

Inc.,

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.75%),

11.34%

,

 12/10/28

......

357

347,381

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.50%),

12.93%

,

 05/01/28

(d)

395

395,927

EIS

Group,

Ltd.,

Term

Loan

(d)

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

12.32%, 07/10/28

584

574,598

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

12.32%, 07/10/28

58

57,460

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.66%

,

 12/29/27

(d)

293

277,934

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.75%),

13.17%

,

 07/31/28

...........

561

561,875

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

3.00%),

8.54%

-

8.73%

,

 03/08/24

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

1,629

1,527,677

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

10.75%

,

 11/01/28

...........

173

157,259

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.75%),

10.27%

,

 08/31/27

...........

4,021

2,535,162

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

+

8

.00%),

12.8

6

%

,

 07/20/26

(d)

..........

449

449,858

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.67%

,

 02/26/29

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

USD

207

$

196,306

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.93%

,

 10/25/28

(d)

..........

169

135,536

J&J

Ventures

Gaming

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.54%

,

 04/26/28

.

322

317,829

Jack

Ohio

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.18%

,

 10/04/28

130

125,394

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.38%

,

 12/22/26

...........

127

125,636

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.11%

,

 10/19/26

.......

672

669,636

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.98%

,

 09/03/26

...........

207

156,034

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.36%

,

 11/01/29

...........

461

409,138

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.93%

,

 08/02/28

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

2

2,429

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

12.03%

,

 08/02/29

...........

598

551,655

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.57%

,

 05/03/28

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

2,240

2,156,241

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

6.25%),

11.57%

,

 02/23/29

...........

637

551,604

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

-

8.67%

,

 01/24/29

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

906

852,625

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.34%

,

 01/24/30

969

774,091

New

SK

Holdco

Sub

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.61%

,

 06/30/27

(d)

1,252

1,135,707

Nieslsen

Consumer,

Inc.,

Term

Loan,

9.88%

,

 03/06/28

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

EUR

2,700

2,642,099

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.52%

,

 12/28/27

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

USD

92

88,530

Playtika

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.07%

,

 03/13/28

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

483

480,746

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ProFrac

Holdings

II

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.25%),

12.78%

,

 03/04/25

USD

418

$

417,868

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

11.68%

,

 08/31/29

733

725,897

Quartz

AcquireCo,

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.82%

,

 06/28/30

(d)

...........

7,500

7,481,250

RealPage,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.50%),

11.72%

,

 04/23/29

1,293

1,282,228

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.16%

,

 04/27/28

...........

1,898

1,446,309

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.18%

,

 04/27/29

...........

4,548

2,784,013

Restoration

Hardware,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.67%

,

 10/20/28

.

478

465,469

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.63%

,

 03/16/27

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

435

429,744

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.93%

,

 09/23/27

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

82

81,666

Signal

Parent,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.92%

,

 04/03/28

......

255

206,867

Sophia

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.00%),

13.42%

,

 10/09/28

......

2,250

2,244,375

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.75%

,

 03/31/28

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

172

165,693

United

AirLines,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.29%

,

 04/21/28

.

—

(o)

384

Vaco

Holdings

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.59%

,

 01/21/29

......

289

272,971

Verscend

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.43%

,

 08/27/25

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

5,658

5,680,856

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.17%

,

 12/21/27

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

149

143,008

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.43%

,

 03/09/27

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

92

69,796

60,521,854

Total

Floating

Rate

Loan

Interests

—

7.3%

(Cost:

$86,853,994)

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

79,502,685

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Foreign

Agency

Obligations

Colombia

—

0.0%

Ecopetrol

SA

4.13%,

01/16/25

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

USD

243

$

233,827

8.88%,

01/13/33

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

179

182,871

5.88%,

05/28/45

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

114

81,510

498,208

France

—

0.8%

Electricite

de

France

SA

(6-Year

EUR

Swap

Annual

+

3.44%),

4.00%

(b)(c)(k)

........

EUR

1,200

1,283,776

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

(b)(c)(k)

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

GBP

1,000

1,188,498

5.70%,

05/23/28

(a)

...........

USD

3,000

3,021,001

(5-Year

EUR

Swap

Annual

+

4.86%),

7.50%

(b)(c)(k)

........

EUR

1,200

1,368,877

(BPISDS15

+

3.32%),

5.88%

(b)(c)(k)

GBP

400

429,922

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(b)(c)(k)

........

EUR

1,600

1,384,350

8,676,424

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

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

USD

231

213,287

Ireland

—

0.4%

AIB

Group

plc,

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

(b)(c)(k)

....

EUR

3,682

3,845,941

Italy

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

(b)(c)

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

1,725

1,900,544

Mexico

—

0.1%

Comision

Federal

de

Electricidad,

4.88%

,

01/15/24

(c)

...........

USD

223

220,690

Petroleos

Mexicanos

4.25%,

01/15/25

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

88

83,304

6.50%,

03/13/27

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

463

409,963

8.75%,

06/02/29

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

226

205,694

5.95%,

01/28/31

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

311

230,140

1,149,791

Morocco

—

0.0%

OCP

SA,

5.13%

,

06/23/51

(c)

.......

200

150,264

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(c)

...........

228

223,073

Total

Foreign

Agency

Obligations

—

1.5%

(Cost:

$16,865,797)

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

16,657,532

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%

,

09/20/29

(c)

219

219,968

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

..

200

176,722

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

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

336

322,983

3.88%,

04/25/27

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

340

312,372

3.13%,

04/15/31

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

200

156,100

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

8.00%,

04/20/33

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

USD

200

$

209,944

1,001,399

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

6.88%,

01/29/26

(c)

...........

113

114,011

5.95%,

01/25/27

(c)

...........

140

138,219

4.50%,

01/30/30

(a)

...........

244

215,977

7.05%,

02/03/31

(a)

...........

150

151,469

4.88%,

09/23/32

(a)

...........

341

295,173

914,849

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.50%

,

02/16/61

(a)

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

200

108,972

Guatemala

—

0.0%

Republic

of

Guatemala

(a)

5.25%,

08/10/29

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

200

190,712

5.38%,

04/24/32

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

200

189,988

380,700

Hungary

—

0.0%

Hungary

Government

Bond

5.38%,

03/25/24

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

40

39,848

5.25%,

06/16/29

(a)

...........

200

195,878

235,726

Indonesia

—

0.1%

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(a)

.........

200

196,652

Republic

of

Indonesia

3.50%,

01/11/28

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

200

188,334

4.10%,

04/24/28

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

200

192,812

577,798

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire,

6.38%

,

03/03/28

(c)

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

400

390,112

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

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

295

279,539

3.25%,

04/16/30

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

239

212,213

4.88%,

05/19/33

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

207

198,093

689,845

Morocco

—

0.0%

Kingdom

of

Morocco,

2.38%

,

12/15/27

(a)

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

267

232,044

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

8.38%

,

03/24/29

(a)

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

200

187,462

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

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

258

254,777

Panama

—

0.1%

Republic

of

Panama

3.16%,

01/23/30

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

343

300,183

6.85%,

03/28/54

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

405

423,869

724,052

Peru

—

0.0%

Republic

of

Peru

2.78%,

01/23/31

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

241

204,597

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Peru

(continued)

1.86%,

12/01/32

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

USD

173

$

131,307

335,904

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

228

222,710

2.88%,

03/11/29

(c)

...........

EUR

165

159,722

2.50%,

02/08/30

(c)

...........

174

160,443

2.12%,

07/16/31

(c)

...........

231

195,774

738,649

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

4.50%

,

04/17/30

(c)

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

USD

200

196,034

Senegal

—

0.0%

Republic

of

Senegal,

6.25%

,

05/23/33

(c)

200

171,918

South

Africa

—

0.1%

Republic

of

South

Africa

4.85%,

09/30/29

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

200

180,488

5.88%,

04/20/32

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

200

183,170

5.00%,

10/12/46

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

257

179,494

543,152

Ukraine

—

0.0%

Ukraine

Government

Bond

(b)(f)(l)

7.75%,

09/01/25

(c)

...........

112

36,904

8.99%,

02/01/26

(c)

...........

224

72,016

7.75%,

09/01/27

(c)

...........

220

68,750

7.25%,

03/15/35

(a)

...........

234

70,020

247,690

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

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

195

209,617

Total

Foreign

Government

Obligations

—

0.8%

(Cost:

$9,638,212)

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

8,537,390

Shares

Shares

Investment

Companies

Vanguard

Long-Term

Corporate

Bond

ETF

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

2,000

155,900

Total

Investment

Companies

—

0.0%

(Cost:

$160,220)

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

155,900

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

3.0%

United

States

—

3.0%

(a)(b)

BX

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

G,

(1-mo.

LIBOR

USD

at

2.80%

Floor

+

2.80%),

8.14%,

06/15/38

....

3,454

3,280,558

Series

2021-VINO,

Class

F,

(1-mo.

LIBOR

USD

at

2.92%

Floor

+

2.80%),

8.14%,

05/15/38

....

3,106

2,950,737

CSMC

Trust,

Series

2015-RPL1,

Class

A,

0.00%,

02/15/24

(d)

.........

4,000

3,586,951

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

E,

(1-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.19%,

07/15/38

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

USD

7,014

$

6,838,236

Med

Trust

Series

2021-MDLN,

Class

F,

(1-mo.

LIBOR

USD

at

4.00%

Floor

+

4.00%),

9.34%,

11/15/38

.....

2,986

2,817,383

Series

2021-MDLN,

Class

G,

(1-mo.

LIBOR

USD

at

5.25%

Floor

+

5.25%),

10.59%,

11/15/38

....

8,555

7,935,840

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(1-mo.

LIBOR

USD

at

2.10%

Floor

+

2.10%),

7.44%,

04/15/38

.......

5,486

5,351,540

32,761,245

Total

Non-Agency

Mortgage-Backed

Securities

—

3.0%

(Cost:

$34,562,234)

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

32,761,245

Preferred

Securities

Shares

Shares

Preferred

Stocks

—

0.4%

United

States

—

0.4%

(d)

Aiven,

Inc.

(Preference),

Series

D

...

6,597

607,452

Cap

Hill

Brands

(Preference)

......

506,652

922,107

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(k)

.........

2,261

2,060,336

Lessen,

Inc.

(Preference),

Series

C

..

16,373

165,367

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$567,638)

(h)

194,516

614,670

4,369,932

Total

Preferred

Stocks

—

0.4%  

(Cost:

$4,683,241)

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

4,369,932

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

,

0.25%, 06/30/25

(p)

4,850

4,440,592

Total

U.S.

Treasury

Obligations

—

0.4%

(Cost:

$4,853,638)

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

4,440,592

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(f)

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

5,728

4,453

Germany

—

0.0%

Tonies

SE

(Issued/Exercisable

04/30/21,

1

Share

for

1

Warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(f)

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

109,736

18,098

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/Exercisable

02/17/21,

1

Share

for

1

Warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(f)

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

71,516

$

786

United

States

—

0.0%

(f)

Ascent

Resources

Marcellus

Minerals

(Issued/Exercisable

03/30/18,

1

Shares

for

1

Warrant,

Expi

res

12/31/49,

Strike

Price

USD

1

.00)

(d)

1,007,612

10

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21,

1

Share

for

1

Warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

1,905

1,029

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

1,537

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(d)

..........

16,190

1,457

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

9,692

204

CXApp,

Inc.

(Issued/Exercisable

02/02/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

45,102

19,845

Embark

Technology,

Inc.

(Issued/

Exercisable

12/28/20,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

1,393

14

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

5,435

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

04/27/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(d)

...........

70,430

24,650

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

05/03/22,

1

Shares

for

1

Warrant,

Expires

04/26/29,

Strike

Price

USD

3

.

35

)

(d)

...........

70,430

1,234

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Shares

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01

)

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

15,702

—

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

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

1,784

—

Kinsey

Interests,

Inc.

(Issued/

Exercisable

10/16/20,

1

Share

for

1

Warrant,

Expires

12/31/25,

Strike

Price

USD

10.00)

(d)

..........

53,160

28,706

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

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

6,894

1,502

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

17,391

270

Security

Shares

Shares

Value

United

States

(continued)

M3-Brigade

Acquisition

II

Corp.

(Issued/

Exercisable

02/17/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

80,000

$

3,704

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

275

Pear

Therapeutics,

Inc.

(Issued/

Exercisable

03/23/21,

1

Share

for

1

Warrant,

Expires

12/03/26,

Strike

Price

USD

11.50)

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

4,828

1

Pivotal

Investment

Corp.

III

(Issued/

Exercisable

01/19/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

2,377

12

Proof

Acquisition

Corp.

I

(Issued/

Exercisable

12/03/21,

1

Share

for

1

Warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(d)

..........

16,758

1,341

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

1.00)

.

5,599

224

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

20,304

631

Service

King

Midas

International

(Issued/Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

06/30/27,

Strike

Price

USD

10.00)

(d)

1,375

—

Sonder

Holdings,

Inc.

(Issued/

Exercisable

01/19/22,

1

Share

for

1

Warrant,

Expires

10/01/26,

Strike

Price

USD

12.50)

(d)

..........

18,705

—

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$0)

(Issued/

Exercisable

10/14/22,

1

Share

for

1

Warrant,

Expires

10/07/23,

Strike

Price

USD

0.01)

(d)(h)

..........

23,975

68,568

160,649

Total

Warrants

—

0.0%

(Cost:

$973,851)

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

183,986

Total

Long-Term

Investments

—

91.2%

(Cost:

$1,105,225,749)

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

992,740,161

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Borrowed

Bond

Agreements

—

4.4%

(q)

Barclays

Bank

plc,

5.15%, 08/17/23

(Purchased

on

07/28/23

to

be

repurchased

at

USD

186,203,

collateralized

by

Freedom

Mortgage

Corp.,

6.63%,

due

at

01/15/27,

par

and

fair

value

of

USD

213,000

and

$187,405,

respectively)

........

USD

186

$

186,095

Barclays

Bank

plc,

5.00%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

5,641,182,

collateralized

by

AthenaHealth

Group,

Inc.,

6.50%,

due

at

02/15/30,

par

and

fair

value

of

USD

6,500,000

and

$5,507,520,

respectively)

(r)

..

5,631

5,630,625

Barclays

Bank

plc,

5.10%, Open

(Purchased

on

07/28/23

to

be

repurchased

at

USD

3,386,512,

collateralized

by

Medline

Borrower

LP,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

3,778,000

and

$3,351,760,

respectively)

(r)

.....

3,386

3,386,033

Barclays

Bank

plc,

5.15%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

185,529,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

201,000

and

$180,940,

respectively)

(r)

.......

185

185,171

Barclays

Bank

plc,

5.15%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

127,581,

collateralized

by

Park

River

Holdings,

Inc.,

5.63%,

due

at

02/01/29,

par

and

fair

value

of

USD

156,000

and

$124,800,

respectively)

(r)

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

127

127,335

Barclays

Bank

plc,

5.17%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

2,705,241,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

3,000,000

and

$2,592,231,

respectively)

(r)

.....

2,700

2,700,000

Barclays

Capital,

Inc.,

3.25%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

926,584,

collateralized

by

Range

Resources

Corp.,

4.75%,

due

at

02/15/30,

par

and

fair

value

of

USD

1,000,000

and

$919,100,

respectively)

........

926

926,250

Barclays

Capital,

Inc.,

3.75%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

219,658,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

due

at

06/01/29,

par

and

fair

value

of

USD

261,000

and

$217,935,

respectively)

220

219,566

Barclays

Capital,

Inc.,

4.30%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

548,887,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

700,000

and

$529,917,

respectively)

........

549

548,625

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Capital,

Inc.,

5.15%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

737,717,

collateralized

by

DISH

DBS

Corp.,

5.88%,

due

at

11/15/24,

par

and

fair

value

of

USD

796,000

and

$726,704,

respectively)

........

USD

737

$

737,295

Barclays

Capital,

Inc.,

5.15%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

2,513,938,

collateralized

by

Micron

Technology,

Inc.,

5.88%,

due

at

09/15/33,

par

and

fair

value

of

USD

2,500,000

and

$2,487,113,

respectively)

......

2,513

2,512,500

Barclays

Capital,

Inc.,

5.15%, 08/17/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

302,398,

collateralized

by

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

at

04/01/28,

par

and

fair

value

of

USD

314,000

and

$295,944,

respectively)

302

302,225

BNP

Paribas

SA,

5.31%, 08/01/23

(Purchased

on

07/31/23

to

be

repurchased

at

USD

4,519,354,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,520,611,

respectively)

......

4,519

4,518,688

BNP

Paribas

SA,

0.50%, Open

(Purchased

on

07/04/23

to

be

repurchased

at

USD

1,245,425,

collateralized

by

Next

Group

plc,

3.63%,

due

at

05/18/28,

par

and

fair

value

of

GBP

1,100,000

and

$1,264,881,

respectively)

(r)

.....

GBP

970

1,244,965

BNP

Paribas

SA,

4.75%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

99,762,

collateralized

by

PHH

Mortgage

Corp.,

7.88%,

due

at

03/15/26,

par

and

fair

value

of

USD

108,000

and

$97,222,

respectively)

(r)

.......

USD

99

99,225

BofA

Securities,

Inc.,

5.18%, 08/18/23

(Purchased

on

07/27/23

to

be

repurchased

at

USD

846,737,

collateralized

by

Staples,

Inc.,

7.50%,

due

at

04/15/26,

par

and

fair

value

of

USD

1,000,000

and

$826,144,

respectively)

........

846

846,250

Goldman

Sachs

International,

2.75%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,153,330,

collateralized

by

eG

Global

Finance

plc,

4.38%,

due

at

02/07/25,

par

and

fair

value

of

EUR

1,080,000

and

$1,139,961,

respectively)

(r)

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

EUR

1,044

1,148,060

Goldman

Sachs

International,

3.10%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,158,737,

collateralized

by

eG

Global

Finance

plc,

6.25%,

due

at

10/30/25,

par

and

fair

value

of

EUR

1,080,000

and

$1,145,994,

respectively)

(r)

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

1,048

1,152,751

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

2.75%, 09/26/23

(Purchased

on

06/20/23

to

be

repurchased

at

USD

1,392,461,

collateralized

by

Jaguar

Land

Rover

Automotive

plc,

4.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

1,300,000

and

$1,400,992,

respectively)

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

EUR

1,262

$

1,388,113

J.P.

Morgan

Securities

plc,

2.40%, Open

(Purchased

on

07/04/23

to

be

repurchased

at

USD

370,415,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

345,000

and

$367,797,

respectively)

(r)

.......

336

369,749

J.P.

Morgan

Securities

plc,

2.70%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

2,274,556,

collateralized

by

eG

Global

Finance

plc,

4.38%,

due

at

02/07/25,

par

and

fair

value

of

EUR

2,130,000

and

$2,248,258,

respectively)

(r)

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

2,060

2,264,511

J.P.

Morgan

Securities

plc,

2.80%, Open

(Purchased

on

07/04/23

to

be

repurchased

at

USD

1,282,929,

collateralized

by

Jaguar

Land

Rover

Automotive

plc,

4.50%,

due

at

01/15/26,

par

and

fair

value

of

EUR

1,200,000

and

$1,293,223,

respectively)

(r)

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

1,164

1,280,240

J.P.

Morgan

Securities

plc,

3.05%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

1,451,574,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

1,700,000

and

$1,494,494,

respectively)

(r)

.....

1,314

1,444,199

J.P.

Morgan

Securities

plc,

3.10%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

683,152,

collateralized

by

Vonovia

SE,

0.25%,

due

at

09/01/28,

par

and

fair

value

of

EUR

800,000

and

$703,291,

respectively)

(r)

.......

618

679,623

J.P.

Morgan

Securities

plc,

3.15%, Open

(Purchased

on

07/04/23

to

be

repurchased

at

USD

1,625,645,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,640,037,

respectively)

(r)

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

1,475

1,621,813

J.P.

Morgan

Securities

plc,

3.20%, Open

(Purchased

on

07/04/23

to

be

repurchased

at

USD

1,625,705,

collateralized

by

Erste

Group

Bank

AG,

0.88%,

due

at

11/15/32,

par

and

fair

value

of

EUR

1,800,000

and

$1,640,036,

respectively)

(r)

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

1,475

1,621,813

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Nomura

Securities

International,

Inc.,

4.25%, Open

(Purchased

on

05/30/23

to

be

repurchased

at

USD

313,884,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

329,000

and

$310,655,

respectively)

(r)

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

USD

312

$

311,728

Nomura

Securities

International,

Inc.,

4.50%, Open

(Purchased

on

07/18/23

to

be

repurchased

at

USD

2,200,558,

collateralized

by

CommScope,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

2,700,000

and

$2,043,967,

respectively)

(r)

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

2,197

2,197,125

Nomura

Securities

International,

Inc.,

4.75%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

1,893,986,

collateralized

by

Frontier

Communications

Holdings

LLC,

6.75%,

due

at

05/01/29,

par

and

fair

value

of

USD

2,500,000

and

$1,932,750,

respectively)

(r)

.....

1,891

1,890,625

Nomura

Securities

International,

Inc.,

5.20%, Open

(Purchased

on

07/17/23

to

be

repurchased

at

USD

1,242,735,

collateralized

by

Zayo

Group

Holdings,

Inc.,

4.00%,

due

at

03/01/27,

par

and

fair

value

of

USD

1,750,000

and

$1,251,523,

respectively)

(r)

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

1,240

1,240,312

RBC

Capital

Markets

LLC,

(0.20)%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

131,221,

collateralized

by

CP

Atlas

Buyer,

Inc.,

7.00%,

due

at

12/01/28,

par

and

fair

value

of

USD

168,000

and

$138,637,

respectively)

(r)

....

131

131,250

RBC

Capital

Markets

LLC,

3.25%, Open

(Purchased

on

04/19/23

to

be

repurchased

at

USD

992,973,

collateralized

by

Callon

Petroleum

Co.,

7.50%,

due

at

06/15/30,

par

and

fair

value

of

USD

1,000,000

and

$970,817,

respectively)

(r)

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

984

983,750

RBC

Capital

Markets

LLC,

5.15%, Open

(Purchased

on

05/15/23

to

be

repurchased

at

USD

1,726,643,

collateralized

by

Cargo

Aircraft

Management,

Inc.,

4.75%,

due

at

02/01/28,

par

and

fair

value

of

USD

1,950,000

and

$1,734,213,

respectively)

(r)

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

1,709

1,708,688

RBC

Capital

Markets

LLC,

5.17%, Open

(Purchased

on

06/21/23

to

be

repurchased

at

USD

287,705,

collateralized

by

Carnival

Corp.,

5.75%,

due

at

03/01/27,

par

and

fair

value

of

USD

314,000

and

$290,453,

respectively)

(r)

.......

286

286,132

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Europe

Ltd.,

2.30%, Open

(Purchased

on

04/20/23

to

be

repurchased

at

USD

1,586,038,

collateralized

by

International

Design

Group

SpA,

6.50%,

due

at

11/15/25,

par

and

fair

value

of

EUR

1,455,000

and

$1,551,139,

respectively)

(r)

..

EUR

1,434

$

1,576,640

Total

Borrowed

Bond

Agreements

—

4.4%

(Cost:

$47,243,458)

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

47,467,970

Certificates

of

Deposit

—

0.1%

Domestic

—

0.1%

Citibank

NA,

4.06%, 08/01/23

.....

USD

911

910,963

Total

Certificates

of

Deposit

—

0.1%

(Cost:

$911,000)

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

910,963

Shares

Shares

Money

Market

Funds

—

5.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.16%

(s)(t)

....

56,350,784

56,350,784

Total

Money

Market

Funds

—

5.2%

(Cost:

$56,350,784)

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

56,350,784

Total

Short-Term

Securities

—

9.7%

(Cost:

$104,505,242)

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

104,729,717

Total

Options

Purchased

—

0.0%

(Cost:

$1,625,430

)

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

851,832

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

100.9%

(Cost:

$1,211,356,421)

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

1,098,321,710

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$(890,344))

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

(1,026,032)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(3.9)%

Austria

—

(0.3)%

Erste

Group

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

0.88%

,

 11/15/32

(b)

...........

EUR

(3,600)

(3,280,073)

Germany

—

(0.2)%

Vonovia

SE,

0.25%

,

 09/01/28

......

(2,500)

(2,197,785)

Italy

—

(0.2)%

International

Design

Group

SpA,

6.50%

,

 11/15/25

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

(1,800)

(1,918,936)

United

Kingdom

—

(0.8)%

eG

Global

Finance

plc:

4.38%

,

 02/07/25

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

(3,210)

(3,388,219)

6.25%

,

 10/30/25

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

(1,080)

(1,145,994)

Jaguar

Land

Rover

Automotive

plc,

4.50%

,

 01/15/26

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

(2,500)

(2,694,215)

Next

Group

plc,

3.63%

,

 05/18/28

...

GBP

(1,100)

(1,264,881)

(8,493,309)

Security

Par

(000)

Par

(000)

Value

United

States

—

(2.4)%

AthenaHealth

Group,

Inc.,

6.50%

,

 02/15/30

(a)

...........

USD

(6,500)

$

(5,507,520)

Callon

Petroleum

Co.,

7.50%

,

 06/15/30

(a)

...........

(1,000)

(970,817)

Cargo

Aircraft

Management,

Inc.,

4.75%

,

 02/01/28

(a)

...........

(1,950)

(1,734,213)

Carnival

Corp.,

5.75%

,

 03/01/27

(a)

...

(314)

(290,453)

CommScope,

Inc.,

8.25%

,

 03/01/27

(a)

(3,400)

(2,573,884)

CP

Atlas

Buyer,

Inc.,

7.00%

,

 12/01/28

(a)

(168)

(138,637)

DISH

DBS

Corp.,

5.88%

,

 11/15/24

..

(796)

(726,704)

Freedom

Mortgage

Corp.,

6.63%

,

 01/15/27

(a)

...........

(213)

(187,405)

Frontier

Communications

Holdings

LLC,

6.75%

,

 05/01/29

(a)

...........

(2,500)

(1,932,750)

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%

,

 06/01/29

(a)

...........

(261)

(217,935)

McAfee

Corp.,

7.38%

,

 02/15/30

(a)

...

(3,000)

(2,592,231)

Medline

Borrower

LP,

5.25%

,

 10/01/29

(a)

...........

(3,778)

(3,351,760)

Micron

Technology,

Inc.,

5.88%

,

 09/15/33

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

(2,500)

(2,487,113)

Park

River

Holdings,

Inc.,

5.63%

,

 02/01/29

(a)

...........

(156)

(124,800)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(329)

(310,655)

PHH

Mortgage

Corp.,

7.88%

,

 03/15/26

(a)

...........

(309)

(278,162)

Range

Resources

Corp.,

4.75%

,

 02/15/30

(a)

...........

(1,000)

(919,100)

Royal

Caribbean

Cruises

Ltd.,

5.50%

,

 04/01/28

(a)

...........

(314)

(295,944)

Staples,

Inc.,

7.50%

,

 04/15/26

(a)

....

(1,000)

(826,144)

Zayo

Group

Holdings,

Inc.,

4.00%

,

 03/01/27

(a)

...........

(1,750)

(1,251,523)

(26,717,750)

U.S.

Treasury

Obligations

—

(0.4)%

United

States

—

(0.4)%

U.S.

Treasury

Notes,

0.25%

,

 05/31/25

(4,925)

(4,520,611)

Total

Borrowed

Bonds

—

(4.3)%

(Proceeds:

$(48,235,668))

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

(47,128,464)

Shares

Shares

Investments

Sold

Short

Common

Stocks

United

States

—

(0.0)%

Carrols

Restaurant

Group,

Inc.

(f)

....

(42,500)

(250,325)

Total

Common

Stocks

—

(0.0)%

(Proceeds:

$(76,549))

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

(250,325)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$(76,549)

)

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

(250,325)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

96.5%

(Cost:

$1,162,153,860)

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

1,049,916,889

Other

Assets

Less

Liabilities

—

3.5%

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

38,455,969

Net

Assets

—

100.0%

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

$

1,088,372,858

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(f)

Non-income

producing

security.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$2,245,129,

representing

0.21%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,944,397.

(i)

Convertible

security.

(j)

Zero-coupon

bond.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(n)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(o)

Rounds

to

less

than

1,000.

(p)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(q)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(r)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(s)

Affiliate

of

the

Fund.

(t)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

07/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/23

Shares

Held

at

07/31/23

Income

(Expense

)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

175,866,951

$

—

$

(119,516,167)

(a)

$

—

$

—

$

56,350,784

56,350,784

$

3,2

82

,5

98

$

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(b)

.....

—

1,019,405

(1,008,568)

(10,837)

—

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

.....

—

(4,019,208)

3,960,479

58,729

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

—

3,539,346

(3,577,719)

38,373

—

—

—

6,831

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

—

(10,417,125)

10,282,513

134,612

—

—

—

(5,013)

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(b)

—

(13,336,085)

13,275,049

61,036

—

—

—

(77,187)

—

iShares

MSCI

Europe

Financials

ETF

(b)

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

(476,700)

(445,233)

973,530

(87,229)

35,632

—

—

—

—

iShares

Preferred

and

Income

Securities

ETF

(b)

.........

—

(3,405,006)

3,549,532

(144,526)

—

—

—

(51,715)

—

$

50,158

$

35,632

$

56,350,784

$

3,155,514

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

28

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

5

Year

Note

Interest

Rate

Put

Options,

Strike

Price

USD

106.00

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

150

08/25/23

$

41

$

(31,873)

U.S.

Treasury

Ultra

Bond

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

4

09/20/23

530

(8,726)

U.S.

Treasury

5-Year

Note

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

8

09/29/23

855

(9,386)

(49,985)

Short

Contracts

Euro-Bobl

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

9

09/07/23

1,147

9,680

Euro-BTP

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

16

09/07/23

2,041

(8,095)

Euro-Bund

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

56

09/07/23

8,189

79,286

EURO

STOXX

50

Index

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

170

09/15/23

8,399

(302,149)

EURO

STOXX

Banks

Price

Index

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

164

09/15/23

1,031

(90,141)

NASDAQ

100

E-Mini

Index

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

3

09/15/23

951

(67,092)

Russell

2000

E-Mini

Index

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

81

09/15/23

8,155

(514,239)

S&P

500

E-Mini

Index

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

6

09/15/23

1,384

(79,627)

U.S.

Treasury

10-Year

Note

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

3

09/20/23

334

(2,160)

U.S.

Treasury

10-Year

Ultra

Note

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

7

09/20/23

819

16,559

U.S.

Treasury

2-Year

Note

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

42

09/29/23

8,529

113,994

(843,984)

$

(893,969)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

1,239,388

USD

1,355,458

Citibank

NA

09/20/23

$

10,640

EUR

759,456

USD

830,536

Deutsche

Bank

AG

09/20/23

6,563

EUR

140,390

USD

153,528

Toronto

Dominion

Bank

09/20/23

1,215

GBP

1,154,000

USD

1,471,112

Bank

of

America

NA

09/20/23

10,192

USD

4,701,444

EUR

4,214,000

BNP

Paribas

SA

09/20/23

56,623

USD

548,499

EUR

496,314

JPMorgan

Chase

Bank

NA

09/20/23

1,444

USD

527,695

GBP

411,000

Bank

of

America

NA

09/20/23

125

USD

38,891

GBP

30,000

Deutsche

Bank

AG

09/20/23

382

USD

592,821

GBP

458,849

Goldman

Sachs

International

09/20/23

3,832

USD

487,485

GBP

378,795

JPMorgan

Chase

Bank

NA

09/20/23

1,254

USD

142,118

JPY

19,821,000

JPMorgan

Chase

Bank

NA

09/20/23

1,680

93,950

USD

489,851

EUR

452,576

Toronto

Dominion

Bank

09/14/23

(8,859)

EUR

16,057,238

USD

18,117,659

Morgan

Stanley

&

Co.

International

plc

09/20/23

(418,801)

USD

1,261,801

EUR

1,167,000

Bank

of

America

NA

09/20/23

(24,508)

USD

319,137,939

EUR

290,818,605

BNP

Paribas

SA

09/20/23

(1,412,671)

USD

10,965

EUR

10,000

Deutsche

Bank

AG

09/20/23

(57)

USD

3,981,846

EUR

3,680,580

JPMorgan

Chase

Bank

NA

09/20/23

(75,020)

USD

1,294,857

EUR

1,203,000

JPMorgan

Chase

Bank

NA

09/20/23

(31,132)

USD

633,726

EUR

576,427

Morgan

Stanley

&

Co.

International

plc

09/20/23

(1,632)

USD

1,107,830

EUR

1,009,395

Toronto

Dominion

Bank

09/20/23

(4,761)

USD

445,188

GBP

350,000

Bank

of

America

NA

09/20/23

(4,082)

USD

72,830,464

GBP

56,799,000

BNP

Paribas

SA

09/20/23

(78,181)

USD

26,876

GBP

21,000

Deutsche

Bank

AG

09/20/23

(80)

USD

1,037,321

GBP

827,607

Morgan

Stanley

&

Co.

International

plc

09/20/23

(25,017)

(2,084,801)

$

(1,990,851)

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

Down

and

Out

Bank

of

America

NA

1,120

10/20/23

EUR

4,000.00

EUR

3,900.00

EUR

5,008

$

31,548

EURO

STOXX

50

Index

Down

and

Out

Bank

of

America

NA

2,300

10/20/23

EUR

4,100.00

EUR

3,800.00

EUR

10,284

73,731

STOXX

Europe

600

Industrial

Goods

&

Services

Index

Down

and

Out

Goldman

Sachs

International

6,038

10/20/23

EUR

715.00

EUR

700.00

EUR

4,528

39,701

$

144,980

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Lions

Gate

Entertainment

Corp.

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

400

09/15/23

USD

12.50

USD

293

$

4,000

Sabre

Corp.

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

350

09/15/23

USD

5.00

USD

144

8,050

Equitrans

Midstream

Corp.

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

650

10/20/23

USD

12.00

USD

674

8,125

Informatica,

Inc.

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

200

10/20/23

USD

22.50

USD

381

10,000

Sabre

Corp.

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

550

10/20/23

USD

5.50

USD

226

13,200

Sabre

Corp.

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

1,250

10/20/23

USD

5.00

USD

513

42,500

Antero

Resources

Corp.

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

500

11/17/23

USD

32.00

USD

1,338

56,250

Antero

Resources

Corp.

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

500

11/17/23

USD

35.00

USD

1,338

31,501

Lions

Gate

Entertainment

Corp.

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

500

12/15/23

USD

10.00

USD

384

18,750

Lions

Gate

Entertainment

Corp.

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

500

12/15/23

USD

10.00

USD

366

13,750

Sabre

Corp.

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

500

01/19/24

USD

7.00

USD

205

13,000

Sabre

Corp.

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

850

01/19/24

USD

6.00

USD

349

33,575

252,701

Put

Frontier

Communications

Parent,

Inc.

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

400

08/18/23

USD

12.50

USD

728

5,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

500

08/18/23

USD

73.00

USD

3,775

3,000

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

500

08/18/23

USD

72.00

USD

3,775

2,500

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,500

08/18/23

USD

74.00

USD

11,325

17,250

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

750

08/18/23

USD

106.00

USD

8,089

16,875

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

850

08/18/23

USD

100.00

USD

9,167

2,550

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

..

1,250

08/18/23

USD

83.00

USD

10,960

8,750

iShares

MSCI

EAFE

ETF

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

500

08/18/23

USD

68.00

USD

3,723

2,250

iShares

MSCI

Europe

Financials

ETF

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

3,250

08/18/23

USD

15.00

USD

6,526

40,625

iShares

MSCI

United

Kingdom

ETF

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

1,000

08/18/23

USD

29.00

USD

3,330

10,000

Pitney

Bowes,

Inc.

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

350

08/18/23

USD

3.00

USD

138

2,625

S&P

500

Index

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

36

08/18/23

USD

4,125.00

USD

16,520

5,670

SPDR

S&P

Regional

Banking

ETF

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

92

08/18/23

USD

40.00

USD

448

414

Spirit

AeroSystems

Holdings,

Inc.

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

350

08/18/23

USD

22.00

USD

1,114

2,625

Air

Transport

Services

Group,

Inc.

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

250

09/15/23

USD

12.50

USD

504

3,750

Air

Transport

Services

Group,

Inc.

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

450

09/15/23

USD

15.00

USD

907

7,875

Ally

Financial,

Inc.

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

500

09/15/23

USD

25.00

USD

1,527

10,000

PG&E

Corp.

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

1,000

09/15/23

USD

13.00

USD

1,761

10,500

PG&E

Corp.

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

1,000

09/15/23

USD

14.00

USD

1,761

10,000

SPDR

S&P

500

ETF

Trust

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

150

09/15/23

USD

350.00

USD

6,867

3,075

Viasat,

Inc.

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

500

09/15/23

USD

25.00

USD

1,547

22,500

Ford

Motor

Co.

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

1,000

12/15/23

USD

10.00

USD

1,321

14,500

STOXX

Europe

600

Automobiles

&

Parts

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

244

12/15/23

EUR

600.00

EUR

7,995

155,601

STOXX

Europe

600

Automobiles

&

Parts

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

244

12/15/23

EUR

500.00

EUR

7,995

38,900

396,835

$

649,536

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

30

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

BNP

Paribas

SA

08/16/23

USD

98.50

USD

15,000

$

3,624

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

JPMorgan

Chase

Bank

NA

08/16/23

USD

99.00

USD

10,000

2,569

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

Goldman

Sachs

International

08/16/23

USD

100.00

USD

10,000

3,070

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

Bank

of

America

NA

08/16/23

USD

101.50

USD

10,000

6,448

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

Quarterly

Goldman

Sachs

International

09/20/23

USD

101.50

USD

10,000

41,605

$

57,316

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

750

08/18/23

USD

103.00

USD

8,089

$

(3,375)

S&P

500

Index

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

36

08/18/23

USD

4,025.00

USD

16,520

(4,410)

STOXX

Europe

600

Automobiles

&

Parts

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

488

12/15/23

EUR

550.00

EUR

15,990

(155,601)

$

(163,386)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

%

iTraxx

Europe

Crossover

Index

Series

39.V1

Quarterly

Bank

of

America

NA

08/16/23

NR

EUR

425.00

EUR

21,993

$

(405,838)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5.00

iTraxx

Europe

Crossover

Index

Series

39.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

08/16/23

NR

EUR

450.00

EUR

15,920

(456,808)

$

(862,646)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

39.V1

.

5.00

%

Quarterly

06/20/28

EUR

24,192

$

(18,543)

$

(6,708)

$

(11,835)

iTraxx

Europe

Crossover

Index

Series

39.V1

.

5.00

Quarterly

06/20/28

EUR

24,192

(1,392,132)

(733,208)

(658,924)

iTraxx

Europe

Main

Index

Series

39.V1

.....

1.00

Quarterly

06/20/28

EUR

1,009

(17,298)

2,915

(20,213)

iTraxx

Europe

Senior

Financials

Index

Series

39.V1

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

1.00

Quarterly

06/20/28

EUR

3,092

(37,841)

40,272

(78,113)

iTraxx

Europe

Subordinated

Financials

Index

Series

39.V1

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

1.00

Quarterly

06/20/28

EUR

20,719

400,113

1,306,556

(906,443)

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

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

5.00

Quarterly

06/20/28

USD

16,597

(679,928)

(408,759)

(271,169)

$

(1,745,629)

$

201,068

$

(1,946,697)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.18%

Quarterly

1-day

EFFR

Quarterly

10/21/25

USD

143

$

13,548

$

—

$

13,548

1-day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(13,674)

—

(13,674)

$

(126)

$

—

$

(126)

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Staples,

Inc.

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

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/23

USD

1,150

$

1,919

$

6,227

$

(4,308)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

370

17,277

22,048

(4,771)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

46,695

57,937

(11,242)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

750

35,021

40,777

(5,756)

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

500

14,705

26,103

(11,398)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

525

15,440

23,165

(7,725)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/24

USD

1,500

(290)

25,441

(25,731)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(15,023)

6,302

(21,325)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(165,135)

(90,440)

(74,695)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(81,846)

(57,603)

(24,243)

Vue

International

Bidco

plc

...

5.00

Quarterly

Goldman

Sachs

International

12/20/24

EUR

740

59,752

41,598

18,154

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(82,796)

(53,740)

(29,056)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(55,197)

(35,833)

(19,364)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(18,704)

12,683

(31,387)

Electricite

de

France

SA

.....

1.00

Quarterly

Citibank

NA

06/20/25

EUR

4,530

(49,744)

(17,441)

(32,303)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

5,931

211,013

(205,082)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

150,945

197,711

(46,766)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(12,100)

40,726

(52,826)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(14,520)

37,199

(51,719)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(52,331)

137,094

(189,425)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

5,150

(133,429)

(103,113)

(30,316)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(12,699)

14,742

(27,441)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,201

(16,965)

18,445

(35,410)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

899

(12,699)

14,742

(27,441)

Koninklijke

DSM

NV

........

1.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(54,872)

(22,750)

(32,122)

Koninklijke

DSM

NV

........

1.00

Quarterly

BNP

Paribas

SA

06/20/27

EUR

2,300

(73,162)

(32,550)

(40,612)

STMicroelectronics

NV

......

1.00

Quarterly

Bank

of

America

NA

06/20/27

EUR

3,533

(104,134)

(80,150)

(23,984)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

5,300

(156,202)

(129,047)

(27,155)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

500

(14,736)

(8,887)

(5,849)

STMicroelectronics

NV

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

EUR

3,500

(103,152)

(51,152)

(52,000)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

32

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Banco

Santander

SA

.......

1.00

%

Quarterly

Bank

of

America

NA

12/20/27

EUR

3,500

$

49,271

$

169,650

$

(120,379)

BASF

SE

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

6,300

(137,228)

58,067

(195,295)

BASF

SE

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

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

1,567

(34,125)

29,799

(63,924)

BMW

Finance

NV

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

EUR

3,133

(70,411)

27,731

(98,142)

BMW

Finance

NV

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

1,567

(35,206)

13,268

(48,474)

BMW

Finance

NV

.........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

EUR

3,200

(71,909)

23,812

(95,721)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

2,000

(39,089)

24,368

(63,457)

INEOS

Group

Holdings

SA

...

5.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

449

(59,534)

(42,358)

(17,176)

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

2,100

81,369

148,616

(67,247)

NatWest

Group

plc

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

3,550

55,615

154,783

(99,168)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

750

267,982

175,994

91,988

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

510

182,228

116,456

65,772

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

1,500

535,963

489,973

45,990

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

300

107,193

72,103

35,090

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

12/20/27

USD

450

160,789

111,312

49,477

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

500

178,654

114,237

64,417

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,000

357,309

309,509

47,800

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,250

(47,361)

71,838

(119,199)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

3,650

(32,927)

50,039

(82,966)

Standard

Chartered

plc

......

1.00

Quarterly

Barclays

Bank

plc

12/20/27

EUR

7,000

34,780

239,444

(204,664)

Stellantis

NV

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

3,350

(588,782)

(343,178)

(245,604)

Tesco

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

8,300

(112,599)

121,209

(233,808)

UniCredit

SpA

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

1.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

2,100

69,386

146,603

(77,217)

UniCredit

SpA

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

1,939

64,066

123,087

(59,021)

Xerox

Corp.

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

1.00

Quarterly

Citibank

NA

12/20/27

USD

490

32,271

50,222

(17,951)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

830

54,663

85,373

(30,710)

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,131

265,797

187,491

78,306

Altice

France

SA

..........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,070

721,481

508,928

212,553

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

EUR

225

(1,242)

12,775

(14,017)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

133

(734)

5,862

(6,596)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,000

(5,521)

34,939

(40,460)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

200

(1,104)

11,030

(12,134)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

112

(618)

5,839

(6,457)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

113

(624)

6,134

(6,758)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

117

(646)

6,863

(7,509)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

600

11,681

49,067

(37,386)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

131

2,550

7,324

(4,774)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

117

2,278

6,191

(3,913)

Deutsche

Bank

AG

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

352

6,853

18,626

(11,773)

eG

Global

Finance

plc

......

5.00

Quarterly

Deutsche

Bank

AG

06/20/28

EUR

659

(5,113)

(2,772)

(2,341)

Ford

Motor

Co.

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

USD

3,370

(368,538)

(163,035)

(205,503)

Intrum

AB

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

5.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

254

47,588

54,594

(7,006)

Intrum

AB

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

254

47,588

58,778

(11,190)

MetLife,

Inc.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/28

USD

2,000

(9,168)

14,682

(23,850)

Novafives

SAS

...........

5.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

654

16,323

22,024

(5,701)

Novafives

SAS

...........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

EUR

436

10,882

6,130

4,752

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

4,150

231,560

180,039

51,521

Picard

Bondco

SA

.........

5.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

883

(30,018)

16,625

(46,643)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/28

USD

750

281,251

264,861

16,390

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

06/20/28

USD

10,070

(25,887)

99,050

(124,937)

Verisure

Midholding

AB

......

5.00

Quarterly

Deutsche

Bank

AG

06/20/28

EUR

666

(6,429)

—

(6,429)

$

–

$

–

$

–

$

1,310,507

$

4,205,249

$

(2,894,742)

$

–

$

–

$

–

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

AT&T,

Inc.

...........

1.00

%

Quarterly

Citibank

NA

12/20/23

BBB

USD

8,000

$

23,034

$

14,821

$

8,213

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

4,482

109,565

(39,827)

149,392

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

2,900

70,892

(26,704)

97,596

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/23

BB-

EUR

2,800

68,447

(23,941)

92,388

thyssenkrupp

AG

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

BB

EUR

1,680

6,364

(14,330)

20,694

Verizon

Communications,

Inc.

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

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

BBB+

USD

15,000

65,631

35,350

30,281

Verizon

Communications,

Inc.

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

1.00

Quarterly

Deutsche

Bank

AG

06/20/24

BBB+

USD

10,000

43,754

23,769

19,985

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

CCC+

EUR

420

(65,041)

(47,244)

(17,797)

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

CCC+

EUR

1,274

(224,917)

(215,259)

(9,658)

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

CCC+

EUR

1,300

(229,507)

(214,153)

(15,354)

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

3,000

259,842

170,794

89,048

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,000

173,228

124,057

49,171

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

190,552

155,683

34,869

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,300

112,599

89,454

23,145

Sprint

Communications

LLC

5.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

667

57,743

47,387

10,356

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

2,047

(313,175)

(41,523)

(271,652)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

545

44,037

48,537

(4,500)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

909

73,395

80,857

(7,462)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

545

44,037

48,949

(4,912)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

2,000

161,468

170,083

(8,615)

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

667

(98,013)

(22,647)

(75,366)

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

700

(102,914)

(25,768)

(77,146)

K+S

AG

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

5.00

Quarterly

Credit

Suisse

International

12/20/26

BBB-

EUR

1,500

202,849

114,339

88,510

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

3,000

(40,425)

(156,055)

115,630

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

2,000

(26,950)

(112,740)

85,790

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

NR

EUR

700

(9,432)

(38,200)

28,768

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

2,000

(41,521)

(232,922)

191,401

United

Group

BV

......

5.00

Quarterly

Barclays

Bank

plc

06/20/27

B

EUR

1,770

(123,241)

(85,058)

(38,183)

United

Group

BV

......

5.00

Quarterly

BNP

Paribas

SA

06/20/27

B

EUR

470

(32,725)

(20,445)

(12,280)

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

06/20/27

B

EUR

860

(59,880)

(70,114)

10,234

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

B

EUR

1,770

(123,241)

(95,663)

(27,578)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

125

(32,976)

(25,085)

(7,891)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

182

(48,068)

(36,560)

(11,508)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

248

(65,634)

(51,388)

(14,246)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

377

(99,591)

(76,478)

(23,113)

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

800

105,436

(23,055)

128,491

CMA

CGM

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/27

NR

EUR

1,187

156,441

(37,724)

194,165

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/27

NR

EUR

2,390

314,991

(49,551)

364,542

CVS

Health

Corp.

.....

1.00

Quarterly

Citibank

NA

12/20/27

BBB

USD

5,000

107,632

66,770

40,862

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

34

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

HCA,

Inc.

...........

5.00

%

Quarterly

Citibank

NA

12/20/27

BBB-

USD

1,000

$

167,330

$

138,143

$

29,187

Oracle

Corp.

.........

1.00

Quarterly

Citibank

NA

12/20/27

BBB

USD

5,000

94,766

33,826

60,940

United

Group

BV

......

5.00

Quarterly

Goldman

Sachs

International

12/20/27

B

EUR

486

(42,972)

(57,996)

15,024

Amkor

Technology,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB

USD

2,000

314,390

294,452

19,938

CVS

Health

Corp.

.....

1.00

Quarterly

Citibank

NA

06/20/28

BBB

USD

5,000

107,988

76,728

31,260

HCA,

Inc.

...........

5.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB-

USD

4,000

721,462

652,514

68,948

Ladbrokes

Group

Finance

plc

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

1.00

Quarterly

Barclays

Bank

plc

06/20/28

NR

EUR

644

(25,313)

(38,040)

12,727

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

B

EUR

1,555

(43,606)

(198,629)

155,023

McKesson

Corp.

......

1.00

Quarterly

Citibank

NA

06/20/28

BBB+

USD

3,000

84,561

79,146

5,415

NRG

Energy,

Inc.

......

5.00

Quarterly

Bank

of

America

NA

06/20/28

BB

USD

1,000

83,659

52,252

31,407

NRG

Energy,

Inc.

......

5.00

Quarterly

Citibank

NA

06/20/28

BB

USD

870

72,783

64,400

8,383

NRG

Energy,

Inc.

......

5.00

Quarterly

Citibank

NA

06/20/28

BB

USD

130

10,876

6,788

4,088

Oracle

Corp.

.........

1.00

Quarterly

Bank

of

America

NA

06/20/28

BBB

USD

5,000

93,521

5,911

87,610

Oracle

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB

USD

3,000

56,113

36,072

20,041

Oracle

Corp.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB

USD

3,000

56,113

21,439

34,674

Oracle

Corp.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/28

BBB

USD

5,000

93,521

55,975

37,546

Stena

AB

...........

5.00

Quarterly

Bank

of

America

NA

06/20/28

BB-

EUR

939

56,217

21,698

34,519

Valero

Energy

Corp.

....

1.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB

USD

1,650

23,737

10,424

13,313

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/28

BB

USD

1,000

9,490

(2,574)

12,064

Yum!

Brands,

Inc.

.....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB

USD

2,000

18,981

(19,655)

38,636

$

2,608,303

$

641,290

$

1,967,013

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

JPMorgan

Chase

Bank

NA

(b)

09/12/23

$

(1,388,795)

$

(260,014)

(c)

$

(1,646,015)

0.1

%

Monthly

Merrill

Lynch

International

&

Co.

(d)

02/15/28

1,346,277

160,166

(e)

1,513,880

0.4

Monthly

Merrill

Lynch

International

&

Co.

(f)

02/15/28

(831,475)

(136,449)

(g)

(970,125)

0.1

$

(236,297)

$

(1,102,260)

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(b)

(d)

(f)

Range:

15-120

basis

points

20-90

basis

points

15

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(c)

Amount

includes

$(2,794)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(7,437)

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$2,201

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

September

12,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Bank

of

America

Corp.

......

(1,565)

$

(50,080)

3.0

%

Bank

of

Hawaii

Corp.

.......

(1,296)

(74,040)

4.5

BankUnited,

Inc.

..........

(2,491)

(74,331)

4.5

Banner

Corp.

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

(911)

(43,373)

2.6

Charles

Schwab

Corp.

(The)

..

(1,739)

(114,948)

7.0

Community

Bank

System,

Inc.

.

(1,837)

(98,886)

6.0

Cullen/Frost

Bankers,

Inc.

...

(512)

(55,593)

3.4

FB

Financial

Corp.

........

(1,622)

(57,451)

3.5

Glacier

Bancorp,

Inc.

.......

(1,476)

(48,265)

2.9

Hope

Bancorp,

Inc.

........

(3,066)

(33,297)

2.0

Huntington

Bancshares,

Inc.

..

(8,616)

(105,460)

6.4

Independent

Bank

Group,

Inc.

.

(1,226)

(55,011)

3.3

OceanFirst

Financial

Corp.

...

(1,551)

(28,895)

1.8

Pacific

Premier

Bancorp,

Inc.

.

(2,307)

(58,921)

3.6

Prosperity

Bancshares,

Inc.

..

(687)

(43,501)

2.6

Simmons

First

National

Corp.,

Class

A

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

(2,540)

(51,282)

3.1

SPDR

S&P

Regional

Banking

ETF

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

(3,541)

(172,411)

10.5

Truist

Financial

Corp.

.......

(2,969)

(98,630)

6.0

UMB

Financial

Corp.

.......

(742)

(52,682)

3.2

Valley

National

Bancorp

.....

(6,013)

(61,693)

3.8

Washington

Federal,

Inc.

....

(1,618)

(50,223)

3.1

Western

Alliance

Bancorp

....

(3,622)

(188,163)

11.4

Zions

Bancorp

NA

.........

(755)

(28,879)

1.8

(1,646,015)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

(1,646,015)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

February

15,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Germany

ADLER

Group

SA

.........

26,636

$

19,651

1.3

%

Shares

Value

%

of

Basket

Value

Luxembourg

Lottomatica

Group

Spa

.....

74,614

$

775,260

51.2

%

United

Kingdom

EnQuest

plc

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

2,969,582

680,256

44.9

Liberty

Global

plc,

Class

A

...

60,802

1,129,093

74.6

1,809,349

United

States

Altice

USA,

Inc.,

Class

A

....

59,932

203,169

13.4

Total

Reference

Entity

—

Long

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

2,807,429

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(12,998)

(981,349)

(64.8)

iShares

Preferred

&

Income

Securities

ETF

.........

(10,000)

(312,200)

(20.6)

(1,293,549)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

1,513,880

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

February

15,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Air

Transport

Services

Group,

Inc.

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

(15,000)

(302,400)

31.2

Brandywine

Realty

Trust

....

(5,000)

(25,250)

2.6

Frontier

Communications

Parent,

Inc.

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

(17,500)

(318,675)

32.8

Sabre

Corp.

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

(40,000)

(164,000)

16.9

Xerox

Holdings

Corp.

.......

(10,000)

(159,800)

16.5

(970,125)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

(970,125)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

36

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

EFFR

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

Effective

Federal

Funds

Rate

5.33

%

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5.10

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

1,349,743

$

(1,148,675)

$

13,548

$

(1,960,371)

$

—

OTC

Swaps

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

8,179,916

(3,333,377)

3,536,650

(4,700,676)

—

Options

Written

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

N/A

N/A

240,432

(376,120)

(1,026,032)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

219,519

$

—

$

219,519

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

93,950

—

—

93,950

Options

purchased

Investments

at

value

—

unaffiliated

(b)

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

—

57,316

794,516

—

—

—

851,832

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

13,548

—

13,548

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

11,556,400

160,166

—

—

—

11,716,566

$

—

$

11,613,716

$

954,682

$

93,950

$

233,067

$

—

$

12,895,415

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,053,248

$

—

$

60,240

$

—

$

1,113,488

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

2,084,801

—

—

2,084,801

Options

written

Options

written

at

value

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

—

862,646

163,386

—

—

—

1,026,032

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

1,946,697

—

—

13,674

—

1,960,371

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

7,637,590

396,463

—

—

—

8,034,053

$

—

$

10,446,933

$

1,613,097

$

2,084,801

$

73,914

$

—

$

14,218,745

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

July

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(3,210,637)

$

—

$

8,000,195

$

—

$

4,789,558

Forward

foreign

currency

exchange

contracts

....

—

—

—

17,852,736

—

—

17,852,736

Options

purchased

(a)

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

—

(6,425,441)

(27,527,343)

—

(76,207)

—

(34,028,991)

Options

written

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

—

4,018,312

14,058,927

—

—

—

18,077,239

Swaps

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

—

(15,406,394)

(1,493,053)

—

(6,766,908)

—

(23,666,355)

$

—

$

(17,813,523)

$

(18,172,106)

$

17,852,736

$

1,157,080

$

—

$

(16,975,813)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

363,968

$

—

$

6,388,856

$

—

$

6,752,824

Forward

foreign

currency

exchange

contracts

....

—

—

—

(26,893,379)

—

—

(26,893,379)

Options

purchased

(b)

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

—

1,475,252

9,243,383

—

—

—

10,718,635

Options

written

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

—

(342,882)

(5,100,748)

—

—

—

(5,443,630)

Swaps

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

—

6,085,824

(56,764)

—

3,563,457

—

9,592,517

$

—

$

7,218,194

$

4,449,839

$

(26,893,379)

$

9,952,313

$

—

$

(5,273,033)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,042,668

Average

notional

value

of

contracts

—

short

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

$

89,563,434

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

428,498,523

Average

amounts

sold

—

in

USD

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

$

58,652,136

Options

Average

value

of

option

contracts

purchased

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

$

1,953,004

Average

value

of

option

contracts

written

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

$

871,107

Average

notional

value

of

swaption

contracts

purchased

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

$

116,597,513

Average

notional

value

of

swaption

contracts

written

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

$

95,173,879

Credit

default

swaps

Average

notional

value

—

buy

protection

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

$

336,002,420

Average

notional

value

—

sell

protection

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

$

153,943,891

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

143,110

Average

notional

value

—

receives

fixed

rate

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

$

143,110

Total

return

swaps

Average

notional

value

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

$

32,275,472

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

1,625

$

90,607

Forward

foreign

currency

exchange

contracts

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

93,950

2,084,801

Options

(a)

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

851,832

1,026,032

Swaps

—

centrally

cleared

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

—

125,562

Swaps

—

OTC

(b)

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

11,716,566

8,034,053

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

12,663,973

$

11,361,055

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(651,161)

(379,555)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

12,012,812

$

10,981,500

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statement

of

Assets

and

Liabilities.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

38

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

949,295

$

(780,138)

$

—

$

(169,157)

$

—

Barclays

Bank

plc

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

2,204,651

(543,289)

—

(1,550,000)

111,362

BNP

Paribas

SA

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

827,024

(827,024)

—

—

—

Citibank

NA

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

1,914,078

(478,105)

—

(1,029,659)

406,314

Credit

Suisse

International

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

814,379

(116,082)

—

(610,000)

88,297

Deutsche

Bank

AG

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

116,330

(11,679)

—

—

104,651

Goldman

Sachs

International

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

1,355,922

(1,170,343)

—

—

185,579

JPMorgan

Chase

Bank

NA

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

3,414,009

(3,414,009)

—

—

—

Merrill

Lynch

International

&

Co.

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

160,166

(136,449)

—

—

23,717

Morgan

Stanley

&

Co.

International

plc

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

255,743

(255,743)

—

—

—

Toronto

Dominion

Bank

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

1,215

(1,215)

—

—

—

$

12,012,812

$

(7,734,076)

$

—

$

(3,358,816)

$

919,920

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

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

$

780,138

$

(780,138)

$

—

$

—

$

—

Barclays

Bank

plc

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

543,289

(543,289)

—

—

—

BNP

Paribas

SA

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

2,046,981

(827,024)

—

—

1,219,957

Citibank

NA

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

478,105

(478,105)

—

—

—

Credit

Suisse

International

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

116,082

(116,082)

—

—

—

Deutsche

Bank

AG

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

11,679

(11,679)

—

—

—

Goldman

Sachs

International

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

1,170,343

(1,170,343)

—

—

—

JPMorgan

Chase

Bank

NA

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

3,767,843

(3,414,009)

—

—

353,834

Merrill

Lynch

International

&

Co.

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

136,449

(136,449)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

1,916,971

(255,743)

(467,261)

(530,000)

663,967

Toronto

Dominion

Bank

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

13,620

(1,215)

—

—

12,405

$

10,981,500

$

(7,734,076)

$

(467,261)

$

(530,000)

$

2,250,163

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

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

$

—

$

49,125,432

$

—

$

49,125,432

Ireland

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

—

52,266,438

5,279,991

57,546,429

United

Kingdom

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

—

3,647,894

—

3,647,894

United

States

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

—

1,351,449

—

1,351,449

Common

Stocks

Canada

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

—

—

14

14

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Level

1

Level

2

Level

3

Total

Germany

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

$

95,212

$

41,530

$

—

$

136,742

Luxembourg

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

—

—

1

1

United

Kingdom

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

382,427

—

37

382,464

United

States

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

6,395,971

1,211,354

1,640,511

9,247,836

Corporate

Bonds

Australia

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

—

587,594

—

587,594

Austria

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

—

6,477,027

—

6,477,027

Belgium

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

—

1,115,754

—

1,115,754

Brazil

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

—

550,996

—

550,996

Canada

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

—

381,430

—

381,430

Cayman

Islands

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

—

1,027

—

1,027

Chile

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

—

340,003

—

340,003

China

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

—

6,697,699

—

6,697,699

Colombia

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

—

816,833

—

816,833

Cyprus

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

—

1,073,992

—

1,073,992

Czech

Republic

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

—

2,177,505

—

2,177,505

Dominican

Republic

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

—

196,366

—

196,366

France

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

—

31,821,444

376,029

32,197,473

Germany

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

—

28,839,274

431,554

29,270,828

Ghana

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

—

3,357,915

—

3,357,915

Greece

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

—

1,749,106

—

1,749,106

India

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

—

506,890

1,056,639

1,563,529

Indonesia

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

—

378,236

—

378,236

Ireland

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

—

3,056,522

—

3,056,522

Israel

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

—

13,031,040

—

13,031,040

Italy

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

—

37,733,614

—

37,733,614

Japan

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

—

8,810,469

—

8,810,469

Kuwait

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

—

366,145

—

366,145

Luxembourg

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

—

23,000,026

—

23,000,026

Mexico

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

—

458,805

—

458,805

Morocco

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

—

217,018

—

217,018

Netherlands

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

—

10,302,417

—

10,302,417

Nigeria

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

—

164,600

—

164,600

Oman

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

—

195,798

—

195,798

Portugal

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

—

10,599,180

—

10,599,180

Romania

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

—

3,367,214

—

3,367,214

Singapore

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

—

182,124

—

182,124

Slovenia

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

—

884,924

—

884,924

South

Africa

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

—

564,288

—

564,288

South

Korea

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

—

7,748,168

—

7,748,168

Spain

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

—

22,867,055

—

22,867,055

Sweden

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

—

3,456,422

—

3,456,422

Switzerland

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

—

5,604,594

—

5,604,594

Tanzania,

United

Republic

Of

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

—

190,692

—

190,692

United

Arab

Emirates

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

—

968,005

—

968,005

United

Kingdom

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

—

87,841,682

22,022,510

109,864,192

United

States

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

—

321,981,830

42,728,284

364,710,114

Zambia

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

—

7,413,160

—

7,413,160

Fixed

Rate

Loan

Interests

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

—

—

2,739

2,739

Floating

Rate

Loan

Interests

France

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

—

2,923,467

—

2,923,467

Germany

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

—

3,417,456

—

3,417,456

Jersey,

Channel

Islands

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

—

—

341,902

341,902

Luxembourg

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

—

2,826,680

252,785

3,079,465

Netherlands

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

—

4,541,375

—

4,541,375

Singapore

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

—

69,360

—

69,360

United

Kingdom

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

—

4,607,806

—

4,607,806

United

States

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

—

49,754,185

10,767,669

60,521,854

Foreign

Agency

Obligations

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

—

16,657,532

—

16,657,532

Foreign

Government

Obligations

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

—

8,537,390

—

8,537,390

Investment

Companies

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

155,900

—

—

155,900

Non-Agency

Mortgage-Backed

Securities

United

States

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

—

29,174,294

3,586,951

32,761,245

Preferred

Securities

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

—

—

4,369,932

4,369,932

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

40

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

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

$

—

$

4,440,592

$

—

$

4,440,592

Warrants

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

57,526

494

125,966

183,986

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

47,467,970

—

47,467,970

Certificates

of

Deposit

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

—

910,963

—

910,963

Money

Market

Funds

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

56,350,784

—

—

56,350,784

Options

Purchased

Credit

contracts

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

—

57,316

—

57,316

Equity

contracts

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

649,536

144,980

—

794,516

Liabilities

Borrowed

Bonds

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

—

(47,128,464)

—

(47,128,464)

Investment

Sold

Short

Common

Stocks

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

(250,325)

—

—

(250,325)

$

63,837,031

$

894,122,376

$

92,983,514

$

1,050,942,921

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

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

$

—

$

3,376,484

$

—

$

3,376,484

Equity

contracts

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

—

160,166

—

160,166

Foreign

currency

exchange

contracts

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

—

93,950

—

93,950

Interest

rate

contracts

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

219,519

13,548

—

233,067

Liabilities

Credit

contracts

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

—

(7,113,556)

—

(7,113,556)

Equity

contracts

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

(824,344)

(788,753)

—

(1,613,097)

Foreign

currency

exchange

contracts

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

—

(2,084,801)

—

(2,084,801)

Interest

rate

contracts

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

(60,240)

(13,674)

—

(73,914)

$

(665,065)

$

(6,356,636)

$

—

$

(7,021,701)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2022

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

$

—

$

1,459,363

$

49,161,103

$

—

$

11,316,378

$

—

$

3,760,186

$

119,134

$

65,816,164

Transfers

into

Level

3

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

—

—

—

—

1,373,939

3,963,760

—

—

5,337,699

Transfers

out

of

Level

3

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

—

(13,393)

—

—

(1,094,335)

—

—

—

(1,107,728)

Other

(a)

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

—

—

—

51,980

(51,980)

—

—

—

—

Accrued

discounts/premiums

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

—

—

45,742

(15,579)

49,373

33,759

—

—

113,295

Net

realized

gain

(loss)

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

—

(1,423)

1,743

—

(358,218)

—

—

—

(357,898)

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

........

146,151

(102,212)

2,580,188

(33,662)

490,947

(410,568)

(169,862)

6,832

2,507,814

Purchases

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

5,133,840

386,410

27,836,594

—

11,746,906

—

779,608

—

45,883,35

8

Sales

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

—

(88,182)

(13,010,35

4)

—

(12,110,654)

—

—

—

(25,209,19

0)

Closing

balance,

as

of

July

31,

2023

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

$

5,279,991

$

1,640,563

$

66,615,016

$

2,739

$

11,362,356

$

3,586,951

$

4,369,932

$

125,966

$

92,983,514

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2023

(c)

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

$

146,151

$

(102,212)

$

2,580,188

$

(33,662)

$

174,868

$

(410,568)

$

(169,862)

$

6,832

$

2,191,735

(a)

Certain

Level

3

investments

were

re-classified

between

Fixed

Rate

Loan

Interests

and

Floating

Rate

Loan

Interests.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

July

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

in

the

amount

of

$

17,742,893

.

A

significant

change

in

the

third-party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

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

$

1,253,986

Market

Time

to

Exit

0.1

–

1.5

years

0.4

years

Volatility

51%

–

75%

70%

Revenue

Multiple

4.00x

—

Corporate

Bonds

(b)

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

64,850,586

Income

Discount

Rate

5%

–

35%

8%

Floating

Rate

Interests

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

1,081,916

Income

Discount

Rate

11%

–

14%

12%

Preferred

Stocks

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

4,369,932

Income

Discount

Rate

13%

—

Market

Revenue

Multiple

10.00x

–

24.00x

16.96x

Gross

Profit

Multiple

8.00x

—

EBITDA

Multiple

16.00x

—

Time

to

Exit

2.0

years

—

Volatility

90%

—

Warrants

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

97,250

Market

Time

to

Exit

0.4

–

0.6

years

0.5

years

Volatility

45%

–

60%

59%

Revenue

Multiple

3.75x

–

10.00x

8.29x

Income

Discount

Rate

35%

—

Non-Agency

Mortgage-Backed

Securities

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

3,586,951

Income

Credit

Spread

517

—

$

75,240,621

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

July

31,

2023,

the

valuation

technique

for

investments

classified

as

Corporate

Bonds

amounting

to

$691,945

changed

to

Discount

Cash

Flow

approach.

The

investments

were

previously

valued

utilizing

an

Option

Pricing

Model.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

Statement

of

Assets

and

Liabilities

July

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

42

BlackRock

Global

Long/Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

1,041,970,926‌

Investments,

at

value

—

affiliated

(b)

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

56,350,784‌

Cash

pledged:

–‌

Collateral

—

exchange-traded

options

written

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

6,180,000‌

Collateral

—

OTC

derivatives

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

29,034,000‌

Futures

contracts

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

1,698,880‌

Centrally

cleared

swaps

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

3,019,710‌

Foreign

currency,

at

value

(c)

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

19,313,585‌

Receivables:

–‌

Investments

sold

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

22,967,347‌

Swaps  

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

96,942‌

Capital

shares

sold

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

5,670,334‌

Dividends

—

unaffiliated

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

4,871‌

Dividends

—

affiliated

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

254,546‌

Interest

—

unaffiliated

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

14,656,608‌

From

the

Manager

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

30,229‌

Variation

margin

on

futures

contracts

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

1,625‌

Swap

premiums

paid

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

8,179,916‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

93,950‌

OTC

swaps

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

3,536,650‌

Prepaid

expenses

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

52,779‌

Total

assets

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

1,213,113,682‌

LIABILITIES

Investments

sold

short,

at

value

(d)

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

250,325‌

Bank

overdraft

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

17,030,078‌

Cash

received:

–‌

Collateral

—

OTC

derivatives

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

3,485,659‌

Borrowed

bonds,

at

value

(e)

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

47,128,464‌

Options

written,

at

value

(f)

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

1,026,032‌

Payables:

–‌

Investments

purchased

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

36,081,419‌

Swaps  

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

277,906‌

Administration

fees

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

39,496‌

Capital

shares

redeemed

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

6,598,577‌

Interest

expense

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

874,433‌

Investment

advisory

fees

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

750,895‌

Trustees'

and

Officer's

fees

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

24,081‌

Other

affiliate

fees

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

1,320‌

Professional

fees

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

264,051‌

Service

and

distribution

fees

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

54,436‌

Variation

margin

on

futures

contracts

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

90,607‌

Variation

margin

on

centrally

cleared

swaps

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

125,562‌

Other

accrued

expenses

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

518,629‌

Swap

premiums

received

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

3,333,377‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

2,084,801‌

OTC

swaps

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

4,700,676‌

Total

liabilities

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

124,740,824‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

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

$

1,088,372,858‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2023

43

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

1,748,032,852‌

Accumulated

loss

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

(659,659,994‌)

NET

ASSETS

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

$

1,088,372,858‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

1,155,005,637‌

(b)

  Investments,

at

cost

—

affiliated

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

$

56,350,784‌

(c)

  Foreign

currency,

at

cost

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

$

19,441,686‌

(d)

  Proceeds

received

from

short

sales

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

$

76,549‌

(e)

  Proceeds

received

from

borrowed

bonds

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

$

48,235,668‌

(f)

  Premiums

received

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

$

890,344‌

Statement

of

Assets

and

Liabilities

(continued)

July

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

44

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

783,811,456‌

Shares

outstanding

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

89,072,513‌

Net

asset

value

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

$

8.80‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

65,580,020‌

Shares

outstanding

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

7,446,921‌

Net

asset

value

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

$

8.81‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

4,734,633‌

Shares

outstanding

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

542,162‌

Net

asset

value

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

$

8.73‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

234,246,749‌

Shares

outstanding

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

26,596,238‌

Net

asset

value

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

$

8.81‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

Year

Ended

July

31,

2023

45

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

330,844‌

Dividends

—

affiliated

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

3,289,429‌

Interest

—

unaffiliated

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

73,610,678‌

Total

investment

income

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

77,230,951‌

EXPENSES

Investment

advisory

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

11,467,977‌

Transfer

agent

—

class

specific

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

864,948‌

Administration

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

495,421‌

Accounting

services

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

340,807‌

Service

and

distribution

—

class

specific

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

279,399‌

Professional

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

249,740‌

Administration

—

class

specific

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

183,168‌

Registration

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

160,094‌

Custodian

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

87,974‌

Printing

and

postage

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

33,072‌

Trustees

and

Officer

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

23,976‌

Miscellaneous

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

435,993‌

Total

expenses

excluding

dividend

expense,

and

interest

expense

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

14,622,569‌

Dividends

expense

—

unaffiliated

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

27,931‌

Dividends

expense

—

affiliated

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

133,915‌

Interest

expense

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

3,450,548‌

Total

expenses

.......................................................................................................

18,234,963‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

.......................................................................

(24,922‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(189,630‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

..........................................................

(55,671‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

17,964,740‌

Net

investment

income

..................................................................................................

59,266,211‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(35,257,299‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(158,792,562‌)

Investments

—

affiliated

.............................................................................................

27,536‌

Borrowed

bonds

..................................................................................................

7,578,326‌

Forward

foreign

currency

exchange

contracts

...............................................................................

17,852,736‌

Foreign

currency

transactions

.........................................................................................

(3,611,196‌)

Futures

contracts

..................................................................................................

4,789,558‌

Options

written

...................................................................................................

18,077,239‌

Short

sales

—

unaffiliated

............................................................................................

462,906‌

Short

sales

—

affiliated

..............................................................................................

22,622‌

Swaps

.........................................................................................................

(23,666,355‌)

A

(137,259,190‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

121,787,215‌

Borrowed

bonds

..................................................................................................

(4,219,757‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(26,893,379‌)

Foreign

currency

translations

..........................................................................................

534,775‌

Futures

contracts

..................................................................................................

6,752,824‌

Options

written

...................................................................................................

(5,443,630‌)

Short

sales

—

unaffiliated

............................................................................................

(144,305‌)

Short

sales

—

affiliated

..............................................................................................

35,632‌

Swaps

.........................................................................................................

9,592,517‌

A

102,001,892‌

Net

realized

and

unrealized

loss

............................................................................................

(35,257,298‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

24,008,913‌

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

46

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Year

Ended

07/31/23

Year

Ended

07/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

59,266,211

‌

$

48,221,335

‌

Net

realized

gain

(loss)

..............................................................................

(137,259,190

)

20,470,365

‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

102,001,892

‌

(182,231,749

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

24,008,913

‌

(113,540,049

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

.....................................................................................

(66,995,894

)

(45,186,861

)

  Investor

A

......................................................................................

(5,315,056

)

(3,089,685

)

  Investor

C

......................................................................................

(433,580

)

(347,824

)

  Class

K

.......................................................................................

(20,255,590

)

(10,375,706

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(93,000,120

)

(59,000,076

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(384,466,653

)

107,073,742

‌

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(453,457,860

)

(65,466,383

)

Beginning

of

year

....................................................................................

1,541,830,718

‌

1,607,297,101

‌

End

of

year

........................................................................................

$

1,088,372,858

‌

$

1,541,830,718

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

47

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

$

10.36

‌

Net

investment

income

(a)

.................................

0.43

‌

0.28

‌

0.38

‌

0.37

‌

0.37

‌

Net

realized

and

unrealized

gain

(loss)

........................

(0.19

)

(0.92

)

0.48

‌

(0.27

)

(0.10

)

Net

increase

(decrease)

from

investment

operations

................

0.24

‌

(0.64

)

0.86

‌

0.10

‌

0.27

‌

Distributions

from

net

investment

income

(b)

....................

(0.70

)

(0.35

)

(0.39

)

(0.37

)

(0.58

)

Net

asset

value,

end

of

year

...............................

$

8.80

‌

$

9.26

‌

$

10.25

‌

$

9.78

‌

$

10.05

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

..................................

2.88

%

(6.42

)%

8.95

%

0.96

%

(d)

2.83

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.........................................

1.49

%

1.34

%

1.46

%

1.85

%

2.03

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.47

%

1.33

%

1.45

%

1.85

%

2.01

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.17

%

1.12

%

1.09

%

1.12

%

1.07

%

Net

investment

income

...................................

4.87

%

2.89

%

3.80

%

3.74

%

3.67

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

783,811

‌

$

1,077,774

‌

$

1,202,628

‌

$

1,223,282

‌

$

1,747,346

‌

Portfolio

turnover

rate

.....................................

132

%

(f)

149

%

156

%

232

%

226

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

48

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

$

10.33

‌

Net

investment

income

(a)

.................................

0.40

‌

0.26

‌

0.35

‌

0.34

‌

0.34

‌

Net

realized

and

unrealized

gain

(loss)

........................

(0.17

)

(0.93

)

0.49

‌

(0.27

)

(0.10

)

Net

increase

(decrease)

from

investment

operations

................

0.23

‌

(0.67

)

0.84

‌

0.07

‌

0.24

‌

Distributions

from

net

investment

income

(b)

....................

(0.66

)

(0.33

)

(0.36

)

(0.34

)

(0.54

)

Net

asset

value,

end

of

year

...............................

$

8.81

‌

$

9.24

‌

$

10.24

‌

$

9.76

‌

$

10.03

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

..................................

2.76

%

(6.75

)%

8.69

%

0.69

%

(d)

2.60

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.........................................

1.76

%

1.61

%

1.73

%

2.10

%

2.29

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.70

%

1.60

%

1.72

%

2.10

%

2.27

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.40

%

1.39

%

1.36

%

1.37

%

1.33

%

Net

investment

income

...................................

4.50

%

2.70

%

3.53

%

3.49

%

3.43

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

65,580

‌

$

136,073

‌

$

86,176

‌

$

101,727

‌

$

117,093

‌

Portfolio

turnover

rate

.....................................

132

%

(g)

149

%

156

%

232

%

226

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees

for

the

year

ended

July

31,

2019,

the

expense

ratio

would

have

been

2.28%.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

49

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

$

10.12

‌

Net

investment

income

(a)

.................................

0.34

‌

0.18

‌

0.27

‌

0.27

‌

0.26

‌

Net

realized

and

unrealized

gain

(loss)

........................

(0.19

)

(0.91

)

0.47

‌

(0.26

)

(0.10

)

Net

increase

(decrease)

from

investment

operations

................

0.15

‌

(0.73

)

0.74

‌

0.01

‌

0.16

‌

Distributions

from

net

investment

income

(b)

....................

(0.56

)

(0.22

)

(0.23

)

(0.25

)

(0.46

)

Net

asset

value,

end

of

year

...............................

$

8.73

‌

$

9.14

‌

$

10.09

‌

$

9.58

‌

$

9.82

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

..................................

1.84

%

(7.37

)%

7.75

%

0.03

%

(d)

1.72

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.........................................

2.51

%

2.37

%

2.50

%

2.86

%

3.05

%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

................

2.45

%

2.36

%

2.49

%

2.86

%

3.03

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

2.15

%

2.15

%

2.13

%

2.13

%

2.09

%

Net

investment

income

...................................

3.82

%

1.88

%

2.71

%

2.75

%

2.65

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

4,735

‌

$

9,827

‌

$

18,771

‌

$

29,291

‌

$

68,930

‌

Portfolio

turnover

rate

.....................................

132

%

(g)

149

%

156

%

232

%

226

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(g)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

50

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

of

year

...........................

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

$

10.37

‌

Net

investment

income

(a)

.................................

0.44

‌

0.29

‌

0.39

‌

0.38

‌

0.38

‌

Net

realized

and

unrealized

gain

(loss)

........................

(0.20

)

(0.92

)

0.48

‌

(0.27

)

(0.11

)

Net

increase

(decrease)

from

investment

operations

................

0.24

‌

(0.63

)

0.87

‌

0.11

‌

0.27

‌

Distributions

from

net

investment

income

(b)

....................

(0.70

)

(0.36

)

(0.40

)

(0.38

)

(0.58

)

Net

asset

value,

end

of

year

...............................

$

8.81

‌

$

9.27

‌

$

10.26

‌

$

9.79

‌

$

10.06

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

..................................

2.98

%

(6.35

)%

9.02

%

1.04

%

(d)

2.91

%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.........................................

1.40

%

1.26

%

1.39

%

1.77

%

1.96

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.38

%

1.26

%

1.38

%

1.76

%

1.94

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...

1.09

%

1.05

%

1.02

%

1.04

%

1.00

%

Net

investment

income

...................................

4.95

%

2.97

%

3.85

%

3.85

%

3.75

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

234,247

‌

$

318,157

‌

$

299,722

‌

$

399,165

‌

$

1,104,061

‌

Portfolio

turnover

rate

.....................................

132

%

(f)

149

%

156

%

232

%

226

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

51

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

IV (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business

trust.

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”)

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

Shares

are

generally

sold

with

an

initial

sales

charge,

and

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

Investor

C

Shares

may

be

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized

its

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared and

paid

at

least

annually.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the 

trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

52

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees’

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the Trustees

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement(s)

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Notes

to

Financial

Statements

(continued)

53

Notes

to

Financial

Statements

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

54

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

Notes

to

Financial

Statements

(continued)

55

Notes

to

Financial

Statements

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate

a

fund

to

make

future

cash

payments. As

of

July

31,

2023

,

the Fund

had

outstanding

commitments

of

$1,446,000.

These

commitments

are

not

included

in

the

net

assets

of

the Fund

as

of

July

31,

2023

.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

day,

the

value

of

the

cash

collateral

in

the

possession

of

the

counterparty

is

monitored

on

a

daily

basis

to

ensure

the

adequacy

of

the

collateral.

As

the

market

value

of

the

borrowed

bond

changes,

the

cash

collateral

is

periodically

increased

or

decreased

with

a

frequency

and

in

amounts

prescribed

in

the

borrowed

bond

agreement.

A

fund

may

also

experience

delays

in

gaining

access

to

the

collateral.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third-party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Statement

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

July

31,

2023,

the

average

daily

amount

of

reverse

repurchase

agreements outstanding and

the

weighted

average

interest

rate

for

the

Fund

were

$84,338

and

4.72%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/

or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

56

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

agreements by

counterparty

which

are

subject

to

offset

under

an MRA

on

a

net

basis:

Short

Sale

Transactions:

 In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statement

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

Barclays

Bank

plc

..............

$

12,215,259‌

$

(12,318,334‌)

$

(103,075‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(103,075‌)

Barclays

Capital,

Inc.

............

5,246,461‌

(5,285,535‌)

(39,074‌)

—‌

—‌

—‌

—‌

—‌

(39,074‌)

BNP

Paribas

SA

...............

5,862,878‌

(5,898,499‌)

(35,621‌)

—‌

—‌

—‌

—‌

—‌

(35,621‌)

BofA

Securities,

Inc.

.............

846,250‌

(848,291‌)

(2,041‌)

—‌

—‌

—‌

—‌

—‌

(2,041‌)

Goldman

Sachs

International

.......

2,300,811‌

(2,315,786‌)

(14,975‌)

—‌

—‌

—‌

—‌

—‌

(14,975‌)

J.P.

Morgan

Securities

plc

.........

10,670,061‌

(10,851,574‌)

(181,513‌)

—‌

—‌

—‌

—‌

—‌

(181,513‌)

Nomura

Securities

International,

Inc.

..

5,639,790‌

(5,712,169‌)

(72,379‌)

—‌

—‌

—‌

—‌

—‌

(72,379‌)

RBC

Capital

Markets

LLC

.........

3,109,820‌

(3,199,530‌)

(89,710‌)

—‌

—‌

—‌

—‌

—‌

(89,710‌)

RBC

Europe

Ltd.

...............

1,576,640‌

(1,573,179‌)

3,461‌

—‌

—‌

—‌

—‌

—‌

3,461‌

$

47,467,970‌

$

(48,002,897‌)

$

(534,927‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(534,927‌)

...........................................

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Statements

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$874,433

which

is

included

in

interest

expense

payable

in

the

Statements

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Notes

to

Financial

Statements

(continued)

57

Notes

to

Financial

Statements

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

Barrier

options

–

The

Fund

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Fund

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

58

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Notes

to

Financial

Statements

(continued)

59

Notes

to

Financial

Statements

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service and/or

distribution

fee compensates BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the year

ended

July

31,

2023,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.015% of

the

average

daily

net

assets

of

each

respective

class.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.95%

$1

billion

-

$3

billion

.....................................................................................................

0.89

$3

billion

-

$5

billion

.....................................................................................................

0.86

$5

billion

-

$6.5

billion

....................................................................................................

0.83

$6.5

billion

-

$10

billion

...................................................................................................

0.80

Greater

than

$10

billion

...................................................................................................

0.76

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Share

Class

Service

and

Distribution

Fees

—

Class

Specific

Investor

A

........................................................................................................

$

212,307‌

Investor

C

........................................................................................................

67,092‌

$

279,399‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

60

For

the

year

ended

July

31,

2023,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration —

class

specific

in

the

Statement

of

Operations:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

year ended July

31,

2023,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the year

ended

July

31,

2023,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

year ended

July

31,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the

year

 ended 

July

31,

2023

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$101

.

For

the year

ended

July

31,

2023,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

July

31,

2023,

the

amount

waived

was

$68,660.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

July

31,

2023,

the

Manager

waived

$2,363.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund.

For

the

year ended

July

31,

2023,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$118,607 which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

year ended

July

31,

2023,

class

specific

expense

waivers

and/or

reimbursements were as

follows: 

Institutional

Investor

A

Investor

C

Class

K

Total

Administration

fees

-

class

specific

..........................................

$

131,100‌

$

12,738‌

$

1,006‌

$

38,324‌

$

183,168‌

Institutional

.............................................................................................................

$

3,222‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

Amount

....................................................

$

2,343‌

$

1,138‌

$

783‌

$

611‌

$

4,875‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

..........................................

$

759,379‌

$

96,049‌

$

7,603‌

$

1,917‌

$

864,948‌

Fund

Name

Investor

A

Investor

C

BlackRock

Global

Long/Short

Credit

Fund

.............................................................................

$

26,390‌

$

2,977‌

Institutional

Investor

A

Investor

C

Class

K

Expense

Limitations

................................................

1.20‌%

1.40‌%

2.15‌%

1.15‌%

Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Institutional

....................................................................................

$

8,704‌

$

23,669‌

Investor

A

.....................................................................................

12,637‌

29,434‌

Investor

C

.....................................................................................

984‌

2,367‌

Class

K

......................................................................................

2,597‌

201‌

$

24,922‌

$

55,671‌

Notes

to

Financial

Statements

(continued)

61

Notes

to

Financial

Statements

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

July

31,

2023,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

year ended

July

31,

2023,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the year

ended

July

31,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups and

excluding

short-term

securities, were $1,380,660,149

and

$1,634,723,749,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

July

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

July

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

differences

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

amortization

methods

of

premiums

and

discounts

on

fixed-income

securities,

the

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

classification

of

investments,

the

accounting

for

swap

agreements

and

the

deferral

of

compensation

to

trustees.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

Purchases

...............................................................................................................

$

1,162,257‌

Sales

...................................................................................................................

7,463,606‌

Net

Realized

Loss

..........................................................................................................

(509,614‌)

Fund

Name

Year

Ended

07/31/23

Year

Ended

07/31/22

BlackRock

Global

Long/Short

Credit

Fund

Ordinary

income

...........................................................................................

$

93,000,120‌

$

59,000,076‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-

Year

Losses

(c)

Total

BlackRock

Global

Long/Short

Credit

Fund

.....................................

$

(523,382,211‌)

$

(131,682,453‌)

$

(

4,595,330‌

)

$

(659,659,994‌)

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

62

As

of

July

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2024

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

July

31,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,218,674,233‌

$

15,098,655‌

$

(138,268,088‌)

$

(123,169,433‌)

Notes

to

Financial

Statements

(continued)

63

Notes

to

Financial

Statements

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund(s) may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states. The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be,

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

64

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

07/31/23

Year

Ended

07/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

.............................................

32,070,701‌

$

284,550,002‌

57,816,380‌

$

571,072,733‌

Shares

issued

in

reinvestment

of

distributions

........................

6,464,375‌

54,430,040‌

3,348,270‌

33,114,387‌

Shares

redeemed

.........................................

(65,878,345‌)

(584,133,352‌)

(62,089,562‌)

(597,211,870‌)

(27,343,269‌)

$

(245,153,310‌)

(924,912‌)

$

6,975,250‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

1,780,436‌

$

15,948,428‌

9,388,064‌

$

91,780,264‌

Shares

issued

in

reinvestment

of

distributions

........................

564,634‌

4,765,509‌

275,553‌

2,725,220‌

Shares

redeemed

.........................................

(9,617,384‌)

(85,960,296‌)

(3,362,577‌)

(32,660,728‌)

(7,272,314‌)

$

(65,246,359‌)

6,301,040‌

$

61,844,756‌

Investor

C

Shares

sold

.............................................

50,419‌

$

436,299‌

145,849‌

$

1,439,754‌

Shares

issued

in

reinvestment

of

distributions

........................

51,209‌

430,667‌

35,116‌

344,834‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(634,856‌)

(5,582,929‌)

(966,171‌)

(9,367,981‌)

(533,228‌)

$

(4,715,963‌)

(785,206‌)

$

(7,583,393‌)

Class

K

Shares

sold

.............................................

6,862,326‌

$

60,444,858‌

17,555,604‌

$

167,819,896‌

Shares

issued

in

reinvestment

of

distributions

........................

343,658‌

2,897,041‌

167,164‌

1,653,256‌

Shares

redeemed

.........................................

(14,940,513‌)

(132,692,920‌)

(12,611,383‌)

(123,636,023‌)

(7,734,529‌)

$

(69,351,021‌)

5,111,385‌

$

45,837,129‌

(42,883,340‌)

$

(384,466,653‌)

9,702,307‌

$

107,073,742‌

Report

of

Independent

Registered

Public

Accounting

Firm

65

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

BlackRock

Funds

IV

and

Shareholders

of

BlackRock

Global

Long/Short

Credit

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

BlackRock

Global

Long/Short

Credit

Fund

(one

of

the

funds

constituting

BlackRock

Funds

IV,

referred

to

hereafter

as

the

"Fund")

as

of

July

31,

2023,

the

related

statement

of

operations

for

the

year

ended

July

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2023

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

26,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

2023

BlackRock

Annual

Report

to

Shareholders

66

The

following

amount,

or maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2023:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

year

ended

July

31,

2023:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attributable

to

federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

check

with

their

tax

advisers

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

tax.

The

following

percentage,

or

maximum

percentage

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

July

31,

2023:

The

Fund

hereby

designates

the

following

amount,

or

maximum

amount

allowable

by

law,

as

interest-related

dividends

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

July

31,

2023:

Fund

Name

Qualified

Dividend

Income

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

2,000,143‌

Fund

Name

Federal

Obligation

Interest

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

473,640‌

Fund

Name

Dividends-Received

Deduction

BlackRock

Global

Long/Short

Credit

Fund

....................................................................................

0.61

%

‌

Fund

Name

Interest

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

56,464,362‌

Fund

Name

Interest-Related

Dividends

BlackRock

Global

Long/Short

Credit

Fund

..................................................................................

$

25,739,884‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

67

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

IV

(the

“Trust”)

met

on

May

4,

2023

(the

“May

Meeting”)

and

June

1-2,

2023

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

adviser.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

the

Fund

and

(2)

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

to

the

Fund.

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

the

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

the

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

of

which

extended

over

a

two-day

period,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

are

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

June

Meeting.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a) the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b) the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c) the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d) the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g) other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

them

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

68

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

the

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

the

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

the

Fund.

BlackRock

and

its

affiliates

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

the

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

the

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

the

Fund

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

the

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

May

Meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2022,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and,

in

light

of

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

the

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

reviewed

and

considered

the

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics,

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-,

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

69

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

the

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

the

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2022

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

the

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

fourth

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted,

however,

that

given

the

comparability

limitations

of

the

Expense

Peers,

BlackRock

provided

the

Board

a

supplemental

peer

group

consisting

of

funds

that

BlackRock

believes

are

generally

similar

to

the

Fund.

The

Board

noted

that

the

Fund’s

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

supplemental

peer

group.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

the

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending,

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

June

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2024,

and

the

Sub-Advisory

Agreements

between

the

Manager

and

the

Sub-Advisors,

with

respect

to

the

Fund,

for

a

one-year

term

ending

June

30,

2024.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Trustee

and

Officer

Information

2023

BlackRock

Annual

Report

to

Shareholders

70

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

R.

Glenn

Hubbard

1958

Chair

of

the

Board

(Since

2022)

and

Trustee

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

70

RICs

consisting

of

104

Portfolios

ADP

(data

and

information

services)

from

2004

to

2020;

Metropolitan

Life

Insurance

Company

(insurance);

TotalEnergies

SE

(multi-energy).

W.

Carl

Kester

(d)

1951

Vice

Chair

of

the

Board

(Since

2022)

Trustee

(Since

2019)

Baker

Foundation

Professor

and

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Emeritus,

Harvard

Business

School

since

2022;

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

from

2008

to

2022;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

72

RICs

consisting

of

106

Portfolios

None

Cynthia

L.

Egan

1955

Trustee

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

70

RICs

consisting

of

104

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair);

Huntsman

Corporation

(Lead

Independent

Director

and

non

Executive

Vice

Chair

of

the

Board)

(chemical

products).

Frank

J.

Fabozzi

(d)

1948

Trustee

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

from

2011

to

2022;

Professor

of

Practice,

Johns

Hopkins

University

since

2021;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year;

Adjunct

Professor

of

Finance,

Carnegie

Mellon

University

in

fall

2020

semester.

72

RICs

consisting

of

106

Portfolios

None

Lorenzo

A.

Flores

1964

Trustee

(Since

2021)

Vice

Chairman,

Kioxia,

Inc.

since

2019;

Chief

Financial

Officer,

Xilinx,

Inc.

from

2016

to

2019;

Corporate

Controller,

Xilinx,

Inc.

from

2008

to

2016.

70

RICs

consisting

of

104

Portfolios

None

Stayce

D.

Harris

1959

Trustee

(Since

2021)

Lieutenant

General,

Inspector

General

of

the

United

States

Air

Force

from

2017

to

2019;

Lieutenant

General,

Assistant

Vice

Chief

of

Staff

and

Director,

Air

Staff,

United

States

Air

Force

from

2016

to

2017;

Major

General,

Commander,

22nd

Air

Force,

AFRC,

Dobbins

Air

Reserve

Base,

Georgia

from

2014

to

2016;

Pilot,

United

Airlines

from

1990

to

2020.

70

RICs

consisting

of

104

Portfolios

KULR

Technology

Group,

Inc.

in

2021;

The

Boeing

Company

(airplane

manufacturer).

J.

Phillip

Holloman

1955

Trustee

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

70

RICs

consisting

of

104

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation).

Catherine

A.

Lynch

(d)

1961

Trustee

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

72

RICs

consisting

of

106

Portfolios

PennyMac

Mortgage

Investment

Trust

Trustee

and

Officer

Information

(continued)

71

Trustee

and

Officer

Information

Interested

Trustees

(a)(e)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Each

Independent

Trustee

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Trustees

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Trustees

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

and

W.

Carl

Kester,

1995.

Certain

other

Independent

Trustees

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Dr.

Kester,

Ms.

Lynch

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Trust

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex.

Robert

Fairbairn

1965

Trustee

(Since

2018)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

98

RICs

consisting

of

273

Portfolios

None

John

M.

Perlowski

(d)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

100

RICs

consisting

of

275

Portfolios

None

Trustee

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

72

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust’s

Trustees

and

Officers

is

available

in

the

Trust’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Trust.

Additional

Information

73

Additional

Information

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

74

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

75

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

CSGLSCMT-7/23-AR

Item 2 – Code of Ethics --

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

               Frank J. Fabozzi

Lorenzo A. Flores
Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Long/Short Credit Fund	$77,871	$74,100	$0	$0	$0	$0	$303	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Long/Short Credit Fund	$303	$0

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

  <<section 302>>

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

<<section 906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By:     _/s/ John M. Perlowski______________

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: September 26, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     _/s/ John M. Perlowski______________

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: September 26, 2023

By:     _/s/ Trent Walker___________________

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: September 26, 2023