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
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blackrock.com
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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

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds IV, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds IV;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: September 26, 2023
_/s/ John M. Perlowski______________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds IV

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds IV, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds IV;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: September 26, 2023
_
/s/ Trent Walker___________________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds IV

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds IV (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: September 26, 2023
_
_/s/ John M. Perlowski______________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds IV
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds IV (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: September 26, 2023
_/s/ Trent Walker___________________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds IV
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.