N-CSRS 1 primary-document.htm
 
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: 01/31/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
   
Not Applicable
JANUARY
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
IV
BlackRock
Global
Long/Short
Credit
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
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
January
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44)%
(8.22)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60)
(11.62)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37)
(8.36)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
6
About
Fund
Performance 
.................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
7
Financial
Statements:
Schedule
of
Investments
................................................................................................
8
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
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
64
Additional
Information
....................................................................................................
65
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
67
Fund
Summary
as
of
January
31,
2023
2023
BlackRock
Semi-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
six-month
period
ended
January
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
U.S.
and
European
Traditional
strategies
and
European
Absolute
Return
strategies
were
the
leading
positive
drivers
of
performance.
U.S.
Absolute
Return
strategies
and
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.
The
use
of
derivatives
detracted
from
performance.
The
Fund
held
an
elevated
cash
weighting
at
the
end
of
the
period
to
meet
liquidity
needs
and
maintain
a
defensive
positioning.
The
cash
position
did
not
have
a
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
Fund’s
investment
adviser
kept
the
Fund’s
duration
near
zero
for
the
majority
of
the
reporting
period.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
The
Fund
closed
the
period
with
its
duration
at
0.7
years
to
help
mitigate
the
impact
of
rising
rates.
The
investment
adviser
shifted
to
a
more
defensive
stance
from
a
credit
risk
perspective
by
reducing
both
the
long
and
short
positions
in
the
portfolio,
thereby
decreasing
the
Fund’s
gross
exposure.
At
a
time
in
which
traditional
correlations
broke
down,
long-short
strategies
became
less
effective.
The
Fund
also
held
an
elevated
cash
position
and
moved
up
in
credit
quality.
The
investment
adviser
used
periods
of
market
strength
to
reduce
the
Fund’s
allocations
to
high
yield
bonds
and
term
loans,
and
redeployed
the
proceeds
into
short-dated
investment-grade
corporate
bonds
that
offered
the
combination
of
attractive
yields
and
minimal
volatility.
The
investment
adviser
also
sought
to
reduce
risk
in
Europe
through
a
higher-quality
bias
believing
there
would
be
more
attractive
entry
points
in
European
corporate
bonds
in
the
coming
months
as
the
region
enters
a
period
of
sluggish
growth
and
tighter
financial
conditions.
Describe
portfolio
positioning
at
period
end.
The
Fund
held
an
allocation
to
high
yield
bonds,
investment-grade
corporate
bonds
and
term
loans
across
the
United
States
and
Europe.
The
Fund
was
positioned
in
a
relatively
defensive
fashion
with
a
high-quality
bias,
a
higher-than-normal
allocation
to
cash,
and
a
reduced
gross
exposure.
This
positioning
reflected
the
investment
adviser’s
belief
that
yield
spreads
in
many
areas
were
not
adequately
pricing
in
the
potential
for
slowing
economic
growth.
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.
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
5.59‌%
5.59‌%
0.42‌%
(5.40‌)%
N/A‌
1.07‌%
N/A‌
1.62‌%
N/A‌
Investor
A
...............
5.15‌
5.09‌
0.42‌
(5.60‌)
(9.38‌)%
0.82‌
0.00‌
%
1.35‌
0.94‌%
Investor
C
...............
4.63‌
4.56‌
(0.02‌)
(6.28‌)
(7.16‌)
0.05‌
0.05‌
0.76‌
0.76‌
Class
K
................
5.67‌
5.67‌
0.41‌
(5.41‌)
N/A‌
1.13‌
N/A‌
1.67‌
N/A‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(c)
.......
—‌
—‌
1.58‌
1.79‌
N/A‌
1.30‌
N/A‌
0.80‌
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
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.
Fund
Summary
as
of
January
31,
2023
(continued)
5
Fund
Summary
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
(08/01/22)
Ending
Account
Value
(01/31/23)
Including
Dividend
Expense
and
Interest
Expense
(a)
Excluding
Dividend
Expense
and
Interest
Expense
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Including
Dividend
Expense
and
Interest
Expense
Excluding
Dividend
Expense
and
Interest
Expense
Institutional
....
$
1,000.00‌
$
1,004.20‌
$
7.22‌
$
5.8
1‌
$
1,000.00‌
$
1,018.00‌
$
7.27‌
$
1,019.
41‌
$
5.
85‌
1.43‌%
1.1
5‌
%
Investor
A
.....
1,000.00‌
1,004.20‌
8.49‌
7.07‌
1,000.00‌
1,016.74‌
8.54‌
1,018.15‌
7.12‌
1.68‌
1.40‌
Investor
C
.....
1,000.00‌
999.80‌
12.25‌
10.84‌
1,000.00‌
1,012.96‌
12.33‌
1,014.37‌
10.92‌
2.43‌
2.15‌
Class
K
......
1,000.00‌
1,004.10‌
6.82‌
5.4
1‌
1,000.00‌
1,018.40‌
6.87‌
1,019.
81‌
5.
4
5‌
1.35‌
1.0
7‌
(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
184/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
49.6‌
%
2.6‌
%
52.2‌
%
United
Kingdom
..........................
11.9‌
0.2‌
12.1‌
France
................................
5.1‌
—‌
5.1‌
Germany
..............................
4.4‌
0.2‌
4.6‌
Ireland
................................
3.8‌
—‌
3.8‌
Cayman
Islands
..........................
3.6‌
—‌
3.6‌
Luxembourg
............................
3.3‌
—‌
3.3‌
Spain
.................................
2.1‌
—‌
2.1‌
Netherlands
............................
1.8‌
—‌
1.8‌
Italy
..................................
1.5‌
0.2‌
1.7‌
Sweden
...............................
1.2‌
0.1‌
1.3‌
Other
(b)
................................
8.1‌
0.3‌
8.4‌
Total
.................................
96.4‌%
3.6‌%
100.0‌%
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(d)
AAA/
Aaa
(e)
......................................
6.3‌
%
AA/Aa
.........................................
1.0‌
A
............................................
4.5‌
BBB/Baa
.......................................
22.8‌
BB/Ba
.........................................
21.9‌
B
............................................
23.8‌
CCC/
Caa
.......................................
3.4‌
CC/Ca
........................................
0.4‌
NR
...........................................
15.9‌
(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
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
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
7
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. 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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
January
31,
2023
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
3.5%
(a)(b)
ACAS
CLO
Ltd.,
Series
2015-1A,
Class
AR3,
(LIBOR
USD
3
Month
+
0.89%),
5.68%,
10/18/28
.......
USD
863
$
849,957
Allegro
CLO
V
Ltd.,
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.95%),
5.74%,
10/16/30
.......
491
485,129
Apidos
CLO
XXIV,
Series
2016-24A,
Class
A1AL,
(LIBOR
USD
3
Month
+
0.95%),
5.76%,
10/20/30
.......
250
247,058
Apidos
CLO
XXVII,
Series
2017-27A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.93%),
5.72%,
07/17/30
.......
500
496,090
Bain
Capital
Credit
CLO
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
0.96%),
5.78%,
04/23/31
1,000
989,304
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.87%),
5.66%,
07/15/29
............
533
525,794
BlueMountain
CLO
Ltd.,
Series
2013-
2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
6.00%,
10/22/30
1,923
1,906,500
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
5.76%,
04/17/31
............
1,246
1,221,708
Carlyle
US
CLO
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.02%),
5.83%,
04/20/31
.......
750
738,183
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
A1,
(LIBOR
USD
3
Month
+
0.98%),
5.79%,
04/20/31
1,000
991,042
Cedar
Funding
VII
CLO
Ltd.,
Series
2018-7A,
Class
A1,
(LIBOR
USD
3
Month
+
1.00%),
5.81%,
01/20/31
1,000
993,072
CIFC
Funding
Ltd.
Series
2014-2RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.05%),
5.87%,
04/24/30
...............
933
926,612
Series
2015-3A,
Class
AR,
(LIBOR
USD
3
Month
+
0.87%),
5.67%,
04/19/29
...............
218
216,134
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.01%),
5.83%,
04/23/29
...............
1,690
1,679,550
Series
2017-2A,
Class
AR,
(LIBOR
USD
3
Month
+
0.95%),
5.76%,
04/20/30
...............
491
486,939
Series
2017-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.95%),
5.77%,
10/24/30
...............
484
480,461
Series
2018-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.04%),
5.85%,
04/20/31
...............
1,000
992,149
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(LIBOR
USD
3
Month
+
0.82%),
5.43%,
11/15/28
.
841
834,314
Dryden
36
Senior
Loan
Fund,
Series
2014-36A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.02%),
5.81%,
04/15/29
1,277
1,272,623
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
5.81%,
08/15/30
............
954
950,427
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Galaxy
XVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A1,
(LIBOR
USD
3
Month
+
1.10%),
5.89%,
07/15/31
USD
1,500
$
1,476,404
Galaxy
XXIII
CLO
Ltd.,
Series
2017-
23A,
Class
AR,
(LIBOR
USD
3
Month
+
0.87%),
5.69%,
04/24/29
662
655,930
Galaxy
XXVII
CLO
Ltd.,
Series
2018-
27A,
Class
A,
(LIBOR
USD
3
Month
+
1.02%),
5.66%,
05/16/31
.....
1,000
987,053
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
5.97%,
01/22/31
............
3,000
2,968,803
Madison
Park
Funding
XLI
Ltd.,
Series
12A,
Class
AR,
(LIBOR
USD
3
Month
+
0.83%),
5.65%,
04/22/27
1,473
1,457,407
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-18A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.94%),
5.76%,
10/21/30
498
494,048
Madison
Park
Funding
XXIII
Ltd.,
Series
2017-23A,
Class
AR,
(LIBOR
USD
3
Month
+
0.97%),
5.78%,
07/27/31
500
496,585
Madison
Park
Funding
XXV
Ltd.,
Series
2017-25A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.97%),
5.79%,
04/25/29
981
973,915
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
6.00%,
07/29/30
.................
1,992
1,978,651
Neuberger
Berman
CLO
XV,
Series
2013-15A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.92%),
5.71%,
10/15/29
500
495,407
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-17A,
Class
AR2,
(LIBOR
USD
3
Month
+
1.03%),
5.85%,
04/22/29
............
734
729,554
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
AR,
(LIBOR
USD
3
Month
+
0.92%),
5.71%,
10/18/30
............
250
247,846
OCP
CLO
Ltd.
Series
2017-13A,
Class
A1AR,
(LIBOR
USD
3
Month
+
0.96%),
5.75%,
07/15/30
..........
1,000
988,010
Series
2019-17A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
5.85%,
07/20/32
..........
500
494,400
Octagon
Investment
Partners
32
Ltd.,
Series
2017-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
0.95%),
5.74%,
07/15/29
.................
240
238,102
Octagon
Investment
Partners
XIV
Ltd.,
Series
2012-1A,
Class
AARR,
(LIBOR
USD
3
Month
+
0.95%),
5.74%,
07/15/29
............
958
951,454
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A1RR,
(LIBOR
USD
3
Month
+
0.97%),
5.77%,
07/19/30
............
968
961,303
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
5.81%,
07/17/30
.................
1,000
990,365
OZLM
VII
Ltd.,
Series
2014-7RA,
Class
A1R,
(LIBOR
USD
3
Month
+
1.01%),
5.80%,
07/17/29
.......
1,865
1,845,594
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Palmer
Square
Loan
Funding
Ltd.
Series
2020-1A,
Class
A1,
(LIBOR
USD
3
Month
+
0.80%),
5.48%,
02/20/28
...............
USD
137
$
136,564
Series
2021-1A,
Class
A1,
(LIBOR
USD
3
Month
+
0.90%),
5.71%,
04/20/29
...............
134
132,620
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
5.84%,
04/20/31
.......
1,979
1,955,832
Symphony
CLO
XV
Ltd.,
Series
2014-
15A,
Class
AR3,
(LIBOR
USD
3
Month
+
1.08%),
5.87%,
01/17/32
500
494,918
39,433,811
Ireland
—
3.3%
(b)(c)
AlbaCore
Euro
CLO
IV
DAC,
Series
4X,
Class
D,
(EURIBOR
3
Month
+
4.60%),
6.94%,
07/15/35
.......
EUR
1,695
1,721,019
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
8.79%,
04/15/34
1,300
1,238,110
Anchorage
Capital
Europe
CLO
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.71%),
8.16%,
04/25/34
700
653,297
Aqueduct
European
CLO
2
DAC,
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
4.40%),
6.69%,
10/15/30
919
866,428
Aqueduct
European
CLO
DAC,
Series
2022-7X,
Class
A,
(EURIBOR
3
Month
+
2.05%),
0.00%,
03/15/36
2,002
2,176,474
Aurium
CLO
DAC,
Series
4X,
Class
AR,
(EURIBOR
3
Month
+
0.73%),
3.07%,
01/16/31
............
899
958,705
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
8.21%,
06/22/34
............
700
654,749
Avoca
CLO
XIV
DAC
Series
14X,
Class
ER,
(EURIBOR
3
Month
+
4.70%),
6.98%,
01/12/31
1,970
1,815,546
Series
14X,
Class
FR,
(EURIBOR
3
Month
+
6.35%),
8.63%,
01/12/31
2,200
1,797,439
Series
14X,
Class
SUB,
0.00%,
01/12/31
...............
1,500
643,973
Avoca
CLO
XV
DAC
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
6.42%,
04/15/31
1,765
1,578,583
Series
15X,
Class
FR,
(EURIBOR
3
Month
+
5.84%),
8.13%,
04/15/31
3,425
2,704,099
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
8.36%,
07/22/34
.......
700
654,791
BlueMountain
CLO
DAC,
Series
2021-
1X,
Class
E,
(EURIBOR
3
Month
+
5.41%),
7.75%,
04/15/34
.......
700
633,140
Bridgepoint
CLO
DAC,
Series
4X,
Class
A,
(EURIBOR
3
Month
+
2.20%),
5.08%,
01/20/37
............
4,000
4,378,807
Capital
Four
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
5.91%),
8.25%,
01/15/34
.......
700
660,112
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
7.90%,
01/15/34
600
550,585
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Contego
CLO
VI
DAC,
Series
6X,
Class
AR,
(EURIBOR
3
Month
+
0.79%),
3.08%,
04/15/34
............
EUR
4,400
$
4,643,277
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
7.69%,
06/22/34
369
336,964
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(EURIBOR
3
Month
+
3.15%),
5.20%,
12/15/34
400
390,573
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(EURIBOR
3
Month
+
8.07%),
10.36%,
07/15/32
......
852
789,410
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.52%),
7.85%,
04/17/34
............
438
399,502
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.98%,
05/15/34
280
257,537
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
8.45%,
07/22/34
............
700
655,789
Northwoods
Capital
23
Euro
DAC,
Series
2021-23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
8.26%,
03/15/34
............
597
560,834
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
8.69%,
01/15/32
.......
1,000
829,329
Sound
Point
Euro
CLO
Funding
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.84%),
8.29%,
07/25/35
700
648,433
Tikehau
CLO
DAC,
Series
7X,
Class
A,
(EURIBOR
3
Month
+
2.00%),
3.61%,
10/20/35
............
4,500
4,909,725
38,107,230
United
Kingdom
—
0.3%
Greene
King
Finance
plc,
Series
B1, (Sterling
Overnight
Index
Average
+
1.92%),
5.36%,
12/15/34
(b)
................
GBP
1,518
1,403,600
Unique
Pub
Finance
Co.
plc
(The)
(c)(d)
Series
M, 7.39%,
03/28/24
.....
266
324,549
Series
N, 6.46%,
03/30/32
.....
1,575
2,001,507
3,729,656
United
States
—
0.1%
(a)(b)
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2013-1A,
Class
A1RR,
(LIBOR
USD
3
Month
+
0.95%),
5.60%,
08/14/30
............
USD
247
244,920
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.98%),
5.59%,
05/15/30
.......
457
454,576
699,496
Total
Asset-Backed
Securities
—
7.2%
(Cost:
$88,119,294)
..............................
81,970,193
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Shares
Shares
Value
Common
Stocks
Canada
—
0.0%
CTC
LLP
(e)(f)
.................
1,318,669
$
401,405
Japan
—
0.0%
New
Topco
Stapled
(e)(f)(g)
.........
59,465
1
Netherlands
—
0.2%
Climate
Transition
Capital
Acquisition
I
BV
(e)
....................
189,265
2,026,730
United
Kingdom
—
0.3%
(e)
Genius
Sports
Ltd.
.............
82,175
451,141
Hedosophia
European
Growth
.....
255,490
2,749,784
NEW
Look
Retailers
(f)
...........
2,879,698
35
3,200,960
United
States
—
0.9%
Ascent
Resources
Marcellus
Holdings
LLC
(e)
....................
86,655
170,624
Astra
Space,
Inc.,
Class
A
(e)
.......
45,693
29,052
Caesars
Entertainment,
Inc.
(e)
.....
2,154
112,137
California
Resources
Corp.
.......
7,273
310,775
Chesapeake
Energy
Corp.
.......
5,454
472,971
Crown
PropTech
Acquisitions
(e)
.....
29,076
296,285
Crown
PropTech
Acquisitions
(e)(f)
....
11,148
—
DiamondRock
Hospitality
Co.
......
36,679
353,219
Element
Solutions,
Inc.
..........
11,439
234,271
Fanatics
Holdings,
Inc.,
Class
A,
(Acquired
12/15/21,
cost
$1,041,005)
(e)(f)(h)
............
15,345
1,168,829
Forestar
Group,
Inc.
(e)
...........
4,202
62,526
Green
Plains,
Inc.
(e)
............
12,991
451,697
Halliburton
Co.
...............
10,259
422,876
Informatica,
Inc.,
Class
A
(e)(i)
.......
66,258
1,179,392
KINS
Technology
Group,
Inc.
(e)(f)
....
33,889
33,211
Latch,
Inc.
(e)
.................
31,344
28,821
Lions
Gate
Entertainment
Corp.,
Class
A
(e)
.....................
120,365
959,309
Marathon
Petroleum
Corp.
.......
1,619
208,074
Mr
Cooper
Group,
Inc.
(e)
.........
4,382
201,528
New
Look
Builders,
Inc.,
Class
A
(e)(f)
.
11,518,792
115
Offerpad
Solutions,
Inc.
(e)
........
44,958
41,249
Park
Hotels
&
Resorts,
Inc.
.......
17,305
254,557
Phillips
66
...................
3,544
355,357
Planet
Labs
PBC,
Class
A
(e)
.......
33,200
164,340
Playstudios,
Inc.
(e)
.............
50,453
233,093
Proof
Acquisition
Corp.
I
(e)(f)
.......
6,703
7,574
Rocket
Lab
USA,
Inc.,
Class
A
(e)
....
27,089
134,632
Sarcos
Technology
&
Robotics
(e)
....
210,002
126,001
Sarcos
Technology
&
Robotics
Corp.
(e)
5,273
3,058
Sarcos
Technology
&
Robotics
Corp.
(e)
19,370
11,622
Service
Properties
Trust
.........
27,352
243,706
Sonder
Holdings,
Inc.
(e)
..........
47,852
64,122
Sunstone
Hotel
Investors,
Inc.
.....
15,788
173,510
Symbotic
Corp.,
Class
A
(e)
........
132,176
1,788,341
TPB
Acquisition
Corp.
I,
Class
A
(e)
...
17,186
174,266
Xenia
Hotels
&
Resorts,
Inc.
......
20,223
301,323
10,772,463
Total
Common
Stocks
—
1.4%
(Cost:
$31,076,911)
..............................
16,401,559
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
Argentina
—
0.0%
Genneia
SA,
8.75%
,
09/02/27
(a)
....
USD
176
$
170,060
Australia
—
0.1%
FMG
Resources
August
2006
Pty.
Ltd.,
6.13%
,
04/15/32
(a)
...........
553
539,175
Austria
—
0.7%
(c)
ams-OSRAM
AG
(j)
0.00%,
03/05/25
(k)
...........
EUR
4,200
3,748,482
2.13%,
11/03/27
............
2,200
1,802,408
OMV
AG,
0.75%
,
12/04/23
.......
912
971,730
Raiffeisen
Bank
International
AG,
(EURIBOR
3
Month
+
1.95%),
4.75%
,
01/26/27
(b)
...........
800
866,144
7,388,764
Brazil
—
0.1%
Azul
Investments
LLP,
7.25%
,
06/15/26
(a)
................
USD
200
120,538
Gol
Finance
SA
(a)
7.00%,
01/31/25
............
139
71,611
8.00%,
06/30/26
............
200
136,850
MC
Brazil
Downstream
Trading
SARL,
7.25%
,
06/30/31
(a)
...........
193
168,553
Oi
SA
10.00%,
(10.00%
Cash
or
4.00%
PIK),
07/27/25
(l)
...........
165
16,582
Suzano
Austria
GmbH
3.75%,
01/15/31
............
150
127,958
Series
DM3N,
3.13%,
01/15/32
..
120
95,400
737,492
Canada
—
0.7%
(a)
Bombardier,
Inc.
7.13%,
06/15/26
............
3,000
2,992,830
7.50%,
02/01/29
............
1,008
1,007,022
Brookfield
Residential
Properties,
Inc.,
5.00%
,
06/15/29
............
115
91,327
Garda
World
Security
Corp.,
7.75%
,
02/15/28
.................
48
48,660
Mattamy
Group
Corp.
5.25%,
12/15/27
............
52
47,580
4.63%,
03/01/30
............
379
319,645
Open
Text
Corp.,
6.90%
,
12/01/27
..
3,000
3,071,250
7,578,314
Cayman
Islands
—
0.0%
Pearl
Holding
II
Ltd.,
0.00%
,
(c)(m)
....
191
246
Chile
—
0.0%
Kenbourne
Invest
SA
(a)
6.88%,
11/26/24
............
229
212,684
4.70%,
01/22/28
............
200
151,000
363,684
China
—
0.8%
European
TopSoho
SARL,
Series
SMCP,
4.00%
,
09/21/21
(c)(e)(j)(n)
...
EUR
8,600
8,385,857
Fantasia
Holdings
Group
Co.
Ltd.,
11.75%
,
04/17/23
(c)(e)(n)
........
USD
200
34,500
Modern
Land
China
Co.
Ltd.,
9.80%
,
04/11/23
(c)(e)(n)
..............
200
11,250
NXP
BV,
3.25%
,
11/30/51
........
91
61,611
Pearl
Holding
III
Ltd.,
9.00%
,
10/22/25
(c)
152
52,762
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
China
(continued)
Yango
Justice
International
Ltd.,
8.25%
,
11/25/23
(c)(e)(n)
..............
USD
200
$
4,000
8,549,980
Colombia
—
0.1%
Avianca
Midco
2
plc,
9.00%
,
12/01/28
(a)
116
87,366
Geopark
Ltd.,
5.50%
,
01/17/27
(a)
...
200
177,413
Grupo
Aval
Ltd.,
4.38%
,
02/04/30
(a)
..
400
329,480
SURA
Asset
Management
SA,
4.88%
,
04/17/24
(c)
................
231
228,300
822,559
Cyprus
—
0.1%
Bank
of
Cyprus
PCL
(EUR
Swap
Annual
1
Year
+
2.79%),
2.50%,
06/24/27
(b)(c)
..
EUR
1,110
1,011,602
Dominican
Republic
—
0.0%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%
,
03/30/29
(a)
........
USD
200
197,375
France
—
4.2%
Air
France-KLM
(c)
(EURIBOR
ICE
Swap
Rate
3
Year
+
13.00%),
6.50%
(b)(j)(m)
.......
EUR
600
758,701
0.13%,
03/25/26
(j)
...........
3,835
688,701
7.25%,
05/31/26
............
1,300
1,419,655
Altice
France
SA
(c)
2.50%,
01/15/25
............
2,700
2,733,233
2.13%,
02/15/25
............
2,300
2,304,060
Atos
SE
(c)
0.00%,
11/06/24
(j)(k)
..........
2,500
2,359,387
1.75%,
05/07/25
............
100
95,398
BNP
Paribas
SA
(b)
(LIBOR
USD
6
Month
+
0.08%),
4.24%
(m)
................
USD
740
569,800
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.45%),
5.13%,
01/13/29
(a)
...
2,900
2,924,184
(EUR
Swap
Annual
5
Year
+
4.65%),
6.88%
(c)(m)
.........
EUR
2,800
3,040,215
Series
TMO,
(BFRTMO
-
0.25%),
0.84%
(m)
................
1,503
1,202,705
Casino
Guichard
Perrachon
SA
(b)(m)
(EURIBOR
ICE
Swap
Rate
10
Year  +
1.00%),
3.64%
......
7,464
1,266,347
(EURIBOR
ICE
Swap
Rate
5
Year
+
3.82%),
3.99%
(c)
..........
7,500
1,508,421
Credit
Agricole
SA
(c)
(EUR
Swap
Annual
5
Year
+
4.44%),
7.25%
(b)(m)
.........
800
898,942
4.88%,
10/23/29
............
GBP
1,400
1,734,306
Emeria
SASU,
7.75%
,
03/31/28
....
EUR
850
924,078
Goldstory
SASU,
5.38%
,
03/01/26
(c)
.
3,812
3,854,121
Iliad
SA,
5.38%
,
06/14/27
(c)
.......
2,200
2,391,730
Korian
SA
(c)
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(b)(m)
...............
GBP
1,300
1,224,467
(EURIBOR
6
Month
+
9.00%),
1.88%
(b)(j)(m)
..............
EUR
3,032
922,351
0.88%,
03/06/27
(j)
...........
3,602
1,648,289
La
Financiere
Atalian
SASU
(c)
4.00%,
05/15/24
............
2,015
1,922,258
5.13%,
05/15/25
............
1,000
726,216
Security
Par
(000)
Par
(000)
Value
France
(continued)
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%
,
02/18/30
(b)(c)
EUR
4,700
$
4,694,960
Sabena
Technics
SAS
(Acquired
10/28/22,
cost
$335,306),
(3M
EURIBOR
+
5.00%),
6.58%
,
09/30/29
(b)(f)(h)
..............
342
371,805
Societe
Generale
SA
(b)(m)
(USD
Swap
Semi
5
Year
+
4.30%),
7.38%
(a)
................
USD
2,430
2,416,902
(EUR
Swap
Annual
5
Year
+
5.23%),
7.88%
(c)
..........
EUR
800
900,160
Tereos
Finance
Groupe
I
SA
(c)
4.13%,
06/16/23
............
800
869,233
7.25%,
04/15/28
............
675
732,872
Verallia
SA,
1.88%
,
11/10/31
(c)
.....
1,200
1,042,751
48,146,248
Germany
—
4.1%
ADLER
Group
SA
(c)
730.00%,
11/23/23
(d)(e)(j)(n)
......
800
591,410
2.75%,
11/13/26
(e)(n)
..........
700
311,708
2.25%,
04/27/27
(e)(n)
..........
1,900
815,823
2.25%,
01/14/29
............
2,000
822,972
ADLER
Real
Estate
AG
(c)
1.88%,
04/27/23
............
300
307,881
2.13%,
02/06/24
............
747
730,394
3.00%,
04/27/26
............
700
562,017
AGPS
BondCo
plc,
3.25%
,
08/05/25
(c)(e)
(n)
......................
3,500
1,593,392
Aroundtown
SA
(c)
(GBP
Swap
5
Year
+
4.38%),
4.75%
(b)(m)
...............
GBP
2,097
1,202,805
2.00%,
11/02/26
............
EUR
1,000
894,181
0.38%,
04/15/27
............
3,000
2,405,213
1.45%,
07/09/28
............
3,200
2,452,228
AT
Securities
BV,
(USD
Swap
Semi
5
Year
+
3.55%),
5.25%
(b)(c)(m)
.....
USD
3,250
1,569,750
ATF
Netherlands
BV,
(EUR
Swap
Annual
5
Year
+
4.38%),
7.08%
(b)(c)(m)
EUR
1,200
691,428
Cheplapharm
Arzneimittel
GmbH,
3.50%
,
02/11/27
(c)
...........
1,527
1,493,240
Commerzbank
AG,
(EURIBOR
3
Month
+
2.40%),
5.13%
,
01/18/30
(b)(c)
...
1,400
1,548,517
Deutsche
Bank
AG
(b)(c)
(EURIBOR
ICE
Swap
Rate
5
Year
+
6.94%),
10.00%
(m)
.........
1,200
1,395,901
(EURIBOR
ICE
Swap
Rate
5
Year
+
3.30%),
4.00%,
06/24/32
....
8,300
8,329,522
Fresenius
SE
&
Co.
KGaA,
4.00%
,
02/01/24
(c)
................
881
960,700
Gruenenthal
GmbH,
4.13%
,
05/15/28
(c)
2,848
2,813,953
HT
Troplast
GmbH,
9.25%
,
07/15/25
(c)
1,536
1,611,417
Nidda
Healthcare
Holding
GmbH,
7.50%
,
08/21/26
(c)
...........
1,925
2,038,143
Rheinmetall
AG,
2.25%
,
02/07/30
...
1,600
1,739,440
Sudzucker
International
Finance
BV,
1.25%
,
11/29/23
(c)
...........
135
144,294
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%
,
07/30/26
(c)
.......
636
658,095
Tele
Columbus
AG,
3.88%
,
05/02/25
(c)
5,303
4,609,358
TK
Elevator
US
Newco,
Inc.,
5.25%
,
07/15/27
(a)
................
USD
440
407,251
Vantage
Towers
AG
(c)
0.00%,
03/31/25
............
EUR
1,300
1,353,061
0.38%,
03/31/27
............
400
406,432
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
0.75%,
03/31/30
............
EUR
1,000
$
1,001,754
ZF
Finance
GmbH,
5.75%
,
08/03/26
(c)
1,600
1,748,137
47,210,417
Ghana
—
0.3%
Tullow
Oil
plc,
10.25%
,
05/15/26
(a)
..
USD
4,524
3,879,330
India
—
0.2%
Greenko
Dutch
BV,
3.85%
,
03/29/26
(c)
191
169,751
Natural
Foods,
0.00%
,
10/13/29
(b)
...
EUR
993
1,060,968
Vedanta
Resources
Finance
II
plc
13.88%,
01/21/24
(c)
..........
USD
200
176,913
8.95%,
03/11/25
(a)
...........
240
187,800
1,595,432
Indonesia
—
0.1%
Freeport
Indonesia
PT,
4.76%
,
04/14/27
(c)
................
239
231,856
JGC
Ventures
Pte.
Ltd.
(l)
0.00%,
(0.00%
Cash
or
3.00%
PIK),
06/30/25
...............
19
3,903
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(c)(e)(n)
............
597
231,162
466,921
Ireland
—
0.0%
Bank
of
Ireland
Group
plc,
(EUR
Swap
Annual
1
Year
+
2.05%),
4.88%
,
07/16/28
(b)(c)
...............
EUR
300
331,119
Israel
—
0.2%
Leviathan
Bond
Ltd.,
5.75%
,
06/30/23
(a)
(c)
......................
USD
88
88,053
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
3.75%
,
05/09/27
EUR
2,200
2,154,500
2,242,553
Italy
—
1.4%
(c)
Atlantia
SpA,
1.63%
,
02/03/25
.....
1,600
1,631,153
Banco
BPM
SpA,
(EUR
Swap
Annual
5
Year
+
3.17%),
2.88%
,
06/29/31
(b)
2,455
2,288,627
Enel
SpA,
(EUR
Swap
Annual
5
Year
+
3.49%),
6.38%
(b)(m)
...........
1,000
1,109,015
FCA
Bank
SpA,
0.13%
,
11/16/23
...
927
981,001
Intesa
Sanpaolo
SpA,
5.15%
,
06/10/30
GBP
253
265,516
Lottomatica
SpA,
5.13%
,
07/15/25
..
EUR
3,199
3,360,104
Nexi
SpA,
0.00%
,
02/24/28
(j)(k)
.....
3,500
2,840,212
Rekeep
SpA,
7.25%
,
02/01/26
.....
1,119
1,034,043
Telecom
Italia
SpA
6.88%,
02/15/28
............
400
434,860
1.63%,
01/18/29
............
1,103
907,427
UniCredit
SpA,
(EURIBOR
3
Month
+
1.90%),
4.80%
,
01/17/29
(b)
.....
1,250
1,367,586
16,219,544
Japan
—
0.6%
Rakuten
Group,
Inc.,
10.25%
,
11/30/24
(a)
................
USD
200
202,494
SoftBank
Group
Corp.
(c)
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(b)(m)
...............
900
881,730
2.13%,
07/06/24
............
EUR
5,062
5,221,117
6,305,341
Security
Par
(000)
Par
(000)
Value
Kuwait
—
0.0%
Equate
Petrochemical
BV,
4.25%
,
11/03/26
(c)
.................
USD
200
$
195,220
Luxembourg
—
2.1%
Altice
Financing
SA
(c)
2.25%,
01/15/25
............
EUR
3,400
3,450,624
3.00%,
01/15/28
............
5,929
5,166,883
Codere
New
Holdco
SA
7.50%,
11/30/27
............
1,711
481,412
Cullinan
Holdco
Scsp,
4.63%
,
10/15/26
(c)
................
1,986
1,929,069
Garfunkelux
Holdco
3
SA
(c)
6.75%,
11/01/25
............
5,132
4,240,233
7.75%,
11/01/25
............
GBP
700
653,719
Kleopatra
Holdings
2
SCA,
6.50%
,
09/01/26
(c)
................
EUR
2,750
1,693,644
Monitchem
HoldCo
3
SA,
(EURIBOR
3
Month
+
5.25%),
7.30%
,
03/15/25
(b)(c)
179
188,518
Summer
BC
Holdco
B
SARL,
5.75%
,
10/31/26
(c)
................
2,410
2,361,303
Vivion
Investments
SARL
(c)
3.00%,
08/08/24
............
3,700
3,378,862
3.50%,
11/01/25
............
800
700,125
24,244,392
Mexico
—
0.1%
Banco
Mercantil
del
Norte
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%),
5.88%
(a)(b)(m)
................
USD
200
184,413
Braskem
Idesa
SAPI,
6.99%
,
02/20/32
(a)
................
200
147,120
FEL
Energy
VI
SARL,
5.75%
,
12/01/40
(c)
................
185
160,224
Operadora
de
Servicios
Mega
SA
de
CV
Sofom
ER,
8.25%
,
02/11/25
(a)
.
200
103,823
595,580
Morocco
—
0.0%
Vivo
Energy
Investments
BV,
5.13%
,
09/24/27
(a)
................
238
221,757
Netherlands
—
1.0%
ABN
AMRO
Bank
NV,
4.00%
,
01/16/28
(c)
................
EUR
900
981,224
Summer
BidCo
BV
(c)(l)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
...............
692
547,579
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(b)
..............
1,216
976,776
Trivium
Packaging
Finance
BV,
5.50%
,
08/15/26
(a)(d)
...............
USD
200
191,988
United
Group
BV
(c)
4.88%,
07/01/24
............
EUR
1,200
1,259,024
4.63%,
08/15/28
............
190
167,271
VZ
Vendor
Financing
II
BV,
2.88%
,
01/15/29
(c)
................
7,301
6,230,766
Ziggo
BV,
2.88%
,
01/15/30
(c)
......
1,710
1,519,754
11,874,382
Nigeria
—
0.0%
IHS
Holding
Ltd.,
6.25%
,
11/29/28
(a)
.
USD
200
163,713
Oman
—
0.0%
Oryx
Funding
Ltd.,
5.80%
,
02/03/31
(a)
200
196,850
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Portugal
—
0.6%
(c)
Banco
Espirito
Santo
SA
(e)(n)
2.63%,
05/08/17
............
EUR
6,100
$
795,794
4.75%,
01/15/18
............
19,300
2,517,839
4.00%,
01/21/19
............
22,800
2,974,442
EDP
-
Energias
de
Portugal
SA,
(EUR
Swap
Annual
5
Year
+
3.18%),
5.94%
,
04/23/83
(b)
...........
300
325,542
6,613,617
Romania
—
0.5%
RCS
&
RDS
SA,
2.50%
,
02/05/25
(c)
..
5,900
5,972,408
Saudi
Arabia
—
0.0%
Arabian
Centres
Sukuk
II
Ltd.,
5.63%
,
10/07/26
(a)
................
USD
405
383,940
Singapore
—
0.0%
Puma
International
Financing
SA,
5.00%
,
01/24/26
(a)
...........
200
183,480
South
Africa
—
0.0%
Sasol
Financing
USA
LLC,
6.50%
,
09/27/28
.................
200
192,000
Stillwater
Mining
Co.,
4.00%
,
11/16/26
(c)
200
185,000
377,000
South
Korea
—
0.8%
SK
Hynix,
Inc.
(a)
6.38%,
01/17/28
............
4,620
4,685,950
6.50%,
01/17/33
............
4,770
4,819,656
9,505,606
Spain
—
2.0%
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EURIBOR
3
Month
+
1.70%),
4.63%
,
01/13/31
(b)(c)
..........
EUR
1,500
1,658,686
Banco
de
Sabadell
SA
(b)(c)
(EUR
Swap
Annual
1
Year
+
2.40%),
5.25%,
02/07/29
....
800
869,089
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
....
600
590,322
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
....
900
869,535
Banco
Santander
SA,
3.75%
,
01/16/26
(c)
................
1,600
1,737,353
Cellnex
Finance
Co.
SA,
2.00%
,
02/15/33
(c)
................
3,000
2,541,974
Cellnex
Telecom
SA,
0.75%
,
11/20/31
(c)
(j)
.......................
600
541,493
Cirsa
Finance
International
SARL,
6.25%
,
12/20/23
(c)
...........
169
182,733
Codere
Finance
2
Luxembourg
SA
(l)
8.00%,
(8.00%
Cash
or
11.00%
PIK),
09/30/26
(c)(d)
.........
5,873
5,642,336
2.00%,
(2.00%
Cash
or
13.63%
PIK),
11/30/27
(a)(b)
.........
USD
746
384,173
12.75%,
(12.75%
Cash
or
12.75%
PIK),
11/30/27
(b)(c)
.........
EUR
1,213
675,631
Ferrovial
Netherlands
BV,
(EUR
Swap
Annual
5
Year
+
2.13%),
2.12%
(b)(c)(m)
423
379,365
Kaixo
Bondco
Telecom
SA,
5.13%
,
09/30/29
(c)
................
560
524,606
Lorca
Telecom
Bondco
SA,
4.00%
,
09/18/27
(c)
................
1,057
1,052,783
Repsol
International
Finance
BV,
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
(b)(c)(m)
................
2,399
2,373,346
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Telefonica
Europe
BV,
(EUR
Swap
Annual
7
Year
+
3.35%),
6.14%
(b)(c)(m)
EUR
3,000
$
3,205,731
23,229,156
Sweden
—
0.8%
(c)
Heimstaden
Bostad
AB
(b)(m)
(EUR
Swap
Annual
5
Year
+
3.67%),
3.25%
...........
1,600
1,287,488
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
...........
124
78,882
Intrum
AB,
3.13%
,
07/15/24
.......
1,550
1,639,862
Samhallsbyggnadsbolaget
i
Norden
AB
(EUR
Swap
Annual
5
Year
+
3.23%),
2.63%
(b)(m)
.........
291
121,983
1.13%,
09/04/26
............
300
252,674
(EUR
Swap
Annual
5
Year
+
3.22%),
2.88%
(b)(m)
.........
1,200
497,697
SBB
Treasury
OYJ
0.75%,
12/14/28
............
2,700
1,951,978
1.13%,
11/26/29
............
1,000
717,519
Securitas
AB,
1.13%
,
02/20/24
.....
1,165
1,234,003
Verisure
Holding
AB,
7.13%
,
02/01/28
979
1,065,693
8,847,779
Switzerland
—
0.3%
(b)
Credit
Suisse
Group
AG
(m)
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(a)
................
USD
1,400
1,326,500
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(c)
................
1,637
1,551,058
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(a)
................
500
438,800
UBS
Group
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%),
5.71%
,
01/12/27
(a)
488
494,270
3,810,628
Tanzania,
United
Republic
Of
—
0.0%
HTA
Group
Ltd.,
7.00%
,
12/18/25
(a)
..
200
187,913
United
Arab
Emirates
—
0.1%
DP
World
Salaam,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.75%),
6.00%
(b)(c)(m)
....
200
200,125
MAF
Sukuk
Ltd.
(c)
4.64%,
05/14/29
............
200
198,788
3.93%,
02/28/30
............
200
190,162
Shelf
Drilling
Holdings
Ltd.,
8.88%
,
11/15/24
(a)
................
33
32,914
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
355
353,735
975,724
United
Kingdom
—
10.5%
AA
Bond
Co.
Ltd.,
4.88%
,
07/31/24
(c)
.
GBP
1,220
1,471,830
BAT
Capital
Corp.
7.75%,
10/19/32
............
USD
6,010
6,700,528
3.98%,
09/25/50
............
92
64,734
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
............
GBP
4,184
4,242,656
4.50%,
02/16/26
............
321
334,382
British
Airways
Pass-Through
Trust,
Series
2013-1,
Class
A,
8.63%
,
12/15/32
.................
USD
20,924
20,924,000
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
British
Telecommunications
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%),
4.88%
,
11/23/81
(a)(b)
..........
USD
4,484
$
3,697,551
Connect
Finco
SARL,
6.75%
,
10/01/26
(a)
................
11,760
11,245,500
Cornwall
Jersey
Ltd.,
0.75%
,
04/16/26
(c)
(j)
.......................
GBP
1,700
1,381,162
CPUK
Finance
Ltd.,
4.88%
,
08/28/25
(c)
4,800
5,602,232
eG
Global
Finance
plc,
3.63%
,
02/07/24
(c)
................
EUR
800
830,200
EnQuest
plc,
11.63%
,
11/01/27
(a)
...
USD
3,525
3,464,018
Galaxy
Bidco
Ltd.,
6.50%
,
07/31/26
(c)
GBP
3,707
4,019,469
Global
Switch
Finance
BV,
1.38%
,
10/07/30
(c)
................
EUR
1,000
907,118
Global
Switch
Holdings
Ltd.,
2.25%
,
05/31/27
(c)
................
600
613,474
HSBC
Bank
plc
(b)(m)
Series
2M,
(LIBOR
USD
6
Month
+
0.25%),
4.42%
...........
USD
3,050
2,302,750
Series
3M,
(LIBOR
USD
6
Month
+
0.10%),
5.25%
...........
1,180
890,900
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
5.40%
...........
5,590
4,220,450
INEOS
Quattro
Finance
2
plc,
2.50%
,
01/15/26
(c)
................
EUR
1,088
1,054,188
International
Consolidated
Airlines
Group
SA,
3.75%
,
03/25/29
(c)
....
3,800
3,459,855
Intu
Jersey
2
Ltd.,
2.88%
,
11/01/22
(c)(e)(j)
(n)
......................
GBP
4,275
671,960
Ladbrokes
Group
Finance
plc,
5.13%
,
09/08/23
(c)
................
2,800
3,417,460
Lloyds
Banking
Group
plc
(b)
(EUR
Swap
Annual
1
Year
+
1.60%),
4.50%,
01/11/29
(c)
...
EUR
1,625
1,792,574
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.50%),
3.37%,
12/14/46
....
USD
3,544
2,550,997
Metrocentre
Finance
plc,
8.75%
,
(8.75%
Cash
or
8.75%
PIK),
12/06/23
(l)
.................
GBP
585
297,458
National
Grid
plc,
3.88%
,
01/16/29
(c)
.
EUR
1,550
1,689,386
Neptune
Energy
Bondco
plc,
6.63%
,
05/15/25
(a)
................
USD
7,758
7,661,025
Pinewood
Finance
Co.
Ltd.,
3.25%
,
09/30/25
(c)
................
GBP
2,057
2,358,099
Rolls-Royce
plc,
0.88%
,
05/09/24
(c)
..
EUR
1,600
1,652,266
Sherwood
Financing
plc,
6.00%
,
11/15/26
(c)
.................
GBP
1,800
1,775,304
Stonegate
Pub
Co.
Financing
plc
(c)
8.00%,
07/13/25
............
2,955
3,342,518
8.25%,
07/31/25
............
3,839
4,384,427
Tesco
Corporate
Treasury
Services
plc,
1.38%
,
10/24/23
(c)
...........
EUR
914
980,300
Very
Group
Funding
plc
(The),
6.50%
,
08/01/26
(c)
................
GBP
1,367
1,289,259
Virgin
Media
Secured
Finance
plc
(c)
5.25%,
05/15/29
............
2,610
2,807,734
4.25%,
01/15/30
............
108
107,650
Vmed
O2
UK
Financing
I
plc,
4.00%
,
01/31/29
(c)
................
4,054
4,123,328
Vodafone
Group
plc
(b)
(EUR
Swap
Annual
5
Year
+
3.00%),
2.63%,
08/27/80
(c)
...
EUR
1,281
1,259,197
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
3.25%,
06/04/81
....
USD
720
$
624,600
120,212,539
United
States
—
37.5%
Adient
Global
Holdings
Ltd.,
3.50%
,
08/15/24
(c)
................
EUR
1,600
1,691,884
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
USD
140
125,335
Allegiant
Travel
Co.,
7.25%
,
08/15/27
(a)
174
170,105
Allied
Universal
Holdco
LLC,
3.63%
,
06/01/28
(c)
................
EUR
1,400
1,263,268
Ally
Financial,
Inc.,
7.10%
,
11/15/27
.
USD
125
131,920
Altria
Group,
Inc.,
3.70%
,
02/04/51
..
189
126,101
American
Airlines
Group,
Inc.,
Series
2017-1C,
5.18%
,
08/15/23
(f)
.....
4,079
4,073,907
American
Airlines
Pass-Through
Trust
(f)
Series
2011-1B,
Class
B,
4.87%,
04/22/25
...............
2,474
2,442,891
Series
2017-2,
Class
A,
4.00%,
12/15/25
...............
4,881
4,722,005
American
Airlines,
Inc.,
Series
2017-2C,
5.18%
,
10/15/23
(f)
...........
4,322
4,279,229
American
Tower
Corp.,
3.10%
,
06/15/50
.................
96
64,729
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(a)
................
6,500
6,526,780
Aptiv
plc,
3.10%
,
12/01/51
........
96
62,235
Ardagh
Metal
Packaging
Finance
USA
LLC,
3.25%
,
09/01/28
(a)
.......
360
315,911
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(a)
...........
360
351,990
2.13%,
08/15/26
(c)
...........
EUR
2,259
2,118,488
4.75%,
07/15/27
(c)
...........
GBP
3,635
3,495,787
Ashton
Woods
USA
LLC
(a)
4.63%,
08/01/29
............
USD
86
71,810
4.63%,
04/01/30
............
230
190,995
AT&T,
Inc.
3.50%,
09/15/53
............
96
70,843
3.65%,
09/15/59
............
187
137,091
Bank
of
America
Corp.
(b)
(SOFR
1
Day
+
1.99%),
6.20%,
11/10/28
...............
88
92,799
(SOFR
1
Day
+
1.56%),
2.97%,
07/21/52
...............
191
134,673
Biogen,
Inc.,
3.15%
,
05/01/50
.....
182
130,791
Blue
Racer
Midstream
LLC,
7.63%
,
12/15/25
(a)
................
64
65,000
Boeing
Co.
(The),
3.95%
,
08/01/59
..
92
68,383
Boyd
Gaming
Corp.,
4.75%
,
12/01/27
34
32,323
Broadcom,
Inc.,
3.75%
,
02/15/51
(a)
..
96
71,317
Buckeye
Partners
LP
4.35%,
10/15/24
............
275
266,146
4.13%,
03/01/25
(a)
...........
125
118,750
Caesars
Entertainment,
Inc.
(a)
8.13%,
07/01/27
............
374
379,610
7.00%,
02/15/30
............
1,685
1,714,488
California
Resources
Corp.,
7.13%
,
02/01/26
(a)
................
129
125,549
Carnival
Corp.
(c)
10.13%,
02/01/26
...........
EUR
5,463
6,174,764
7.63%,
03/01/26
............
2,600
2,545,062
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
USD
3,897
2,994,179
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CCO
Holdings
LLC,
5.13%
,
05/01/27
(a)
USD
1,250
$
1,191,312
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
133
126,017
Charter
Communications
Operating
LLC
4.40%,
04/01/33
............
6,000
5,389,996
3.90%,
06/01/52
............
144
98,259
5.25%,
04/01/53
............
5,000
4,198,930
3.85%,
04/01/61
............
143
90,690
Cloud
Software
Group
Holdings,
Inc.,
6.50%
,
03/31/29
(a)
...........
7,367
6,465,199
Colgate
Energy
Partners
III
LLC
(a)
7.75%,
02/15/26
............
52
51,969
5.88%,
07/01/29
............
113
105,915
Comcast
Corp.
2.94%,
11/01/56
............
96
65,513
2.99%,
11/01/63
............
192
128,669
Consolidated
Edison
Co.
of
New
York,
Inc.,
6.15%
,
11/15/52
.........
100
116,081
Constellation
Brands,
Inc.,
5.00%
,
02/02/26
.................
5,000
5,004,912
Covanta
Holding
Corp.,
4.88%
,
12/01/29
(a)
................
122
106,598
Cox
Communications,
Inc.,
2.95%
,
10/01/50
(a)
................
91
59,690
Crown
Castle,
Inc.,
3.15%
,
07/15/23
.
3,461
3,434,694
Dana,
Inc.,
4.25%
,
09/01/30
......
67
56,702
Dell
International
LLC,
3.45%
,
12/15/51
(a)
................
282
187,320
Dick's
Sporting
Goods,
Inc.,
4.10%
,
01/15/52
.................
91
64,057
Discovery
Communications
LLC,
4.00%
,
09/15/55
............
187
128,621
Earthstone
Energy
Holdings
LLC,
8.00%
,
04/15/27
(a)
...........
660
643,500
eBay,
Inc.
5.90%,
11/22/25
............
5,000
5,164,645
5.95%,
11/22/27
............
2,000
2,101,544
6.30%,
11/22/32
............
250
272,466
Elevance
Health,
Inc.,
5.35%
,
10/15/25
3,265
3,317,354
Energy
Transfer
LP,
4.20%
,
09/15/23
1,702
1,689,098
Enterprise
Products
Operating
LLC,
5.35%
,
01/31/33
............
93
96,662
EQM
Midstream
Partners
LP
(a)
7.50%,
06/01/27
............
6,750
6,749,850
7.50%,
06/01/30
............
250
249,687
FirstEnergy
Corp.,
Series
C,
3.40%
,
03/01/50
.................
92
65,358
Fiserv,
Inc.,
3.80%
,
10/01/23
......
3,000
2,975,776
Ford
Motor
Co.,
3.25%
,
02/12/32
...
93
73,811
Ford
Motor
Credit
Co.
LLC,
4.54%
,
03/06/25
.................
GBP
1,058
1,258,703
Forestar
Group,
Inc.
(a)
3.85%,
05/15/26
............
USD
115
102,476
5.00%,
03/01/28
............
1,399
1,220,631
Freed
Corp.,
10.00%
,
12/01/23
(f)
....
1,042
1,005,377
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
369
357,018
8.25%,
04/15/25
............
325
309,021
FreeWire
Technologies,
Inc.,
(3
Month
CME
Term
SOFR
+
9.00%),
13.60%
,
03/31/25
(b)(f)
................
645
601,482
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
USD
6,386
$
6,098,119
5.00%,
05/01/28
............
761
691,863
6.75%,
05/01/29
............
453
388,448
8.75%,
05/15/30
............
7,594
7,869,282
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
8,360
7,757,996
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
1,493
1,377,845
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
118
110,000
Garden
Spinco
Corp.,
8.63%
,
07/20/30
(a)
................
5,334
5,707,393
Gen
Digital,
Inc.
(a)
6.75%,
09/30/27
............
3,978
4,033,891
7.13%,
09/30/30
............
5,317
5,398,350
General
Motors
Financial
Co.,
Inc.,
6.40%
,
01/09/33
............
30
31,185
Global
Payments,
Inc.,
4.00%
,
06/01/23
5,000
4,978,518
GLP
Capital
LP,
3.35%
,
09/01/24
...
5,000
4,825,900
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
6,736
3,390,128
GXO
Logistics,
Inc.,
2.65%
,
07/15/31
355
278,898
HCA,
Inc.
5.38%,
02/01/25
............
196
196,740
3.50%,
07/15/51
............
282
197,738
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(f)
.................
1,201
1,092,910
Howard
Hughes
Corp.
(The),
5.38%
,
08/01/28
(a)
................
363
336,280
Humana,
Inc.
0.65%,
08/03/23
............
7,000
6,844,987
5.75%,
03/01/28
............
50
52,197
5.88%,
03/01/33
............
125
133,773
Illumina,
Inc.
5.80%,
12/12/25
............
5,000
5,098,161
5.75%,
12/13/27
............
5,000
5,166,902
Illuminate
Buyer
LLC,
9.00%
,
07/01/28
(a)
................
67
59,867
Kinder
Morgan,
Inc.,
5.63%
,
11/15/23
(a)
5,000
5,010,353
Leidos,
Inc.,
2.95%
,
05/15/23
......
6,175
6,136,368
Lessen,
Inc.,
0.00%
,
01/04/28
(b)(f)
...
1,206
1,157,354
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(j)
................
200
104,500
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
3,746
2,434,900
Lowe's
Cos.,
Inc.,
3.00%
,
10/15/50
..
96
65,924
Lumen
Technologies,
Inc.,
5.13%
,
12/15/26
(a)
................
3,000
2,565,000
Macy's
Retail
Holdings
LLC,
6.13%
,
03/15/32
(a)
................
750
671,250
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
08/15/26
.........
572
577,005
Maxar
Technologies,
Inc.,
7.75%
,
06/15/27
(a)
................
7,858
8,216,325
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
779
666,057
Microchip
Technology,
Inc.
4.33%,
06/01/23
............
6,000
5,980,628
2.67%,
09/01/23
............
2,215
2,183,449
0.97%,
02/15/24
............
1,000
957,305
Micron
Technology,
Inc.,
3.48%
,
11/01/51
..................
91
62,199
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Midwest
Gaming
Borrower
LLC,
4.88%
,
05/01/29
(a)
................
USD
284
$
248,512
MPT
Operating
Partnership
LP,
3.33%
,
03/24/25
.................
EUR
2,399
2,278,152
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
USD
61
56,577
5.50%,
08/15/28
............
290
253,376
5.13%,
12/15/30
............
285
230,850
5.75%,
11/15/31
............
134
107,870
Netflix,
Inc.,
4.63%
,
05/15/29
......
EUR
2,608
2,881,281
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
USD
108
93,690
Nexstar
Media,
Inc.
(a)
5.63%,
07/15/27
............
17
16,193
4.75%,
11/01/28
............
185
166,996
Nine
Energy
Service,
Inc.,
13.00%
,
02/01/28
.................
239
246,170
NRG
Energy,
Inc.,
5.75%
,
01/15/28
..
3,850
3,689,436
Olympus
Water
US
Holding
Corp.,
7.13%
,
10/01/27
(a)
...........
200
196,000
Oracle
Corp.
6.25%,
11/09/32
............
375
407,609
4.00%,
11/15/47
............
200
158,627
3.60%,
04/01/50
............
282
207,230
3.85%,
04/01/60
............
96
69,381
Pacific
Gas
&
Electric
Co.
3.85%,
11/15/23
............
2,500
2,472,606
4.95%,
06/08/25
............
3,000
2,969,782
5.45%,
06/15/27
............
3,000
3,012,036
5.90%,
06/15/32
............
5,000
5,028,203
6.15%,
01/15/33
............
2,255
2,317,776
4.50%,
07/01/40
............
4,250
3,498,596
6.75%,
01/15/53
............
3,500
3,665,993
Paramount
Global,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.00%),
6.38%
,
03/30/62
(b)
4,268
3,723,702
Park
Intermediate
Holdings
LLC,
4.88%
,
05/15/29
(a)
...........
388
335,426
PerkinElmer,
Inc.,
0.55%
,
09/15/23
..
5,000
4,848,196
Pitney
Bowes,
Inc.
4.63%,
03/15/24
............
128
124,160
6.88%,
03/15/27
(a)
...........
9,700
8,132,625
7.25%,
03/15/29
(a)
...........
928
730,800
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
73
60,572
Prime
Security
Services
Borrower
LLC,
5.75%
,
04/15/26
(a)
...........
4,000
3,920,158
QUALCOMM,
Inc.,
6.00%
,
05/20/53
.
250
286,766
Regal
Rexnord
Corp.
(a)
6.05%,
02/15/26
............
3,250
3,302,729
6.05%,
04/15/28
............
2,870
2,913,669
6.30%,
02/15/30
............
2,175
2,217,767
6.40%,
04/15/33
............
2,000
2,050,651
Rocket
Mortgage
LLC,
3.63%
,
03/01/29
(a)
................
292
246,357
Royalty
Pharma
plc
0.75%,
09/02/23
............
2,000
1,949,461
3.35%,
09/02/51
............
91
61,260
Sabre
GLBL,
Inc.
(a)
9.25%,
04/15/25
............
6,877
7,055,492
7.38%,
09/01/25
............
5,484
5,379,075
11.25%,
12/15/27
...........
3,000
3,180,000
Seagate
HDD
Cayman
4.88%,
03/01/24
............
750
742,226
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.75%,
01/01/25
............
USD
2,000
$
1,955,430
9.63%,
12/01/32
(a)
...........
6,900
7,813,146
Sealed
Air
Corp.,
6.13%
,
02/01/28
(a)
.
327
329,910
Service
Properties
Trust
4.50%,
06/15/23
............
2,250
2,233,237
4.50%,
03/15/25
............
314
284,192
7.50%,
09/15/25
............
5,443
5,352,048
Shire
Acquisitions
Investments
Ireland
DAC,
2.88%
,
09/23/23
........
5,000
4,925,257
Sitio
Royalties
Corp.,
(3
Month
CME
Term
SOFR
+
6.50%),
11.08%
,
09/21/26
(b)(f)
................
1,982
1,950,064
Skyworks
Solutions,
Inc.,
0.90%
,
06/01/23
.................
7,573
7,456,046
SM
Energy
Co.
6.75%,
09/15/26
............
2,250
2,214,799
6.63%,
01/15/27
............
2,250
2,186,655
Sonder
Corp.,
(3
Month
CME
Term
SOFR
+
9.00%),
11.10%
,
01/19/27
(b)
(f)
.......................
1,385
1,250,206
Southern
California
Edison
Co.,
5.85%
,
11/01/27
..................
2,000
2,105,240
Southern
California
Gas
Co.,
6.35%
,
11/15/52
..................
125
146,163
Splunk,
Inc.,
1.13%
,
06/15/27
(j)
.....
2,400
2,065,440
Sprint
Spectrum
Co.
LLC
(a)
4.74%,
03/20/25
............
6,188
6,138,132
5.15%,
03/20/28
............
3,000
2,994,791
Stem,
Inc.,
0.50%
,
12/01/28
(a)(j)
.....
47
31,592
SUN
Country
Marine,
Inc.
(f)
Series
2019-1C,
7.00%,
12/15/23
12,070
11,797,973
5.75%,
03/15/29
............
12,697
12,649,796
Talen
Energy
Supply
LLC
(a)(e)(n)
7.25%,
05/15/27
............
332
345,550
6.63%,
01/15/28
............
583
596,118
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
631
597,242
Tenet
Healthcare
Corp.
4.88%,
01/01/26
............
4,000
3,895,880
4.25%,
06/01/29
............
194
172,738
4.38%,
01/15/30
............
359
319,126
T-Mobile
USA,
Inc.
3.30%,
02/15/51
............
143
102,954
3.40%,
10/15/52
............
144
105,106
3.60%,
11/15/60
............
91
65,490
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(a)
...........
87
90,282
Transocean,
Inc.,
8.75%
,
02/15/30
(a)
.
549
566,019
Tri
Pointe
Homes,
Inc.
5.25%,
06/01/27
............
10
9,409
5.70%,
06/15/28
............
29
27,207
Trimble,
Inc.,
4.15%
,
06/15/23
.....
3,727
3,716,077
United
Wholesale
Mortgage
LLC,
5.50%
,
11/15/25
(a)
...........
814
761,369
Uniti
Group
LP,
7.88%
,
02/15/25
(a)
..
3,600
3,552,915
Univision
Communications,
Inc.
(a)
6.63%,
06/01/27
............
450
441,000
7.38%,
06/30/30
............
1,361
1,334,669
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
4,097
3,552,672
Viasat,
Inc.,
5.63%
,
04/15/27
(a)
.....
5,800
5,409,892
Viatris,
Inc.,
4.00%
,
06/22/50
......
91
63,076
VICI
Properties
LP
5.63%,
05/01/24
(a)
...........
1,000
997,909
4.25%,
12/01/26
(a)
...........
3,000
2,831,253
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.13%,
05/15/32
............
USD
361
$
345,332
5.63%,
05/15/52
............
130
122,022
Vistra
Operations
Co.
LLC
(a)
4.88%,
05/13/24
............
5,000
4,934,700
5.13%,
05/13/25
............
5,000
4,903,833
Weekley
Homes
LLC,
4.88%
,
09/15/28
(a)
................
165
143,591
Western
Digital
Corp.,
1.50%
,
02/01/24
(d)(j)
................
5,750
5,520,000
William
Carter
Co.
(The),
5.63%
,
03/15/27
(a)
................
24
23,349
Wynn
Resorts
Finance
LLC,
5.13%
,
10/01/29
(a)
................
517
461,422
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
9,750
9,069,458
XHR
LP
(a)
6.38%,
08/15/25
............
119
117,224
4.88%,
06/01/29
............
60
53,250
428,241,014
Zambia
—
0.4%
First
Quantum
Minerals
Ltd.
(a)
6.50%,
03/01/24
............
750
742,969
7.50%,
04/01/25
............
2,500
2,462,625
6.88%,
03/01/26
............
1,185
1,139,096
4,344,690
Total
Corporate
Bonds
—
70.4%
(Cost:
$903,927,473)
.............................
804,133,544
Floating
Rate
Loan
Interests
Canada
—
0.0%
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
8.75%
,
 11/01/26
(b)
.....
60
59,290
France
—
0.2%
Tarkett
Participation,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
3.68%),
6.43%
,
 04/21/28
(b)
...........
EUR
2,831
2,769,477
Germany
—
0.2%
Tele
Columbus
AG,
Facility
Term
Loan
A3,
(EURIBOR
6
Month
+
3.50%),
5.36%
,
 10/15/24
(b)
...........
1,900
1,706,690
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
Term
Loan
(f)
(LIBOR
GBP
6
Month
+
0.00%),
16.50%, 11/10/27
(b)
........
GBP
308
284,631
0.00%, 11/09/29
(o)
...........
213
5,262
289,893
Luxembourg
—
1.1%
(b)
Concrete
Investment
II
SCA,
Facility
Term
Loan
A2,
(EURIBOR
3
Month
+
2.00%),
4.49%
,
 10/31/23
(f)
......
EUR
80
9
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
4.00%),
6.20%
,
 07/03/28
......
3,400
3,432,283
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
8.07%
,
 05/05/28
............
USD
3,135
3,130,895
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Kantar
(Summer
BC
Holdco
B
SARL),
Term
Loan,
01/01/28
(p)
........
EUR
2,633
$
2,682,337
LSF10
XL
Bidco
SCA,
Facility
Term
Loan
B4,
(EURIBOR
3
Month
+
3.93%),
6.13%
,
 04/12/28
......
427
388,537
Rainbow
UK
Holdco
Ltd.,
Facility
Term
Loan
B2,
(EURIBOR
6
Month
+
3.50%),
4.41%
,
 02/24/29
......
2,400
2,473,640
Travelport
Finance
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
9.73%
,
 05/29/26
......
USD
377
235,978
12,343,679
Netherlands
—
0.5%
(b)
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
6.98%
,
 07/21/26
............
—
(q)
1
Median
BV,
Facility
Term
Loan
B1,
(EURIBOR
6
Month
+
5.00%),
7.75%
,
 10/14/27
............
EUR
6,000
5,454,775
5,454,776
Singapore
—
0.0%
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
9.07%
,
 01/29/26
(b)
...........
USD
153
151,494
Sweden
—
0.4%
Quimper
AB,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
2.93%),
5.06%
,
 02/16/26
(b)
...........
EUR
4,675
4,739,362
United
Kingdom
—
0.4%
Misys
Ltd.,
1st
Lien
Term
Loan,
(EURIBOR
3
Month
+
3.00%),
5.49%
,
 06/13/24
(b)
...........
4,424
4,389,157
United
States
—
5.2%
2U,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.50%),
10.93%
,
 12/28/26
(b)(f)
.........
USD
410
391,761
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
8.98%
,
 05/17/28
(b)
...........
148
119,367
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.26%
,
 02/02/26
(b)
.....
176
162,246
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan,
(12
Month
CME
Term
SOFR
+
5.60%),
10.51%
,
 02/01/30
(b)
.....
10,286
9,025,966
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
7.43%
,
 04/22/26
(b)
....
341
201,188
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
5.00%),
9.73%
,
 12/30/27
(b)
...........
755
635,931
American
Rock
Salt
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.57%
,
 06/09/28
(b)
.....
93
89,658
Apex
Tool
Group
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
5.25%),
9.83%
,
 02/08/29
(b)
.....
199
173,153
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.30%
,
 11/24/27
(b)
USD
185
$
182,816
Avaya,
Inc.,
Term
Loan
B3,
(1
Month
CME
Term
SOFR
+
10.00%),
14.48%
,
 12/15/27
(b)
..........
1,666
943,373
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 03/03/25
(b)
.....
967
904,110
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
15.00%
,
 10/15/26
(o)
....
329
345,352
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.71%
,
 10/02/28
(b)
...........
548
526,867
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.71%
,
 11/30/27
(b)
...........
103
101,739
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Week
+
3.50%),
8.07%
,
 07/21/25
(b)
.....
122
121,561
Carnival
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.57%
,
 06/30/25
(b)
...........
347
341,375
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
9.08%
,
 07/06/29
(b)
.....
384
382,921
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.33%
,
 04/05/28
(b)
.....
165
73,386
Conair
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
8.48%
,
 05/17/28
(b)
.....
89
76,115
ConnectWise
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
8.07%
,
 09/29/28
(b)
...........
179
172,291
CoreLogic,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
11.13%
,
 06/04/29
(b)
..........
750
541,125
DirecTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.57%
,
 08/02/27
(b)
...........
334
327,687
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
9.82%
,
 12/21/28
(b)
...........
240
211,963
DS
Parent,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.75%),
9.92%
,
 12/10/28
(b)
...........
367
353,315
DT
Midstream,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
6.57%
,
 06/26/28
(b)
...........
124
124,346
ECL
Entertainment
LLC,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
7.50%),
12.06%
,
 05/01/28
(b)
.....
397
395,717
EIS
Group,
Ltd.,
Term
Loan
(b)(f)
 07/10/28
(p)
................
58
56,800
11.56%, 07/10/28
...........
584
567,998
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
6.25%),
10.91%
,
 12/29/27
(b)
..........
296
274,853
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
12.32%
,
 07/31/28
(b)
.....
561
558,778
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.00%),
7.73%
,
 03/08/24
(b)
.....
USD
1,638
$
1,265,200
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.80%
,
 11/24/28
(b)
...........
282
281,326
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
4.00%),
8.56%
,
 01/27/29
(b)
.....
375
370,634
Flexsys
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
5.25%),
9.93%
,
 11/01/28
(b)
.....
174
150,891
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.57%
,
 12/01/27
(b)
4,461
4,374,454
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.30%
,
 08/31/27
(b)
...........
4,794
2,636,553
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
8.00%),
8.83%
,
 07/20/26
(b)(f)
.....
461
458,142
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3
Month
CME
Term
SOFR
+
3.50%),
7.86%
,
 02/26/29
(b)
.....
208
190,150
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
10.07%
,
 10/25/28
(b)(f)
....
170
146,441
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.38%
,
 10/27/28
(b)
...........
1,746
1,740,489
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 04/26/28
(b)
...........
324
313,879
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.32%
,
 10/04/28
(b)(f)
..........
131
129,338
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.00%),
10.51%
,
 12/22/26
(b)
.....
128
126,194
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.31%
,
 10/19/26
(b)
.....
675
665,389
LSF11
A5
Holdco
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.50%),
8.18%
,
 10/15/28
(b)
...........
329
318,048
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
12.23%
,
 09/03/26
(b)
.....
208
163,217
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.00%),
11.57%
,
 11/01/29
(b)
461
421,815
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.82%
,
 10/23/28
(b)
...........
993
962,586
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.25%
,
 08/02/28
(b)
.....
2
2,398
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.50%),
11.31%
,
 08/02/29
(b)
.....
598
532,220
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.32%
,
 09/13/24
(b)
...........
992
980,211
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.25%),
10.65%
,
 02/23/29
(b)
..........
USD
637
$
572,306
MIP
V
Waste
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.82%
,
 12/08/28
(b)
...........
199
196,416
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.25%),
7.93%
,
 01/24/29
(b)
.....
910
835,170
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.00%),
10.68%
,
 01/24/30
(b)
.....
969
795,717
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
6.75%),
11.33%
,
 06/30/27
(b)
.....
1,249
1,066,718
OVG
Business
Services
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
10.80%
,
 11/20/28
(b)(f)
....
453
436,740
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
8.00%
,
 12/28/27
(b)
.....
92
83,683
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
7.32%
,
 03/13/28
(b)
...........
485
480,613
ProFrac
Holdings
II
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
7.25%),
12.10%
,
 03/04/25
(b)(f)
.........
434
444,525
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
10.98%
,
 08/31/29
(b)
..........
733
703,680
RealPage,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
11.07%
,
 04/23/29
(b)
..........
1,293
1,239,573
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.57%
,
 04/27/28
(b)
.....
3,215
2,589,336
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
12.56%
,
 04/27/29
(b)
.....
4,548
2,558,250
Restoration
Hardware,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.25%),
7.91%
,
 10/20/28
(b)
.....
481
466,972
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
8.83%
,
 03/16/27
(b)
.....
438
428,584
Shearer's
Foods
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
8.07%
,
 09/23/27
(b)
.....
83
81,254
Signal
Parent,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
8.07%
,
 04/03/28
(b)
...........
256
182,899
Sophia
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.00%),
12.73%
,
 10/09/28
(b)(f)
.........
2,250
2,233,125
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.33%
,
 06/08/28
(b)
61
59,454
Talen
Energy
Supply
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.75%),
9.01%
-
9.27%
,
 11/13/23
(b)
546
549,822
TIBCO
Software,
Inc.,
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
4.50%),
9.18%
,
 03/30/29
(b)
....
722
665,143
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 03/31/28
(b)
.....
USD
172
$
163,865
UKG,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
8.03%
,
 05/04/26
(b)
...........
496
487,621
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
8.57%
,
 04/21/28
(b)
...........
—
(q)
484
US
Foods,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.57%
,
 09/13/26
(b)
...........
599
597,056
USI,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.75%),
8.33%
,
 11/22/29
(b)
...........
496
496,062
Vaco
Holdings
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
5.00%),
9.73%
,
 01/21/29
(b)
...........
290
284,509
Valcour
Packaging
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
7.98%
,
 10/04/28
(b)(f)
.....
97
80,244
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
8.57%
,
 08/27/25
(b)
...........
5,687
5,671,038
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
8.31%
,
 10/19/27
(b)
.....
534
528,811
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.48%
,
 03/24/28
(b)
.....
60
57,669
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.26%
,
 12/21/27
(b)(f)
.....
149
141,873
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.57%
,
 03/09/27
(b)
...........
92
76,899
59,869,444
Total
Floating
Rate
Loan
Interests
—
8.0%
(Cost:
$103,882,017)
.............................
91,773,262
Foreign
Agency
Obligations
Colombia
—
0.1%
Ecopetrol
SA
4.13%,
01/16/25
............
243
234,799
8.88%,
01/13/33
............
179
183,260
5.88%,
05/28/45
............
114
81,638
Empresas
Publicas
de
Medellin
ESP,
4.25%
,
07/18/29
(a)
...........
200
163,913
663,610
France
—
0.5%
Electricite
de
France
SA
(b)(c)(m)
(GBP
Swap
Semi
13
Year
+
4.23%),
6.00%
.................
GBP
1,000
1,138,446
(EUR
Swap
Annual
5
Year
+
4.86%),
7.50%
...........
EUR
1,200
1,335,681
(BPISDS15
+
3.32%),
5.88%
...
GBP
1,900
2,002,765
(EUR
Swap
Annual
5
Year
+
3.97%),
3.38%
...........
EUR
1,600
1,374,157
5,851,049
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.65%
,
07/30/29
(c)
................
USD
231
$
213,123
Ireland
—
0.3%
AIB
Group
plc
(b)(c)
(EUR
Swap
Annual
5
Year
+
5.70%),
5.25%
(m)
..........
EUR
2,063
2,113,830
(EUR
Swap
Annual
1
Year
+
1.95%),
4.63%,
07/23/29
....
1,025
1,110,931
3,224,761
Mexico
—
0.1%
Comision
Federal
de
Electricidad,
4.88%
,
01/15/24
(c)
...........
USD
223
221,230
Petroleos
Mexicanos
6.50%,
03/13/27
............
463
436,273
8.75%,
06/02/29
............
226
220,068
5.95%,
01/28/31
............
311
248,302
1,125,873
Morocco
—
0.0%
OCP
SA,
5.13%
,
06/23/51
(c)
.......
200
155,000
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
4.75%
,
07/15/25
(c)
...........
228
220,989
Total
Foreign
Agency
Obligations
—
1.0%
(Cost:
$12,315,099)
..............................
11,454,405
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain,
6.75%
,
09/20/29
(c)
219
219,821
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
..
200
177,287
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
............
336
320,838
3.88%,
04/25/27
............
340
307,764
3.13%,
04/15/31
............
200
151,163
8.00%,
04/20/33
............
200
205,287
985,052
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
6.88%,
01/29/26
(c)
...........
113
116,129
5.95%,
01/25/27
(c)
...........
140
139,501
5.50%,
02/22/29
(a)
...........
165
154,873
4.50%,
01/30/30
(a)
...........
244
212,097
4.88%,
09/23/32
(a)
...........
341
289,914
7.05%,
09/23/32
............
150
150,000
1,062,514
Egypt
—
0.0%
Arab
Republic
of
Egypt,
7.50%
,
02/16/61
(a)
................
200
129,500
Guatemala
—
0.1%
Republic
of
Guatemala
4.50%,
05/03/26
(c)
...........
200
193,350
5.25%,
08/10/29
(a)
...........
200
193,912
5.38%,
04/24/32
(a)
...........
200
195,163
582,425
Security
Par
(000)
Par
(000)
Value
Hungary
—
0.0%
Hungary
Government
Bond
5.38%,
03/25/24
............
USD
40
$
40,070
5.25%,
06/16/29
(a)
...........
200
197,750
237,820
Indonesia
—
0.1%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(a)
.........
200
199,272
Republic
of
Indonesia
3.50%,
01/11/28
............
200
191,038
4.10%,
04/24/28
............
200
196,537
586,847
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire,
6.38%
,
03/03/28
(c)
................
400
387,000
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
............
295
282,758
3.25%,
04/16/30
............
239
214,995
4.88%,
05/19/33
............
207
198,720
696,473
Morocco
—
0.0%
Kingdom
of
Morocco,
2.38%
,
12/15/27
(a)
................
267
234,293
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(a)
...........
200
166,500
7.88%,
02/16/32
(c)
...........
200
151,000
317,500
Oman
—
0.0%
Oman
Government
Bond,
6.75%
,
01/17/48
(c)
................
258
253,163
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
............
430
410,193
3.16%,
01/23/30
............
343
301,047
711,240
Paraguay
—
0.0%
Republic
of
Paraguay
4.95%,
04/28/31
(a)
...........
200
193,725
5.40%,
03/30/50
(c)
...........
200
178,038
371,763
Peru
—
0.0%
Republic
of
Peru
2.78%,
01/23/31
............
241
203,539
1.86%,
12/01/32
............
173
129,080
332,619
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(a)
...........
228
224,295
2.88%,
03/11/29
(c)
...........
EUR
165
153,067
2.50%,
02/08/30
(c)
...........
174
151,804
2.12%,
07/16/31
(c)
...........
231
183,954
713,120
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
(c)
4.50%,
04/17/30
............
USD
200
200,162
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
(continued)
2.25%,
02/02/33
............
USD
353
$
288,313
488,475
Senegal
—
0.0%
Republic
of
Senegal,
6.25%
,
05/23/33
(c)
200
173,000
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
............
200
182,000
5.88%,
04/20/32
............
200
185,250
5.00%,
10/12/46
............
257
186,967
554,217
Ukraine
—
0.0%
Ukraine
Government
Bond
(e)(n)
7.75%,
09/01/25
(c)
...........
112
25,571
8.99%,
02/01/26
(c)
...........
224
50,442
7.75%,
09/01/27
(c)
...........
220
46,928
7.25%,
03/15/35
(a)
...........
234
45,601
168,542
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
.................
195
215,692
Total
Foreign
Government
Obligations
—
0.8%
(Cost:
$10,911,139)
..............................
9,598,363
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
3.5%
United
States
—
3.5%
(a)(b)
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
7.26%,
06/15/38
..........
3,692
3,517,923
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
7.26%,
05/15/38
...............
4,110
3,873,307
CSMC
Trust,
Series
2015-RPL1,
Class
A,
(SOFR
1
Day
+
0.03%),
3.95%,
02/15/24
.................
4,000
3,912,180
Extended
Stay
America
Trust
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
7.31%,
07/15/38
...............
7,126
6,912,111
Series
2021-ESH,
Class
F,
(LIBOR
USD
1
Month
+
3.70%),
8.16%,
07/15/38
...............
5,772
5,526,565
Med
Trust
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
8.46%,
11/15/38
...............
2,991
2,811,455
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
9.71%,
11/15/38
..........
8,571
7,917,293
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
6.56%,
04/15/38
.................
5,486
5,307,073
39,777,907
Total
Non-Agency
Mortgage-Backed
Securities
—
3.5%
(Cost:
$41,690,447)
..............................
39,777,907
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
0.4%
United
States
—
0.4%
(f)
Aiven,
Inc.
(Preference),
Series
D
...
6,597
$
669,991
Cap
Hill
Brands
(Preference)
......
506,652
790,377
Dream
Finders
Homes,
Inc.,
9.00%
..
2,261
2,080,120
Lessen,
Inc.
(Preference),
Series
C
..
16,373
211,970
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$567,638)
(h)
194,516
525,193
4,277,651
Total
Preferred
Securities
—
0.4%  
(Cost:
$4,683,241)
..............................
4,277,651
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
,
0.25%, 06/30/25
(r)
USD
4,850
4,439,645
Total
U.S.
Treasury
Obligations
—
0.4%
(Cost:
$4,854,604)
..............................
4,439,645
Shares
Shares
Warrants
Germany
—
0.0%
Tonies
SE
(Issued/Exercisable
04/29/21,
1
share
for
1
warrant,
Expires
04/30/26,
Strike
Price
EUR
11.50)
(e)
..................
109,736
29,825
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/18/21,
1
share
for
1
warrant,
Expires
12/31/25,
Strike
Price
EUR
11.50)
(e)
..................
71,516
78
Netherlands
—
0.0%
Climate
Transition
Capital
Acquisition
I
BV
(Issued/Exercisable
06/29/21,
1
share
for
1
warrant,
Expires
06/29/26,
Strike
Price
EUR
11.50)
(e)
94,710
9,370
United
Kingdom
—
0.0%
Hedosophia
European
Growth
(Issued/
Exercisable
05/13/21,
1
share
for
1
warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(e)
..........
167,092
5,449
United
States
—
0.0%
(e)
Ascent
Resources
Marcellus
Minerals
(Issued/Exercisable
03/30/18,
2
shares
for
1
warrant,
Expires
12/31/49,
Strike
Price
USD
1.60)
(f)
1,007,612
5,672
Aurora
Innovation,
Inc.
(Issued/
Exercisable
05/04/21,
1
share
for
1
warrant,
Expires
12/31/28,
Strike
Price
USD
11.50)
............
1,905
571
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
share
for
1
warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
7,450
2,585
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Shares
Shares
Value
United
States
(continued)
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
share
for
1
warrant,
Expires
02/01/26,
Strike
Price
USD
12.50)
(f)
...........
16,190
$
—
Embark
Technology,
Inc.
(Issued/
Exercisable
03/05/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
1,393
97
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
8,910
8,135
Freewire
Warrants
TA
(Issued/
Exercisable
03/31/22,
1
share
for
1
warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(f)
...........
70,430
52,822
KINS
Technology
Group,
Inc.
(Issued/
Exercisable
02/04/21,
1
share
for
1
warrant,
Expires
12/31/25,
Strike
Price
USD
11.50)
............
45,102
3,261
Kinsey
Interests,
Inc.
(Issued/
Exercisable
10/13/20,
1
share
for
1
warrant,
Expires
12/31/25,
Strike
Price
USD
11.50)
(f)
...........
53,160
3,190
Latch,
Inc.
(Issued/Exercisable
06/04/21,
1
share
for
1
warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
6,894
620
Lightning
eMotors,
Inc.
(Issued/
Exercisable
12/10/20,
1
share
for
1
warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
17,391
6,124
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
6,808
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
share
for
1
warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
13,726
1,012
Pear
Therapeutics,
Inc.
(Issued/
Exercisable
03/23/21,
1
share
for
1
warrant,
Expires
12/01/26,
Strike
Price
USD
11.50)
............
4,828
507
Pivotal
Investment
Corp.
III
(Issued/
Exercisable
0,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
...................
2,377
119
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
09/27/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(f)
...........
16,758
503
Rotor
Acquisition
Corp.
(Issued/
Exercisable
06/15/21,
1
share
for
1
warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
............
5,599
504
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
1,706
Service
King
Midas
International
(Issued/Exercisable
07/14/22,
1
share
for
1
warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(f)
1,375
—
Security
Shares
Shares
Value
United
States
(continued)
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
12.50)
(f)
...........
18,705
$
187
TPB
Acquisition
Corp.
I
(Issued/
Exercisable
02/19/21,
1
share
for
1
warrant,
Expires
02/19/23,
Strike
Price
USD
11.50)
............
5,728
2,732
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$0)
(Issued/
Exercisable
10/14/22,
1
share
for
1
warrant,
Expires
10/07/32,
Strike
Price
USD
0.01)
(f)(h)
..........
23,975
61,855
Volta,
Inc.
(Issued/Exercisable
10/22/20,
1
share
for
1
warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
...................
9,180
1,862
160,872
Total
Warrants
—
0.0%
(Cost:
$1,096,233)
..............................
205,594
Total
Long-Term
Investments
—
93.1%
(Cost:
$1,202,556,458)
...........................
1,064,032,123
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
3.3%
(s)
Barclays
Bank
plc,
4.15%, 02/07/23
(Purchased
on
01/20/23
to
be
repurchased
at
USD
4,035,699,
collateralized
by
Tenet
Healthcare
Corp.,
6.13%,
due
at
10/01/28,
par
and
fair
value
of
USD
4,250,000
and
$3,974,090,
respectively)
......
USD
4,030
4,030,124
Barclays
Bank
plc,
(1.00)%, Open
(Purchased
on
01/30/23
to
be
repurchased
at
USD
305,939,
collateralized
by
Rakuten
Group,
Inc.,
5.13
%,
par
and
fair
value
of
USD
339,000
and
$293,659,
respectively)
(t)
..............
306
305,948
Barclays
Bank
plc,
4.00%, Open
(Purchased
on
12/28/22
to
be
repurchased
at
USD
5,121,776,
collateralized
by
AthenaHealth
Group,
Inc.,
6.50%,
due
at
02/15/30,
par
and
fair
value
of
USD
6,500,000
and
$5,385,329,
respectively)
(t)
..
5,103
5,102,500
Barclays
Bank
plc,
4.10%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
4,903,883,
collateralized
by
Medline
Borrower
LP,
5.25%,
due
at
10/01/29,
par
and
fair
value
of
USD
5,921,000
and
$4,957,565,
respectively)
(t)
.....
4,870
4,870,022
Barclays
Bank
plc,
4.15%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
180,149,
collateralized
by
PHH
Mortgage
Corp.,
7.88%,
due
at
03/15/26,
par
and
fair
value
of
USD
201,000
and
$183,367,
respectively)
(t)
.......
179
178,890
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Barclays
Bank
plc,
4.15%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
107,023,
collateralized
by
Park
River
Holdings,
Inc.,
5.63%,
due
at
02/01/29,
par
and
fair
value
of
USD
156,000
and
$108,861,
respectively)
(t)
..............
USD
106
$
106,275
Barclays
Bank
plc,
4.17%, Open
(Purchased
on
01/12/23
to
be
repurchased
at
USD
3,716,286,
collateralized
by
McAfee
Corp.,
7.38%,
due
at
02/15/30,
par
and
fair
value
of
USD
4,250,000
and
$3,530,039,
respectively)
(t)
.....
3,708
3,708,125
Barclays
Capital,
Inc.,
4.15%, 02/03/23
(Purchased
on
01/11/23
to
be
repurchased
at
USD
218,483,
collateralized
by
Freedom
Mortgage
Corp.,
6.63%,
due
at
01/15/27,
par
and
fair
value
of
USD
252,000
and
$209,694,
respectively)
........
218
217,980
BNP
Paribas
SA,
4.31%, 02/01/23
(Purchased
on
01/31/23
to
be
repurchased
at
USD
4,506,915,
collateralized
by
U.S.
Treasury
Notes,
0.25%,
due
at
05/31/25,
par
and
fair
value
of
USD
4,925,000
and
$4,512,916,
respectively)
......
4,506
4,506,375
BNP
Paribas
SA,
(1.00)%, Open
(Purchased
on
01/04/23
to
be
repurchased
at
USD
1,229,706,
collateralized
by
Next
Group
plc,
3.63%,
due
at
05/18/28,
par
and
fair
value
of
GBP
1,100,000
and
$1,268,556,
respectively)
(t)
.....
GBP
998
1,230,557
Goldman
Sachs
International,
1.50%, Open
(Purchased
on
01/11/23
to
be
repurchased
at
USD
1,581,796,
collateralized
by
Heimstaden
Bostad
Treasury
BV,
1.00%,
due
at
04/13/28,
par
and
fair
value
of
EUR
1,900,000
and
$1,588,517,
respectively)
(t)
.....
EUR
1,454
1,580,544
J.P.
Morgan
Securities
LLC,
3.45%, 02/08/23
(Purchased
on
01/10/23
to
be
repurchased
at
USD
111,103,
collateralized
by
Medline
Borrower
LP,
5.25%,
due
at
10/01/29,
par
and
fair
value
of
USD
132,000
and
$110,522,
respectively)
USD
111
110,880
J.P.
Morgan
Securities
LLC,
4.00%, 02/08/23
(Purchased
on
01/10/23
to
be
repurchased
at
USD
243,492,
collateralized
by
Home
Point
Capital,
Inc.,
5.00%,
due
at
02/01/26,
par
and
fair
value
of
USD
316,000
and
$227,641,
respectively)
243
242,925
J.P.
Morgan
Securities
plc,
0.90%, Open
(Purchased
on
01/26/23
to
be
repurchased
at
USD
350,075,
collateralized
by
International
Design
Group
SpA,
6.50%,
due
at
11/15/25,
par
and
fair
value
of
EUR
345,000
and
$346,337,
respectively)
(t)
.......
EUR
322
350,031
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
J.P.
Morgan
Securities
plc,
1.30%, Open
(Purchased
on
01/26/23
to
be
repurchased
at
USD
1,198,448,
collateralized
by
Jaguar
Land
Rover
Automotive
plc,
4.50%,
due
at
01/15/26,
par
and
fair
value
of
EUR
1,200,000
and
$1,201,205,
respectively)
(t)
..............
EUR
1,102
$
1,198,361
J.P.
Morgan
Securities
plc,
1.65%, Open
(Purchased
on
01/26/23
to
be
repurchased
at
USD
1,618,761,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
1,800,000
and
$1,614,308,
respectively)
(t)
..............
1,489
1,618,390
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
01/26/23
to
be
repurchased
at
USD
1,618,772,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
1,800,000
and
$1,614,308,
respectively)
(t)
..............
1,489
1,618,391
Merrill
Lynch
International,
0.65%, Open
(Purchased
on
01/10/23
to
be
repurchased
at
USD
1,584,752,
collateralized
by
Vonovia
Finance
BV,
1.00%,
due
at
07/09/30,
par
and
fair
value
of
EUR
1,900,000
and
$1,635,869,
respectively)
(t)
.....
1,457
1,584,180
Nomura
Securities
International,
Inc.,
4.17%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
1,259,285,
collateralized
by
PG&E
Corp.,
5.25%,
due
at
07/01/30,
par
and
fair
value
of
USD
1,350,000
and
$1,242,000,
respectively)
(t)
.....
USD
1,250
1,250,438
RBC
Capital
Markets
LLC,
(0.20)%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
127,895,
collateralized
by
CP
Atlas
Buyer,
Inc.,
7.00%,
due
at
12/01/28,
par
and
fair
value
of
USD
168,000
and
$129,780,
respectively)
(t)
....
128
127,890
RBC
Capital
Markets
LLC,
2.50%, Open
(Purchased
on
01/12/23
to
be
repurchased
at
USD
310,492,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
329,000
and
$310,194,
respectively)
(t)
..............
310
310,082
RBC
Capital
Markets
LLC,
3.20%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
96,637,
collateralized
by
PHH
Mortgage
Corp.,
7.88%,
due
at
03/15/26,
par
and
fair
value
of
USD
108,000
and
$98,526,
respectively)
(t)
96
96,120
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
RBC
Capital
Markets
LLC,
3.80%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
600,145,
collateralized
by
Medline
Borrower
LP,
5.25%,
due
at
10/01/29,
par
and
fair
value
of
USD
725,000
and
$607,032,
respectively)
(t)
..............
USD
596
$
596,312
RBC
Capital
Markets
LLC,
3.95%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
704,054,
collateralized
by
PG&E
Corp.,
5.00%,
due
at
07/01/28,
par
and
fair
value
of
USD
750,000
and
$702,788,
respectively)
(t)
.......
699
699,375
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
01/12/23
to
be
repurchased
at
USD
695,270,
collateralized
by
Chemours
Co.
(The),
5.75%,
due
at
11/15/28,
par
and
fair
value
of
USD
750,000
and
$683,438,
respectively)
(t)
....
694
693,750
RBC
Capital
Markets
LLC,
4.17%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
256,535,
collateralized
by
Royal
Caribbean
Cruises
Ltd.,
5.50%,
due
at
04/01/28,
par
and
fair
value
of
USD
314,000
and
$270,040,
respectively)
(t)
..............
255
254,733
RBC
Capital
Markets
LLC,
4.17%, Open
(Purchased
on
11/29/22
to
be
repurchased
at
USD
233,609,
collateralized
by
Carnival
Corp.,
5.75%,
due
at
03/01/27,
par
and
fair
value
of
USD
314,000
and
$260,620,
respectively)
(t)
.......
232
231,968
RBC
Europe
Ltd.,
0.80%, Open
(Purchased
on
01/04/23
to
be
repurchased
at
USD
1,453,837,
collateralized
by
International
Design
Group
SpA,
6.50%,
due
at
11/15/25,
par
and
fair
value
of
EUR
1,455,000
and
$1,460,637,
respectively)
(t)
..
EUR
1,336
1,452,965
Total
Borrowed
Bond
Agreements
—
3.3%
(Cost:
$38,183,535)
..............................
38,274,131
Certificates
of
Deposit
—
0.1%
Domestic
—
0.1%
Citibank
NA,
4.06%, 08/01/23
.....
USD
911
906,240
Total
Certificates
of
Deposit
—
0.1%
(Cost:
$911,000)
................................
906,240
Security
Shares
Shares
Value
Money
Market
Funds
—
5.3%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.07%
(u)(v)
....
60,250,400
$
60,250,400
Total
Money
Market
Funds
—
5.3%
(Cost:
$60,250,400)
..............................
60,250,400
Total
Short-Term
Securities
—
8.7%
(Cost:
$99,344,935)
..............................
99,430,771
Total
Options
Purchased
—
0.1%
(Cost:
$2,183,452
)
..............................
1,056,993
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
101.9%
(Cost:
$1,304,084,845)
...........................
1,164,519,887
Total
Options
Written
—
(0.0)%
(Premiums
Received
—
$(316,807))
..................
(164,973)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
Corporate
Bonds
—
(3.0)%
Austria
—
(0.3)%
Erste
Group
Bank
AG,
(EURIBOR
ICE
Swap
Rate
5
Year
+
1.10%),
0.88%
,
 11/15/32
(b)
...........
EUR
(3,600)
(3,228,616)
Germany
—
(0.2)%
Vonovia
Finance
BV,
1.00%
,
 07/09/30
(1,900)
(1,635,869)
Italy
—
(0.2)%
International
Design
Group
SpA,
6.50%
,
 11/15/25
............
(1,800)
(1,806,974)
Japan
—
(0.0)%
Rakuten
Group,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.58%),
5.13%
(b)(m)
USD
(339)
(293,659)
Sweden
—
(0.1)%
Heimstaden
Bostad
Treasury
BV,
1.00%
,
 04/13/28
............
EUR
(1,900)
(1,588,517)
United
Kingdom
—
(0.2)%
Jaguar
Land
Rover
Automotive
plc,
4.50%
,
 01/15/26
............
(1,200)
(1,201,205)
Next
Group
plc,
3.63%
,
 05/18/28
...
GBP
(1,100)
(1,268,556)
(2,469,761)
United
States
—
(2.0)%
AthenaHealth
Group,
Inc.,
6.50%
,
 02/15/30
(a)
...........
USD
(6,500)
(5,385,329)
Carnival
Corp.,
5.75%
,
 03/01/27
(a)
...
(314)
(260,620)
Chemours
Co.
(The),
5.75%
,
 11/15/28
(a)
(750)
(683,438)
CP
Atlas
Buyer,
Inc.,
7.00%
,
 12/01/28
(a)
(168)
(129,780)
Freedom
Mortgage
Corp.,
6.63%
,
 01/15/27
(a)
...........
(252)
(209,694)
Home
Point
Capital,
Inc.,
5.00%
,
 02/01/26
(a)
...........
(316)
(227,641)
McAfee
Corp.,
7.38%
,
 02/15/30
(a)
...
(4,250)
(3,530,039)
Medline
Borrower
LP,
5.25%
,
 10/01/29
(a)
...........
(6,778)
(5,675,119)
Park
River
Holdings,
Inc.,
5.63%
,
 02/01/29
(a)
...........
(156)
(108,861)
PBF
Holding
Co.
LLC,
6.00%
,
 02/15/28
(329)
(310,194)
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PG&E
Corp.
5.00%
,
 07/01/28
............
USD
(750)
$
(702,788)
5.25%
,
 07/01/30
............
(1,350)
(1,242,000)
PHH
Mortgage
Corp.,
7.88%
,
 03/15/26
(a)
...........
(309)
(281,893)
Royal
Caribbean
Cruises
Ltd.,
5.50%
,
 04/01/28
(a)
...........
(314)
(270,040)
Tenet
Healthcare
Corp.,
6.13%
,
 10/01/28
............
(4,250)
(3,974,090)
(22,991,526)
U.S.
Treasury
Obligations
—
(0.4)%
United
States
—
(0.4)%
U.S.
Treasury
Notes,
0.25%
,
 05/31/25
(4,925)
(4,512,916)
Total
Borrowed
Bonds
—
(3.4)%
(Proceeds:
$(40,522,296))
.........................
(38,527,838)
Security
Shares
Shares
Value
Investments
Sold
Short
Common
Stocks
United
States
—
(0.0)%
Carrols
Restaurant
Group,
Inc.
(e)
....
(42,500)
$
(91,375)
Total
Common
Stocks
—
(0.0)%
(Proceeds:
$(76,354))
............................
(91,375)
Investment
Companies
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(v)
..........
(12,500)
(1,098,875)
Total
Investment
Companies
—
(0.1)%
(Proceeds:
$(1,088,009))
..........................
(1,098,875)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(1,164,363)
)
..........................
(1,190,250)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
98.4%
(Cost:
$1,262,081,379)
...........................
1,124,636,826
Other
Assets
Less
Liabilities
—
1.6%
...................
18,360,607
Net
Assets
—
100.0%
..............................
$
1,142,997,433
(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)
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.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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
$2,127,682,
representing
0.19%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,943,949.
(i)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
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.
(m)
Perpetual
security
with
no
stated
maturity
date.
(n)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(o)
Fixed
rate.
(p)
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.
(q)
Rounds
to
less
than
1,000.
(r)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(s)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(t)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(u)
Annualized
7-day
yield
as
of
period
end.
(v)
Affiliate
of
the
Fund.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
26
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
(
Expense
)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
175,866,951
$
—
$
(115,616,551)
(a)
$
—
$
—
$
60,250,400
60,250,400
$
1,656,945
$
—
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)
.....
—
4
03,
326
(415,393)
12
,
067
—
—
—
—
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(b)
.....
—
(10,
417
,
125
)
10
,
282
,
513
134
,
612
—
—
—
(3,043)
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
—
(13,837,798)
12,721,679
28,110
(10,866)
(1,098,875)
(12,500)
(70,524)
—
iShares
MSCI
Europe
Financials
ETF
(b)
................
(476,700)
(445,233)
973,530
(87,229)
35,632
—
—
—
—
iShares
U.S.
Preferred
Stock
ETF
(b)
................
—
(3,405,006)
3,549,532
(144,526)
—
—
—
(51,715)
—
$
(9,074)
$
24,766
$
59,151,525
$
1,531,663
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
Interest
Rate
Put
Options,
Strike
Price
USD
112.00
................
150
02/24/23
$
14
$
(28,353)
Short
Contracts
Euro-Bobl
...............................................................
42
03/08/23
5,356
48,197
Euro-Bund
..............................................................
181
03/08/23
26,923
702,833
EURO
STOXX
50
Index
.....................................................
179
03/17/23
8,155
(492,451)
EURO
STOXX
Banks
Price
Index
...............................................
200
03/17/23
1,217
(202,620)
NASDAQ
100
E-Mini
Index
...................................................
8
03/17/23
1,944
(65,788)
Russell
2000
E-Mini
Index
....................................................
60
03/17/23
5,818
(317,868)
S&P
500
E-Mini
Index
......................................................
20
03/17/23
4,090
(121,193)
U.S.
Treasury
10
Year
Note
...................................................
248
03/22/23
28,474
(414,042)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
11
03/22/23
1,338
(24,320)
U.S.
Treasury
Long
Bond
....................................................
48
03/22/23
6,269
(256,996)
U.S.
Treasury
Ultra
Bond
....................................................
44
03/22/23
6,295
(202,476)
Long
Gilt
...............................................................
38
03/29/23
4,896
25,655
U.S.
Treasury
2
Year
Note
....................................................
74
03/31/23
15,226
(67,753)
U.S.
Treasury
5
Year
Note
....................................................
71
03/31/23
7,772
(84,312)
(1,473,134)
$
(1,501,487)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
2,252,001
USD
2,413,309
Bank
of
America
NA
03/15/23
$
41,202
EUR
19,081,000
USD
20,413,136
Deutsche
Bank
AG
03/15/23
383,707
EUR
3,433,832
USD
3,664,589
Morgan
Stanley
&
Co.
International
plc
03/15/23
78,028
GBP
281,543
USD
342,470
Bank
of
America
NA
03/15/23
4,935
GBP
9,544,000
USD
11,691,819
Deutsche
Bank
AG
03/15/23
84,852
GBP
4,650,000
USD
5,626,558
Morgan
Stanley
&
Co.
International
plc
03/15/23
111,238
USD
153,791
EUR
141,000
Bank
of
America
NA
03/15/23
111
USD
1,409,656
EUR
1,291,244
BNP
Paribas
SA
03/15/23
2,298
USD
38,376
GBP
31,000
Bank
of
America
NA
03/15/23
124
USD
984,986
GBP
791,822
BNP
Paribas
SA
03/15/23
7,929
USD
1,134,043
GBP
915,000
Citibank
NA
03/15/23
4,993
USD
1,718,621
GBP
1,391,000
Morgan
Stanley
&
Co.
International
plc
03/15/23
2,218
721,635
EUR
8,310,386
USD
9,082,973
JPMorgan
Chase
Bank
NA
03/15/23
(25,283)
USD
8,796,785
EUR
8,187,761
Bank
of
America
NA
03/15/23
(127,254)
USD
370,661
EUR
348,000
Barclays
Bank
plc
03/15/23
(8,633)
USD
7,210,394
EUR
6,662,255
BNP
Paribas
SA
03/15/23
(50,958)
USD
5,937,089
EUR
5,486,929
JPMorgan
Chase
Bank
NA
03/15/23
(43,247)
USD
319,038,067
EUR
297,856,779
Morgan
Stanley
&
Co.
International
plc
03/15/23
(5,603,235)
USD
296,866
EUR
280,170
Royal
Bank
of
Canada
03/15/23
(8,498)
USD
1,602,282
EUR
1,506,000
State
Street
Bank
and
Trust
Co.
03/15/23
(39,142)
USD
267,721
GBP
217,000
Bank
of
America
NA
03/15/23
(43)
USD
945,008
GBP
778,867
Barclays
Bank
plc
03/15/23
(16,062)
USD
233,333
GBP
193,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
03/15/23
(4,817)
USD
70,871,680
GBP
57,989,000
Deutsche
Bank
AG
03/15/23
(682,950)
USD
235,647
GBP
195,567
JPMorgan
Chase
Bank
NA
03/15/23
(5,670)
USD
146,636
JPY
19,821,000
Morgan
Stanley
&
Co.
International
plc
03/15/23
(6,473)
(6,622,265)
$
(5,900,630)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
28
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
400
02/17/23
USD
425.00
USD
16,259
$
31,200
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
....
175
02/17/23
USD
160.00
USD
2,467
2,887
Lions
Gate
Entertainment
Corp.
..................
500
03/17/23
USD
12.50
USD
381
3,750
Lions
Gate
Entertainment
Corp.
..................
1,000
03/17/23
USD
7.50
USD
762
70,000
Lions
Gate
Entertainment
Corp.
..................
1,000
03/17/23
USD
10.00
USD
762
12,500
Intel
Corp.
................................
350
06/16/23
USD
42.50
USD
989
1,575
Intel
Corp.
................................
1,000
06/16/23
USD
40.00
USD
2,826
8,500
Lions
Gate
Entertainment
Corp.
..................
1,250
06/16/23
USD
10.00
USD
953
53,125
183,537
Put
EURO
STOXX
50
Index
.......................
343
02/10/23
EUR
4,100.00
EUR
14,281
92,850
Carnival
Corp.
..............................
500
02/17/23
USD
7.00
USD
541
1,000
Caterpillar,
Inc.
.............................
300
02/17/23
USD
175.00
USD
7,569
600
EURO
STOXX
50
Index
.......................
169
02/17/23
EUR
3,800.00
EUR
7,036
8,084
EURO
STOXX
50
Index
.......................
420
02/17/23
EUR
4,000.00
EUR
17,486
77,623
Ford
Motor
Co.
.............................
1,000
02/17/23
USD
10.00
USD
1,351
1,500
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
1,400
02/17/23
USD
71.00
USD
10,686
4,200
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
750
02/17/23
USD
108.00
USD
8,315
19,500
iShares
Russell
2000
ETF
......................
250
02/17/23
USD
160.00
USD
4,787
1,375
iShares
Russell
2000
ETF
......................
350
02/17/23
USD
180.00
USD
6,702
28,700
Sabre
Corp.
...............................
250
02/17/23
USD
5.00
USD
170
875
Seagate
Technology
Holdings
plc
.................
800
02/17/23
USD
56.00
USD
5,422
9,200
SoFi
Technologies,
Inc.
........................
350
02/17/23
USD
4.00
USD
243
700
SPDR
EURO
STOXX
50
ETF
...................
650
02/17/23
USD
36.00
USD
2,831
1,950
SPDR
S&P
Retail
ETF
........................
750
02/17/23
USD
55.00
USD
5,264
16,875
Xerox
Holdings
Corp.
.........................
500
02/17/23
USD
12.00
USD
819
5,000
Carnival
Corp.
..............................
500
03/17/23
USD
6.00
USD
541
1,750
Caterpillar,
Inc.
.............................
500
03/17/23
USD
200.00
USD
12,615
27,500
Ford
Motor
Co.
.............................
750
03/17/23
USD
9.00
USD
1,013
2,625
Hudson
Pacific
Properties,
Inc.
..................
250
03/17/23
USD
7.50
USD
285
4,375
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
1,600
03/17/23
USD
73.00
USD
12,213
44,800
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
1,798
03/17/23
USD
74.00
USD
13,724
79,112
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
..
500
03/17/23
USD
84.00
USD
4,396
30,250
Office
Properties
Income
Trust
...................
250
03/17/23
USD
12.50
USD
429
2,500
S&P
500
Index
.............................
11
03/17/23
USD
3,950.00
USD
4,484
60,720
Vertiv
Holdings
Co.
..........................
650
03/17/23
USD
10.00
USD
924
9,750
Ally
Financial,
Inc.
...........................
850
04/21/23
USD
25.00
USD
2,762
38,250
Brandywine
Realty
Trust
.......................
250
04/21/23
USD
5.00
USD
164
3,750
Invesco
Senior
Loan
ETF
......................
1,500
04/21/23
USD
20.00
USD
3,167
9,750
Invesco
Senior
Loan
ETF
......................
2,000
04/21/23
USD
19.00
USD
4,222
20,000
Invesco
Senior
Loan
ETF
......................
2,000
04/21/23
USD
18.00
USD
4,222
133,000
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
771
04/21/23
USD
74.00
USD
5,885
60,909
Owl
Rock
Capital
Corp.
.......................
1,000
04/21/23
USD
10.00
USD
1,307
15,000
Sabre
Corp.
...............................
500
04/21/23
USD
5.00
USD
341
7,750
821,823
$
1,005,360
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
%
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
Quarterly
Goldman
Sachs
International
04/19/23
USD
1
05
.0
0
USD
35,000
$
22,378
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
29
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
OTC
Credit
Default
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Barclays
Bank
plc
02/15/23
USD
95.00
USD
10,000
$
2,765
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Deutsche
Bank
AG
02/15/23
USD
96.00
USD
10,000
3,118
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
JPMorgan
Chase
Bank
NA
03/15/23
USD
97.50
USD
12,500
23,372
$
51,633
(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
EURO
STOXX
50
Index
........................
343
02/10/23
EUR
4,000.00
EUR
14,281
$
(31,882)
EURO
STOXX
50
Index
........................
420
02/17/23
EUR
3,900.00
EUR
17,486
(36,985)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
750
02/17/23
USD
104.00
USD
8,315
(4,875)
iShares
Russell
2000
ETF
.......................
350
02/17/23
USD
167.00
USD
6,702
(5,075)
Seagate
Technology
Holdings
plc
..................
800
02/17/23
USD
50.00
USD
5,422
(3,200)
SPDR
S&P
Retail
ETF
.........................
750
02/17/23
USD
50.00
USD
5,264
(3,750)
Caterpillar,
Inc.
..............................
500
03/17/23
USD
160.00
USD
12,615
(3,500)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
798
03/17/23
USD
71.00
USD
6,091
(10,773)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
...
500
03/17/23
USD
79.00
USD
4,396
(8,250)
S&P
500
Index
..............................
11
03/17/23
USD
3,800.00
USD
4,484
(31,625)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
771
04/21/23
USD
71.00
USD
5,885
(25,058)
$
(164,973)
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
38.V1
.
5.00
%
Quarterly
12/20/27
EUR
473
$
(20,277)
$
(595)
$
(19,682)
iTraxx
Europe
Crossover
Index
Series
38.V1
.
5.00
Quarterly
12/20/27
EUR
42,576
(1,825,181)
1,019,766
(2,844,947)
iTraxx
Europe
Main
Index
Series
38.V1
.....
1.00
Quarterly
12/20/27
EUR
1,500
(16,944)
12,325
(29,269)
iTraxx
Europe
Senior
Financials
Index
Series
38.V1
.........................
1.00
Quarterly
12/20/27
EUR
4,596
(31,502)
61,323
(92,825)
iTraxx
Europe
Subordinated
Financials
Index
Series
38.V1
.....................
1.00
Quarterly
12/20/27
EUR
42,873
1,092,525
2,534,518
(1,441,993)
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
.....................
5.00
Quarterly
12/20/27
USD
22,373
(757,547)
634,773
(1,392,320)
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
.....................
5.00
Quarterly
12/20/27
USD
16,563
(555,958)
674,483
(1,230,441)
$
(2,114,884)
$
4,936,593
$
(7,051,477)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
30
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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
$
13,506
$
—
$
13,506
1
day
SOFR
Quarterly
0.17%
Quarterly
10/21/25
USD
143
(13,654)
—
(13,654)
$
(148)
$
—
$
(148)
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
$
5,704
$
14,220
$
(8,516)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
1,000
77,337
90,303
(12,966)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
370
28,615
34,364
(5,749)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
BNP
Paribas
SA
06/20/24
USD
750
58,003
63,557
(5,554)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/24
USD
750
58,003
61,921
(3,918)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/24
USD
1,500
116,006
97,115
18,891
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/24
USD
1,000
77,337
61,171
16,166
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
380
29,388
35,322
(5,934)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
500
18,779
40,685
(21,906)
Staples,
Inc.
.............
5.00
Quarterly
Goldman
Sachs
International
06/20/24
USD
525
19,718
36,107
(16,389)
Xerox
Corp.
.............
1.00
Quarterly
BNP
Paribas
SA
06/20/24
USD
1,500
18,213
39,654
(21,441)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
270
(15,548)
8,551
(24,099)
Caterpillar,
Inc.
...........
1.00
Quarterly
Goldman
Sachs
International
12/20/24
USD
12,650
(199,492)
(122,726)
(76,766)
Southwest
Airlines
Co.
......
1.00
Quarterly
Citibank
NA
12/20/24
USD
10,000
(86,339)
(78,166)
(8,173)
Vue
International
Bidco
plc
...
5.00
Quarterly
Goldman
Sachs
International
12/20/24
EUR
740
3,213
55,923
(52,710)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
880
(69,022)
(45,246)
(23,776)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
1,320
(103,533)
(67,858)
(35,675)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
270
(16,566)
16,013
(32,579)
Electricite
de
France
SA
.....
1.00
Quarterly
Citibank
NA
06/20/25
EUR
4,530
(46,799)
(22,140)
(24,659)
Macy's
Retail
Holdings
LLC
...
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,300
42,672
266,446
(223,774)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,000
145,778
249,650
(103,872)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,000
(13,096)
51,425
(64,521)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,200
(15,715)
46,971
(62,686)
Simon
Property
Group
LP
....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/25
USD
4,325
(56,641)
173,109
(229,750)
Caterpillar,
Inc.
...........
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
5,150
(126,042)
(118,201)
(7,841)
Ford
Motor
Co.
...........
5.00
Quarterly
Citibank
NA
06/20/27
USD
820
(69,065)
(35,095)
(33,970)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
899
(10,942)
16,623
(27,565)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
899
(10,942)
16,623
(27,565)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
1,201
(14,618)
20,797
(35,415)
Henkel
AG
&
Co.
KGaA
.....
1.00
Quarterly
Citibank
NA
06/20/27
EUR
3,450
(110,088)
(42,768)
(67,320)
Henkel
AG
&
Co.
KGaA
.....
1.00
Quarterly
Citibank
NA
06/20/27
EUR
3,450
(110,088)
(41,276)
(68,812)
Koninklijke
DSM
NV
........
1.00
Quarterly
Barclays
Bank
plc
06/20/27
EUR
1,725
(54,738)
(25,872)
(28,866)
Koninklijke
DSM
NV
........
1.00
Quarterly
BNP
Paribas
SA
06/20/27
EUR
2,300
(72,984)
(37,087)
(35,897)
Paramount
Global
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
2,100
64,498
61,573
2,925
STMicroelectronics
NV
......
1.00
Quarterly
Bank
of
America
NA
06/20/27
EUR
3,533
(104,143)
(90,441)
(13,702)
STMicroelectronics
NV
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
EUR
3,500
(103,160)
(58,306)
(44,854)
STMicroelectronics
NV
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
EUR
500
(14,737)
(10,060)
(4,677)
STMicroelectronics
NV
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
EUR
5,300
(156,214)
(145,597)
(10,617)
Telia
Co.
AB
.............
1.00
Quarterly
Bank
of
America
NA
06/20/27
EUR
1,855
(45,400)
(27,505)
(17,895)
Telia
Co.
AB
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/27
EUR
1,855
(45,400)
(29,721)
(15,679)
Telia
Co.
AB
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
EUR
1,855
(45,400)
(32,503)
(12,897)
Altice
France
SA
..........
5.00
Quarterly
Barclays
Bank
plc
12/20/27
EUR
1,023
85,125
83,128
1,997
Altice
France
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
2,047
170,251
178,230
(7,979)
BASF
SE
...............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
6,300
(138,086)
65,177
(203,263)
BASF
SE
...............
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
EUR
1,567
(34,339)
33,567
(67,906)
BMW
Finance
NV
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
EUR
3,133
(59,414)
31,237
(90,651)
BMW
Finance
NV
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
EUR
1,567
(29,707)
14,946
(44,653)
BMW
Finance
NV
.........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
EUR
3,200
(60,678)
26,804
(87,482)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
2,000
(26,990)
27,121
(54,111)
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
31
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Caterpillar,
Inc.
...........
1.00
%
Quarterly
Goldman
Sachs
International
12/20/27
USD
5,000
$
(129,486)
$
(91,983)
$
(37,503)
Caterpillar,
Inc.
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
4,000
(103,589)
(69,793)
(33,796)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
USD
2,550
(219,572)
(64,817)
(154,755)
Intesa
S
anpaolo
S
p
A
.......
1.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
2,100
127,772
165,878
(38,106)
NatWest
Group
plc
.........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
3,550
86,881
174,049
(87,168)
Paramount
Global
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,700
68,291
71,457
(3,166)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
510
137,476
129,614
7,862
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
300
80,868
80,250
618
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
450
123,750
123,750
–
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
500
134,780
127,143
7,637
Santander
Issuances
SAU
....
1.00
Quarterly
Bank
of
America
NA
12/20/27
EUR
3,500
105,936
190,726
(84,790)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
5,250
(46,485)
79,955
(126,440)
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
3,650
(32,318)
55,693
(88,011)
Solvay
SA
...............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
6,300
(90,172)
84,759
(174,931)
Solvay
SA
...............
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
EUR
1,567
(22,424)
33,567
(55,991)
Southwest
Airlines
Co.
......
1.00
Quarterly
Citibank
NA
12/20/27
USD
8,070
(5,723)
159,536
(165,259)
Southwest
Airlines
Co.
......
1.00
Quarterly
Citibank
NA
12/20/27
USD
2,000
(1,418)
31,301
(32,719)
Standard
Chartered
plc
......
1.00
Quarterly
Barclays
Bank
plc
12/20/27
EUR
7,000
105,589
269,190
(163,601)
Stellantis
NV
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
6,700
(1,133,865)
(770,394)
(363,471)
Tesco
plc
...............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
8,300
24,189
136,235
(112,046)
UniCredit
SpA
............
1.00
Quarterly
Goldman
Sachs
International
12/20/27
EUR
2,100
136,246
163,631
(27,385)
UniCredit
SpA
............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
1,939
125,800
137,165
(11,365)
United
Mexican
States
......
1.00
Quarterly
Bank
of
America
NA
12/20/27
USD
2,000
14,691
77,224
(62,533)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
5,000
46,548
46,548
–
Xerox
Corp.
.............
1.00
Quarterly
Citibank
NA
12/20/27
USD
490
55,795
55,896
(101)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
830
94,510
95,019
(509)
$
–
$
–
$
–
$
(1,363,216)
$
2,479,364
$
(3,842,580)
$
–
$
–
$
–
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)
Casino
Guichard
Perrachon
SA
.............
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
CCC+
EUR
720
$
(19,801)
$
(85,112)
$
65,311
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Citibank
NA
06/20/23
CCC+
EUR
966
(26,578)
(60,076)
33,498
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Credit
Suisse
International
06/20/23
CCC+
EUR
800
(22,001)
(34,539)
12,538
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Credit
Suisse
International
06/20/23
CCC+
EUR
720
(19,801)
(88,452)
68,651
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/23
CCC+
EUR
360
(9,900)
(35,546)
25,646
Novafives
SAS
.......
5.00
Quarterly
Goldman
Sachs
International
06/20/23
B-
EUR
452
(6,584)
(12,069)
5,485
Novafives
SAS
.......
5.00
Quarterly
Goldman
Sachs
International
06/20/23
B-
EUR
258
(3,753)
(7,370)
3,617
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/23
B+
EUR
4,482
108,004
(107,971)
215,975
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/23
B+
EUR
2,900
69,882
(73,962)
143,844
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Goldman
Sachs
International
12/20/23
B+
EUR
2,800
67,472
(66,310)
133,782
thyssenkrupp
AG
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/23
BB
EUR
1,680
(8,041)
(33,780)
25,739
Telecom
Italia
SpA
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/24
B+
EUR
500
29,382
19,193
10,189
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
667
70,191
59,836
10,355
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
3,000
315,861
215,662
100,199
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,000
210,574
156,646
53,928
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
32
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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)
Sprint
Communications
LLC
5.00
%
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,200
$
231,631
$
196,581
$
35,050
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
1,300
136,873
112,953
23,920
Altice
France
SA
......
5.00
Quarterly
Barclays
Bank
plc
12/20/25
B
EUR
1,023
(16,243)
(23,498)
7,255
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
2,047
(32,486)
(50,108)
17,622
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
545
43,541
58,612
(15,071)
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
909
72,568
97,640
(25,072)
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
2,000
159,649
205,388
(45,739)
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
545
43,541
59,109
(15,568)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
BNP
Paribas
SA
06/20/26
B+
EUR
1,200
(58,960)
(71,826)
12,866
Novafives
SAS
.......
5.00
Quarterly
Credit
Suisse
International
06/20/26
B-
EUR
1,400
(189,291)
(121,869)
(67,422)
Vue
International
Bidco
plc
5.00
Quarterly
Goldman
Sachs
International
06/20/26
NR
EUR
667
(21,824)
(25,852)
4,028
Vue
International
Bidco
plc
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
NR
EUR
700
(22,915)
(29,553)
6,638
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
950
(64,176)
32,622
(96,798)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
500
(33,777)
18,255
(52,032)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B+
EUR
950
(64,176)
38,281
(102,457)
K+S
AG
............
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB+
EUR
1,500
181,319
130,630
50,689
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
NR
EUR
3,000
(116,501)
(177,592)
61,091
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
NR
EUR
2,000
(77,667)
(127,925)
50,258
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
NR
EUR
700
(27,184)
(43,350)
16,166
Picard
Bondco
SA
.....
5.00
Quarterly
Citibank
NA
12/20/26
CCC+
EUR
870
(42,840)
33,888
(76,728)
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
850
37,874
(10,312)
48,186
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
2,000
(102,925)
(263,825)
160,900
Loxam
SAS
.........
5.00
Quarterly
BNP
Paribas
SA
06/20/27
B
EUR
1,900
(129,196)
(59,917)
(69,279)
Loxam
SAS
.........
5.00
Quarterly
BNP
Paribas
SA
06/20/27
B
EUR
1,120
(76,157)
(18,472)
(57,685)
Loxam
SAS
.........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
B
EUR
150
(10,200)
(4,210)
(5,990)
Loxam
SAS
.........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
B
EUR
1,125
(76,497)
(31,585)
(44,912)
Saipem
Finance
International
BV
....
5.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
760
8,475
(14,152)
22,627
Saipem
Finance
International
BV
....
5.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
460
5,130
(23,579)
28,709
Saipem
Finance
International
BV
....
5.00
Quarterly
BNP
Paribas
SA
06/20/27
BB+
EUR
1,470
16,393
(53,593)
69,986
Saipem
Finance
International
BV
....
5.00
Quarterly
Credit
Suisse
International
06/20/27
BB+
EUR
760
8,475
(14,152)
22,627
Saipem
Finance
International
BV
....
5.00
Quarterly
Credit
Suisse
International
06/20/27
BB+
EUR
760
8,475
(28,649)
37,124
Saipem
Finance
International
BV
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
380
4,238
(7,326)
11,564
United
Group
BV
......
5.00
Quarterly
Barclays
Bank
plc
06/20/27
B
EUR
1,770
(243,653)
(95,979)
(147,674)
United
Group
BV
......
5.00
Quarterly
BNP
Paribas
SA
06/20/27
B
EUR
470
(64,699)
(23,070)
(41,629)
United
Group
BV
......
5.00
Quarterly
Goldman
Sachs
International
06/20/27
B
EUR
860
(118,385)
(79,343)
(39,042)
United
Group
BV
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
B
EUR
1,770
(243,653)
(107,945)
(135,708)
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
33
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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)
ADLER
Real
Estate
AG
.
5.00
%
Quarterly
Bank
of
America
NA
12/20/27
CCC-
EUR
506
$
(97,861)
$
(116,987)
$
19,126
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC-
EUR
304
(58,822)
(69,200)
10,378
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC-
EUR
855
(165,338)
(194,509)
29,171
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
CCC-
EUR
248
(47,976)
(58,101)
10,125
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC-
EUR
519
(100,402)
(118,931)
18,529
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC-
EUR
377
(72,797)
(86,163)
13,366
Apache
Corp.
........
1.00
Quarterly
Citibank
NA
12/20/27
BB+
USD
2,000
(59,252)
(87,086)
27,834
AT&T,
Inc.
...........
1.00
Quarterly
Bank
of
America
NA
12/20/27
BBB
USD
3,000
18,604
(44,079)
62,683
AT&T,
Inc.
...........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB
USD
5,000
31,007
(90,791)
121,798
AT&T,
Inc.
...........
1.00
Quarterly
Citibank
NA
12/20/27
BBB
USD
2,000
12,403
(17,767)
30,170
AT&T,
Inc.
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB
USD
3,000
18,604
(51,458)
70,062
AT&T,
Inc.
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB
USD
2,000
12,403
(30,934)
43,337
AT&T,
Inc.
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB
USD
3,000
18,604
(38,067)
56,671
CMA
CGM
SA
........
5.00
Quarterly
Bank
of
America
NA
12/20/27
BB+
EUR
800
90,377
(25,959)
116,336
CMA
CGM
SA
........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
1,187
134,097
(42,476)
176,573
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
12/20/27
BB+
EUR
2,390
270,006
(55,858)
325,864
HCA,
Inc.
...........
5.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB-
USD
2,000
344,363
287,889
56,474
HCA,
Inc.
...........
5.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB-
USD
2,000
344,363
285,416
58,947
HCA,
Inc.
...........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
BBB-
USD
3,000
516,545
493,634
22,911
HCA,
Inc.
...........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
BBB-
USD
2,000
344,363
284,703
59,660
HCA,
Inc.
...........
5.00
Quarterly
Citibank
NA
12/20/27
BBB-
USD
1,000
172,182
153,751
18,431
HCA,
Inc.
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB-
USD
5,000
860,908
659,739
201,169
Kraft
Heinz
Foods
Co.
..
1.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB-
USD
2,000
29,823
4,031
25,792
Kraft
Heinz
Foods
Co.
..
1.00
Quarterly
BNP
Paribas
SA
12/20/27
BBB-
USD
5,000
74,557
10,698
63,859
NRG
Energy,
Inc.
......
5.00
Quarterly
Citibank
NA
12/20/27
BB+
USD
1,000
56,052
39,195
16,857
NRG
Energy,
Inc.
......
5.00
Quarterly
Goldman
Sachs
International
12/20/27
BB+
USD
1,000
56,052
36,359
19,693
Oracle
Corp.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
BBB
USD
5,000
64,324
(30,183)
94,507
Oracle
Corp.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
BBB
USD
5,000
64,324
(32,084)
96,408
Oracle
Corp.
.........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
BBB
USD
3,000
38,594
(24,149)
62,743
Oracle
Corp.
.........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
BBB
USD
3,000
38,594
—
38,594
Oracle
Corp.
.........
1.00
Quarterly
Deutsche
Bank
AG
12/20/27
BBB
USD
2,000
25,729
(1,698)
27,427
Oracle
Corp.
.........
1.00
Quarterly
Deutsche
Bank
AG
12/20/27
BBB
USD
5,000
64,324
(27,762)
92,086
Oracle
Corp.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB
USD
3,000
38,594
6,476
32,118
Oracle
Corp.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB
USD
2,000
25,729
(10,136)
35,865
Petroleos
Mexicanos
...
1.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB
USD
5,000
(778,930)
(778,930)
—
Petroleos
Mexicanos
...
1.00
Quarterly
Citibank
NA
12/20/27
BBB
USD
2,000
(306,534)
(343,427)
36,893
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Barclays
Bank
plc
12/20/27
B-
USD
1,000
31,615
24,356
7,259
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Barclays
Bank
plc
12/20/27
B-
USD
2,000
63,229
(7,253)
70,482
Tenet
Healthcare
Corp.
..
5.00
Quarterly
BNP
Paribas
SA
12/20/27
B-
USD
2,000
63,229
(16,563)
79,792
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Goldman
Sachs
International
12/20/27
B-
USD
1,000
31,615
(2,955)
34,570
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Goldman
Sachs
International
12/20/27
B-
USD
2,500
79,036
56,456
22,580
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Goldman
Sachs
International
12/20/27
B-
USD
1,000
31,615
(10,820)
42,435
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Goldman
Sachs
International
12/20/27
B-
USD
2,000
63,229
34,853
28,376
UnitedHealth
Group,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
12/20/27
A+
USD
5,000
115,379
93,964
21,415
UnitedHealth
Group,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
12/20/27
A+
USD
5,000
115,379
96,171
19,208
UnitedHealth
Group,
Inc.
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
A+
USD
3,000
69,227
62,416
6,811
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
34
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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)
Verizon
Communications,
Inc.
.............
1.00
%
Quarterly
Barclays
Bank
plc
12/20/27
BBB+
USD
3,000
$
15,074
$
(17,111)
$
32,185
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
12/20/27
BBB+
USD
3,000
15,074
(53,912)
68,986
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Citibank
NA
12/20/27
BBB+
USD
2,000
10,050
(21,117)
31,167
Verizon
Communications,
Inc.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
BBB+
USD
3,000
15,074
(38,059)
53,133
Yum!
Brands,
Inc.
.....
1.00
Quarterly
BNP
Paribas
SA
12/20/27
BB
USD
1,000
(768)
(6,455)
5,687
Yum!
Brands,
Inc.
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB
USD
1,000
(768)
(22,133)
21,365
Telecom
Italia
SpA
.....
1.00
Quarterly
BNP
Paribas
SA
06/20/29
B+
EUR
2,000
(360,136)
(371,098)
10,962
$
2,314,450
$
(991,677)
$
3,306,127
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
iBoxx
EUR
Liquid
High
Yield
Total
Return
Index
.....
At
Termination
3
month
EURIBOR
Quarterly
BNP
Paribas
SA
03/20/23
EUR
8,800
$
(109,345)
$
12,263
$
(121,608)
Markit
iBoxx
EUR
Liquid
High
Yield
Total
Return
Index
.....
At
Termination
3
month
EURIBOR
Quarterly
BNP
Paribas
SA
03/20/23
EUR
6,200
(77,038)
8,640
(85,678)
Markit
iBoxx
EUR
Liquid
High
Yield
Total
Return
Index
.....
At
Termination
3
month
EURIBOR
Quarterly
Goldman
Sachs
International
03/20/23
EUR
6,100
(578,784)
156
(578,940)
Markit
iBoxx
EUR
Liquid
High
Yield
Total
Return
Index
.....
At
Termination
3
month
EURIBOR
Quarterly
Goldman
Sachs
International
03/20/23
EUR
3,320
(41,253)
4,627
(45,880)
Pitney
Bowes,
Inc.
...
Quarterly
1
day
SOFR
minus
0.25%
Quarterly
Citibank
NA
06/13/23
USD
10
(5,260)
—
(5,260)
$
(811,680)
$
25,686
$
(837,366)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Merrill
Lynch
International
&
Co.
(b)
02/15/23
$
2,201,627
$
(48,702)
(c)
$
2,172,474
0.8
%
Quarterly
Merrill
Lynch
International
&
Co.
(d)
02/15/23
(470,000)
200
(e)
(469,800)
(
0.0
)
(f)
$
(48,502)
$
1,702,674
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
(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)
Range:
8-26
basis
points
0-0
basis
points
Benchmarks:
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(19,549)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$0
of
net
dividends
and
financing
fees.
(f)
Amount
is
greater
than
(0.1)%.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Merrill
Lynch
International
&
Co.,
as
of
period
end,
termination
date
February
15,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Belgium
Telenet
Group
Holding
NV
...
125,512
$
2,163,463
99.6
%
Germany
ADLER
Group
SA
.........
26,636
40,453
1.9
Ghana
Tullow
Oil
plc
............
965,300
429,868
19.8
Italy
Telecom
Italia
SpA
........
2,854,550
821,850
37.8
United
Kingdom
EnQuest
plc
.............
2,969,582
802,885
37.0
Liberty
Global
plc,
Class
A
...
60,802
1,318,795
60.7
2,121,680
United
States
Altice
USA,
Inc.,
Class
A
....
59,932
293,667
13.5
Total
Reference
Entity
—
Long
............
5,870,981
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
France
Fnac
Darty
SA
...........
(201)
$
(7,460)
(0.4)
%
Germany
BASF
SE
...............
(24,308)
(1,393,710)
(64.2)
United
States
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(20,721)
(2,297,337)
(105.7)
Total
Reference
Entity
—
Short
............
(3,698,507)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
2,172,474
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Merrill
Lynch
International
&
Co.,
as
of
period
end,
termination
date
February
15,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
United
States
Pitney
Bowes,
Inc.
........
(30,000)
$
(129,300)
27.5
%
Sabre
Corp.
.............
(50,000)
(340,500)
72.5
(469,800)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
(469,800)
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
4.33
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.31
3
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
2.51
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)
...........................................
$
4,937,188
$
(595)
$
13,506
$
(7,065,131)
$
—
OTC
Swaps
.....................................................
8,598,008
(7,084,635)
4,401,229
(5,823,550)
—
Options
Written
...................................................
N/A
N/A
154,003
(2,169)
(164,973)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
36
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
(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)
......
$
—
$
—
$
—
$
—
$
776,685
$
—
$
776,685
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
721,635
—
—
721,635
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
51,633
1,005,360
—
—
—
1,056,993
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
13,506
—
13,506
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
12,973,351
200
—
25,686
—
12,999,237
$
—
$
13,024,984
$
1,005,560
$
721,635
$
815,877
$
—
$
15,568,056
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
1,199,920
—
1,078,252
—
2,278,172
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
6,622,265
—
—
6,622,265
Options
written
Options
written
at
value
.....................
—
—
164,973
—
—
—
164,973
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
7,051,477
—
—
13,654
—
7,065,131
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
12,022,117
53,962
—
832,106
—
12,908,185
$
—
$
19,073,594
$
1,418,855
$
6,622,265
$
1,924,012
$
—
$
29,038,726
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
January
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
.......................
$
—
$
—
$
(1,797,466)
$
—
$
7,358,516
$
—
$
5,561,050
Forward
foreign
currency
exchange
contracts
....
—
—
—
22,318,113
—
—
22,318,113
Options
purchased
(a)
.....................
—
(5,229,707)
(21,287,806)
—
(29,504)
—
(26,547,017)
Options
written
........................
—
3,578,898
12,078,796
—
—
—
15,657,694
Swaps
..............................
—
(9,417,937)
(652,519)
—
(5,481,583)
—
(15,552,039)
$
—
$
(11,068,746)
$
(11,658,995)
$
22,318,113
$
1,847,429
$
—
$
1,437,801
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
217,297
$
—
$
5,928,009
$
—
$
6,145,306
Forward
foreign
currency
exchange
contracts
....
—
—
—
(30,803,158)
—
—
(30,803,158)
Options
purchased
(b)
.....................
—
1,416,694
8,949,078
—
—
—
10,365,772
Options
written
........................
—
—
(5,189,346)
—
—
—
(5,156,108)
Swaps
..............................
—
1,352,449
125,772
—
2,751,199
—
4,229,420
$
—
$
2,802,381
$
4,102,801
$
(30,803,158)
$
8,679,208
$
—
$
(15,218,768)
(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.
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
37
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
647,016
Average
notional
value
of
contracts
—
short
.................................................................................
$
137,112,367
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
448,325,100
Average
amounts
sold
—
in
USD
........................................................................................
$
90,640,821
Options
Average
value
of
option
contracts
purchased
................................................................................
$
2,525,394
Average
value
of
option
contracts
written
...................................................................................
$
1,110,943
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
96,195,025
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
71,429,075
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
371,133,927
Average
notional
value
—
sell
protection
...................................................................................
$
181,658,208
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
...............................................................................................
$
56,068,110
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
7,475
$
604,636
Forward
foreign
currency
exchange
contracts
.................................................................
721,635
6,622,265
Options
(a)
.........................................................................................
1,056,993
164,973
Swaps
—
centrally
cleared
..............................................................................
100,274
—
Swaps
—
OTC
(b)
....................................................................................
12,999,237
12,908,185
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
14,885,614
$
20,300,059
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,113,109)
(769,609)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
13,772,505
$
19,530,450
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
965,372
$
(764,101)
$
—
$
—
$
201,271
Barclays
Bank
plc
................................
2,908,037
(1,930,756)
—
(977,281)
—
BNP
Paribas
SA
.................................
2,050,310
(1,433,964)
—
(540,000)
76,346
Citibank
NA
....................................
1,214,873
(1,214,873)
—
—
—
Credit
Suisse
International
..........................
1,058,821
(741,705)
—
—
317,116
Deutsche
Bank
AG
...............................
591,190
(591,190)
—
—
—
Goldman
Sachs
International
........................
1,697,234
(1,697,234)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
2,680,024
(2,680,024)
—
—
—
Merrill
Lynch
International
&
Co.
......................
200
(200)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
606,444
(606,444)
—
—
—
$
13,772,505
$
(11,660,491)
$
—
$
(1,517,281)
$
594,733
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
38
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(d)(e)
Bank
of
America
NA
..............................
$
764,101
$
(764,101)
$
—
$
—
$
—
Barclays
Bank
plc
................................
1,930,756
(1,930,756)
—
—
—
BNP
Paribas
SA
.................................
1,433,964
(1,433,964)
—
—
—
Citibank
NA
....................................
1,469,658
(1,214,873)
(86,443)
(168,342)
—
Credit
Agricole
Corporate
&
Investment
Bank
SA
...........
4,817
—
—
—
4,817
Credit
Suisse
International
..........................
741,705
(741,705)
—
—
—
Deutsche
Bank
AG
...............................
712,410
(591,190)
—
—
121,220
Goldman
Sachs
International
........................
2,062,277
(1,697,234)
—
(365,043)
—
JPMorgan
Chase
Bank
NA
..........................
3,704,642
(2,680,024)
—
(1,024,618)
—
Merrill
Lynch
International
&
Co.
......................
48,702
(200)
—
(48,502)
—
Morgan
Stanley
&
Co.
International
plc
..................
6,609,777
(606,444)
—
(
530
,
000
)
5,473,333
Royal
Bank
of
Canada
.............................
8,498
—
—
—
8,498
State
Street
Bank
and
Trust
Co.
......................
39,143
—
—
—
39,143
$
19,530,450
$
(11,660,491)
$
(86,443)
$
(
2
,
136
,
505
)
$
5,647,011
(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
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Statement
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
81,970,193
$
—
$
81,970,193
Common
Stocks
Canada
.............................................
—
—
401,405
401,405
Japan
...............................................
—
—
1
1
Netherlands
...........................................
2,026,730
—
—
2,026,730
United
Kingdom
........................................
3,200,925
—
35
3,200,960
United
States
..........................................
6,914,033
2,648,701
1,209,729
10,772,463
Corporate
Bonds
Argentina
............................................
—
170,060
—
170,060
Australia
.............................................
—
539,175
—
539,175
Austria
..............................................
—
7,388,764
—
7,388,764
Brazil
...............................................
—
737,492
—
737,492
Canada
.............................................
—
7,578,314
—
7,578,314
Cayman
Islands
........................................
—
246
—
246
Chile
...............................................
—
363,684
—
363,684
China
...............................................
—
8,549,980
—
8,549,980
Colombia
............................................
—
822,559
—
822,559
Cyprus
..............................................
—
1,011,602
—
1,011,602
Dominican
Republic
.....................................
—
197,375
—
197,375
France
..............................................
—
47,774,443
371,805
48,146,248
Germany
............................................
—
47,210,417
—
47,210,417
Ghana
..............................................
—
3,879,330
—
3,879,330
India
...............................................
—
1,595,432
—
1,595,432
Indonesia
............................................
—
466,921
—
466,921
Ireland
..............................................
—
331,119
—
331,119
Israel
...............................................
—
2,242,553
—
2,242,553
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
39
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Level
1
Level
2
Level
3
Total
Italy
................................................
$
—
$
16,219,544
$
—
$
16,219,544
Japan
...............................................
—
6,305,341
—
6,305,341
Kuwait
..............................................
—
195,220
—
195,220
Luxembourg
..........................................
—
24,244,392
—
24,244,392
Mexico
..............................................
—
595,580
—
595,580
Morocco
.............................................
—
221,757
—
221,757
Netherlands
...........................................
—
11,874,382
—
11,874,382
Nigeria
..............................................
—
163,713
—
163,713
Oman
...............................................
—
196,850
—
196,850
Portugal
.............................................
—
6,613,617
—
6,613,617
Romania
.............................................
—
5,972,408
—
5,972,408
Saudi
Arabia
..........................................
—
383,940
—
383,940
Singapore
............................................
—
183,480
—
183,480
South
Africa
...........................................
—
377,000
—
377,000
South
Korea
..........................................
—
9,505,606
—
9,505,606
Spain
...............................................
—
23,229,156
—
23,229,156
Sweden
.............................................
—
8,847,779
—
8,847,779
Switzerland
...........................................
—
3,810,628
—
3,810,628
Tanzania,
United
Republic
Of
...............................
—
187,913
—
187,913
United
Arab
Emirates
....................................
—
975,724
—
975,724
United
Kingdom
........................................
—
120,212,539
—
120,212,539
United
States
..........................................
—
381,217,820
47,023,194
428,241,014
Zambia
..............................................
—
4,344,690
—
4,344,690
Floating
Rate
Loan
Interests
Canada
.............................................
—
59,290
—
59,290
France
..............................................
—
2,769,477
—
2,769,477
Germany
............................................
—
1,706,690
—
1,706,690
Jersey,
Channel
Islands
...................................
—
—
289,893
289,893
Luxembourg
..........................................
—
12,343,670
9
12,343,679
Netherlands
...........................................
—
5,454,776
—
5,454,776
Singapore
............................................
—
151,494
—
151,494
Sweden
.............................................
—
4,739,362
—
4,739,362
United
Kingdom
........................................
—
4,389,157
—
4,389,157
United
States
..........................................
—
54,782,457
5,086,987
59,869,444
Foreign
Agency
Obligations
.................................
—
11,454,405
—
11,454,405
Foreign
Government
Obligations
..............................
—
9,598,363
—
9,598,363
Non-Agency
Mortgage-Backed
Securities
........................
—
39,777,907
—
39,777,907
Preferred
Securities
.......................................
—
—
4,277,651
4,277,651
U.S.
Treasury
Obligations
...................................
—
4,439,645
—
4,439,645
Warrants
..............................................
74,737
6,628
124,229
205,594
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
38,274,131
—
38,274,131
Certificates
of
Deposit
.....................................
—
906,240
—
906,240
Money
Market
Funds
......................................
60,250,400
—
—
60,250,400
Options
Purchased
Credit
contracts
..........................................
—
51,633
—
51,633
Equity
contracts
..........................................
1,005,360
—
—
1,005,360
Liabilities
Borrowed
Bonds
.........................................
—
(38,527,838)
—
(38,527,838)
Investment
Sold
Short
Common
Stocks
.........................................
(91,375)
—
—
(91,375)
Investment
Companies
....................................
(1,098,875)
—
—
(1,098,875)
$
72,281,935
$
993,734,926
$
58,784,938
$
1,124,801,799
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
4,401,029
$
—
$
4,401,029
Equity
contracts
...........................................
—
200
—
200
Foreign
currency
exchange
contracts
............................
—
721,635
—
721,635
Interest
rate
contracts
.......................................
776,685
13,506
—
790,191
Liabilities
Credit
contracts
...........................................
—
(11,988,959)
—
(11,988,959)
Equity
contracts
...........................................
(669,822)
(749,033)
—
(1,418,855)
Foreign
currency
exchange
contracts
............................
—
(6,622,265)
—
(6,622,265)
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Long/Short
Credit
Fund
40
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
(1,078,252)
$
(845,760)
$
—
$
(1,924,012)
$
(971,389)
$
(15,069,647)
$
—
$
(16,041,036)
(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
period
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:
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Preferred
Stocks
Warrants
Total
Investments
Assets
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
..........................................................
—
—
2,779,466
—
—
2,779,466
Transfers
out
of
Level
3
.........................................................
(13,393)
—
(2,159,328)
—
—
(2,172,721)
Accrued
discounts/premiums
......................................................
—
17,811
13,939
—
—
31,750
Net
realized
gain
(loss)
.........................................................
(1,320)
1,373
(99,103)
—
—
(99,050)
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
....................................
254,702
1,064,940
210,148
(262,143)
5,095
1,272,742
Purchases
..................................................................
—
3,617,491
3,057,027
779,608
—
7,454,126
Sales
.....................................................................
(88,182)
(6,467,719)
(9,741,638)
—
—
(16,297,539)
Closing
balance,
as
of
January
31,
2023
..............................................
$
1,611,170
$
47,394,999
$
5,376,889
$
4,277,651
$
124,229
$
58,784,938
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2023
(b)
........
$
254,702
$
1,064,940
$
(77,177)
$
(262,143)
$
5,095
$
985,417
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
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)
BlackRock
Global
Long/Short
Credit
Fund
Schedule
of
Investments
41
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
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
$4,924,570.
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
(b)
............................
$
1,611,019
Market
Time
to
Exit
0.9
–
1.4
years
1.4
years
Volatility
35%
–
75%
38%
Corporate
Bonds
(c)
............................
47,394,999
Income
Discount
Rate
6%
–
35%
9%
Floating
Rate
Interests
.........................
458,142
Income
Discount
Rate
8%
–
11%
10%
Preferred
Stocks
.............................
4,277,651
Market
Discount
Rate
12%
—
Revenue
Multiple
6.75x
–
12.00x
9.69x
Gross
Profit
Multiple
5.89x
—
EBITDA
Multiple
15.00x
—
Warrants
..................................
118,557
Market
Time
to
Exit
0.4
–
0.9
years
0.8
years
Volatility
40%
–
69%
60%
Revenue
Multiple
6.75x
–
12.25x
9.28x
$
53,860,368
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
The
fund
valued
certain
of
its
Level
3
Common
Stocks
using
recent
transaction
prices
as
the
best
approximation
of
fair
value.
The
value
of
Level
3
investments
obtained
using
recent
prior
transaction
prices,
for
which
inputs
are
unobservable,
is
$1,168,829
as
of
January
31,
2023.
(c)
For
the
period
end
January
31,
2023,
the
valuation
technique
for
investments
classified
as
Corporate
Bonds
amounting
to
$601,482
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
(unaudited)

January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
42
BlackRock
Global
Long/Short
Credit
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,104,269,487‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
60,250,400‌
Cash
pledged:
–‌
Collateral
—
borrowed
bond
agreements
....................................................................................
644,000‌
Collateral
—
exchange-traded
options
written
.................................................................................
6,180,000‌
Collateral
—
OTC
derivatives
............................................................................................
31,038,484‌
Futures
contracts
....................................................................................................
4,349,880‌
Centrally
cleared
swaps
................................................................................................
6,312,710‌
Foreign
currency,
at
value
(c)
...............................................................................................
7,117,042‌
Receivables:
–‌
Investments
sold
....................................................................................................
17,069,487‌
Swaps  
..........................................................................................................
196,923‌
Capital
shares
sold
...................................................................................................
7,050,634‌
Dividends
—
unaffiliated
...............................................................................................
5,470‌
Dividends
—
affiliated
.................................................................................................
166,010‌
Interest
—
unaffiliated
.................................................................................................
13,016,590‌
From
the
Manager
...................................................................................................
2,831‌
Due
from
broker
.....................................................................................................
518,452‌
Variation
margin
on
futures
contracts
.......................................................................................
7,475‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
100,274‌
Swap
premiums
paid
...................................................................................................
8,598,008‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
721,635‌
OTC
swaps
........................................................................................................
4,401,229‌
Prepaid
expenses
.....................................................................................................
114,501‌
Total
assets
.........................................................................................................
1,272,131,522‌
LIABILITIES
Investments
sold
short,
at
value
—
unaffiliated
(d)
.................................................................................
91,375‌
Investments
sold
short,
at
value
—
affiliated
(e)
...................................................................................
1,098,875‌
Bank
overdraft
........................................................................................................
15,777,897‌
Cash
received:
–‌
Collateral
—
OTC
derivatives
............................................................................................
1,879,990‌
Borrowed
bonds,
at
value
(f)
...............................................................................................
38,527,838‌
Options
written,
at
value
(g)
................................................................................................
164,973‌
Payables:
–‌
Investments
purchased
................................................................................................
39,073,872‌
Swaps  
..........................................................................................................
1,042,371‌
Administration
fees
...................................................................................................
52,848‌
Capital
shares
redeemed
...............................................................................................
8,864,803‌
Interest
expense
....................................................................................................
721,738‌
Investment
advisory
fees
..............................................................................................
906,703‌
Trustees'
and
Officer's
fees
.............................................................................................
17,708‌
Other
affiliate
fees
...................................................................................................
3,675‌
Professional
fees
....................................................................................................
168,427‌
Service
and
distribution
fees
.............................................................................................
56,779‌
Variation
margin
on
futures
contracts
.......................................................................................
604,636‌
Other
accrued
expenses
...............................................................................................
549,131‌
Swap
premiums
received
................................................................................................
7,084,635‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
6,622,265‌
OTC
swaps
........................................................................................................
5,823,550‌
Total
liabilities
........................................................................................................
129,134,089‌
NET
ASSETS
........................................................................................................
$
1,142,997,433‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
43
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Long/Short
Credit
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,829,028,123‌
Accumulated
loss
.....................................................................................................
(686,030,690‌)
NET
ASSETS
........................................................................................................
$
1,142,997,433‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
1,243,834,445‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
60,250,400‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
7,115,338‌
(d)
  Proceeds
received
from
short
sales
—
un
affiliated
.............................................................................
$
76,354‌
(e)
  Proceeds
received
from
short
sales
—
affiliated
...............................................................................
$
1,088,009‌
(f)
  Proceeds
received
from
borrowed
bonds
....................................................................................
$
40,522,296‌
(g)
  Premiums
received
..................................................................................................
$
316,807‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
44
See
notes
to
financial
statements.
BlackRock
Global
Long/Short
Credit
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
836,507,491‌
Shares
outstanding
...................................................................................................
97,381,554‌
Net
asset
value
......................................................................................................
$
8.59‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
70,415,154‌
Shares
outstanding
...................................................................................................
8,182,656‌
Net
asset
value
......................................................................................................
$
8.61‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
C
Net
assets
..........................................................................................................
$
6,314,959‌
Shares
outstanding
...................................................................................................
737,258‌
Net
asset
value
......................................................................................................
$
8.57‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
229,759,829‌
Shares
outstanding
...................................................................................................
26,734,756‌
Net
asset
value
......................................................................................................
$
8.59‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2023
45
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Long/Short
Credit
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
183,404‌
Dividends
—
affiliated
.................................................................................................
1,656,945‌
Interest
—
unaffiliated
.................................................................................................
37,169,376‌
Total
investment
income
.................................................................................................
39,009,725‌
EXPENSES
Investment
advisory
..................................................................................................
6,292,518‌
Transfer
agent
—
class
specific
..........................................................................................
457,903‌
Administration
.....................................................................................................
271,294‌
Accounting
services
..................................................................................................
242,638‌
Service
and
distribution
—
class
specific
....................................................................................
168,533‌
Professional
.......................................................................................................
122,645‌
Administration
—
class
specific
..........................................................................................
100,956‌
Registration
.......................................................................................................
78,992‌
Custodian
.........................................................................................................
71,578‌
Printing
and
postage
.................................................................................................
11,374‌
Trustees
and
Officer
..................................................................................................
9,222‌
Miscellaneous
......................................................................................................
85,822‌
Total
expenses
excluding
dividend
expense,
and
interest
expense
.....................................................................
7,913,475‌
Dividends
expense
—
unaffiliated
.........................................................................................
27,931‌
Dividends
expense
—
affiliated
..........................................................................................
125,282‌
Interest
expense
....................................................................................................
1,705,764‌
Total
expenses
.......................................................................................................
9,772,452‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(43,434‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(17,740‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(8,288‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
9,702,990‌
Net
investment
income
..................................................................................................
29,306,735‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(31,668,518‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(132,026,738‌)
Investments
—
affiliated
.............................................................................................
1,230‌
Borrowed
bonds
..................................................................................................
7,318,753‌
Forward
foreign
currency
exchange
contracts
...............................................................................
22,318,113‌
Foreign
currency
transactions
.........................................................................................
(2,629,527‌)
Futures
contracts
..................................................................................................
5,561,050‌
Options
written
...................................................................................................
15,657,694‌
Short
sales
—
unaffiliated
............................................................................................
460,285‌
Short
sales
—
affiliated
..............................................................................................
(10,304‌)
Swaps
.........................................................................................................
(15,552,039‌)
A
(98,901,483‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
95,256,968‌
Borrowed
bonds
..................................................................................................
(3,332,503‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
(30,803,158‌)
Foreign
currency
translations
..........................................................................................
853,824‌
Futures
contracts
..................................................................................................
6,145,306‌
Options
written
...................................................................................................
(5,156,108‌)
Short
sales
—
unaffiliated
............................................................................................
14,450‌
Short
sales
—
affiliated
..............................................................................................
24,766‌
Swaps
.........................................................................................................
4,229,420‌
A
67,232,965‌
Net
realized
and
unrealized
loss
............................................................................................
(31,668,518‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(2,361,783‌)
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
46
See
notes
to
financial
statements.
BlackRock
Global
Long/Short
Credit
Fund
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
29,306,735
‌
$
48,221,335
‌
Net
realized
gain
(loss)
..............................................................................
(98,901,483
)
20,470,365
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
67,232,965
‌
(182,231,749
)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(2,361,783
)
(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
...........................................
(303,471,382
)
107,073,742
‌
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(398,833,285
)
(65,466,383
)
Beginning
of
period
..................................................................................
1,541,830,718
‌
1,607,297,101
‌
End
of
period
......................................................................................
$
1,142,997,433
‌
$
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
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
..............
$
9.26
‌
$
10.25
‌
$
9.78
‌
$
10.05
‌
$
10.36
‌
$
10.36
‌
Net
investment
income
(a)
......................
0.20
‌
0.28
‌
0.38
‌
0.37
‌
0.37
‌
0.33
‌
Net
realized
and
unrealized
gain
(loss)
.............
(0.17
)
(0.92
)
0.48
‌
(0.27
)
(0.10
)
(0.21
)
Net
increase
(decrease)
from
investment
operations
.....
0.03
‌
(0.64
)
0.86
‌
0.10
‌
0.27
‌
0.12
‌
Distributions
from
net
investment
income
(b)
.........
(0.70
)
(0.35
)
(0.39
)
(0.37
)
(0.58
)
(0.12
)
Net
asset
value,
end
of
period
...................
$
8.59
‌
$
9.26
‌
$
10.25
‌
$
9.78
‌
$
10.05
‌
$
10.36
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.......................
0.42
%
(d)
(6.42
)%
8.95
%
0.96
%
(e)
2.83
%
(e)
1.16
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................
1.44
%
(g)
1.34
%
1.46
%
1.85
%
2.03
%
2.00
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
1.43
%
(g)
1.33
%
1.45
%
1.85
%
2.01
%
1.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expense
s
on
short
sales
...................
1.15
%
(g)
1.12
%
1.09
%
1.12
%
1.07
%
1.05
%
Net
investment
income
........................
4.37
%
(g)
2.89
%
3.80
%
3.74
%
3.67
%
3.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
836,507
‌
$
1,077,774
‌
$
1,202,628
‌
$
1,223,282
‌
$
1,747,346
‌
$
2,305,172
‌
Portfolio
turnover
rate
..........................
69
%
149
%
156
%
232
%
226
%
185
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
48
BlackRock
Global
Long/Short
Credit
Fund
Investor
A
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
..............
$
9.24
‌
$
10.24
‌
$
9.76
‌
$
10.03
‌
$
10.33
‌
$
10.31
‌
Net
investment
income
(a)
......................
0.18
‌
0.26
‌
0.35
‌
0.34
‌
0.34
‌
0.31
‌
Net
realized
and
unrealized
gain
(loss)
.............
(0.15
)
(0.93
)
0.49
‌
(0.27
)
(0.10
)
(0.23
)
Net
increase
(decrease)
from
investment
operations
.....
0.03
‌
(0.67
)
0.84
‌
0.07
‌
0.24
‌
0.08
‌
Distributions
from
net
investment
income
(b)
.........
(0.66
)
(0.33
)
(0.36
)
(0.34
)
(0.54
)
(0.06
)
Net
asset
value,
end
of
period
...................
$
8.61
‌
$
9.24
‌
$
10.24
‌
$
9.76
‌
$
10.03
‌
$
10.33
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.......................
0.42
%
(d)
(6.75
)%
8.69
%
0.69
%
(e)
2.60
%
(e)
0.81
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................
1.73
%
(g)
1.61
%
1.73
%
2.10
%
2.29
%
(h)
2.25
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
1.68
%
(g)
1.60
%
1.72
%
2.10
%
2.27
%
2.24
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
...................
1.40
%
(g)
1.39
%
1.36
%
1.37
%
1.33
%
1.31
%
Net
investment
income
........................
4.03
%
(g)
2.70
%
3.53
%
3.49
%
3.43
%
2.99
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
70,415
‌
$
136,073
‌
$
86,176
‌
$
101,727
‌
$
117,093
‌
$
168,471
‌
Portfolio
turnover
rate
..........................
69
%
149
%
156
%
232
%
226
%
185
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
year
ended
July
31,
2019,
the
expense
ratio
would
have
been
2.28%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
49
Financial
Highlights
BlackRock
Global
Long/Short
Credit
Fund
Investor
C
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.............
$
9.14
‌
$
10.09
‌
$
9.58
‌
$
9.82
‌
$
10.12
‌
$
10.10
‌
Net
investment
income
(a)
.....................
0.15
‌
0.18
‌
0.27
‌
0.27
‌
0.26
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
............
(0.16
)
(0.91
)
0.47
‌
(0.26
)
(0.10
)
(0.21
)
Net
increase
(decrease)
from
investment
operations
....
(0.01
)
(0.73
)
0.74
‌
0.01
‌
0.16
‌
0.02
‌
Distributions
from
net
investment
income
(b)
........
(0.56
)
(0.22
)
(0.23
)
(0.25
)
(0.46
)
—
‌
Net
asset
value,
end
of
period
..................
$
8.57
‌
$
9.14
‌
$
10.09
‌
$
9.58
‌
$
9.82
‌
$
10.12
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
......................
(0.02
)%
(d)
(7.37
)%
7.75
%
0.03
%
(e)
1.72
%
(e)
0.20
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.............................
2.48
%
(g)
2.37
%
2.50
%
2.86
%
3.05
%
(h)
3.02
%
Total
expenses
after
fees
waived
and/or
reimbursed
....
2.43
%
(g)
2.36
%
2.49
%
2.86
%
3.03
%
3.01
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
..................
2.15
%
(g)
2.15
%
2.13
%
2.13
%
2.09
%
2.08
%
Net
investment
income
.......................
3.36
%
(g)
1.88
%
2.71
%
2.75
%
2.65
%
2.25
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..................
$
6,315
‌
$
9,827
‌
$
18,771
‌
$
29,291
‌
$
68,930
‌
$
100,645
‌
Portfolio
turnover
rate
.........................
69
%
149
%
156
%
232
%
226
%
185
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
50
BlackRock
Global
Long/Short
Credit
Fund
Class
K
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
..............
$
9.27
‌
$
10.26
‌
$
9.79
‌
$
10.06
‌
$
10.37
‌
$
10.37
‌
Net
investment
income
(a)
......................
0.20
‌
0.29
‌
0.39
‌
0.38
‌
0.38
‌
0.35
‌
Net
realized
and
unrealized
gain
(loss)
.............
(0.18
)
(0.92
)
0.48
‌
(0.27
)
(0.11
)
(0.21
)
Net
increase
(decrease)
from
investment
operations
.....
0.02
‌
(0.63
)
0.87
‌
0.11
‌
0.27
‌
0.14
‌
Distributions
from
net
investment
income
(b)
.........
(0.70
)
(0.36
)
(0.40
)
(0.38
)
(0.58
)
(0.14
)
Net
asset
value,
end
of
period
...................
$
8.59
‌
$
9.27
‌
$
10.26
‌
$
9.79
‌
$
10.06
‌
$
10.37
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.......................
0.41
%
(d)
(6.35
)%
9.02
%
1.04
%
(e)
2.91
%
(e)
1.34
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................
1.36
%
(g)
1.26
%
1.39
%
1.77
%
1.96
%
1.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....
1.35
%
(g)
1.26
%
1.38
%
1.76
%
1.94
%
1.93
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
...................
1.07
%
(g)
1.05
%
1.02
%
1.04
%
1.00
%
0.99
%
Net
investment
income
........................
4.45
%
(g)
2.97
%
3.85
%
3.85
%
3.75
%
3.33
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...................
$
229,760
‌
$
318,157
‌
$
299,722
‌
$
399,165
‌
$
1,104,061
‌
$
1,323,371
‌
Portfolio
turnover
rate
..........................
69
%
149
%
156
%
232
%
226
%
185
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
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
(unaudited)
(continued)
2023
BlackRock
Semi-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
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
(unaudited)
(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
(unaudited)
(continued)
2023
BlackRock
Semi-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
London
Interbank
Offered
Rate
Notes
to
Financial
Statements
(unaudited)
(continued)
55
Notes
to
Financial
Statements
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
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
January
31,
2023
,
the Fund
had
outstanding
commitments
of
$434,860.
These
commitments
are
not
included
in
the
net
assets
of
the Fund
as
of
January
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
six
months
ended
January
31,
2023,
the
average
daily
amount
of
reverse
repurchase
agreements outstanding and
the
weighted
average
interest
rate
for
the
Fund
were
$167,302
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
(unaudited)
(continued)
2023
BlackRock
Semi-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.
Counterparty
Borrowed
Bond
Agreements
(a)
Borrowed
Bonds
at
Value
including
Accrued
Interest
(b)
Exposure
Due
(to)/from
Counterparty
before
Collateral
Non-Cash
Collateral
Received
Cash
Collateral
Received
Non-Cash
Collateral
Pledged
Including
Accrued
Interest
Cash
Collateral
Pledged
Net
Collateral
(Received)/
Pledged
Net
Exposure
Due
(to)/from
Counterparty
(c)
BlackRock
Global
Long/Short
Credit
Fund
Barclays
Bank
plc
..............
$
18,301,884‌
$
(18,
981
,
47
1‌)
$
(
679
,
58
7‌)
$
—‌
$
—‌
$
—‌
$
644,000‌
$
644,000‌
$
(35
,
587‌)
Barclays
Capital,
Inc.
............
217,980‌
(210,478‌)
7,502‌
—‌
—‌
—‌
—‌
—‌
7,502‌
BNP
Paribas
SA
...............
5,736,932‌
(5,818,486‌)
(81,554‌)
—‌
—‌
—‌
—‌
—‌
(81,554‌)
Goldman
Sachs
International
.......
1,580,544‌
(1,605,155‌)
(24,611‌)
—‌
—‌
—‌
—‌
—‌
(24,611‌)
J.P.
Morgan
Securities
LLC
........
353,805‌
(348,406‌)
5,399‌
—‌
—‌
—‌
—‌
—‌
5,399‌
J.P.
Morgan
Securities
plc
.........
4,785,173‌
(4,791,499‌)
(6,326‌)
—‌
—‌
—‌
—‌
—‌
(6,326‌)
Merrill
Lynch
International
.........
1,584,180‌
(1,647,583‌)
(63,403‌)
—‌
—‌
—‌
—‌
—‌
(63,403‌)
Nomura
Securities
International,
Inc.
..
1,250,438‌
(1,248,069‌)
2,369‌
—‌
—‌
—‌
—‌
—‌
2,369‌
RBC
Capital
Markets
LLC
.........
3,010,230‌
(3,115,638‌)
(105,408‌)
—‌
—‌
—‌
—‌
—‌
(105,408‌)
RBC
Europe
Ltd.
...............
1,452,965‌
(1,482,791‌)
(29,826‌)
—‌
—‌
—‌
—‌
—‌
(29,826‌)
$
38,274,131‌
$
(3
9
,
249
,
57
6‌)
$
(
975
,
445‌
)
$
—‌
$
—‌
$
—‌
$
644,000‌
$
644,000‌
$
(
331
,
44
5‌
)
...........................................
(a)
Included
in
Investments
at
value-unaffiliated
in
the
Statement
of
Assets
and
Liabilities.
(b)
Includes
accrued
interest
on
borrowed
bonds
in
the
amount
of
$721,738
which
is
included
in
interest
expense
payable
in
the
Statement
of
Assets
and
Liabilities.
(c)
Net
exposure
represents
the
net
receivable
(payable)
that
would
be
due
from/to
the
counterparty
in
the
event
of
default.
Notes
to
Financial
Statements
(unaudited)
(continued)
57
Notes
to
Financial
Statements
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option. 
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
58
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
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
Notes
to
Financial
Statements
(unaudited)
(continued)
59
Notes
to
Financial
Statements
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 six
months
ended
January
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,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.015% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
January
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
six
months ended January
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:
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
Investor
A
........................................................................................................
$
128,869‌
Investor
C
........................................................................................................
39,664‌
$
168,533‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
71,691‌
$
7,732‌
$
595‌
$
20,938‌
$
100,956‌
Institutional
.............................................................................................................
$
435‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
60
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 six
months
ended
January
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
six
months ended
January
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
six
months
 ended 
January
31,
2023
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$29
.
For
the six
months
ended
January
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,
202
4
.
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
six
months
ended
January
31,
2023,
the
amount
waived
was
$43,434.
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
six
months
ended
January
31,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
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
six
months ended
January
31,
2023,
class
specific
expense
waivers
and/
or
reimbursements
were
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
("SEC"),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
January
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. 
Institutional
Investor
A
Investor
C
Class
K
Total
Amount
............................................................
$
1,373‌
$
501‌
$
412‌
$
297‌
$
2,583‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
389,705‌
$
62,328‌
$
4,892‌
$
978‌
$
457,903‌
Fund
Name
Investor
A
Investor
C
BlackRock
Global
Long/Short
Credit
Fund
.............................................................................
$
23,841‌
$
2,779‌
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
Investor
A
.....................................................................................
$
7,714‌
$
16,35
6‌
Investor
C
.....................................................................................
574‌
1,384‌
$
8,288‌
$
17,74
0‌
Notes
to
Financial
Statements
(unaudited)
(continued)
61
Notes
to
Financial
Statements
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
six
months ended
January
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 six
months
ended
January
31,
2023,
purchases
and
sales
of
investments,
including
paydowns/payups
and
excluding
short-term
securities,
were $761,687,043
and
$1,007,478,619,
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
January
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.
As
of
July
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$428,257,330. 
As
of
January
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”), are
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
January
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.
Purchases
...............................................................................................................
$
1,162,257‌
Sales
...................................................................................................................
7,463,606‌
Net
Realized
Loss
..........................................................................................................
(509,614‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Global
Long/Short
Credit
Fund
.................................
$
1,31
0
,
73
1,
122‌
$
16
,
144
,
090‌
$
(176,110,982‌)
$
(
159
,
966
,
892‌
)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
62
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.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund’s
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
63
Notes
to
Financial
Statements
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
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Global
Long/Short
Credit
Fund
Institutional
Shares
sold
.............................................
22,086,576‌
$
197,891,700‌
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
.........................................
(47,585,179‌)
(425,745,458‌)
(62,089,562‌)
(597,211,870‌)
(19,034,228‌)
$
(173,423,718‌)
(924,912‌)
$
6,975,250‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
1,213,139‌
$
11,028,598‌
9,388,064‌
$
91,780,264‌
Shares
issued
in
reinvestment
of
distributions
........................
564,634‌
4,765,509‌
275,553‌
2,725,220‌
Shares
redeemed
.........................................
(8,314,352‌)
(74,665,098‌)
(3,362,577‌)
(32,660,728‌)
(6,536,579‌)
$
(58,870,991‌)
6,301,040‌
$
61,844,756‌
Investor
C
Shares
sold
.............................................
31,141‌
$
270,865‌
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
..................
(420,482‌)
(3,734,429‌)
(966,171‌)
(9,367,981‌)
(338,132‌)
$
(3,032,897‌)
(785,206‌)
$
(7,583,393‌)
Class
K
Shares
sold
.............................................
2,632,014‌
$
23,752,803‌
17,555,604‌
$
167,819,896‌
Shares
issued
in
reinvestment
of
distributions
........................
343,658‌
2,897,041‌
167,164‌
1,653,256‌
Shares
redeemed
.........................................
(10,571,683‌)
(94,793,620‌)
(12,611,383‌)
(123,636,023‌)
(7,596,011‌)
$
(68,143,776‌)
5,111,385‌
$
45,837,129‌
(33,504,950‌)
$
(303,471,382‌)
9,702,307‌
$
107,073,742‌
Statement
Regarding
Liquidity
Risk
Management
Program
2023
BlackRock
Semi-Annual
Report
to
Shareholders
64
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
IV
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Global
Long/Short
Credit
Fund
(the
“Fund”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund
met
on
November
10-11,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC,
the
investment
adviser
to
the
Fund,
as
the
program
administrator
for
the
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
65
Additional
Information
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
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.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
Additional
Information
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
66
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
67
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
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
CSGLSCMT-1/23-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
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 – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

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: March 24, 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: March 24, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds IV
 
Date: March 24, 2023