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, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2022

Date of reporting period: 01/31/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

JANUARY

31,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

IV

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2022

saw

a

continuation

of

the

resurgent

growth

that

followed

the

initial

coronavirus

(or

“COVID-19”)

pandemic

reopening,

albeit

at

a

slower

pace.

The

global

economy

weathered

the

emergence

of

several

variant

strains

and

the

resulting

peaks

and

troughs

in

infections

amid

optimism

that

increasing

vaccinations

and

economic

adaptation

could

help

contain

the

pandemic’s

disruptions.

Continued

growth

meant

that

the

U.S.

economy

regained

and

then

surpassed

its

pre-pandemic

output.

However,

rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation.

Equity

prices

were

mixed,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

which

particularly

weighed

on

relatively

high

valuation

growth

stocks

and

economically

sensitive

small-

capitalization

stocks.

Overall,

small-capitalization

U.S.

stocks

declined

slightly,

while

large-capitalization

U.S.

stocks

posted

a

strong

advance.

International

equities

from

developed

markets

also

gained,

although

emerging

market

stocks

declined,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

significantly

during

the

reporting

period

as

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

in

decades.

In

the

corporate

bond

market,

the

improving

economy

assuaged

credit

concerns

and

led

to

positive

returns

for

high-

yield

corporate

bonds,

outpacing

the

modest

negative

return

of

investment-grade

corporate

bonds.

The

U.S.

Federal

Reserve

(the

“Fed”)

maintained

accommodative

monetary

policy

during

the

reporting

period

by

keeping

near-zero

interest

rates.

However,

the

Fed’s

tone

shifted

late

in

the

period,

as

it

reduced

its

bond-

buying

program

and

raised

the

prospect

of

higher

rates

in

2022.

Continued

high

inflation

and

the

Fed’s

new

tone

led

many

analysts

to

anticipate

that

the

Fed

will

raise

interest

rates

multiple

times

throughout

the

year.

Looking

ahead,

however,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy.

Sanctions

on

Russia

and

general

wartime

disruption

are

likely

to

drive

already-high

commodity

prices

even

further

upwards,

and

we

have

already

seen

spikes

in

energy

and

metal

markets.

While

this

will

exacerbate

inflationary

pressure,

it

could

also

constrain

economic

growth,

making

the

Fed's

way

forward

less

clear.

Its

challenge

will

be

combating

inflation

without

stifling

a

recovery

that

is

now

facing

additional

supply

shocks.

In

this

environment,

we

favor

an

overweight

to

equities,

as

we

believe

low

interest

rates

and

continued

economic

growth

will

support

further

gains,

albeit

likely

more

modest

than

what

we

saw

in

2021.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long

term.

U.S.

and

other

developed-market

equities

have

room

for

further

growth,

while

we

believe

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

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,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

3.44%

23.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(8.41)

(1.21)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(3.43)

7.03

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.59)

(7.23)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.01

0.04

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(3.87)

(4.43)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(3.17)

(2.97)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

(2.56)

(1.22)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(1.55)

2.05

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

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

7

About

Fund

Performance 

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

7

Disclosure

of

Expenses

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

8

Derivative

Financial

Instruments

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

8

Financial

Statements:

Schedule

of

Investments

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

9

Statement

of

Assets

and

Liabilities

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

53

Statement

of

Operations

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

56

Statements

of

Changes

in

Net

Assets

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

57

Financial

Highlights

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

58

Notes

to

Financial

Statements

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

62

Statement

Regarding

Liquidity

Risk

Management

Program

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

76

Additional

Information

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

77

Glossary

of

Terms

Used

in

this

Report

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

80

Fund

Summary

as

of

January

31,

2022

2022

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,

2022,

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,

whereby

the

index

return

listed

above

is

for

reference

purposes

only.

What

factors

influenced

performance?

U.S.

and

European

risk-management

strategies

were

the

largest

detractors

from

Fund

performance.

Positions

in

Asia

also

detracted,

as

volatility

in

the

region

persisted

due

to

issues

in

the

real

estate

sector.

The

U.S.

and

European

absolute

return

strategies

detracted

modestly,

as

markets

experienced

a

broad-based

sell-off

toward

the

end

of

the

period.

The

Fund’s

U.S.

and

European

carry

(income)

strategies

contributed

to

performance.

Positions

in

enhanced

equipment

trust

certificates

made

the

largest

contribution

in

the

United

States,

followed

by

modest

contributions

from

holdings

into

loans

and

commercial

mortgage-backed

securities

(“CMBS”).

In

Europe,

the

contributions

in

the

carry

strategy

were

entirely

from

positions

in

loans.

Traditional

long-only

strategies

in

the

United

States

and

Europe

were

additive,

as

well.

In

the

United

States,

a

tactical

weighting

in

investment-grade

corporate

bonds

made

the

largest

contribution.

Asset-backed

securities

were

the

leading

contributors

in

the

Europe

long-only

portfolio.

As

part

of

its

investment

strategy,

the

Fund

uses

derivatives

to

manage

duration

(sensitivity

to

interest

rate

movements)

and

currency

risk.

The

Fund

also

has

the

flexibility

to

use

derivatives

to

express

positive

or

negative

views

on

a

particular

issuer

or

sector,

or

to

manage

overall

credit

risk.

Derivatives

may

also

serve

as

a

more

liquid

way

to

establish

positions,

and—depending

on

the

market

environment—the

Fund

may

use

various

instruments,

including

not

but

limited

to

bonds,

equities

and

derivatives.

The

use

of

derivatives

contributed

to

performance,

largely

as

a

result

of

currency

strategies.

However,

the

use

of

swaps

and

options

to

manage

the

risk

of

potential

downside

moves

in

equities,

the

credit

markets

or

single

issuers

were

a

net

detractor.

Describe

recent

portfolio

activity.

The

Fund

started

the

period

with

a

net

long

position

of

64%.

It

subsequently

reduced

risk

and

finished

January

2022

with

a

net

long

position

of

56%.

The

decrease

was

mainly

due

to

a

reduction

in

long

positions

in

U.S.

absolute

return

strategies,

as

well

as

the

European

carry

and

traditional

long

strategies.

The

Fund’s

gross

exposure

also

declined,

as

the

investment

adviser

maintained

short

positions

at

lower

levels

since

correlation

breakdowns

in

periods

of

high

volatility

rendered

risk-management

strategies

less

effective.

In

the

U.S.

portfolio,

the

investment

adviser

reduced

allocations

to

high

yield

and

investment-grade

corporate

bonds

as

yield

spreads

remained

tight

and

volatility

picked

up

toward

the

end

of

the

period.

The

Fund

also

marginally

added

to

CMBS

due

to

their

higher

relative

yields

and

lower

price

volatility.

In

Europe,

the

Fund

increased

short

positions

in

credit

default

indices

(“CDX”)

in

an

effort

to

reduce

overall

credit

risk.

In

addition,

the

investment

adviser

trimmed

the

Fund’s

weighting

in

loans

as

valuations

continued

to

creep

higher.

The

Fund’s

net

equity

exposure

came

down

in

both

Europe

and

the

United

States.

Overall,

the

Fund

was

positioned

with

a

continued

emphasis

on

absolute

return

strategies,

while

also

looking

to

build

risk-management

strategies

given

tighter

valuations

and

less

favorable

news

flow.

The

Fund’s

cash

position

was

somewhat

elevated,

primarily

due

to

having

a

more

defensive

posture

toward

the

end

of

the

period.

The

investment

adviser

made

this

shift

in

response

to

changing

U.S

Fed

policy

and

the

resulting

increase

in

market

volatility.

The

higher

cash

position

also

reflected

the

fact

that

the

Fund

may

express

long

and

short

positions

via

the

CDX

market,

which

does

not

require

a

cash

outlay

as

with

traditional

cash

bonds.

The

cash

position

did

not

have

a

material

impact

on

Fund

performance.

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

a

defensive

posture

with

increased

cash

levels,

as

higher

inflation

and

a

hawkish

Fed

roiled

markets

to

start

2022.

The

Fund’s

core

strategy

remains

focused

on

absolute-return

strategies

trades,

where

the

investment

adviser

is

seeking

opportunities

in

issuers

with

a

potential

catalyst,

or

in

relative

value

opportunities

between

asset

classes,

sectors

and

capital

structures.

In

the

United

States,

the

investment

adviser

holds

favorable

views

on

software,

telecommunications,

semiconductor,

media

and

energy

industries,

and

it

is

being

watchful

for

short

opportunities

in

companies

affected

by

supply-chain

disruptions.

The

Fund

continues

to

have

low

long

allocations

to

high

yield

and

investment-grade

corporate

bonds.

The

investment

adviser

adopted

a

lower-risk

positioning

in

Europe

as

volatility

picked

up,

but

it

maintained

a

preference

for

telecoms

and

financials.

The

Fund

ended

the

period

with

a

net

long

position

of

36%

in

the

United

States,

17%

in

Europe,

2%

in

the

emerging

markets,

1%

in

Asia,

and

56%

of

net

assets

overall.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

January

31,

2022

(continued)

5

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

Performance

Summary

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.

Expense

Example

E

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

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

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

2.33‌%

2.33‌%

(0.66‌)%

1.72‌%

N/A‌

2.90‌%

N/A‌

2.86‌%

N/A‌

Investor

A

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

1.98‌

1.98‌

(0.80‌)

1.48‌

(2.58‌)%

2.63‌

1.79‌%

2.60‌

2.18‌%

Investor

C

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

1.29‌

1.29‌

(1.19‌)

0.60‌

(0.38‌)

1.86‌

1.86‌

1.99‌

1.99‌

Class

K

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

2.40‌

2.40‌

(0.59‌)

1.79‌

N/A‌

2.99‌

N/A‌

2.92‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(c

)

.......

—‌

—‌

0.02‌

0.04‌

N/A‌

1.13‌

N/A‌

0.63‌

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

3/1/2021,

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

3/1/2021

is

for

the

3pm

pricing

variant

of

the

lndex

.

Index

data

on

and

after

3/1/2021

is

for

the

4pm

pricing

variant

of

the

Index.

Actual

Hypothetical

Expenses

Paid

During

the

Period

Including

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Including

Interest

Exp

ense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Institutional

....

$

1,000.00‌

$

993.40‌

$

6.53‌

$

5.63‌

$

1,000.00‌

$

1,018.65‌

$

6.61‌

$

1,019.56‌

$

5.70‌

1.30‌%

1.12‌%

Investor

A

.....

1,000.00‌

992.00‌

7.88‌

6.98‌

1,000.00‌

1,017.29‌

7.98‌

1,018.20‌

7.07‌

1.57‌

1.39‌

Investor

C

.....

1,000.00‌

988.10‌

11.73‌

10.77‌

1,000.00‌

1,013.41‌

11.88‌

1,014.37‌

10.92‌

2.34‌

2.15‌

Class

K

......

1,000.00‌

994.10‌

6.18‌

5.28‌

1,000.00‌

1,019.00‌

6.26‌

1,019.91‌

5.35‌

1.23‌

1.05‌

(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

six-month

period

shown).

Fund

Summary

as

of

January

31,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Global

Long/Short

Credit

Fund

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

45‌

%

3‌

%

48‌

%

United

Kingdom

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

12‌

1‌

13‌

France

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

6‌

1‌

7‌

Spain

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

4‌

—‌

(b)

4‌

Luxembourg

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

4‌

—‌

(b)

4‌

Netherlands

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

4‌

—‌

(b)

4‌

Italy

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

3‌

—‌

(b)

3‌

Ireland

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

2‌

1‌

3‌

Germany

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

3‌

—‌

(b)

3‌

Sweden

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

1‌

1‌

2‌

Austria

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

1‌

1‌

2‌

Other

(c)

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

7‌

—‌

7‌

Total

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

92‌%

8‌%

100‌%

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

short-term

securities,

options

purchased

and

options

written.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

(c)

Includes

holdings

within

countries

that

are

less

than

1%

of

long-term

investments.

Please

refer

to

the

Schedule

of

Investments

for

such

countries/geographic

regions.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AAA/

Aaa

(c)

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

1‌

%

AA/Aa

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

—‌

(d)

A

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

—‌

(d)

BBB/Baa

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

5‌

BB/Ba

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

26‌

B

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

43‌

CCC/

Caa

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

6‌

CC/Ca

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

—‌

(d)

C

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

—‌

(d)

NR

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

19‌ 

(a)

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.

(b)

Excludes

short-term

securities,

options

purchased,

options

written,

borrowed

bonds

and

investments

sold

short.

(c)

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.

(d)

Represents

less

than

1%

of

the

Fund's

total

investments.

The

Benefits

and

Risks

of

Leveraging

7

The

Benefits

and

Risks

of

Leveraging

/

About

Fund

Performance

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

About

Fund

Performance 

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Institutional

Shares.

The

performance

of

the

Fund’s

Class

K

Shares

would

be

substantially

similar

to

Institutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.

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.

Inv

estment

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

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, 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

(or

from

the

commencement

of

operations

if

less

than

6

months)

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.

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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

2.3%

Cayman

Islands

—

0.2%

(a)(b)

Madison

Park

Funding

XIX

Ltd.,

Series

2015-19A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.50%),

1.76%,

01/22/28

USD

2,000

$

1,990,713

Palmer

Square

Loan

Funding

Ltd.,

Series

2019-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.76%,

08/20/27

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

1,500

1,500,831

3,491,544

Ireland

—

1.8%

(b)(c)

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

EUR

1,300

1,446,359

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

700

759,988

Aqueduct

European

CLO

2

DAC,

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

919

1,005,845

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

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

700

756,119

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(EURIBOR

3

Month

+

4.70%),

4.70%,

01/12/31

1,970

2,178,084

Series

14X,

Class

FR,

(EURIBOR

3

Month

+

6.35%),

6.35%,

01/12/31

2,200

2,352,669

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

1,126,910

Avoca

CLO

XV

DAC

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

1,765

1,911,700

Series

15X,

Class

FR,

(EURIBOR

3

Month

+

5.84%),

5.84%,

04/15/31

3,425

3,619,849

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

.......

700

774,680

BlueMountain

CLO

DAC,

Series

2021-

1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

.......

700

756,732

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

.......

700

764,083

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

600

673,838

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

369

404,497

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(d)

...........

700

743,555

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

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

539

593,195

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

.......

977

1,096,154

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

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

438

470,197

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

280

306,946

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

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

EUR

700

$

774,282

Northwoods

Capital

23

Euro

DAC,

Series

2021-23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

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

597

666,018

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

.......

1,000

1,092,877

OZLME

V

DAC,

Series

5X,

Class

SUB,

0.00%,

01/14/32

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

950

653,772

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

6.26%,

07/18/34

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

700

784,125

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

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

400

428,058

Rockford

Tower

Europe

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

578

636,789

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

700

766,949

Voya

Euro

CLO

I

DAC,

Series

1X,

Class

SUB,

(3M

EURIBOR

+

0.00%),

0.00%,

10/15/30

.......

2,894

2,354,111

29,898,381

Netherlands

—

0.2%

OZLME

III

DAC,

Series

3X,

Class

SUB,

0.00%,

08/24/30

(b)(c)

..........

5,300

3,096,824

United

Kingdom

—

0.1%

Greene

King

Finance

plc

(b)

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.90%,

12/15/34

....

GBP

1,678

1,850,562

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.18%,

03/15/36

(c)

...

800

877,680

2,728,242

Total

Asset-Backed

Securities

—

2.3%

(Cost:

$45,292,296)

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

39,214,991

Shares

Shares

Common

Stocks

—

2.7%

Canada

—

0.0%

CTC

Triangle

BV

(d)(e)

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

1,393,669

532,344

Japan

—

0.0%

NEW

Top

YK

(d)(e)

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

59,465

1

Netherlands

—

0.1%

Climate

Transition

Capital

Acquisition

I

BV

(e)

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

189,265

2,066,761

Switzerland

—

0.4%

Credit

Suisse

Group

AG

(Registered)

716,763

6,813,132

United

Kingdom

—

0.2%

(e)

Genius

Sports

Ltd.

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

46,274

299,856

Hedosophia

European

Growth

.....

255,490

2,784,194

NEW

Look

Retailers

(d)

...........

2,879,698

39

3,084,089

2022

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,

2022

Security

Shares

Shares

Value

United

States

—

2.0%

Altice

USA,

Inc.,

Class

A

(e)

........

5,944

$

85,712

Altus

Power,

Inc.,

(Acquired

12/09/21,

cost

$259,000)

(e)(f)

...........

25,900

186,739

Astra

Space,

Inc.

(e)

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

45,693

218,412

Berkshire

Grey,

Inc.,

Class

A

(e)

.....

80,952

280,094

Caesars

Entertainment,

Inc.

(e)

.....

2,154

164,005

California

Resources

Corp.

.......

27,902

1,189,183

Cano

Health,

Inc.

(e)

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

45,228

261,418

CareMax

Corp.

(e)

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

28,803

178,579

Crown

PropTech

Acquisitions

(d)(e)

...

11,148

26,867

Crown

PropTech

Acquisitions

(e)

.....

29,076

290,760

DiamondRock

Hospitality

Co.

(e)

....

36,679

342,949

Element

Solutions,

Inc.

..........

11,439

256,691

Fanatics

Holdings

Inc.,

Series

A,

(Acquired

12/15/21,

cost

$1,041,005),

Class

A

(d)(e)(f)

......

15,345

1,041,005

Forestar

Group,

Inc.

(e)

...........

4,202

83,830

Frontier

Communications

Parent,

Inc.

(e)

(g)

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

234,260

6,245,372

Gores

Holdings

VIII,

Inc.,

Class

A

(e)

..

17,156

171,388

Gores

Metropoulos

II

Inc.,

(Acquired

01/14/22,

cost

$268,586)

(e)(f)

....

28,200

246,584

Green

Plains,

Inc.

(e)

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

12,991

396,745

HCA

Healthcare,

Inc.

...........

795

190,840

Informatica

,

Inc.,

Class

A

(e)(g)

......

174,758

4,879,243

Kins

Technology

(d)(e)

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

33,889

23,383

KINS

Technology

Group,

Inc.

(e)

.....

90,204

917,375

Latch,

Inc.

(e)

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

31,344

200,915

Liberty

Media

Acquisition

Corp.

(e)

...

161,558

1,662,432

Lions

Gate

Entertainment

Corp.,

Class

A

(e)(g)

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

292,865

4,592,123

New

Look

Builders,

Inc.

(d)(e)

.......

11,518,792

115

Offerpad

Solutions,

Inc.,

Class

A

(e)

..

44,958

163,647

Park

Hotels

&

Resorts,

Inc.

(e)

......

17,305

314,951

Pivotal

Investment

Corp.

III

(e)

......

11,885

116,359

Planet

Labs

Pbc

,

(Acquired

12/07/21,

cost

$415,000)

(e)(f)

...........

33,200

202,520

Playstudios

,

Inc.

(e)

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

52,568

243,915

Proof

Acquisition

Corp.

I

(d)(e)

.......

6,703

34

Rocket

Lab

USA,

Inc.

(e)

..........

27,089

244,885

Rotor

Acquisition

Corp.

(d)(e)

........

5,273

36,173

Sarcos

Technology

&

Robotics

Corp.

(e)

19,370

112,346

Sarcos

Technology

&

Robotics

Corp.

(e)

210,002

1,218,012

Service

Properties

Trust

.........

27,352

233,860

Sonder

Ceo

Shares

(Pipe)

(d)(e)

.....

19,652

156,608

Sunstone

Hotel

Investors,

Inc.

(e)

....

15,788

178,562

Taylor

Morrison

Home

Corp.

(e)

.....

10,277

315,401

Tishman

Speyer

Innovation

Corp.

II,

Class

A

(e)

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

7,610

74,045

TPB

Acquisition

Corp.

I,

Class

A

(e)

...

17,186

165,501

Tribune

Resources

LLC,

Class

A

(e)

..

86,655

103,986

Western

Digital

Corp.

(e)(g)

.........

79,800

4,128,852

Xenia

Hotels

&

Resorts,

Inc.

(e)

.....

20,223

350,667

32,493,083

Total

Common

Stocks

—

2.7%

(Cost:

$56,589,601)

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

44,989,410

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

51.4%

Argentina

—

0.0%

Genneia

SA,

8.75%

,

09/02/27

(a)

....

USD

176

162,192

Security

Par

(000)

Par

(000)

Value

Austria

—

0.8%

(c)

Ams

-OSRAM

AG

(h)

0.00%,

03/05/25

(

i

)

...........

EUR

4,600

$

4,569,036

2.13%,

11/03/27

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

5,300

5,620,246

Lenzing

AG,

(EUR

Swap

Annual

5

Year

+

11.21%),

5.75%

(b)(j)

.........

3,100

3,662,423

13,851,705

Bahrain

—

0.0%

(c)

BBK

BSC,

5.50%

,

07/09/24

.......

USD

200

206,037

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

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

200

213,750

419,787

Brazil

—

0.3%

Azul

Investments

LLP,

7.25%

,

06/15/26

(a)

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

200

180,538

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(a)

...........

222

240,037

Gol

Finance

SA

(a)

7.00%,

01/31/25

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

139

119,759

8.00%,

06/30/26

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

200

184,850

Itau

Unibanco

Holding

SA,

5.13%

,

05/13/23

(a)

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

200

207,660

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

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

252

225,888

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

200

190,800

Nexa

Resources

SA,

5.38%

,

05/04/27

(a)

222

229,770

Oi

SA

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(k)

..........

2,635

2,187,050

Suzano

Austria

GmbH

3.75%,

01/15/31

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

150

146,184

3.13%,

01/15/32

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

120

111,000

XP,

Inc.,

3.25%

,

07/01/26

(a)

.......

200

188,375

4,211,911

Canada

—

0.0%

(a)

Brookfield

Residential

Properties,

Inc.,

5.00%

,

06/15/29

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

115

113,528

Mattamy

Group

Corp.

5.25%,

12/15/27

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

52

52,917

4.63%,

03/01/30

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

379

373,667

540,112

Cayman

Islands

—

0.0%

Pearl

Holding

II

Ltd.,

0.00%

(c)(d)(

i

)(j)

...

191

6,298

Chile

—

0.1%

Celulosa

Arauco

y

Constitucion

SA,

4.20%

,

01/29/30

(c)

...........

200

206,750

Kenbourne

Invest

SA

(a)

6.88%,

11/26/24

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

229

235,231

4.70%,

01/22/28

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

200

191,725

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

(c)

...........

236

241,025

VTR

Comunicaciones

SpA

(a)

5.13%,

01/15/28

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

200

196,400

4.38%,

04/15/29

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

200

193,840

1,264,971

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

China

—

0.8%

(c)

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(b)(j)

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

USD

200

$

52,000

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(b)(j)

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

200

206,700

Central

China

Real

Estate

Ltd.,

7.65%

,

08/27/23

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

200

108,000

China

Aoyuan

Group

Ltd.

(e)(l)

7.95%,

02/19/23

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

200

35,000

6.35%,

02/08/24

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

200

35,000

China

Evergrande

Group

(e)(l)

8.25%,

03/23/22

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

400

70,000

9.50%,

04/11/22

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

200

33,000

China

SCE

Group

Holdings

Ltd.,

7.25%

,

04/19/23

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

200

157,000

CIFI

Holdings

Group

Co.

Ltd.,

4.45%

,

08/17/26

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

200

168,000

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(b)(j)

290

284,164

Country

Garden

Holdings

Co.

Ltd.,

5.40%

,

05/27/25

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

200

172,000

Easy

Tactic

Ltd.

12.38%,

11/18/22

...........

200

74,000

11.75%,

08/02/23

...........

200

70,000

European

TopSoho

SARL,

Series

SMCP,

4.00%

,

09/21/21

(e)(h)(l)

....

EUR

8,600

8,310,940

Fantasia

Holdings

Group

Co.

Ltd.

(e)(l)

11.75%,

04/17/22

...........

USD

200

41,000

10.88%,

01/09/23

...........

200

41,000

Fortune

Star

BVI

Ltd.

5.00%,

05/18/26

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

200

186,000

5.05%,

01/27/27

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

200

181,000

Fuqing

Investment

Management

Ltd.,

3.25%

,

06/23/25

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

200

185,975

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

.

200

159,787

Hopson

Development

Holdings

Ltd.,

7.00%

,

05/18/24

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

200

162,725

Huachen

Energy

Co.

Ltd.,

6.63%

,

05/18/20

(e)(l)

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

446

171,710

Kaisa

Group

Holdings

Ltd.

(e)(l)

11.50%,

01/30/23

...........

200

53,412

9.38%,

06/30/24

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

200

54,000

11.70%,

11/11/25

...........

200

53,350

KWG

Group

Holdings

Ltd.,

5.88%

,

11/10/24

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

200

110,000

Logan

Group

Co.

Ltd.,

5.75%

,

01/14/25

200

150,000

Modern

Land

China

Co.

Ltd.,

9.80%

,

04/11/23

(e)(l)

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

200

36,000

New

Metro

Global

Ltd.,

4.50%

,

05/02/26

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

200

137,350

Pearl

Holding

III

Ltd.,

9.00%

,

10/22/25

152

103,360

Prime

Bloom

Holdings

Ltd.,

6.95%

,

07/05/22

(e)(l)

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

1,003

200,600

Redsun

Properties

Group

Ltd.,

10.50%

,

10/03/22

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

200

84,000

RKPF

Overseas

2019

A

Ltd.,

6.00%

,

09/04/25

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

200

173,000

Ronshine

China

Holdings

Ltd.,

5.50%

,

02/01/22

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

200

194,913

Security

Par

(000)

Par

(000)

Value

China

(continued)

Scenery

Journey

Ltd.,

11.50%

,

10/24/22

(e)(l)

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

USD

265

$

26,500

Seazen

Group

Ltd.,

6.45%

,

06/11/22

.

200

165,000

Shui

On

Development

Holding

Ltd.,

5.50%

,

03/03/25

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

200

183,000

Sunac

China

Holdings

Ltd.

7.50%,

02/01/24

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

200

120,000

7.00%,

07/09/25

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

200

116,000

Times

China

Holdings

Ltd.,

6.75%

,

07/08/25

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

200

96,000

Yango

Justice

International

Ltd.,

8.25%

,

11/25/23

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

200

40,000

Yanlord

Land

HK

Co.

Ltd.,

5.13%

,

05/20/26

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

200

187,000

Yuzhou

Group

Holdings

Co.

Ltd.

8.50%,

02/26/24

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

200

44,000

7.38%,

01/13/26

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

200

43,000

Zhenro

Properties

Group

Ltd.,

7.88%

,

04/14/24

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

200

92,000

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

3.13%

,

07/16/25

.........

200

192,000

13,559,486

Colombia

—

0.1%

Avianca

Midco

2

Ltd.,

9.00%

,

12/01/28

(a)

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

116

116,546

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)

(j)

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

200

197,750

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%

,

04/16/31

(a)(b)

..........

200

196,730

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

200

188,000

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

200

187,038

Millicom

International

Cellular

SA,

5.13%

,

01/15/28

(c)

...........

282

284,834

1,170,898

Cyprus

—

0.1%

Bank

of

Cyprus

PCL

(EUR

Swap

Annual

5

Year

+

2.79%),

2.50%,

06/24/27

(b)(c)

..

EUR

1,800

1,923,017

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

USD

400

405,000

France

—

3.5%

Accor

SA,

0.70%

,

12/07/27

(c)(h)

.....

EUR

127

74,526

Air

France-KLM,

3.88%

,

07/01/26

(c)

..

100

108,873

Altice

France

SA

(c)

4.13%,

01/15/29

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

6,860

7,321,524

4.25%,

10/15/29

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

2,931

3,126,873

BNP

Paribas

SA

(b)(j)

(LIBOR

USD

6

Month

+

0.08%),

0.23%

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

USD

740

696,873

Series

TMO,

(BFRTMO

-

0.25%),

0.00%

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

EUR

1,503

1,591,895

CAB

SELAS,

3.38%

,

02/01/28

(c)

....

100

109,187

Carrefour

SA,

0.00%

,

06/14/23

(c)(h)(

i

)

..

USD

1,800

1,764,789

Casino

Guichard

Perrachon

SA

(EURIBOR

Swap

Rate

10

Year

+

1.00%),

1.41%

(b)(j)

.........

EUR

3,764

1,437,746

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

France

(continued)

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(b)(c)(j)

........

EUR

7,400

$

5,121,168

6.63%,

01/15/26

(c)

...........

400

435,224

5.25%,

04/15/27

(c)

...........

900

907,467

CGG

SA,

7.75%

,

04/01/27

(c)

......

3,300

3,739,825

Chrome

Bidco

SASU,

3.50%

,

05/31/28

(c)

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

332

364,161

Chrome

Holdco

SASU,

5.00%

,

05/31/29

(c)

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

150

163,462

CMA

CGM

SA,

7.50%

,

01/15/26

(c)

...

100

122,390

Credit

Agricole

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

(a)(b)(j)

....

USD

200

196,250

Eutelsat

SA,

2.00%

,

10/02/25

(c)

....

EUR

1,800

2,083,887

Faurecia

SE,

3.75%

,

06/15/28

(c)

....

100

114,662

Getlink

SE,

3.50%

,

10/30/25

(c)

.....

200

228,544

Goldstory

SASU,

5.38%

,

03/01/26

(c)

.

2,587

2,936,382

Iliad

Holding

SAS,

5.13%

,

10/15/26

(c)

100

114,453

IPD

3

BV,

5.50%

,

12/01/25

(c)

......

100

114,153

Korian

SA

(c)

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(b)(j)

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

GBP

100

126,641

(EURIBOR

6

Month

+

9.00%),

1.90%

(b)(h)(j)

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

EUR

6,172

2,707,519

0.88%,

03/06/27

(h)

...........

3,602

2,170,257

La

Financiere

Atalian

SASU

(c)

4.00%,

05/15/24

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

5,600

5,986,128

5.13%,

05/15/25

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

300

321,494

6.63%,

05/15/25

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

GBP

1,100

1,420,759

Loxam

SAS,

3.75%

,

07/15/26

(c)

....

EUR

333

365,938

Lune

Holdings

SARL,

5.63%

,

11/15/28

(c)

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

150

161,355

Picard

Bondco

SA,

5.38%

,

07/01/27

(c)

4,400

4,862,102

Picard

Groupe

SAS,

3.88%

,

07/01/26

(c)

3,009

3,327,591

Quatrim

SASU,

5.88%

,

01/15/24

(c)

..

100

114,337

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.62%

,

02/18/30

(b)(c)

300

336,528

Renault

SA,

2.38%

,

05/25/26

(c)

.....

100

112,064

Societe

Generale

SA

(b)(c)(j)

(USD

Swap

Semi

5

Year

+

4.30%),

7.37%

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

USD

1,400

1,477,000

(USD

Swap

Semi

5

Year

+

3.93%),

6.75%

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

1,600

1,704,000

Tereos

Finance

Groupe

I

SA,

7.50%

,

10/30/25

(c)

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

EUR

100

119,142

Vallourec

SA,

8.50%

,

06/30/26

(c)

....

69

78,487

58,265,656

Germany

—

1.9%

ADLER

Group

SA

(c)

3.25%,

08/05/25

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

1,300

1,250,783

2.75%,

11/13/26

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

600

542,626

ADLER

Real

Estate

AG,

3.00%

,

04/27/26

(c)

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

700

699,428

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.38%

(b)(c)(j)

......

100

114,277

BK

LC

Lux

Finco1

SARL,

5.25%

,

04/30/29

(c)

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

100

112,392

CeramTec

BondCo

GmbH,

5.25%

,

12/15/25

(c)

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

100

113,749

Cheplapharm

Arzneimittel

GmbH,

3.50%

,

02/11/27

(c)

...........

387

435,609

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(b)(c)(j)

....

EUR

600

$

713,638

Deutsche

Lufthansa

AG

(c)

2.00%,

07/14/24

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

300

337,776

2.88%,

02/11/25

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

100

113,609

3.75%,

02/11/28

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

800

918,880

3.50%,

07/14/29

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

4,300

4,842,187

DIC

Asset

AG,

2.25%

,

09/22/26

(c)

...

100

104,882

Douglas

GmbH,

6.00%

,

04/08/26

(c)

..

3,200

3,514,331

Gruenenthal

GmbH,

4.13%

,

05/15/28

(c)

417

467,307

HT

Troplast

GmbH,

9.25%

,

07/15/25

(c)

100

118,524

IHO

Verwaltungs

GmbH

(k)

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(b)(c)

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

272

310,986

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(a)

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

USD

200

205,940

Nidda

Healthcare

Holding

GmbH

3.50%,

09/30/24

(c)

...........

EUR

7,518

8,256,060

PCF

GmbH,

(EURIBOR

3

Month

+

4.75%),

4.75%

,

04/15/26

(b)(c)

....

100

111,795

Renk

AG,

5.75%

,

07/15/25

(c)

......

447

514,988

Schenck

Process

Holding

GmbH,

5.38%

,

06/15/23

(c)

...........

100

111,361

Sudzucker

International

Finance

BV,

(EURIBOR

3

Month

+

3.10%),

2.53%

(b)(c)(j)

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

2,117

2,069,521

Techem

Verwaltungsgesellschaft

674

mbH

,

6.00%

,

07/30/26

(c)

.......

285

326,459

Techem

Verwaltungsgesellschaft

675

mbH

,

2.00%

,

07/15/25

(c)

.......

324

352,605

Tele

Columbus

AG,

3.88%

,

05/02/25

(c)

250

268,224

thyssenkrupp

AG,

2.88%

,

02/22/24

(c)

.

54

61,556

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(c)

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

90

103,984

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

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

341

386,291

TK

Elevator

US

Newco

,

Inc.,

5.25%

,

07/15/27

(a)

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

USD

440

445,500

Volkswagen

International

Finance

NV,

(EUR

Swap

Annual

12

Year

+

2.97%),

4.62%

(b)(c)(j)

..........

EUR

2,815

3,442,615

ZF

Finance

GmbH

(c)

2.00%,

05/06/27

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

100

109,474

3.75%,

09/21/28

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

200

233,678

31,711,035

Ghana

—

0.6%

Tullow

Oil

plc,

10.25%

,

05/15/26

(a)

..

USD

10,039

10,139,390

Greece

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(a)

...

100

109,000

Guatemala

—

0.0%

Investment

Energy

Resources

Ltd.,

6.25%

,

04/26/29

(a)

...........

200

207,000

Hong

Kong

—

0.3%

Melco

Resorts

Finance

Ltd.,

5.25%

,

04/26/26

(c)

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

200

194,788

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(b)(c)(j)

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

200

201,750

Seaspan

Corp.,

5.50%

,

08/01/29

(a)

..

5,334

5,275,219

5,671,757

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

India

—

0.2%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%

,

07/31/24

(c)

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

USD

200

$

212,500

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%

,

02/09/27

(a)

...........

239

236,502

GMR

Hyderabad

International

Airport

Ltd.,

5.38%

,

04/10/24

(c)

........

200

201,725

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

197

193,552

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(b)(c)(j)

....

200

193,640

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(a)

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

234

236,238

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(b)(c)(j)

....

200

206,850

Periama

Holdings

LLC,

5.95%

,

04/19/26

(c)

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

200

206,500

ReNew

Power

Pvt

Ltd.,

5.88%

,

03/05/27

(c)

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

200

202,250

Shriram

Transport

Finance

Co.

Ltd.,

5.95%

,

10/24/22

(c)

...........

200

201,750

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(c)

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

200

197,250

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(c)

..........

200

207,600

8.95%,

03/11/25

(a)

...........

240

228,048

2,724,405

Indonesia

—

0.1%

JGC

Ventures

Pte.

Ltd.

0.00%,

06/30/25

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

1

320

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(c)(e)(k)(l)

...........

597

317,741

Medco

Oak

Tree

Pte.

Ltd.,

7.38%

,

05/14/26

(c)

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

200

203,250

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

(a)

...........

220

229,735

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

(c)

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

200

205,000

956,046

Ireland

—

0.1%

AIB

Group

plc,

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(b)(c)(j)

......

EUR

1,337

1,627,053

Israel

—

0.5%

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.27%

,

01/29/31

(a)(b)(c)

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

USD

241

236,933

Energean

Israel

Finance

Ltd.,

4.88%

,

03/30/26

(a)(c)

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

105

103,005

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

(a)

(c)

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

88

90,541

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/25

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

EUR

1,265

1,496,930

4.50%,

03/01/25

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

635

722,665

1.88%,

03/31/27

(c)

...........

134

133,587

3.75%,

05/09/27

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

2,702

2,938,424

1.63%,

10/15/28

(c)

...........

324

304,348

4.38%,

05/09/30

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

2,064

2,210,542

8,236,975

Security

Par

(000)

Par

(000)

Value

Italy

—

2.3%

ASTM

SpA

(c)

1.50%,

01/25/30

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

EUR

1,525

$

1,659,895

2.38%,

11/25/33

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

975

1,067,064

Autostrade

per

l'Italia

SpA

(c)

1.63%,

01/25/28

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

2,850

3,185,574

2.00%,

12/04/28

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

1,485

1,691,102

1.88%,

09/26/29

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

2,690

3,006,910

2.00%,

01/15/30

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

2,536

2,842,801

Banco

BPM

SpA

(b)(c)

(EUR

Swap

Annual

5

Year

+

3.17%),

2.87%,

06/29/31

....

5,661

6,192,904

(EUR

Swap

Annual

5

Year

+

3.40%),

3.38%,

01/19/32

....

325

358,586

BPER

Banca,

(EUR

Swap

Annual

5

Year

+

3.73%),

3.88%

,

07/25/32

(b)(c)

200

226,094

Cedacri

Mergeco

SpA

,

(EURIBOR

3

Month

+

4.63%),

4.62%

,

05/15/28

(b)(c)

109

122,150

Centurion

Bidco

SpA

,

5.88%

,

09/30/26

(c)

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

300

345,763

doValue

SpA

,

3.38%

,

07/31/26

(c)

....

128

143,155

Gamma

Bidco

SpA

,

6.25%

,

07/15/25

(c)

169

194,135

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%,

01/15/28

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

100

108,134

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(b)

.........

100

111,324

Inter

Media

&

Communication

SpA

,

6.75%

,

02/09/27

(c)

...........

USD

1,733

1,951,514

Intesa

Sanpaolo

SpA

(c)

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(b)(j)

.........

EUR

3,400

4,478,710

(EUR

Swap

Annual

5

Year

+

5.85%),

5.50%

(b)(j)

.........

1,700

2,009,422

(EUR

Swap

Annual

5

Year

+

5.75%),

5.87%,

03/04/29

(b)

...

224

274,336

5.15%,

06/10/30

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

GBP

100

144,711

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(b)(j)

.........

EUR

2,675

3,263,985

Nexi

SpA

,

0.00%

,

02/24/28

(c)(h)(

i

)

....

3,000

3,009,175

Rekeep

SpA

,

7.25%

,

02/01/26

(c)

....

300

355,476

Rossini

SARL

(c)

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(b)

.........

100

111,910

6.75%,

10/30/25

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

178

206,223

Telecom

Italia

Finance

SA,

7.75%

,

01/24/33

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

95

138,989

Telecom

Italia

SpA

(c)

4.00%,

04/11/24

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

296

346,242

2.75%,

04/15/25

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

341

388,364

1.63%,

01/18/29

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

432

443,307

UniCredit

SpA

,

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.87%

,

02/20/29

(b)

(c)

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

449

536,665

38,914,620

Japan

—

0.9%

(c)

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(b)(j)

2,352

2,533,357

SoftBank

Group

Corp.

3.13%,

09/19/25

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

333

365,095

2.88%,

01/06/27

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

118

121,387

5.00%,

04/15/28

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

4,579

5,067,330

3.38%,

07/06/29

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

100

97,740

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

4.00%,

09/19/29

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

EUR

6,054

$

6,150,448

14,335,357

Kuwait

—

0.0%

(a)

Equate

Petrochemical

BV,

2.63%

,

04/28/28

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

USD

200

194,750

NBK

Tier

1

Financing

Ltd.,

(CMTUSD6Y

+

2.88%),

3.62%

(b)(j)

..........

252

245,228

439,978

Luxembourg

—

2.4%

Albion

Financing

1

SARL,

5.25%

,

10/15/26

(c)

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

EUR

150

165,317

Altice

Financing

SA

(c)

2.25%,

01/15/25

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

1,215

1,292,238

3.00%,

01/15/28

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

12,874

13,190,525

4.25%,

08/15/29

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

2,978

3,142,501

Altice

France

Holding

SA,

8.00%

,

05/15/27

(a)

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

100

117,216

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

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

4,564

4,950,406

6.25%,

04/01/28

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

GBP

100

129,249

Cullinan

Holdco

SCSP,

4.63%

,

10/15/26

(c)

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

EUR

129

141,392

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

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

8,669

9,954,424

7.75%,

11/01/25

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

GBP

100

137,559

Herens

Midco

SARL,

5.25%

,

05/15/29

(c)

EUR

363

368,569

HSE

Finance

SARL,

5.63%

,

10/15/26

(c)

100

110,818

Matterhorn

Telecom

SA,

4.00%

,

11/15/27

(c)

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

3,506

3,931,962

Monitchem

HoldCo

2

SA,

9.50%

,

09/15/26

(c)

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

100

119,226

Monitchem

HoldCo

3

SA,

5.25%

,

03/15/25

(c)

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

222

252,032

SES

SA,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%

(b)(c)(j)

..........

397

431,318

Summer

BC

Holdco

A

SARL,

9.25%

,

10/31/27

(c)

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

472

560,810

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(c)

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

385

442,779

39,438,341

Macau

—

0.0%

Wynn

Macau

Ltd.,

5.50%

,

01/15/26

(c)

USD

300

281,490

Malaysia

—

0.0%

Cindai

Capital

Ltd.,

0.00%

,

02/08/23

(c)(h)

(

i

)

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

567

577,086

Mexico

—

0.2%

Alfa

SAB

de

CV,

6.88%

,

03/25/44

(c)

..

200

246,687

Alpek

SAB

de

CV,

3.25%

,

02/25/31

(a)

200

191,663

Banco

Mercantil

del

Norte

SA

(a)(b)(j)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

...........

200

203,912

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.87%

...........

200

192,850

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%

,

01/18/33

(b)(c)

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

200

201,018

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(a)

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

200

197,500

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

Cemex

SAB

de

CV

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(b)(j)

.........

USD

200

$

200,302

3.88%,

07/11/31

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

200

188,940

Controladora

Mabe

SA

de

CV,

5.60%

,

10/23/28

(a)

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

200

224,288

Cydsa

SAB

de

CV,

6.25%

,

10/04/27

(a)

200

200,225

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

(c)

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

193

188,959

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(b)(j)

200

205,350

Mexico

City

Airport

Trust,

5.50%

,

07/31/47

(c)

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

200

186,000

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%

,

02/11/25

(a)

.

200

150,000

2,777,694

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

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

238

243,920

Netherlands

—

1.3%

Koninklijke

KPN

NV,

(EUR

Swap

Annual

5

Year

+

2.34%),

2.00%

(b)(c)(j)

EUR

100

111,462

Nobel

Bidco

BV,

3.13%

,

06/15/28

(c)

..

100

104,784

Summer

BidCo

BV,

9.00%

,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(b)(c)(k)

151

171,797

United

Group

BV

(c)

4.88%,

07/01/24

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

181

204,361

4.00%,

11/15/27

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

170

182,229

4.63%,

08/15/28

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

2,360

2,558,545

5.25%,

02/01/30

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

3,940

4,293,601

UPC

Holding

BV,

3.88%

,

06/15/29

(c)

.

100

111,630

UPCB

Finance

VII

Ltd.,

3.63%

,

06/15/29

(c)

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

352

392,047

VEON

Holdings

BV,

4.00%

,

04/09/25

(a)

USD

200

194,500

VZ

Secured

Financing

BV,

3.50%

,

01/15/32

(c)

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

EUR

3,428

3,638,570

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

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

5,100

5,350,216

Ziggo

Bond

Co.

BV,

3.38%

,

02/28/30

(c)

3,500

3,629,179

Ziggo

BV,

2.88%

,

01/15/30

(c)

......

1,100

1,171,781

22,114,702

Nigeria

—

0.0%

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(a)

.

USD

200

202,160

Norway

—

0.0%

DNB

Bank

ASA,

(LIBOR

USD

6

Month

+

0.13%),

0.31%

(b)(j)

..........

210

198,450

Oman

—

0.0%

(a)

OQ

SAOC,

5.13%

,

05/06/28

......

200

201,288

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

.

200

206,750

408,038

Paraguay

—

0.0%

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%

,

06/05/34

(c)(

i

)

..........

143

107,273

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

(c)

.

232

233,856

InRetail

Consumer,

3.25%

,

03/22/28

(a)

200

193,538

427,394

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Portugal

—

0.5%

Banco

Espirito

Santo

SA

(c)(e)(l)

2.63%,

05/08/17

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

EUR

6,100

$

993,691

4.75%,

01/15/18

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

19,300

3,143,975

4.00%,

01/21/19

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

22,800

3,714,126

7,851,792

Russia

—

0.0%

Metalloinvest

Finance

DAC,

3.38%

,

10/22/28

(a)

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

USD

303

278,760

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

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

405

387,281

Singapore

—

0.0%

Puma

International

Financing

SA,

5.00%

,

01/24/26

(a)

...........

200

199,037

South

Africa

—

0.0%

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

200

201,500

Sasol

Financing

USA

LLC,

6.50%

,

09/27/28

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

200

211,500

413,000

Spain

—

3.3%

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(b)(c)(j)

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

EUR

100

112,064

Almirall

SA,

2.13%

,

09/30/26

(c)

.....

100

111,098

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(b)(j)

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

USD

200

205,250

Banco

de

Sabadell

SA

(b)(c)

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(j)

..........

EUR

1,000

1,156,194

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

....

400

438,137

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

....

1,000

1,100,502

CaixaBank

SA,

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

(b)(c)(j)

......

2,800

3,341,767

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(c)

(h)

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

25,700

26,380,695

Cirsa

Finance

International

SARL

(c)

6.25%,

12/20/23

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

1,940

2,192,555

4.75%,

05/22/25

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

896

995,287

4.50%,

03/15/27

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

2,954

3,168,004

Codere

Finance

2

Luxembourg

SA

(k)

8.00%,

(8.00%

Cash

or

11.00%

PIK),

09/30/26

(c)(m)

.........

5,724

6,685,667

2.00%,

(2.00%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)

.........

USD

798

749,850

2.00%,

(2.00%

Cash

or

12.75%

PIK),

11/30/27

(b)(c)

.........

EUR

1,150

1,217,611

Codere

New

Holdco

SA,

7.50%

,

11/30/27

(d)

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

1,596

1,613,246

Food

Service

Project

SA,

5.50%

,

01/21/27

(c)

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

2,334

2,605,220

Grifols

Escrow

Issuer

SA,

3.88%

,

10/15/28

(c)

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

982

1,066,852

Grupo

Antolin-Irausa

SA,

3.50%

,

04/30/28

(c)

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

100

103,845

Lorca

Telecom

Bondco

SA,

4.00%

,

09/18/27

(c)

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

243

268,077

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Repsol

International

Finance

BV,

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(b)(c)(j)

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

EUR

100

$

115,715

Telefonica

Europe

BV

(b)(c)(j)

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

...........

100

119,371

(EUR

Swap

Annual

8

Year

+

2.97%),

3.88%

...........

100

116,971

Tendam

Brands

SAU

(c)

5.00%,

09/15/24

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

1,038

1,158,561

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(b)

.........

100

111,752

55,134,291

Sweden

—

0.2%

(c)

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%

,

06/02/81

(b)

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

100

104,717

Heimstaden

Bostad

AB

(b)(j)

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

...........

100

108,806

(EUR

Swap

Annual

5

Year

+

3.90%),

3.63%

...........

2,100

2,286,731

(EUR

Swap

Annual

5

Year

+

3.15%),

2.62%

...........

100

102,609

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

...........

343

357,406

Verisure

Holding

AB

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(b)

.........

324

366,728

3.88%,

07/15/26

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

140

157,597

3.25%,

02/15/27

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

322

350,446

Verisure

Midholding

AB,

5.25%

,

02/15/29

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

109

120,791

3,955,831

Switzerland

—

0.5%

(c)

Credit

Suisse

Group

AG

(b)(j)

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

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

USD

400

416,256

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

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

1,400

1,468,250

Dufry

One

BV,

0.75%

,

03/30/26

(h)

...

CHF

5,800

6,031,746

7,916,252

Tanzania

—

0.0%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

USD

200

194,500

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

200

207,412

401,912

Thailand

—

0.1%

(b)(c)

Bangkok

Bank

PCL

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.73%),

5.00%

(j)

..........

200

203,537

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

....

400

399,700

Kasikornbank

PCL

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(j)

..........

200

205,538

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Thailand

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

....

USD

330

$

324,596

1,133,371

Ukraine

—

0.0%

MHP

Lux

SA,

6.25%

,

09/19/29

(a)

....

200

166,600

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)(j)

....

200

214,063

MAF

Sukuk

Ltd.

(c)

4.64%,

05/14/29

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

400

434,950

3.93%,

02/28/30

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

200

209,912

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

33

33,660

892,585

United

Kingdom

—

9.4%

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(b)(j)

.......

845

898,615

BCP

V

Modular

Services

Finance

II

plc,

4.75%

,

11/30/28

(c)

...........

EUR

2,000

2,147,974

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

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

GBP

3,100

3,853,849

4.50%,

02/16/26

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

921

1,201,494

BP

Capital

Markets

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.17%),

4.25%

(b)

(c)(j)

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

100

135,941

British

Telecommunications

plc

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%),

4.25%,

11/23/81

.....

USD

2,200

2,170,190

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%,

11/23/81

.....

10,400

10,310,248

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

8,260

8,561,325

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

(c)

...........

GBP

200

250,824

Cornwall

Jersey

Ltd.,

0.75%

,

04/16/26

(c)

(h)

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

1,700

1,987,522

CPUK

Finance

Ltd.,

4.50%

,

08/28/27

(c)

100

133,805

EC

Finance

plc,

3.00%

,

10/15/26

(c)

..

EUR

6,960

7,866,127

eG

Global

Finance

plc

(c)

4.38%,

02/07/25

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

2,000

2,205,759

6.25%,

10/30/25

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

276

311,148

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(c)

GBP

3,705

5,092,477

Heathrow

Finance

plc

(c)(m)

5.25%,

03/01/24

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

100

137,236

4.62%,

09/01/29

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

115

151,482

HSBC

Bank

plc

(b)(j)

Series

2M,

(LIBOR

USD

6

Month

+

0.25%),

0.75%

...........

USD

2,800

2,606,800

Series

3M,

(LIBOR

USD

6

Month

+

0.10%),

0.60%

...........

1,180

1,098,285

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

0.75%

...........

3,270

3,044,370

Iceland

Bondco

plc,

4.38%

,

05/15/28

(c)

GBP

100

114,117

International

Consolidated

Airlines

Group

SA

(c)

2.75%,

03/25/25

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

EUR

100

111,097

1.13%,

05/18/28

(h)

...........

13,700

14,615,354

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

3.75%,

03/25/29

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

EUR

3,100

$

3,421,748

Intu

Jersey

2

Ltd.,

2.88%

,

11/01/22

(c)(e)(h)

(l)

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

GBP

4,500

1,452,492

Jaguar

Land

Rover

Automotive

plc,

4.50%

,

10/01/27

(a)

...........

USD

9,829

9,278,576

Jerrold

Finco

plc,

4.88%

,

01/15/26

(c)

.

GBP

100

134,162

Just

Eat

Takeaway.com

NV

(c)(h)

Series

A,

0.00%,

08/09/25

(

i

)

....

EUR

1,800

1,720,406

Series

B,

0.63%,

02/09/28

.....

1,100

1,002,158

Kane

Bidco

Ltd.

(c)

5.00%,

02/15/27

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

3,934

4,421,800

6.50%,

02/15/27

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

GBP

165

221,742

Lloyds

Banking

Group

plc

(b)

(USD

Swap

Semi

5

Year

+

4.76%),

7.50%

(j)

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

USD

1,000

1,085,180

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/46

....

3,544

3,247,177

Metrocentre

Finance

plc,

8.75%

,

(8.75%

Cash

or

8.75%

PIK),

12/06/23

(k)

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

GBP

858

620,905

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)

(c)(j)

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

100

135,161

Neptune

Energy

Bondco

plc,

6.63%

,

05/15/25

(a)

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

USD

9,958

10,082,475

Ocado

Group

plc,

3.88%

,

10/08/26

(c)

.

GBP

2,862

3,607,310

Pinewood

Finance

Co.

Ltd.,

3.25%

,

09/30/25

(c)

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

100

132,205

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

(c)

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

100

129,788

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

1,500

1,998,571

Sherwood

Financing

plc

(c)

6.00%,

11/15/26

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

2,600

3,418,063

(EURIBOR

3

Month

+

4.63%),

4.62%,

11/15/27

(b)

.........

EUR

100

111,868

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

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

GBP

3,655

5,009,006

8.25%,

07/31/25

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

3,887

5,389,861

Thames

Water

Kemble

Finance

plc,

4.63%

,

05/19/26

(c)

...........

124

168,325

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%

,

03/30/32

(c)(m)

...

2,735

4,347,719

Very

Group

Funding

plc

(The),

6.50%

,

08/01/26

(c)

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

9,691

12,935,675

Virgin

Media

Secured

Finance

plc,

5.50%

,

05/15/29

(a)

...........

USD

200

203,810

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

GBP

100

130,179

Vmed

O2

UK

Financing

I

plc

(c)

4.00%,

01/31/29

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

11,461

14,335,851

4.50%,

07/15/31

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

325

414,582

Vodafone

Group

plc

(b)(c)

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

....

EUR

124

148,689

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

100

109,003

158,420,526

United

States

—

20.8%

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

USD

140

142,100

Allied

Universal

Holdco

LLC

(c)

3.63%,

06/01/28

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

EUR

117

123,557

4.88%,

06/01/28

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

GBP

100

125,471

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

American

Airlines

Group,

Inc.,

Series

2017-1C,

5.18%

,

08/15/23

(d)

....

USD

6,862

$

6,879,006

American

Airlines

Pass-Through

Trust

(d)

Series

2017-2,

Class

A,

4.13%,

06/15/22

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

40,000

39,852,000

Series

2011-1,

Class

B,

4.87%,

04/22/25

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

3,996

4,016,142

Series

2017-2,

Class

A,

4.00%,

12/15/25

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

6,422

6,366,004

American

Airlines,

Inc.,

Series

2017-2C,

5.18%

,

10/15/23

(d)

...........

6,896

6,861,208

AMN

Healthcare,

Inc.,

4.63%

,

10/01/27

(a)

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

150

151,464

Apex

Tool

Group

LLC,

9.00%

,

02/15/23

(a)

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

2,000

2,000,000

Ashton

Woods

USA

LLC

(a)

4.63%,

08/01/29

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

86

84,710

4.63%,

04/01/30

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

230

226,801

ASP

Unifrax

Holdings,

Inc.,

5.25%

,

09/30/28

(a)

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

3,000

2,947,500

Avaya

Holdings

Corp.,

2.25%

,

06/15/23

(h)

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

6,250

6,396,420

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

6,751

6,902,897

Bausch

Health

Cos.,

Inc.

(a)

6.13%,

02/01/27

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

522

523,957

4.88%,

06/01/28

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

103

97,628

Belden,

Inc.,

3.88%

,

03/15/28

(c)

....

EUR

100

111,446

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

USD

64

66,880

Boxer

Parent

Co.,

Inc.,

6.50%

,

10/02/25

(c)

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

EUR

294

342,991

Boyd

Gaming

Corp.

8.63%,

06/01/25

(a)

...........

USD

76

80,628

4.75%,

12/01/27

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

34

33,828

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

200

201,500

Buckeye

Partners

LP

4.15%,

07/01/23

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

202

201,299

4.35%,

10/15/24

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

275

279,620

4.13%,

03/01/25

(a)

...........

125

124,293

Caesars

Entertainment,

Inc.

(a)

6.25%,

07/01/25

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

1,170

1,210,681

8.13%,

07/01/27

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

374

402,517

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

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

225

231,683

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

129

134,088

Calpine

Corp.,

5.13%

,

03/15/28

(a)

...

31

30,241

Carnival

Corp.

(c)

10.13%,

02/01/26

...........

EUR

9,430

11,766,056

7.63%,

03/01/26

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

100

117,686

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

USD

5,000

4,300,000

Cedar

Fair

LP,

5.50%

,

05/01/25

(a)

...

397

408,910

Centene

Corp.

2.45%,

07/15/28

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

529

503,137

2.63%,

08/01/31

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

360

336,881

Centennial

Resource

Production

LLC,

5.38%

,

01/15/26

(a)

...........

24

23,453

Change

Healthcare

Holdings

LLC,

5.75%

,

03/01/25

(a)

...........

5,750

5,771,505

Chemours

Co.

(The),

4.00%

,

05/15/26

EUR

100

112,056

Cheniere

Energy

Partners

LP,

4.50%

,

10/01/29

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

USD

19

19,422

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

183

185,745

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Chesapeake

Energy

Corp.,

5.50%

,

02/01/26

(a)

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

USD

125

$

128,838

Colgate

Energy

Partners

III

LLC

(a)

7.75%,

02/15/26

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

102

109,395

5.88%,

07/01/29

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

63

64,024

Commercial

Metals

Co.,

5.38%

,

07/15/27

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

172

179,740

Community

Health

Systems,

Inc.,

5.25%

,

05/15/30

(a)

...........

7,636

7,603,165

Consensus

Cloud

Solutions,

Inc.

(a)

6.00%,

10/15/26

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

6,167

6,353,243

6.50%,

10/15/28

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

500

512,808

Coty,

Inc.

(c)

4.00%,

04/15/23

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

EUR

324

361,268

4.75%,

04/15/26

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

100

112,145

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

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

USD

122

121,195

CSC

Holdings

LLC,

5.50%

,

04/15/27

(a)

1,250

1,277,850

Dana

Financing

Luxembourg

SARL,

3.00%

,

07/15/29

(c)

...........

EUR

100

108,399

Dana,

Inc.,

4.25%

,

09/01/30

......

USD

67

64,906

DaVita,

Inc.,

4.63%

,

06/01/30

(a)

....

593

576,924

DIRECTV

Holdings

LLC,

5.88%

,

08/15/27

(a)

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

2,501

2,510,254

DISH

DBS

Corp.

(a)

5.25%,

12/01/26

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

5,500

5,335,000

5.75%,

12/01/28

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

5,000

4,784,599

Encore

Capital

Group,

Inc.,

4.88%

,

10/15/25

(c)

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

EUR

100

115,727

Energizer

Gamma

Acquisition

BV,

3.50%

,

06/30/29

(c)

...........

100

104,733

Ford

Motor

Co.,

3.25%

,

02/12/32

...

USD

93

88,475

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

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

115

112,700

5.00%,

03/01/28

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

1,399

1,409,492

Freed

Corp.,

10.00%

,

12/01/23

(d)

...

1,070

1,044,641

Frontier

Communications

Corp.

(a)

5.88%,

10/15/27

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

4,286

4,413,294

5.00%,

05/01/28

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

3,511

3,475,890

6.75%,

05/01/29

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

5,003

5,015,508

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

7,610

7,914,742

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,500

1,558,125

GLP

Capital

LP,

4.00%

,

01/15/31

...

213

219,007

Goodyear

Tire

&

Rubber

Co.

(The),

9.50%

,

05/31/25

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

4,156

4,426,140

GXO

Logistics,

Inc.

(a)

1.65%,

07/15/26

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

70

67,185

2.65%,

07/15/31

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

355

336,790

HCA,

Inc.

5.38%,

02/01/25

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

196

208,595

5.88%,

02/01/29

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

29

32,770

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(d)

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

1,201

1,179,983

Howard

Hughes

Corp.

(The),

5.38%

,

08/01/28

(a)

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

363

369,775

iHeartCommunications

,

Inc.,

8.38%

,

05/01/27

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

3,420

3,576,858

II-VI,

Inc.,

5.00%

,

12/15/29

(a)

......

5,513

5,502,250

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(a)

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

67

70,685

International

Game

Technology

plc,

2.38%

,

04/15/28

(c)

...........

EUR

1,100

1,172,461

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

IQVIA,

Inc.,

5.00%

,

10/15/26

(a)

.....

USD

3,500

$

3,580,500

Iron

Mountain,

Inc.,

5.00%

,

07/15/28

(a)

7,525

7,513,713

Jazz

Investments

I

Ltd.,

1.50%

,

08/15/24

(h)

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

2,750

2,796,406

JBS

USA

Food

Co.,

5.75%

,

01/15/28

(a)

202

210,587

JBS

USA

LUX

SA,

6.75%

,

02/15/28

(a)

183

195,126

Kraton

Polymers

LLC,

5.25%

,

05/15/26

(c)

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

EUR

124

142,979

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%

,

05/23/59

(b)(c)

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

100

114,311

Lightning

eMotors

,

Inc.,

7.50%

,

05/15/24

(a)(h)

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

USD

200

154,714

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

2,800

2,782,836

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

7,936

7,717,760

Lumen

Technologies,

Inc.

(a)

5.13%,

12/15/26

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

6,625

6,669,454

5.38%,

06/15/29

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

750

711,067

Marriott

International,

Inc.,

Series

FF,

4.63%

,

06/15/30

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

155

169,454

Marriott

Ownership

Resorts,

Inc.,

6.13%

,

09/15/25

(a)

...........

175

180,906

MGM

Growth

Properties

Operating

Partnership

LP,

5.75%

,

02/01/27

.

101

111,605

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

284

277,468

Mozart

Debt

Merger

Sub,

Inc.,

3.88%

,

04/01/29

(a)

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

779

750,722

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

108

109,350

Nexstar

Broadcasting,

Inc.,

4.75%

,

11/01/28

(a)

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

185

182,821

Nexstar

Media,

Inc.,

5.63%

,

07/15/27

(a)

17

17,425

Novelis

Sheet

Ingot

GmbH,

3.38%

,

04/15/29

(c)

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

EUR

100

110,143

OI

European

Group

BV

(c)

3.13%,

11/15/24

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

133

151,634

2.88%,

02/15/25

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

333

371,565

Olympus

Water

US

Holding

Corp.

(c)

3.88%,

10/01/28

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

877

954,338

5.38%,

10/01/29

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

1,308

1,373,002

Pacific

Gas

&

Electric

Co.

2.10%,

08/01/27

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

USD

3,250

3,063,230

4.55%,

07/01/30

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

500

520,305

3.25%,

06/01/31

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

1,250

1,200,090

4.50%,

07/01/40

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

6,250

6,115,634

4.20%,

06/01/41

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

1,000

948,899

4.60%,

06/15/43

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

750

729,739

Park

Intermediate

Holdings

LLC,

4.88%

,

05/15/29

(a)

...........

388

383,507

Party

City

Holdings,

Inc.,

8.75%

,

02/15/26

(a)

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

1,750

1,760,308

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

778

834,172

PetSmart,

Inc.,

7.75%

,

02/15/29

(a)

...

2,000

2,145,460

PG&E

Corp.,

5.00%

,

07/01/28

.....

3,000

3,000,000

Pitney

Bowes,

Inc.

(a)

6.88%,

03/15/27

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

7,500

7,404,976

7.25%,

03/15/29

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

5,000

5,012,500

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

73

69,806

Quicken

Loans

LLC,

3.63%

,

03/01/29

(a)

292

272,988

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

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

USD

100

$

103,000

Renewable

Energy

Group,

Inc.,

5.88%

,

06/01/28

(a)

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

59

59,221

Rite

Aid

Corp.,

7.50%

,

07/01/25

(a)

...

5,000

4,927,900

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

6,227

6,993,295

7.38%,

09/01/25

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

2,734

2,802,350

Scientific

Games

International,

Inc.,

3.38%

,

02/15/26

(c)

...........

EUR

2,800

3,161,388

SCIL

IV

LLC

(c)

(EURIBOR

3

Month

+

4.38%),

4.37%,

11/01/26

(b)

.........

100

112,598

4.38%,

11/01/26

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

100

111,783

SeaWorld

Parks

&

Entertainment,

Inc.,

8.75%

,

05/01/25

(a)

...........

USD

399

418,950

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

1,481

1,522,201

Service

Properties

Trust

5.00%,

08/15/22

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

3,443

3,429,985

4.50%,

06/15/23

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

3,245

3,192,269

7.50%,

09/15/25

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

129

135,944

Silgan

Holdings,

Inc.,

3.25%

,

03/15/25

EUR

333

372,904

SM

Energy

Co.,

10.00%

,

01/15/25

(a)

.

USD

2,519

2,739,413

Sonder

Corp.,

(LIBOR

USD

3

Month

+

7.00%),

7.25%

,

01/19/27

(b)(d)

....

1,247

1,203,355

Splunk

,

Inc.,

1.13%

,

06/15/27

(h)

....

3,000

2,724,131

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

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

65

62,827

Standard

Industries,

Inc.,

2.25%

,

11/21/26

(c)

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

EUR

109

115,458

Staples,

Inc.,

7.50%

,

04/15/26

(a)

....

USD

8,509

8,392,001

Stem,

Inc.,

0.50%

,

12/01/28

(a)(h)

....

47

35,521

SUN

Country

Marine,

Inc.,

Series

2019-

1C,

7.00%

,

12/15/23

(d)

........

14,927

14,665,463

Sunoco

LP,

4.50%

,

04/30/30

(a)

.....

275

270,044

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

631

646,775

TEGNA,

Inc.,

4.63%

,

03/15/28

.....

11

10,780

Tenet

Healthcare

Corp.

(a)

4.63%,

06/15/28

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

45

44,574

4.25%,

06/01/29

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

194

187,035

4.38%,

01/15/30

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

359

345,954

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

10

10,312

5.70%,

06/15/28

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

29

30,742

Triton

Water

Holdings,

Inc.,

6.25%

,

04/01/29

(a)

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

238

223,125

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

814

788,379

Venture

Global

Calcasieu

Pass

LLC,

3.88%

,

11/01/33

(a)

...........

210

207,791

VICI

Properties

LP

(a)

3.50%,

02/15/25

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

36

35,855

4.63%,

12/01/29

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

35

36,024

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

165

162,289

WESCO

Distribution,

Inc.

(a)

7.13%,

06/15/25

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

4,227

4,426,514

7.25%,

06/15/28

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

3,490

3,743,025

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

24

24,570

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Wynn

Resorts

Finance

LLC,

5.13%

,

10/01/29

(a)

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

USD

517

$

502,472

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

18,010

18,245,751

XHR

LP

(a)

6.38%,

08/15/25

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

119

123,016

4.88%,

06/01/29

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

60

58,830

Zayo

Group

Holdings,

Inc.

(a)

4.00%,

03/01/27

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

4,840

4,569,976

6.13%,

03/01/28

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

3,500

3,301,900

349,402,180

Vietnam

—

0.0%

Mong

Duong

Finance

Holdings

BV,

5.13%

,

05/07/29

(c)

...........

250

229,187

Total

Corporate

Bonds

—

51.4%

(Cost:

$950,644,863)

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

864,412,802

Floating

Rate

Loan

Interests

—

24.5%

Canada

—

0.6%

(b)

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/02/25

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

856

848,499

Bausch

Health

Cos.,

Inc.,

Term

Loan

B,

01/27/27

(n)

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

890

882,489

Clarios

Global

LP,

1st

Lien

Term

Loan,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 04/30/26

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

EUR

5,000

5,568,099

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

......

USD

1,386

1,366,364

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

12/22/25

(n)

........

EUR

990

1,112,159

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/01/26

.......

USD

60

60,030

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(d)

...........

1,188

1,185,318

11,022,958

France

—

1.3%

(b)

Bidco

SB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.00%

,

 11/16/28

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

EUR

1,500

1,682,546

CAB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 02/09/28

5,000

5,525,970

Claudius

Finance

Parent

SARL,

Term

Loan

B,

(EURIBOR

6

Month

+

3.50%),

3.50%

,

 07/05/28

......

3,000

3,360,711

Elsan

SAS,

Facility

Term

Loan

B5,

06/16/28

(n)

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

1,000

1,117,945

Foncia

Management,

Facility

Term

Loan

B,

03/27/28

(n)

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

5,000

5,566,470

Inovie

Group,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 03/03/28

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

1,000

1,121,697

Tarkett

Participation,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 04/21/28

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

2,831

3,107,924

21,483,263

Security

Par

(000)

Par

(000)

Value

Germany

—

1.2%

(b)

CTC

AcquiCo

GmbH,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

2.50%),

2.50%

,

 03/07/25

......

EUR

4,830

$

5,421,163

CTEC

III

GmbH,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

0.00%

,

 01/01/38

2,000

2,244,091

Nidda

Healthcare

Holding

GmbH,

Facility

Term

Loan

F,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 08/21/26

2,900

3,218,029

Oxea

Holding

Vier

GmbH,

Term

Loan

B1,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 10/14/24

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

1,830

2,039,384

Rain

Carbon,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 01/16/25

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

3,000

3,330,344

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B,

(EURIBOR

6

Month

+

4.50%),

4.50%

,

 10/02/26

......

3,060

3,288,593

19,541,604

Ireland

—

0.5%

Virgin

Media

Ireland

Ltd.,

Facility

Term

Loan

B1,

07/15/29

(b)(n)

.........

7,000

7,812,561

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

(d)

(LIBOR

GBP

6

Month

+

0.17%),

16.50%, 11/10/27

(b)

........

GBP

263

346,234

0.00%, 11/09/29

(o)

...........

213

57,404

403,638

Luxembourg

—

1.1%

(b)

Concrete

Investment

II

SCA,

Facility

Term

Loan

A2,

(EURIBOR

3

Month

+

0.02%),

2.00%

,

 10/30/22

(d)

.....

EUR

78

9

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(EURIBOR

6

Month

+

2.38%),

2.38%

,

 01/29/27

1,000

1,098,038

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 07/03/28

......

4,400

4,915,103

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

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

USD

4,478

4,476,963

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 04/12/28

......

EUR

2,500

2,801,884

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 11/12/26

.......

1,900

2,086,271

Rainbow

Finco

SARL,

Term

Loan

B,

01/17/29

(n)

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

2,400

2,694,177

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

6.99%

,

 05/29/26

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

USD

374

307,767

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

360

369,304

18,749,516

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Netherlands

—

1.8%

(b)

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(n)

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

USD

746

$

744,228

Boels

Topholding

BV,

Facility

Term

Loan

B2,

(

EURIBOR

2

Month

+

3.25%),

3.25%

,

 02/06/27

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

EUR

1,000

1,114,552

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 07/21/26

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

USD

745

742,544

KOUTI

BV,

Facility

Term

Loan

B,

08/31/28

(n)

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

EUR

1,800

2,015,618

Median

BV,

Facility

Term

Loan

B1,

10/14/27

(n)

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

6,000

6,664,867

Nobel

Bidco

BV,

Facility

Term

Loan

B,

09/01/28

(n)

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

5,000

5,521,757

Peer

Holding

III

BV,

Facility

Term

Loan

B

(b)(n)

 03/07/25

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

4,188

4,660,519

 01/16/27

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

5,500

6,154,012

WP/AP

Telecom

Holdings

IV

BV,

Facility

Term

Loan

B,

09/16/28

(n)

.......

2,200

2,468,253

30,086,350

Norway

—

0.1%

Adevinta

ASA,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 06/26/28

(b)

...........

2,000

2,238,474

Singapore

—

0.0%

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

(b)

...........

USD

235

234,556

Spain

—

0.3%

(b)

Invictus

Media

SLU,

2nd

Lien

Facility

Term

Loan,

(EURIBOR

6

Month

+

7.50%),

7.50%

-

8.50%

,

 12/26/25

.

EUR

92

72,209

Invictus

Media

SLU,

Facility

Term

Loan

B1,

06/26/25

(n)

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

5

5,326

Invictus

Media

SLU,

Facility

Term

Loan

B2,

(EURIBOR

1

Month

+

4.75%),

4.75%

-

6.75%

,

 06/26/25

......

3

3,408

Lorca

Holdco

Ltd.,

Term

Loan

B2,

09/17/27

(n)

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

3,000

3,369,305

Pax

Midco

Spain

SLU,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.75%),

4.75%

,

 07/01/26

......

1,281

1,324,189

Promotora

de

Informaciones

SA,

Term

Loan,

03/31/25

(n)

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

19

20,431

4,794,868

Sweden

—

0.9%

(b)

Seren

BidCo

AB,

Facility

Term

Loan

B2,

(EURIBOR

3

Month

+

3.75%),

3.75%

,

 11/16/28

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

2,000

2,245,507

Verisure

Holding

AB,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

3.25%),

3.25%

,

 03/27/28

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

10,971

12,219,580

14,465,087

United

Kingdom

—

1.2%

(b)

BCP

V

Modular

Services

Holdings

IV

Limited,

Facility

Term

Loan

B,

12/13/28

(n)

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

4,075

4,568,033

Bellis

Acquisition

Co.

plc,

Facility

Term

Loan

B,

02/16/26

(n)

...........

4,843

5,369,384

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Entain

plc,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 03/29/27

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

USD

557

$

555,807

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 01/29/27

956

942,760

Hunter

Holdco

3

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

0.04%),

4.00%

,

 08/19/28

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

EUR

2,494

2,803,368

Misys

Ltd.,

1st

Lien

Term

Loan,

(EURIBOR

3

Month

+

3.00%),

4.00%

,

 06/13/24

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

4,473

5,014,076

Synlab

Bondco

plc,

Facility

Term

Loan,

(EURIBOR

6

Month

+

2.50%),

2.50%

,

 07/01/27

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

1,250

1,395,395

20,648,823

United

States

—

15.5%

2U,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.50%

,

 12/30/24

(b)

USD

618

614,806

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

(b)

...........

347

345,022

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

(b)

...........

152

151,591

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 02/02/26

(b)

.....

178

176,496

AlixPartners

LLP,

Term

Loan,

(EURIBOR

3

Month

+

3.25%),

3.25%

,

 02/04/28

(b)

...........

EUR

993

1,110,073

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/09/25

(b)

.....

USD

744

736,945

Altar

Bidco

,

Inc.,

1st

Lien

Term

Loan,

02/01/29

(b)(n)

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

12,910

12,883,147

Altar

Bidco

,

Inc.,

2nd

Lien

Term

Loan,

02/01/30

(b)(n)

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

9,786

9,826,808

American

Auto

Auction

Group

LLC,

Term

Loan

B,

0.00%

,

 12/30/27

(b)

..

763

757,278

American

Auto

Auction

Group,

LLC,

2nd

Lien

Term

Loan,

12/27/28

(b)(d)(n)

...

406

401,940

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 06/09/28

(b)

.....

94

93,589

Apex

Tool

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.50%),

6.75%

,

 08/01/24

(b)

...........

1,974

1,969,164

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 09/19/24

(b)

.....

1,749

1,745,624

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/24/27

(b)

187

186,533

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/13/28

(b)

...........

2,735

2,737,270

AssuredPartners

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 02/12/27

(b)

...........

744

738,841

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Athenahealth

,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 02/11/26

(b)

...........

USD

64

$

63,472

Athenahealth

,

Inc.,

Delayed

Draw

Term

Loan,

01/26/29

(b)(n)

...........

43

42,966

Athenahealth

,

Inc.,

Term

Loan

B,

01/26/29

(b)(n)

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

255

253,498

Avaya,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 12/15/27

(b)

...........

1,500

1,503,750

Avaya,

Inc.,

Term

Loan

B2,

12/15/27

(b)(n)

2,500

2,498,050

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(b)

.....

975

900,965

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(o)

.....

306

353,359

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

(b)

...........

554

553,230

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

(b)

.....

4,035

4,039,624

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

(b)

.....

1,810

1,819,611

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/13/25

(b)

...........

496

494,616

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

(b)

1,492

1,460,641

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(b)

...........

104

103,325

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 07/21/25

(b)

.....

215

215,006

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

(b)

.....

4,952

4,946,233

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 04/05/28

(b)

.....

167

158,253

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/30/26

(b)

...........

874

868,829

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(b)(n)

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

65

64,817

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

6

Month

+

2.75%),

3.25%

,

 05/14/28

(b)

...........

110

109,830

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/17/28

(b)

.....

90

89,679

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

(b)

...........

181

180,515

CoreLogic

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

(b)

...........

742

737,502

Coty,

Inc.,

Term

Loan

B,

(EURIBOR

1

Month

+

2.50%),

2.50%

,

 04/07/25

(b)

EUR

1,397

1,539,142

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

(b)

...........

USD

226

$

225,668

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

(b)

...........

4,470

4,466,510

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

(b)

...........

2,559

2,563,811

DirectV

Financing

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 08/02/27

(b)

...........

368

367,772

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

5.75%

,

 12/21/28

(b)

...........

242

239,761

DS

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.75%),

6.50%

,

 12/10/28

(b)(d)

..........

386

375,385

DT

Midstream,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.50%

,

 06/26/28

(b)

...........

309

310,605

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/06/26

(b)

.....

7,094

7,062,156

ECL

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

8.25%

,

 05/01/28

(b)

...........

401

409,674

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

(b)

.....

561

571,872

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

(b)

...........

1,275

1,271,003

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

(b)

.....

2,158

2,047,666

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

(b)

.....

987

989,325

Everi

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 08/03/28

(b)

...........

73

72,794

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

(b)

...........

285

284,644

Fertitta

Entertainment

LLC,

Term

Loan

B,

01/27/29

(b)(n)

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

3,272

3,281,105

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/28/28

(b)

437

432,971

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 03/03/28

(b)

.....

3,393

3,391,736

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.00%

,

 11/01/28

(b)(d)

....

175

175,000

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

(b)

...........

523

522,268

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 01/31/28

(b)

77

76,326

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

(b)

....

USD

9,983

$

9,955,156

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/10/27

(b)

.....

403

398,981

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

8.13%

,

 07/20/26

(b)(d)

....

461

461,000

Greeneden

US

Holdings

I

LLC,

Term

Loan,

12/01/27

(b)(n)

...........

5,276

5,272,780

Griffon

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 01/24/29

(b)

...........

2,897

2,892,162

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/02/28

(b)

.....

502

500,594

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

2

Month

+

2.75%),

2.94%

-

3.02%

,

 04/25/25

(b)

.....

279

275,667

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.50%),

6.50%

,

 10/25/28

(b)(d)

....

172

165,120

Hyland

Software,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 07/01/24

(b)

.....

2,994

2,992,279

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 10/27/28

(b)

...........

19,543

19,445,285

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

(b)

...........

496

494,740

ITT

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 07/10/28

(b)

...........

152

151,241

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 04/26/28

(b)

...........

327

328,204

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 10/04/28

(b)(d)

..........

132

131,835

Jeld-Wen

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 07/28/28

(b)

...........

322

321,877

Jo-Ann

Stores

LLC,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 07/07/28

(b)

...........

119

117,808

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

7.00%

,

 12/22/26

(b)

.....

129

129,806

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(b)(n)

...........

1,251

1,242,847

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

(b)

.....

682

668,077

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.86%

,

 08/31/27

(b)

...........

7,866

7,793,895

LSF11

A5

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/15/28

(b)

...........

331

331,000

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

(b)

.....

819

816,081

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

(b)

.....

USD

1,304

$

1,300,252

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 09/03/26

(b)

.....

210

210,209

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 09/30/24

(b)

...........

3,409

3,405,605

Medical

Solutions

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

(b)(d)

....

461

454,855

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 10/23/28

(b)

...........

847

843,163

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.50%),

7.00%

,

 08/02/29

(b)

.....

598

598,000

Mercury

Merger

Sub,

Inc.,1st

Lien

Term

Loan,

08/02/28

(b)(n)

...........

1,000

995,420

Metro-Goldwyn-Mayer,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 07/03/26

(b)

.....

1,020

1,017,766

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

06/02/28

(b)(n)

....

3,479

3,465,344

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.36%

,

 02/23/29

(b)

...........

637

639,790

MI

Windows

&

Doors

LLC,

Term

Loan

B1,

0.00%

,

 12/18/27

(b)

........

157

156,906

Michaels

Co.

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 04/15/28

(b)

...........

89

87,227

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

(b)

.....

1,236

1,158,075

MIP

V

Waste

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/08/28

(b)(d)

..........

201

201,502

Misys

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/13/24

(b)

...........

1,484

1,477,973

MKS

Instruments,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

0.00%

,

 10/20/28

(b)

...........

EUR

1,333

1,497,933

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.42%

,

 01/24/29

(b)

...........

USD

1,967

1,963,273

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

01/24/30

(b)(n)

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

2,335

2,346,585

Naked

Juice

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

01/24/29

(b)(n)

....

113

113,265

Organon

&

Co.,

Term

Loan

(b)

(EURIBOR

3

Month

+

3.00%),

3.00%, 06/02/28

..........

EUR

4,975

5,585,195

(LIBOR

USD

3

Month

+

3.00%),

3.50%, 06/02/28

..........

USD

2,900

2,894,675

OVG

Business

Services

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.25%

,

 11/20/28

(b)

.....

456

449,160

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

(b)

...........

744

740,096

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 12/28/27

(b)

.....

USD

93

$

92,741

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

12/15/28

(b)(n)

...

679

678,758

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

(b)

...........

993

991,451

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(b)

...........

541

551,311

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

(b)

...........

1,703

1,699,709

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(b)

...........

2,754

2,698,746

Ping

Identity

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 11/23/28

(b)(d)

..........

6,000

6,000,000

Pitney

Bowes,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 03/17/28

(b)

...........

997

997,178

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 03/13/28

(b)

...........

1,235

1,229,917

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(b)

5,045

5,028,330

Proofpoint

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

(b)

...........

3,138

3,120,521

Proofpoint

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

6.75%

,

 08/31/29

(b)

...........

733

738,270

RealPage

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

(b)

...........

2,493

2,479,241

RealPage

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

7.25%

,

 04/23/29

(b)

...........

1,293

1,306,141

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/27/28

(b)

.....

9,027

8,359,349

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.08%),

8.50%

,

 04/27/29

(b)

.....

4,548

4,034,076

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 10/20/28

(b)

...........

2,278

2,269,746

Sabre

GLBL,

Inc.,

Term

Loan

B1,

12/17/27

(b)(n)

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

769

757,524

Sabre

GLBL,

Inc.,

Term

Loan

B2,

12/17/27

(b)(n)

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

1,226

1,207,538

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

(b)

.....

443

439,580

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/13/22

(b)

.....

707

706,216

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 08/01/25

(b)

.....

652

648,537

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/23/27

(b)

.....

USD

84

$

83,423

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 04/03/28

(b)

...........

259

251,586

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 10/09/28

(b)

...........

2,250

2,299,680

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 06/08/28

(b)

61

60,484

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

-

4.27%

,

 06/02/28

(b)

.....

1,297

1,295,495

Summer

(BC)

Bidco

B

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

5.18%

,

 12/04/26

(b)

....

1,990

1,990,345

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

(b)

.....

241

239,419

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/01/24

(b)

...........

2,311

2,315,277

The

Enterprise

Development

Authority,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/28/28

(b)

....

264

263,725

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 03/03/28

(b)

.....

632

633,492

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/16/26

(b)

...........

339

335,624

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(b)(n)

.......

174

172,661

UKG,

Inc.,

1st

Lien

Term

Loan

(b)

(LIBOR

USD

3

Month

+

3.25%),

3.75%, 05/04/26

..........

4,648

4,632,418

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 05/04/26

..........

2,151

2,146,294

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

(b)

...........

359

361,542

United

AirLines

,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

(b)

...........

—

(p)

490

Univision

Communications,

Inc.,

1st

Lien

Term

Loan,

03/15/26

(b)(n)

....

4,980

4,969,442

Univision

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 01/31/29

(b)

.....

2,000

1,996,260

Vaco

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.75%

,

 01/21/29

(b)

...........

293

292,452

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 10/04/28

(b)

.....

98

97,633

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

(b)

...........

1,894

1,890,084

Verscend

Holding

Corp.,

Term

Loan

B1,

08/27/25

(b)(n)

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

2,985

2,982,015

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan,

01/15/27

(b)(n)

.......

GBP

2,000

2,654,322

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/28/27

(b)

...........

USD

6,116

$

6,081,963

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

3.18%

,

 02/05/26

(b)

.....

496

488,348

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

6.25%

,

 10/19/27

(b)

...........

693

692,594

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

05/18/25

(b)(n)

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

749

734,731

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

(b)

...........

491

489,831

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 03/24/28

(b)

.....

61

60,565

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(b)(d)

....

151

150,671

259,796,542

Total

Floating

Rate

Loan

Interests

—

24.5%

(Cost:

$418,880,722)

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

411,278,240

Foreign

Agency

Obligations

—

1.1%

Colombia

—

0.1%

Ecopetrol

SA,

4.63%

,

11/02/31

.....

230

211,549

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)

...........

200

182,975

394,524

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(c)

....

EUR

243

277,705

France

—

0.7%

Electricite

de

France

SA

(b)(c)(j)

(BPSWS13

+

4.23%),

6.00%

...

GBP

2,500

3,489,679

(BPISDS15

+

3.32%),

5.87%

...

1,900

2,642,523

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

...........

EUR

5,400

5,893,088

12,025,290

Greece

—

0.0%

Public

Power

Corp.

SA,

3.88%

,

03/30/26

(c)

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

100

112,327

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

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

USD

231

236,818

Italy

—

0.2%

Banca

Monte

dei

Paschi

di

Siena

SpA

(c)

2.63%,

04/28/25

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

EUR

343

377,637

1.88%,

01/09/26

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

2,059

2,197,524

2,575,161

Mexico

—

0.1%

Petroleos

Mexicanos

6.50%,

03/13/27

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

USD

463

482,388

5.95%,

01/28/31

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

311

294,945

6.70%,

02/16/32

(a)

...........

230

227,148

6.75%,

09/21/47

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

308

262,724

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

7.69%,

01/23/50

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

USD

297

$

274,428

1,541,633

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(c)

....

200

180,522

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)

........

200

193,975

Total

Foreign

Agency

Obligations

—

1.1%

(Cost:

$18,520,620)

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

17,537,955

Foreign

Government

Obligations

—

0.7%

Argentina

—

0.0%

Argentine

Republic

(The),

2.50%

,

07/09/41

(m)

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

438

155,780

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%

,

09/20/29

(c)

219

229,512

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

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

336

346,458

3.88%,

04/25/27

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

340

333,795

3.13%,

04/15/31

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

646

553,662

1,233,915

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

...........

440

481,250

4.50%,

01/30/30

(a)

...........

244

239,166

4.88%,

09/23/32

(a)

...........

450

441,506

6.40%,

06/05/49

(c)

...........

150

149,841

1,311,763

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.75%,

05/29/24

(a)

...........

200

204,000

5.88%,

06/11/25

(c)

...........

462

466,620

7.60%,

03/01/29

(c)

...........

316

305,335

5.88%,

02/16/31

(a)

...........

200

168,500

8.50%,

01/31/47

(a)

...........

200

167,000

7.50%,

02/16/61

(a)

...........

200

154,750

1,466,205

Guatemala

—

0.0%

Republic

of

Guatemala,

5.38%

,

04/24/32

(a)

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

200

215,663

Indonesia

—

0.0%

Republic

of

Indonesia

3.50%,

01/11/28

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

200

209,975

4.10%,

04/24/28

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

200

217,038

3.40%,

09/18/29

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

200

208,412

635,425

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

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

295

310,192

3.25%,

04/16/30

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

239

238,044

2.66%,

05/24/31

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

235

221,370

6.38%,

01/23/45

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

173

144,471

914,077

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Morocco

—

0.0%

Kingdom

of

Morocco

3.00%,

12/15/32

(a)

...........

USD

255

$

235,556

4.00%,

12/15/50

(c)

...........

222

190,920

4.00%,

12/15/50

(a)

...........

200

172,000

598,476

Oman

—

0.0%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

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

258

252,517

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

6.00%

,

04/08/26

(c)

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

200

192,522

Panama

—

0.1%

Republic

of

Panama

3.16%,

01/23/30

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

543

545,987

4.50%,

04/16/50

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

217

221,855

4.50%,

01/19/63

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

200

202,200

970,042

Paraguay

—

0.0%

Republic

of

Paraguay,

4.95%

,

04/28/31

(a)

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

200

217,662

Peru

—

0.0%

Peru

Government

Bond,

1.86%

,

12/01/32

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

173

152,164

Republic

of

Peru,

2.78%

,

01/23/31

..

241

233,213

385,377

Qatar

—

0.0%

State

of

Qatar,

4.00%

,

03/14/29

(a)

...

213

234,300

Romania

—

0.0%

Romania

Government

Bond

(a)

3.00%,

02/14/31

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

242

234,498

3.63%,

03/27/32

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

218

218,000

452,498

Russia

—

0.0%

Russian

Federation,

4.25%

,

06/23/27

(c)

400

399,600

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

(c)

4.50%,

04/17/30

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

419

474,517

2.25%,

02/02/33

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

353

335,742

810,259

Ukraine

—

0.1%

Ukraine

Government

Bond

7.75%,

09/01/23

(c)

...........

112

102,921

8.99%,

02/01/24

(c)

...........

224

207,200

7.75%,

09/01/24

(c)

...........

222

198,038

7.75%,

09/01/25

(c)

...........

220

193,600

7.25%,

03/15/33

(a)

...........

234

196,560

898,319

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.98%

,

04/20/55

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

79

97,731

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$12,503,391)

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

11,671,643

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

—

2.8%

Commercial

Mortgage-Backed

Securities

—

2.8%

United

States

—

2.8%

(a)(b)

BX

Commercial

Mortgage

Trust,

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

05/15/38

USD

5,000

$

4,950,078

BX

Trust,

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

06/15/38

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

3,720

3,654,744

Extended

Stay

America

Trust

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

07/15/38

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

7,255

7,250,987

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

07/15/38

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

7,573

7,571,020

Med

Trust

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

4.11%,

11/15/38

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

8,000

7,910,199

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

5.36%,

11/15/38

..........

11,096

10,956,985

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/38

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

5,486

5,454,710

47,748,723

Total

Non-Agency

Mortgage-Backed

Securities

—

2.8%

(Cost:

$48,106,273)

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

47,748,723

Preferred

Securities

—

0.6%

Capital

Trusts

—

0.5%

United

States

—

0.5%

Vistra

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%

(a)(b)(j)

......

7,600

7,562,000

Total

Capital

Trusts

—

0.5%  

(Cost:

$7,616,267)

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

7,562,000

Shares

Shares

Preferred

Stocks

—

0.1%

United

States

—

0.1%

Dream

Finders

Homes,

Inc.,

9.00%

(d)

2,261

2,241,216

Total

Preferred

Stocks

—

0.1%  

(Cost:

$2,238,390)

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

2,241,216

Total

Preferred

Securities

—

0.6%

(Cost:

$9,854,657)

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

9,803,216

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

0.25%, 06/30/25

4,850

4,654,863

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$4,856,550)

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

4,654,863

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Warrants

—

0.0%

Germany

—

0.0%

468

Spac

I

SE

(Issued/exercisable

04/29/21,

1

share

for

1

warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(e)

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

109,736

$

160,268

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

44,190

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

28,462

United

Kingdom

—

0.0%

(e)

Genius

Sports

Ltd.

(Issued/exercisable

12/07/20,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

35,901

63,186

Hedosophia

European

Growth

(Issued/

exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

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

85,163

86,003

149,189

United

States

—

0.0%

(e)

Altus

Power,

Inc.

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

01/22/26,

Strike

Price

USD

11.00)

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

4,294

6,269

ArcLight

Clean

Transition

Corp.

II

(Issued/exercisable

02/04/21,

1

share

for

1

warrant,

Expires

02/04/23,

Strike

Price

USD

11.50)

2,032

2,642

Ascent

Resources

Marcellus

Minerals

(Issued/exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.80)

.

566,782

5,668

Ascent

Resources

plc

(Issued/

exercisable

03/30/18,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

0.80)

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

440,830

22,041

Aurora

Innovation,

Inc.

(Issued/

exercisable

05/04/21,

1

share

for

1

warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

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

1,905

1,886

Cano

Health,

Inc.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

8,121

Climate

Real

Impact

Solutions

II

Acquisition

Corp.

(Issued/

exercisable

07/06/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

838

516

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(d)

..........

16,190

8,581

Embark

Technology,

Inc.

(Issued/

exercisable

12/28/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

1,393

905

Security

Shares

Shares

Value

United

States

(continued)

EVgo

,

Inc.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

$

16,662

Gores

Holdings

VIII,

Inc.

(Issued/

exercisable

01/28/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

3,296

4,219

Hyzon

Motors,

Inc.

(Issued/exercisable

12/10/20,

1

share

for

1

warrant,

Expires

10/02/25,

Strike

Price

USD

11.50)

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

15,531

19,724

Kinsey

Interests,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

10.00)

(d)

..........

53,160

24,985

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

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

6,894

9,996

Lightning

eMotors

,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

17,391

22,956

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

52,800

Offerpad

Solutions,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

6,726

Pear

Therapeutics,

Inc.

(Issued/

exercisable

03/23/21,

1

share

for

1

warrant,

Expires

12/01/26,

Strike

Price

USD

11.50)

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

4,828

3,308

PROOF

Acquisition

Corp.

I

(Issued/

exercisable

09/27/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(d)

..........

16,758

16,758

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

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

5,599

6,943

Sarcos

Technology

&

Robotics

Corp.

(Issued/exercisable

12/21/20,

1

share

for

1

warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

20,304

16,199

Science

Strategic

Acquisition

Corp.

Alpha

(Issued/exercisable

01/22/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

4,249

2,252

Sonder

Holdings,

Inc.

(Issued/

exercisable

01/19/22,

1

share

for

1

warrant,

Expires

10/01/26,

Strike

Price

USD

12.50)

(d)

..........

18,705

—

Tishman

Speyer

Innovation

Corp.

II

(Issued/exercisable

01/27/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

1,522

700

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

2,864

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

United

States

(continued)

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

3,980

$

2,664

Volta,

Inc.

(Issued/exercisable

10/22/20,

1

share

for

1

warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

9,180

10,282

276,667

Total

Warrants

—

0.0%

(Cost:

$1,220,380)

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

658,776

Total

Long-Term

Investments

—

86.4%

(Cost:

$1,566,469,353)

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

1,451,970,619

Par

(000)

Pa

r

(

000)

Short-Term

Securities

—

19.6%

Borrowed

Bond

Agreements

—

8.0%

(q)(r)

Barclays

Bank

plc,

(2.00)%, Open

(Purchased

on

12/07/21

to

be

repurchased

at

EUR

1,577,083,

collateralized

by

Banijay

Group

SAS,

6.50%,

due

at

03/01/26,

par

and

fair

value

of

EUR

1,500,000

and

$1,701,622,

respectively)

......

EUR

1,583

1,777,876

Barclays

Bank

plc,

(1.35)%, Open

(Purchased

on

01/18/22

to

be

repurchased

at

EUR

1,867,819,

collateralized

by

Engie

SA,

1.50%,

par

and

fair

value

of

EUR

1,900,000

and

$2,081,191,

respectively)

(j)

..

1,869

2,099,463

Barclays

Bank

plc,

(0.95)%, Open

(Purchased

on

01/12/22

to

be

repurchased

at

EUR

1,083,385,

collateralized

by

Nobian

Finance

BV,

3.63%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,079,000

and

$1,158,473,

respectively)

......

1,084

1,217,778

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

12/03/21

to

be

repurchased

at

EUR

2,572,850,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

0.13%,

due

at

03/24/27,

par

and

fair

value

of

EUR

2,600,000

and

$2,855,943,

respectively)

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

2,577

2,894,769

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

12/07/21

to

be

repurchased

at

EUR

1,756,688,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,733,000

and

$1,927,469,

respectively)

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

1,759

1,976,435

Barclays

Bank

plc,

(0.85)%, Open

(Purchased

on

01/11/22

to

be

repurchased

at

EUR

1,116,974,

collateralized

by

Nobian

Finance

BV,

3.63%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,110,000

and

$1,191,756,

respectively)

......

1,118

1,255,497

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,650,159,

collateralized

by

Infineon

Technologies

AG,

2.00%,

due

at

06/24/32,

par

and

fair

value

of

EUR

1,500,000

and

$1,784,830,

respectively)

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

EUR

1,653

$

1,856,945

Barclays

Bank

plc,

(0.78)%, Open

(Purchased

on

12/07/21

to

be

repurchased

at

EUR

3,496,429,

collateralized

by

easyJet

FinCo

.

BV,

1.88%,

due

at

03/03/28,

par

and

fair

value

of

EUR

3,400,000

and

$3,821,869,

respectively)

......

3,501

3,933,329

Barclays

Bank

plc,

(0.75)%, Open

(Purchased

on

06/11/21

to

be

repurchased

at

USD

1,811,253,

collateralized

by

BNP

Paribas

SA,

4.50%,

par

and

fair

value

of

USD

1,780,000

and

$1,687,440,

respectively)

(j)

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

USD

1,820

1,820,050

Barclays

Bank

plc,

(0.15)%, Open

(Purchased

on

06/29/21

to

be

repurchased

at

USD

2,393,108,

collateralized

by

Sprint

Capital

Corp.,

6.88%,

due

at

11/15/28,

par

and

fair

value

of

USD

1,850,000

and

$2,200,575,

respectively)

......

2,393

2,393,438

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/25/22

to

be

repurchased

at

USD

1,982,467,

collateralized

by

CommScope

Technologies

LLC,

6.00%,

due

at

06/15/25,

par

and

fair

value

of

USD

2,000,000

and

$1,948,023,

respectively)

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

1,983

1,982,500

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

10/19/21

to

be

repurchased

at

GBP

302,743,

collateralized

by

Wheel

Bidco

Ltd.,

6.75%,

due

at

07/15/26,

par

and

fair

value

of

GBP

300,000

and

$396,409,

respectively)

........

GBP

303

407,004

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/25/22

to

be

repurchased

at

USD

4,938,818,

collateralized

by

HCA,

Inc.,

3.50%,

due

at

09/01/30,

par

and

fair

value

of

USD

4,848,000

and

$4,825,651,

respectively)

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

USD

4,939

4,938,900

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

11/30/21

to

be

repurchased

at

USD

982,331,

collateralized

by

ASP

Unifrax

Holdings,

Inc.,

7.50%,

due

at

09/30/29,

par

and

fair

value

of

USD

1,000,000

and

$968,750,

respectively)

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

983

982,500

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

11/30/21

to

be

repurchased

at

USD

3,879,332,

collateralized

by

NRG

Energy,

Inc.,

3.88%,

due

at

02/15/32,

par

and

fair

value

of

USD

4,000,000

and

$3,761,000,

respectively)

......

3,880

3,880,000

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/07/22

to

be

repurchased

at

USD

2,706,147,

collateralized

by

Uber

Technologies,

Inc.,

4.50%,

due

at

08/15/29,

par

and

fair

value

of

USD

2,650,000

and

$2,570,500,

respectively)

......

USD

2,706

$

2,706,313

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/11/22

to

be

repurchased

at

USD

2,079,884,

collateralized

by

CommScope

,

Inc.,

8.25%,

due

at

03/01/27,

par

and

fair

value

of

USD

2,000,000

and

$1,956,760,

respectively)

......

2,080

2,080,000

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/28/22

to

be

repurchased

at

USD

1,964,995,

collateralized

by

Mozart

Debt

Merger

Sub,

Inc.,

5.25%,

due

at

10/01/29,

par

and

fair

value

of

USD

2,000,000

and

$1,945,000,

respectively)

...

1,965

1,965,000

Barclays

Bank

plc,

(0.10)%, Open

(Purchased

on

01/10/22

to

be

repurchased

at

USD

1,949,886,

collateralized

by

Yum!

Brands,

Inc.,

3.63%,

due

at

03/15/31,

par

and

fair

value

of

USD

2,000,000

and

$1,890,280,

respectively)

......

1,950

1,950,000

Barclays

Bank

plc,

0.00%, Open

(Purchased

on

01/31/22

to

be

repurchased

at

USD

2,928,750,

collateralized

by

CommScope

Technologies

LLC,

6.00%,

due

at

06/15/25,

par

and

fair

value

of

USD

3,000,000

and

$2,922,035,

respectively)

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

2,929

2,928,750

Barclays

Capital,

Inc.,

(0.10)%, Open

(Purchased

on

01/19/22

to

be

repurchased

at

USD

1,822,189,

collateralized

by

CCO

Holdings

LLC,

4.50%,

due

at

05/01/32,

par

and

fair

value

of

USD

1,850,000

and

$1,782,937,

respectively)

......

1,822

1,822,250

Barclays

Capital,

Inc.,

(0.10)%, Open

(Purchased

on

01/11/22

to

be

repurchased

at

USD

972,446,

collateralized

by

CSC

Holdings

LLC,

4.50%,

due

at

11/15/31,

par

and

fair

value

of

USD

1,000,000

and

$931,740,

respectively)

........

973

972,500

Barclays

Capital,

Inc.,

0.00%, Open

(Purchased

on

01/31/22

to

be

repurchased

at

USD

1,880,000,

collateralized

by

CSC

Holdings

LLC,

4.50%,

due

at

11/15/31,

par

and

fair

value

of

USD

2,000,000

and

$1,863,480,

respectively)

......

1,880

1,880,000

BNP

Paribas

SA,

(1.10)%, Open

(Purchased

on

09/09/21

to

be

repurchased

at

USD

1,792,080,

collateralized

by

Standard

Chartered

plc,

4.30%,

par

and

fair

value

of

USD

1,800,000

and

$1,683,000,

respectively)

(j)

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

1,800

1,800,000

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

BNP

Paribas

SA,

(1.00)%, Open

(Purchased

on

10/12/21

to

be

repurchased

at

EUR

1,030,637,

collateralized

by

Telenet

Finance

Luxembourg

Notes

SARL,

3.50%,

due

at

03/01/28,

par

and

fair

value

of

EUR

1,000,000

and

$1,135,077,

respectively)

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

EUR

1,034

$

1,161,894

BNP

Paribas

SA,

(0.90)%, Open

(Purchased

on

10/11/21

to

be

repurchased

at

EUR

2,478,792,

collateralized

by

Telenet

Finance

Luxembourg

Notes

SARL,

3.50%,

due

at

03/01/28,

par

and

fair

value

of

EUR

2,400,000

and

$2,724,187,

respectively)

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

2,487

2,793,508

BNP

Paribas

SA,

(0.80)%, Open

(Purchased

on

01/18/22

to

be

repurchased

at

EUR

1,060,093,

collateralized

by

EDP

-

Energias

de

Portugal

SA,

1.50%,

due

at

03/14/82,

par

and

fair

value

of

EUR

1,100,000

and

$1,167,742,

respectively)

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

1,060

1,191,319

BNP

Paribas

SA,

(0.75)%, Open

(Purchased

on

12/02/21

to

be

repurchased

at

EUR

1,748,275,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,734,000

and

$1,928,582,

respectively)

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

1,751

1,966,861

BNP

Paribas

SA,

(0.75)%, Open

(Purchased

on

12/02/21

to

be

repurchased

at

EUR

1,757,101,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

1,800,000

and

$1,919,886,

respectively)

......

1,760

1,976,791

BNP

Paribas

SA,

(0.15)%, Open

(Purchased

on

11/24/21

to

be

repurchased

at

USD

1,010,968,

collateralized

by

Uber

Technologies,

Inc.,

4.50%,

due

at

08/15/29,

par

and

fair

value

of

USD

1,000,000

and

$970,000,

respectively)

........

USD

1,011

1,011,250

BNP

Paribas

SA,

(0.10)%, Open

(Purchased

on

04/30/21

to

be

repurchased

at

USD

1,775,842,

collateralized

by

Uber

Technologies,

Inc.,

7.50%,

due

at

09/15/27,

par

and

fair

value

of

USD

1,600,000

and

$1,703,680,

respectively)

......

1,776

1,776,000

BNP

Paribas

SA,

(0.08)%, Open

(Purchased

on

10/04/21

to

be

repurchased

at

USD

1,317,526,

collateralized

by

Uber

Technologies,

Inc.,

4.50%,

due

at

08/15/29,

par

and

fair

value

of

USD

1,300,000

and

$1,261,000,

respectively)

......

1,318

1,317,875

BNP

Paribas

SA,

(0.03)%, Open

(Purchased

on

08/05/21

to

be

repurchased

at

USD

4,870,320,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

05/31/25,

par

and

fair

value

of

USD

4,925,000

and

$4,733,579,

respectively)

......

4,870

4,869,594

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Citigroup

Global

Markets

Ltd.,

(0.85)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,692,676,

collateralized

by

Cie

de

Saint-Gobain,

1.88%,

due

at

03/15/31,

par

and

fair

value

of

EUR

1,500,000

and

$1,822,659,

respectively)

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

EUR

1,696

$

1,905,073

Citigroup

Global

Markets

Ltd.,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,573,726,

collateralized

by

MMS

USA

Holdings,

Inc.,

1.25%,

due

at

06/13/28,

par

and

fair

value

of

EUR

1,500,000

and

$1,717,783,

respectively)

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

1,576

1,770,934

Citigroup

Global

Markets

Ltd.,

(0.78)%, Open

(Purchased

on

10/06/21

to

be

repurchased

at

EUR

101,789,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

100,000

and

$111,222,

respectively)

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

102

114,678

Citigroup

Global

Markets

Ltd.,

(0.78)%, Open

(Purchased

on

12/08/21

to

be

repurchased

at

EUR

1,354,726,

collateralized

by

Intrum

AB,

3.50%,

due

at

07/15/26,

par

and

fair

value

of

EUR

1,332,000

and

$1,481,471,

respectively)

......

1,357

1,523,970

Citigroup

Global

Markets

Ltd.,

(0.75)%, Open

(Purchased

on

12/08/21

to

be

repurchased

at

EUR

3,440,478,

collateralized

by

ams

-OSRAM

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

3,200,000

and

$3,756,817,

respectively)

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

3,445

3,870,097

Citigroup

Global

Markets,

Inc.,

(0.25)%, Open

(Purchased

on

01/25/22

to

be

repurchased

at

USD

2,487,396,

collateralized

by

Community

Health

Systems,

Inc.,

6.13%,

due

at

04/01/30,

par

and

fair

value

of

USD

2,500,000

and

$2,380,513,

respectively)

......

USD

2,488

2,487,500

Goldman

Sachs

International,

(0.90)%, Open

(Purchased

on

12/08/21

to

be

repurchased

at

EUR

2,530,107,

collateralized

by

eircom

Finance

DAC,

3.50%,

due

at

05/15/26,

par

and

fair

value

of

EUR

2,500,000

and

$2,780,539,

respectively)

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

EUR

2,534

2,846,766

J.P.

Morgan

Securities

plc,

(1.85)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

735,549,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

750,000

and

$799,953,

respectively)

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

738

829,561

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(1.45)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

1,786,665,

collateralized

by

SES

SA,

2.00%,

due

at

07/02/28,

par

and

fair

value

of

EUR

1,700,000

and

$1,976,370,

respectively)

......

EUR

1,789

$

2,010,381

J.P.

Morgan

Securities

plc,

(1.45)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

1,786,665,

collateralized

by

SES

SA,

2.00%,

due

at

07/02/28,

par

and

fair

value

of

EUR

1,700,000

and

$1,976,371,

respectively)

......

1,789

2,010,381

J.P.

Morgan

Securities

plc,

(0.90)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

862,047,

collateralized

by

ams

-OSRAM

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

800,000

and

$939,204,

respectively)

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

864

970,292

J.P.

Morgan

Securities

plc,

(0.90)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

2,516,099,

collateralized

by

ams

-OSRAM

AG,

6.00%,

due

at

07/31/25,

par

and

fair

value

of

EUR

2,335,000

and

$2,741,302,

respectively)

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

2,521

2,832,041

J.P.

Morgan

Securities

plc,

(0.88)%, Open

(Purchased

on

12/03/21

to

be

repurchased

at

EUR

3,718,397,

collateralized

by

Intesa

Sanpaolo

SpA

,

0.75%,

due

at

03/16/28,

par

and

fair

value

of

EUR

3,700,000

and

$4,061,251,

respectively)

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

3,724

4,183,867

J.P.

Morgan

Securities

plc,

(0.85)%, Open

(Purchased

on

01/19/22

to

be

repurchased

at

EUR

1,390,284,

collateralized

by

Danone

SA,

1.00%,

par

and

fair

value

of

EUR

1,400,000

and

$1,552,949,

respectively)

(j)

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

1,391

1,562,371

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

01/18/22

to

be

repurchased

at

EUR

496,656,

collateralized

by

Danone

SA,

1.00%,

par

and

fair

value

of

EUR

500,000

and

$554,624,

respectively)

(j)

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

497

558,136

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

01/18/22

to

be

repurchased

at

EUR

1,924,674,

collateralized

by

Telia

Co.

AB,

1.37%,

due

at

05/11/81,

par

and

fair

value

of

EUR

1,900,000

and

$2,120,680,

respectively)

......

1,925

2,162,923

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.80)%, Open

(Purchased

on

01/20/22

to

be

repurchased

at

EUR

2,808,980,

collateralized

by

Raiffeisen

Bank

International

AG,

1.37%,

due

at

06/17/33,

par

and

fair

value

of

EUR

2,900,000

and

$3,090,811,

respectively)

......

EUR

2,810

$

3,156,616

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,629,089,

collateralized

by

WPP

Finance

Deutschland

GmbH,

1.63%,

due

at

03/23/30,

par

and

fair

value

of

EUR

1,500,000

and

$1,764,967,

respectively)

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

1,632

1,833,234

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,646,445,

collateralized

by

Vodafone

Group

plc,

1.88%,

due

at

11/20/29,

par

and

fair

value

of

EUR

1,500,000

and

$1,802,160,

respectively)

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

1,649

1,852,766

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,627,741,

collateralized

by

Volkswagen

International

Finance

NV,

1.63%,

due

at

01/16/30,

par

and

fair

value

of

EUR

1,500,000

and

$1,754,604,

respectively)

......

1,630

1,831,718

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

10/19/21

to

be

repurchased

at

EUR

2,118,720,

collateralized

by

Ryanair

DAC,

0.88%,

due

at

05/25/26,

par

and

fair

value

of

EUR

2,100,000

and

$2,354,809,

respectively)

......

2,124

2,386,258

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

09/27/21

to

be

repurchased

at

EUR

1,792,003,

collateralized

by

Allianz

SE,

2.60%,

par

and

fair

value

of

EUR

1,800,000

and

$1,900,877,

respectively)

(j)

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

1,798

2,019,419

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

12/07/21

to

be

repurchased

at

EUR

795,046,

collateralized

by

Cellnex

Finance

Co.

SA,

1.50%,

due

at

06/08/28,

par

and

fair

value

of

EUR

800,000

and

$862,139,

respectively)

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

796

894,392

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

12/07/21

to

be

repurchased

at

EUR

2,188,913,

collateralized

by

Cellnex

Finance

Co.

SA,

1.50%,

due

at

06/08/28,

par

and

fair

value

of

EUR

2,200,000

and

$2,370,883,

respectively)

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

2,192

2,462,371

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

(0.78)%, Open

(Purchased

on

11/23/21

to

be

repurchased

at

EUR

1,595,515,

collateralized

by

EDP

Finance

BV,

1.50%,

due

at

11/22/27,

par

and

fair

value

of

EUR

1,500,000

and

$1,765,686,

respectively)

...

EUR

1,598

$

1,795,453

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

5,877,968,

collateralized

by

Orange

SA,

1.37%,

par

and

fair

value

of

EUR

6,000,000

and

$6,454,220,

respectively)

(j)

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

5,887

6,613,975

J.P.

Morgan

Securities

plc,

(0.75)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

1,101,939,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

1,121,000

and

$1,195,662,

respectively)

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

1,104

1,239,917

J.P.

Morgan

Securities

plc,

(0.72)%, Open

(Purchased

on

11/25/21

to

be

repurchased

at

EUR

734,344,

collateralized

by

eircom

Finance

DAC,

2.63%,

due

at

02/15/27,

par

and

fair

value

of

EUR

747,000

and

$796,753,

respectively)

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

735

826,243

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

on

06/28/21

to

be

repurchased

at

USD

1,703,451,

collateralized

by

Clarios

Global

LP,

8.50%,

due

at

05/15/27,

par

and

fair

value

of

USD

1,550,000

and

$1,620,649,

respectively)

...

USD

1,705

1,705,000

RBC

Capital

Markets

LLC,

(0.15)%, Open

(Purchased

on

01/13/22

to

be

repurchased

at

USD

891,533,

collateralized

by

Freeport-McMoRan,

Inc.,

5.40%,

due

at

11/14/34,

par

and

fair

value

of

USD

743,000

and

$858,068,

respectively)

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

892

891,600

RBC

Capital

Markets

LLC,

(0.10)%, Open

(Purchased

on

01/24/22

to

be

repurchased

at

USD

2,117,771,

collateralized

by

Gap,

Inc.

(The),

3.88%,

due

at

10/01/31,

par

and

fair

value

of

USD

2,250,000

and

$2,088,045,

respectively)

...

2,118

2,117,813

RBC

Capital

Markets

LLC,

(0.10)%, Open

(Purchased

on

01/13/22

to

be

repurchased

at

USD

913,844,

collateralized

by

Freeport-McMoRan,

Inc.,

5.45%,

due

at

03/15/43,

par

and

fair

value

of

USD

743,000

and

$873,954,

respectively)

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

914

913,890

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Europe

Ltd.,

(0.85)%, Open

(Purchased

on

01/10/22

to

be

repurchased

at

EUR

720,436,

collateralized

by

Nobian

Finance

BV,

3.63%,

due

at

07/15/26,

par

and

fair

value

of

EUR

716,000

and

$768,736,

respectively)

........

EUR

721

$

809,804

RBC

Europe

Ltd.,

(0.85)%, Open

(Purchased

on

12/03/21

to

be

repurchased

at

EUR

696,521,

collateralized

by

Cellnex

Finance

Co.

SA,

1.50%,

due

at

06/08/28,

par

and

fair

value

of

EUR

700,000

and

$754,372,

respectively)

........

698

783,670

Total

Borrowed

Bond

Agreements

—

8.0%

(Cost:

$135,939,987)

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

135,359,499

Shares

Shares

Money

Market

Funds

—

11.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(s)(t)

....

194,247,293

194,247,293

Total

Money

Market

Funds

—

11.6%

(Cost:

$194,247,293)

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

194,247,293

Total

Short-Term

Securities

—

19.6%

(Cost:

$330,187,280)

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

329,606,792

Total

Options

Purchased

—

0.4%

(Cost:

$10,250,650

)

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

7,708,122

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

106.4%

(Cost:

$1,906,907,283)

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

1,789,285,533

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$3,797,389)

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

(2,948,272)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

—

(7.6)%

Corporate

Bonds

—

(7.3)%

Austria

—

(0.6)%

Ams

-OSRAM

AG,

6.00%

,

 07/31/25

..

6,335

(7,437,323)

Raiffeisen

Bank

International

AG,

(EURIBOR

Swap

Rate

5

Year

+

1.60%),

1.37%

,

 06/17/33

(b)

.....

2,900

(3,090,811)

(10,528,134)

Belgium

—

(0.2)%

Telenet

Finance

Luxembourg

Notes

Sarl

,

3.50%

,

 03/01/28

.........

3,400

(3,859,264)

France

—

(1.1)%

Banijay

Group

SAS,

6.50%

,

 03/01/26

1,500

(1,701,622)

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%),

4.50%

(b)(j)

.....

USD

1,780

(1,687,440)

Cie

de

Saint-Gobain,

1.88%

,

 03/15/31

EUR

1,500

(1,822,659)

Danone

SA,

(EUR

Swap

Annual

5

Year

+

1.27%),

1.00%

(b)(j)

..........

1,900

(2,107,573)

Engie

SA,

(EUR

Swap

Annual

5

Year

+

1.88%),

1.50%

(b)(j)

...........

1,900

(2,081,191)

Security

Par

(000)

Par

(000)

Value

France

(continued)

MMS

USA

Holdings,

Inc.,

1.25%

,

 06/13/28

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

EUR

1,500

$

(1,717,783)

Orange

SA,

(EUR

Swap

Annual

5

Year

+

1.49%),

1.37%

(b)(j)

..........

6,000

(6,454,220)

(17,572,488)

Germany

—

(0.3)%

Allianz

SE,

(EUR

Swap

Annual

5

Year

+

2.58%),

2.60%

(b)(j)

...........

1,800

(1,900,877)

Infineon

Technologies

AG,

2.00%

,

 06/24/32

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

1,500

(1,784,830)

Volkswagen

International

Finance

NV,

1.63%

,

 01/16/30

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

1,500

(1,754,604)

(5,440,311)

Ireland

—

(0.6)%

eircom

Finance

DAC

2.63%

,

 02/15/27

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

4,418

(4,712,254)

3.50%

,

 05/15/26

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

2,500

(2,780,539)

Ryanair

DAC,

0.88%

,

 05/25/26

.....

2,100

(2,354,809)

(9,847,602)

Italy

—

(0.2)%

Intesa

Sanpaolo

SpA

,

0.75%

,

 03/16/28

3,700

(4,061,251)

Luxembourg

—

(0.2)%

SES

SA,

2.00%

,

 07/02/28

........

3,400

(3,952,741)

Netherlands

—

(0.2)%

Nobian

Finance

BV,

3.63%

,

 07/15/26

2,905

(3,118,965)

Portugal

—

(0.2)%

EDP

-

Energias

de

Portugal

SA,

Series

NC5.,

(EUR

Swap

Annual

5

Year

+

1.89%),

1.50%

,

 03/14/82

(b)

.....

1,100

(1,167,742)

EDP

Finance

BV,

1.50%

,

 11/22/27

..

1,500

(1,765,686)

(2,933,428)

Spain

—

(0.4)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EURIBOR

3

Month

+

0.52%),

0.13%

,

 03/24/27

(b)

...........

2,600

(2,855,943)

Cellnex

Finance

Co.

SA,

1.50%

,

 06/08/28

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

3,700

(3,987,394)

(6,843,337)

Sweden

—

(0.5)%

Intrum

AB,

3.50%

,

 07/15/26

.......

4,899

(5,448,744)

Telia

Co.

AB,

(EUR

Swap

Annual

5

Year

+

1.72%),

1.37%

,

 05/11/81

(b)

....

1,900

(2,120,680)

(7,569,424)

United

Kingdom

—

(0.6)%

easyJet

FinCo

.

BV,

1.88%

,

 03/03/28

.

3,400

(3,821,869)

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(b)(j)

USD

1,800

(1,683,000)

Vodafone

Group

plc,

1.88%

,

 11/20/29

EUR

1,500

(1,802,160)

Wheel

Bidco

Ltd.,

6.75%

,

 07/15/26

..

GBP

300

(396,409)

WPP

Finance

Deutschland

GmbH,

1.63%

,

 03/23/30

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

EUR

1,500

(1,764,967)

(9,468,405)

United

States

—

(2.2)%

ASP

Unifrax

Holdings,

Inc.,

7.50%

,

 09/30/29

(a)

...........

USD

1,000

(968,750)

CCO

Holdings

LLC,

4.50%

,

 05/01/32

1,850

(1,782,937)

Clarios

Global

LP,

8.50%

,

 05/15/27

(a)

.

1,550

(1,620,649)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CommScope

Technologies

LLC,

6.00%

,

 06/15/25

(a)

...........

USD

2,000

$

(1,948,023)

CommScope

,

Inc.,

8.25%

,

 03/01/27

(a)

2,000

(1,956,760)

Community

Health

Systems,

Inc.,

6.13%

,

 04/01/30

(a)

...........

2,500

(2,380,513)

CSC

Holdings

LLC,

4.50%

,

 11/15/31

(a)

1,000

(931,740)

Freeport-McMoRan,

Inc.

5.40%

,

 11/14/34

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

743

(858,068)

5.45%

,

 03/15/43

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

743

(873,954)

Gap,

Inc.

(The),

3.88%

,

 10/01/31

(a)

..

2,250

(2,088,045)

HCA,

Inc.,

3.50%

,

 09/01/30

.......

4,848

(4,825,651)

Mozart

Debt

Merger

Sub,

Inc.,

5.25%

,

 10/01/29

(a)

...........

2,000

(1,945,000)

NRG

Energy,

Inc.,

3.88%

,

 02/15/32

(a)

4,000

(3,761,000)

Sprint

Capital

Corp.,

6.88%

,

 11/15/28

1,850

(2,200,575)

Uber

Technologies,

Inc.

(a)

4.50%

,

 08/15/29

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

4,950

(4,801,500)

7.50%

,

 09/15/27

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

1,600

(1,703,680)

Yum!

Brands,

Inc.,

3.63%

,

 03/15/31

.

2,000

(1,890,280)

(36,537,125)

Total

Corporate

Bonds

—

(7.3)%

(Proceeds:

$126,934,653)

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

(121,732,475)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

—

(0.3)%

United

States

—

(0.3)%

U.S.

Treasury

Notes,

0.25%

,

 05/31/25

USD

4,925

$

(4,733,579)

Total

U.S.

Treasury

Obligations

—

(0.3)%

(Proceeds:

$4,908,019)

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

(4,733,579)

Total

Borrowed

Bonds

—

(7.6)%

(Proceeds:

$131,842,672)

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

(126,466,054)

Investments

Sold

Short

—

(0.1)%

Corporate

Bonds

—

(0.1)%

United

States

—

(0.1)%

CommScope

Technologies

LLC,

6.00%

,

06/15/25

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

1,000

(974,012)

CSC

Holdings

LLC,

4.50%

,

11/15/31

.

1,000

(931,740)

(1,905,752)

Total

Corporate

Bonds

—

(0.1)%

(Proceeds:

$1,902,500)

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

(1,905,752)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$1,902,500

)

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

(1,905,752)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

98.6%

(Cost:

$1,769,364,722)

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

1,657,965,455

Other

Assets

Less

Liabilities

—

1.4%

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

22,712,391

Net

Assets

—

100.0%

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

$

1,680,677,846

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Non-income

producing

security.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,676,848,

representing

0.10%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,983,591.

(g)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(h)

Convertible

security.

(i)

Zero-coupon

bond.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

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.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

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.

(n)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(o)

Fixed

rate.

(p)

Rounds

to

less

than

1,000.

(q)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(r)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

Affiliate

of

the

Fund.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/22

Shares

Held

at

01/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

92,834,893

$

101,412,400

$

—

$

—

$

—

$

194,247,293

194,247,293

$

4,261

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

34

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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

Euro-

Bobl

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

55

03/08/22

$

8,171

$

(72,002)

Short

Contracts

Euro-Bund

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

157

03/08/22

29,828

694,836

NASDAQ

100

E-Mini

Index

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

9

03/18/22

2,683

(135,739)

Russell

2000

E-Mini

Index

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

100

03/18/22

10,122

664,997

U.S.

Treasury

10

Year

Note

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

288

03/22/22

36,864

523,112

U.S.

Treasury

Long

Bond

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

65

03/22/22

10,112

292,955

Long

Gilt

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

7

03/29/22

1,148

9,144

U.S.

Treasury

5

Year

Note

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

31

03/31/22

3,697

10,857

2,060,162

$

1,988,160

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

242,261

JPY

27,697,000

Royal

Bank

of

Canada

02/02/22

$

1,585

EUR

2,674,958

USD

3,001,239

Goldman

Sachs

International

03/16/22

6,666

USD

13,412,727

CHF

12,309,774

Deutsche

Bank

AG

03/16/22

113,466

USD

3,549,801

EUR

3,137,000

Bank

of

America

NA

03/16/22

22,346

USD

94,189

EUR

83,000

Barclays

Bank

plc

03/16/22

858

USD

204,396

EUR

181,000

BNP

Paribas

SA

03/16/22

867

USD

301,147,791

EUR

266,178,580

Citibank

NA

03/16/22

1,838,601

USD

5,285,549

EUR

4,672,444

Deutsche

Bank

AG

03/16/22

31,537

USD

1,142,818

EUR

1,007,000

Goldman

Sachs

International

03/16/22

10,479

USD

73,302,479

EUR

64,730,000

JPMorgan

Chase

Bank

NA

03/16/22

515,691

USD

194,840,126

EUR

172,245,711

Morgan

Stanley

&

Co.

International

plc

03/16/22

1,155,404

USD

902,723

GBP

667,000

Bank

of

America

NA

03/16/22

5,899

USD

1,128,234

GBP

834,000

Morgan

Stanley

&

Co.

International

plc

03/16/22

6,868

USD

222,846

JPY

25,267,000

Bank

of

America

NA

03/16/22

3,200

USD

715,500

JPY

81,004,046

Goldman

Sachs

International

03/16/22

11,331

3,724,798

EUR

5,791,892

USD

6,562,440

Bank

of

America

NA

03/16/22

(49,645)

USD

2,353,456

GBP

1,770,000

Deutsche

Bank

AG

03/16/22

(26,422)

USD

14,732,449

GBP

11,109,394

JPMorgan

Chase

Bank

NA

03/16/22

(204,842)

USD

63,953,212

GBP

48,384,158

Morgan

Stanley

&

Co.

International

plc

03/16/22

(1,102,386)

(1,383,295)

$

2,341,503

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Devon

Energy

Corp.

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

250

02/18/22

USD

55.00

USD

1,264

$

33,625

Discovery,

Inc.

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

500

02/18/22

USD

30.00

USD

1,396

35,250

EURO

STOXX

50

Index

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

310

02/18/22

EUR

4,400.00

EUR

12,941

17,413

EURO

STOXX

50

Index

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

348

02/18/22

EUR

4,300.00

EUR

14,528

77,997

EURO

STOXX

50

Index

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

653

02/18/22

EUR

4,500.00

EUR

27,260

10,271

Freeport-McMoRan,

Inc.

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

850

02/18/22

USD

44.00

USD

3,164

13,175

Telecom

Italia

SpA

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

9,788

02/18/22

EUR

0.50

EUR

4,074

82,472

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Xerox

Holdings

Corp.

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

500

02/18/22

USD

25.00

USD

1,056

$

5,000

Altice

USA,

Inc.

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

808

03/18/22

USD

25.00

USD

1,165

8,080

Devon

Energy

Corp.

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

300

03/18/22

USD

60.00

USD

1,517

37,800

Diamondback

Energy,

Inc.

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

120

03/18/22

USD

135.00

USD

1,514

77,400

EURO

STOXX

50

Index

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

282

03/18/22

EUR

4,600.00

EUR

11,772

7,287

EURO

STOXX

50

Index

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

282

03/18/22

EUR

4,300.00

EUR

11,772

155,872

EURO

STOXX

Bank

Index

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

3,056

03/18/22

EUR

105.00

EUR

16,266

854,024

U.S.

Treasury

10

Year

Note

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

168

03/25/22

USD

129.00

USD

16,800

84,000

Devon

Energy

Corp.

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

234

04/14/22

USD

55.00

USD

1,183

73,125

Devon

Energy

Corp.

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

235

04/14/22

USD

50.00

USD

1,188

120,438

Discovery,

Inc.

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

750

04/14/22

USD

42.50

USD

2,093

28,500

EURO

STOXX

50

Index

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

201

04/14/22

EUR

4,500.00

EUR

8,391

41,775

Ovintiv

,

Inc.

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

180

04/14/22

USD

45.00

USD

698

31,950

Sabre

Corp.

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

500

04/14/22

USD

13.00

USD

458

9,500

Western

Digital

Corp.

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

1,000

04/14/22

USD

80.00

USD

5,174

15,500

Xerox

Holdings

Corp.

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

500

04/14/22

USD

30.00

USD

1,056

10,000

Carrefour

SA

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

1,355

06/17/22

EUR

20.00

EUR

2,293

70,025

Cellnex

Telecom

SA

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

1,036

06/17/22

EUR

60.00

EUR

4,175

11,057

Discovery,

Inc.

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

350

06/17/22

USD

45.00

USD

977

19,075

easyJet

plc

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

189

06/17/22

GBP

7.50

GBP

1,389

91,347

Electricite

de

France

SA

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

2,851

06/17/22

EUR

13.00

EUR

2,423

3,203

iShares

China

Large-Cap

ETF

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

500

06/17/22

USD

45.00

USD

1,897

19,000

S&P

500

Index

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

33

06/17/22

USD

4,900.00

USD

14,901

143,385

S&P

500

Index

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

33

06/17/22

USD

4,600.00

USD

14,901

518,925

Xerox

Holdings

Corp.

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

250

07/15/22

USD

30.00

USD

528

3,750

Cellnex

Telecom

SA

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

791

09/16/22

EUR

54.00

EUR

3,188

44,877

iShares

China

Large-Cap

ETF

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

500

09/16/22

USD

45.00

USD

1,897

40,250

S&P

500

Index

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

136

01/20/23

USD

6,000.00

USD

61,411

102,000

2,897,348

Put

Invesco

QQQ

Trust

1

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

325

02/02/22

USD

325.00

USD

11,799

813

iShares

Russell

2000

ETF

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

250

02/02/22

USD

183.00

USD

5,031

1,250

iShares

Russell

2000

ETF

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

300

02/02/22

USD

185.00

USD

6,037

2,250

iShares

Russell

2000

ETF

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

400

02/02/22

USD

182.00

USD

8,050

1,800

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

750

02/04/22

USD

83.50

USD

6,353

16,125

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,650

02/04/22

USD

84.00

USD

13,976

52,800

iShares

Russell

2000

ETF

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

400

02/04/22

USD

180.00

USD

8,050

5,400

SPDR

S&P

500

ETF

Trust

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

200

02/04/22

USD

420.00

USD

8,998

4,700

CommScope

Holding

Co.,

Inc.

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

350

02/18/22

USD

8.00

USD

329

7,875

Invesco

QQQ

Trust

1

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

550

02/18/22

USD

325.00

USD

19,968

81,125

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

500

02/18/22

USD

84.00

USD

4,235

35,750

iShares

JP

Morgan

USD

Emerging

Markets

Bond

ETF

..

650

02/18/22

USD

102.00

USD

6,850

17,875

iShares

Russell

2000

ETF

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

125

02/18/22

USD

190.00

USD

2,516

31,250

iShares

Russell

2000

ETF

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

200

02/18/22

USD

195.00

USD

4,025

74,000

iShares

Russell

2000

ETF

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

250

02/18/22

USD

180.00

USD

5,031

52,875

Tesla,

Inc.

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

50

02/18/22

USD

650.00

USD

4,684

8,275

U.S.

Treasury

10

Year

Note

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

130

02/18/22

USD

126.00

USD

13,000

10,156

U.S.

Treasury

5

Year

Note

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

125

02/18/22

USD

118.25

USD

12,500

10,742

American

Airlines

Group,

Inc.

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

2,750

03/18/22

USD

10.00

USD

4,529

20,625

Avaya

Holdings

Corp.

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

650

03/18/22

USD

15.00

USD

1,184

35,750

Invesco

QQQ

Trust

1

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

110

03/18/22

USD

300.00

USD

3,994

21,340

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

1,000

03/18/22

USD

82.00

USD

8,470

78,000

iShares

Russell

2000

ETF

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

150

03/18/22

USD

175.00

USD

3,019

31,050

iShares

Russell

2000

ETF

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

175

03/18/22

USD

180.00

USD

3,522

47,775

S&P

500

Index

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

30

03/18/22

USD

4,100.00

USD

13,547

130,200

S&P

500

Index

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

31

03/18/22

USD

4,500.00

USD

13,998

414,625

S&P

500

Index

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

33

03/18/22

USD

4,200.00

USD

14,901

189,090

Seagate

Technology

Holdings

plc

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

500

03/18/22

USD

80.00

USD

5,358

30,000

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

898

03/18/22

USD

80.00

USD

9,573

67,799

Tesla,

Inc.

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

40

03/18/22

USD

575.00

USD

3,747

14,900

Uber

Technologies,

Inc.

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

650

03/18/22

USD

25.00

USD

2,431

16,900

Uber

Technologies,

Inc.

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

850

03/18/22

USD

20.00

USD

3,179

5,950

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

36

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

United

Airlines

Holdings,

Inc.

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

350

03/18/22

USD

25.00

USD

1,501

$

4,025

American

Airlines

Group,

Inc.

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

2,500

04/14/22

USD

8.00

USD

4,118

23,750

Invesco

QQQ

Trust

1

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

210

04/14/22

USD

350.00

USD

7,624

268,905

Invesco

QQQ

Trust

1

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

210

04/14/22

USD

300.00

USD

7,624

76,545

Invesco

Senior

Loan

ETF

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

3,200

04/14/22

USD

20.00

USD

7,034

24,000

iShares

Russell

2000

ETF

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

150

04/14/22

USD

175.00

USD

3,019

49,200

Pitney

Bowes,

Inc.

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

150

04/14/22

USD

5.00

USD

92

3,375

Pitney

Bowes,

Inc.

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

450

04/14/22

USD

6.00

USD

277

27,000

S&P

500

Index

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

51

04/14/22

USD

4,000.00

USD

23,029

285,345

Sabre

Corp.

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

350

04/14/22

USD

5.00

USD

320

4,200

Uber

Technologies,

Inc.

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

500

04/14/22

USD

25.00

USD

1,870

21,000

American

Airlines

Group,

Inc.

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

2,500

05/20/22

USD

8.00

USD

4,118

40,000

S&P

500

Index

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

33

06/17/22

USD

4,100.00

USD

14,901

402,765

2,749,175

$

5,646,523

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Liberty

Global

plc

.........

Citibank

NA

156,497

06/17/22

USD

37.00

USD

4,244

$

318,498

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

%

Quarterly

CDX.NA.IG.37.V1

Quarterly

Deutsche

Bank

AG

02/16/22

USD

0.65

USD

50,000

$

45,701

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

Quarterly

CDX.NA.IG.37.V1

Quarterly

Deutsche

Bank

AG

02/16/22

USD

0.68

USD

25,000

16,500

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

Quarterly

CDX.NA.IG.37.V1

Quarterly

Deutsche

Bank

AG

02/16/22

USD

0.70

USD

50,000

26,291

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

Credit

Suisse

International

03/16/22

USD

104.00

USD

10,000

77,700

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

JPMorgan

Chase

Bank

NA

02/16/22

USD

104.00

USD

5,000

9,739

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

BNP

Paribas

SA

03/16/22

USD

105.00

USD

10,000

86,370

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

Bank

of

America

NA

02/16/22

USD

106.00

USD

10,000

53,121

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

Goldman

Sachs

International

02/16/22

USD

106.00

USD

12,500

66,401

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.37.V1

Quarterly

Goldman

Sachs

International

02/16/22

USD

107.00

USD

10,000

90,506

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Barclays

Bank

plc

03/16/22

EUR

300.00

EUR

29,100

346,083

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Barclays

Bank

plc

03/16/22

EUR

300.00

EUR

36,500

$

434,090

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Barclays

Bank

plc

03/16/22

EUR

325.00

EUR

29,100

246,245

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Bank

of

America

NA

03/16/22

EUR

350.00

EUR

29,000

179,206

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Barclays

Bank

plc

02/16/22

EUR

400.00

EUR

72,700

46,434

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Barclays

Bank

plc

02/16/22

EUR

400.00

EUR

29,300

18,714

$

1,743,101

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Discovery,

Inc.

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

500

02/18/22

USD

35.00

USD

1,396

$

(10,750)

Freeport-McMoRan,

Inc.

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

850

02/18/22

USD

48.00

USD

3,164

(4,675)

Telecom

Italia

SpA

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

9,788

02/18/22

EUR

0.60

EUR

4,074

(175,941)

EURO

STOXX

50

Index

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

564

03/18/22

EUR

4,450.00

EUR

23,545

(76,669)

EURO

STOXX

Bank

Index

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

3,056

03/18/22

EUR

115.00

EUR

16,266

(184,538)

Cellnex

Telecom

SA

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

1,036

06/17/22

EUR

66.00

EUR

4,175

(9,311)

easyJet

plc

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

189

06/17/22

GBP

9.00

GBP

1,389

(27,178)

S&P

500

Index

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

66

06/17/22

USD

4,750.00

USD

29,803

(579,810)

Cellnex

Telecom

SA

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

791

09/16/22

EUR

60.00

EUR

3,188

(20,884)

iShares

China

Large-Cap

ETF

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

500

09/16/22

USD

50.00

USD

1,897

(14,000)

(1,103,756)

Put

iShares

Russell

2000

ETF

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

300

02/02/22

USD

165.00

USD

6,037

(600)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

1,650

02/04/22

USD

81.00

USD

13,976

(9,900)

iShares

Russell

2000

ETF

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

400

02/04/22

USD

160.00

USD

8,050

(800)

SPDR

S&P

500

ETF

Trust

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

200

02/04/22

USD

400.00

USD

8,998

(1,100)

iShares

JP

Morgan

USD

Emerging

Markets

Bond

ETF

...

650

02/18/22

USD

97.00

USD

6,850

(10,400)

iShares

Russell

2000

ETF

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

200

02/18/22

USD

175.00

USD

4,025

(14,000)

iShares

Russell

2000

ETF

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

250

02/18/22

USD

160.00

USD

5,031

(5,750)

Tesla,

Inc.

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

50

02/18/22

USD

500.00

USD

4,684

(2,100)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.........

1,000

03/18/22

USD

77.00

USD

8,470

(30,500)

S&P

500

Index

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

30

03/18/22

USD

3,900.00

USD

13,547

(75,750)

S&P

500

Index

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

31

03/18/22

USD

4,350.00

USD

13,998

(270,165)

S&P

500

Index

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

33

03/18/22

USD

4,000.00

USD

14,901

(108,900)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

898

03/18/22

USD

70.00

USD

9,573

(27,389)

Tesla,

Inc.

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

40

03/18/22

USD

400.00

USD

3,747

(3,300)

S&P

500

Index

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

51

04/14/22

USD

3,800.00

USD

23,029

(185,640)

Carrefour

SA

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

1,355

06/17/22

EUR

14.00

EUR

2,293

(65,458)

S&P

500

Index

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

33

06/17/22

USD

3,900.00

USD

14,901

(289,740)

(1,101,492)

$

(2,205,248)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

38

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Liberty

Global

plc

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

Citibank

NA

156,497

06/17/22

USD

44.00

USD

4,244

$

(8,038)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

ITRAXX.EUR.

CROSSOVER.36.

V1

Quarterly

Goldman

Sachs

International

02/16/22

NR

EUR

262.50

EUR

21,800

$

(22,679)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.37.V1

Quarterly

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

02/16/22

NR

USD

0.75

USD

50,000

(16,047)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.37.V1

Quarterly

1.00

Quarterly

Deutsche

Bank

AG

02/16/22

NR

USD

0.80

USD

50,000

(10,535)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.37.V1

Quarterly

1.00

Quarterly

Deutsche

Bank

AG

02/16/22

NR

USD

0.85

USD

50,000

(7,460)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.37.V1

Quarterly

5.00

Quarterly

Credit

Suisse

International

03/16/22

NR

USD

98.00

USD

10,000

(15,000)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.37.V1

Quarterly

5.00

Quarterly

Bank

of

America

NA

02/16/22

NR

USD

101.00

USD

10,000

(5,888)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.37.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

02/16/22

NR

USD

103.00

USD

10,000

(12,494)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.36.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

02/16/22

NR

EUR

300.00

EUR

21,800

(128,271)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.36.V1

Quarterly

5.00

Quarterly

Bank

of

America

NA

03/16/22

NR

EUR

375.00

EUR

29,100

(134,370)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.36.V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

03/16/22

NR

EUR

375.00

EUR

36,500

(168,540)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.36.V1

Quarterly

5.00

Quarterly

Barclays

Bank

plc

03/16/22

NR

EUR

375.00

EUR

29,100

(134,370)

Sold

Protection

on

5-Year

Credit

Default

Swap

ITRAXX.EUR.

CROSSOVER.36.V1

Quarterly

5.00

Quarterly

Bank

of

America

NA

03/16/22

NR

EUR

425.00

EUR

29,000

(79,332)

(712,307)

$

(734,986)

(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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

39

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

CDX.NA.HY.33.V12

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

5.00

%

Quarterly

12/20/24

USD

2,717

$

(202,208)

$

(167,190)

$

(35,018)

ITRAXX.FINSUB.36.V1

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

1.00

Quarterly

12/20/26

EUR

79,592

1,025,501

718,635

306,866

$

823,293

$

551,445

$

271,848

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.37.V1

.....

5.00

%

0

12/20/26

NR

USD

29,300

$

(2,198,026)

$

(2,536,780)

$

338,754

ITRAXX.EUR.

CROSSOVER.36.V1

.

5.00

0

12/20/26

NR

EUR

23,729

(2,536,060)

(2,974,672)

438,612

$

(4,734,086)

$

(5,511,452)

$

777,366

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

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)

0.05%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/22

USD

2,267

$

9,957

$

—

$

9,957

1

day

SOFR

Quarterly

0.05%

Quarterly

10/21/22

USD

2,267

(8,870)

—

(8,870)

0.18%

Quarterly

1

day

Fed

Funds

Quarterly

10/21/25

USD

143

6,377

—

6,377

1

day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(6,325)

—

(6,325)

$

1,139

$

—

$

1,139

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)

Stonegate

Pub

Co.

Financing

plc

5.00

%

Quarterly

Credit

Suisse

International

03/20/22

EUR

1,700

$

(20,962)

$

(2,784)

$

(18,178)

Altice

Luxembourg

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

EUR

2,480

(62,164)

(8,052)

(54,112)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

Barclays

Bank

plc

06/20/22

USD

3,000

(19,224)

302,096

(321,320)

Bausch

Health

Cos.,

Inc.

.....

5.00

Quarterly

Citibank

NA

06/20/22

USD

3,350

(66,218)

(46,785)

(19,433)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Credit

Suisse

International

06/20/22

EUR

5,090

(89,525)

(67,382)

(22,143)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

875

(6,588)

21,418

(28,006)

Staples,

Inc.

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

5.00

Quarterly

Goldman

Sachs

International

06/20/22

USD

1,650

(12,423)

36,449

(48,872)

Staples,

Inc.

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/22

USD

1,000

(7,529)

33,388

(40,917)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Barclays

Bank

plc

06/20/22

EUR

1,650

(37,606)

(1,303)

(36,303)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

06/20/22

EUR

1,650

(37,606)

2,908

(40,514)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

970

(38,791)

17,647

(56,438)

Stonegate

Pub

Co.

Financing

plc

5.00

Quarterly

Credit

Suisse

International

12/20/22

EUR

1,470

(58,786)

16,986

(75,772)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/23

EUR

4,740

(79,942)

(109,002)

29,060

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,480

(158,454)

(115,747)

(42,707)

Cable

&

Wireless

International

Finance

BV

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

1,398

(149,633)

(103,712)

(45,921)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

40

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

Cable

&

Wireless

International

Finance

BV

...........

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/23

EUR

1,434

$

(153,496)

$

(112,676)

$

(40,820)

Casino

Guichard

Perrachon

SA

5.00

Quarterly

Goldman

Sachs

International

12/20/23

EUR

860

(541)

(9,219)

8,678

Staples,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

3,725

192,929

53,272

139,657

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

270

(25,676)

13,072

(38,748)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(308,548)

(187,639)

(120,909)

Occidental

Petroleum

Corp.

...

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

560

3,224

169,409

(166,185)

Republic

of

Italy

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

39,430

(564,857)

459,056

(1,023,913)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

5,000

(59,326)

(27,582)

(31,744)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/24

USD

10,000

(118,653)

(119,363)

710

Staples,

Inc.

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

5.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

500

38,338

4,511

33,827

Sunrise

Communications

AG

..

5.00

Quarterly

Barclays

Bank

plc

12/20/24

EUR

4,090

(692,322)

(501,603)

(190,719)

Sunrise

Communications

AG

..

5.00

Quarterly

Credit

Suisse

International

12/20/24

EUR

5,290

(895,448)

(699,686)

(195,762)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

4,000

85,399

171,163

(85,764)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(187,852)

(96,123)

(91,729)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Citibank

NA

06/20/25

USD

880

(125,235)

(64,092)

(61,143)

Avis

Budget

Car

Rental

LLC

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

270

(26,421)

22,719

(49,140)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,150

(57,613)

(29,065)

(28,548)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,000

(80,391)

(39,599)

(40,792)

Caterpillar,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

5,000

(133,985)

(72,648)

(61,337)

Caterpillar,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,000

(107,188)

(39,344)

(67,844)

Macy's

Retail

Holdings

LLC

...

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

72,005

377,830

(305,825)

Republic

of

Italy

...........

1.00

Quarterly

Bank

of

America

NA

06/20/25

USD

19,700

(265,013)

844,212

(1,109,225)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,710

(20,404)

32,960

(53,364)

SES

SA

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

EUR

1,700

(20,285)

26,296

(46,581)

Simon

Property

Group

LP

....

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

4,250

(72,394)

205,813

(278,207)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(20,441)

66,606

(87,047)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(17,034)

72,961

(89,995)

Simon

Property

Group

LP

....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,325

(73,672)

245,477

(319,149)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(16,738)

36,175

(52,913)

Southwest

Airlines

Co.

......

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,535

(16,738)

36,175

(52,913)

Xerox

Corp.

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

1.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,360

79,588

117,603

(38,015)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

06/20/25

USD

1,375

46,370

85,644

(39,274)

Xerox

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,200

74,192

162,859

(88,667)

Ashland

LLC

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

1,437

(213,654)

(233,318)

19,664

BP

Capital

Markets

plc

......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

3,050

(78,572)

(5,401)

(73,171)

HSBC

Holdings

plc

........

1.00

Quarterly

Citibank

NA

12/20/25

EUR

12,190

(108,759)

217,145

(325,904)

ITV

plc

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

5.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

5,130

(928,266)

(728,256)

(200,010)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(59,367)

(39,543)

(19,824)

Publicis

Groupe

SA

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

2,870

(59,367)

(31,284)

(28,083)

Simon

Property

Group

LP

....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

3,650

(62,098)

73,376

(135,474)

Xerox

Corp.

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

1.00

Quarterly

BNP

Paribas

SA

12/20/25

USD

3,750

171,931

163,732

8,199

ADLER

Real

Estate

AG

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

EUR

1,000

60,700

60,029

671

ADLER

Real

Estate

AG

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

EUR

2,000

121,400

157,910

(36,510)

ArcelorMittal

SA

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/26

EUR

3,500

(671,941)

(654,251)

(17,690)

BASF

SE

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

1.00

Quarterly

Barclays

Bank

plc

12/20/26

EUR

3,500

(135,910)

(137,151)

1,241

Carlsberg

Breweries

A/S

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/26

EUR

9,400

(369,590)

(348,842)

(20,748)

Carrefour

SA

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

1.00

Quarterly

Citibank

NA

12/20/26

EUR

3,700

20,569

10,077

10,492

Carrefour

SA

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

1.00

Quarterly

Deutsche

Bank

AG

12/20/26

EUR

4,500

25,016

12,122

12,894

Cellnex

Telecom

SA

........

5.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

3,750

(693,843)

(673,749)

(20,094)

Cellnex

Telecom

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

EUR

17,550

(3,247,187)

(3,565,580)

318,393

Clariant

AG

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

EUR

6,410

(58,579)

(82,606)

24,027

Clariant

AG

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

EUR

3,700

(33,813)

(40,916)

7,103

Devon

Energy

Corp.

........

1.00

Quarterly

Citibank

NA

12/20/26

USD

3,250

(6,742)

(2,989)

(3,753)

DISH

DBS

Corp.

..........

5.00

Quarterly

Citibank

NA

12/20/26

USD

2,000

(1,161)

5,875

(7,036)

ELO

SACA

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

1.00

Quarterly

Citibank

NA

12/20/26

EUR

1,900

44,034

27,691

16,343

Glencore

Finance

Europe

Ltd.

.

5.00

Quarterly

Barclays

Bank

plc

12/20/26

EUR

3,500

(722,299)

(704,545)

(17,754)

Halliburton

Co.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

6,000

(71,139)

(47,185)

(23,954)

Hess

Corp.

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

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

2,800

2,577

6,419

(3,842)

ITV

plc

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

EUR

3,700

(769,248)

(773,023)

3,775

J.P.

Morgan

Structured

Products

BV

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

EUR

3,210

102,269

60,528

41,741

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

41

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

LANXESS

AG

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

1.00

%

Quarterly

Deutsche

Bank

AG

12/20/26

EUR

7,500

$

(137,675)

$

(154,986)

$

17,311

LANXESS

AG

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

1.00

Quarterly

Goldman

Sachs

International

12/20/26

EUR

13,680

(251,119)

(364,059)

112,940

Next

Group

plc

...........

1.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

10,299

(72,901)

(132,685)

59,784

Rakuten

Group,

Inc.

........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

JPY

398,000

(7,056)

(5,024)

(2,032)

Renault

SA

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

1.00

Quarterly

Bank

of

America

NA

12/20/26

EUR

5,850

306,263

304,743

1,520

Renault

SA

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

1.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

1,850

96,852

94,300

2,552

Renault

SA

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

1.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

1,850

96,852

94,300

2,552

Rite

Aid

Corp.

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

5.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

1,000

191,693

183,715

7,978

SES

SA

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

1.00

Quarterly

Barclays

Bank

plc

12/20/26

EUR

6,190

(5,214)

(97,325)

92,111

SoftBank

Group

Corp.

......

1.00

Quarterly

Barclays

Bank

plc

12/20/26

JPY

94,895

77,050

72,142

4,908

SoftBank

Group

Corp.

......

1.00

Quarterly

Barclays

Bank

plc

12/20/26

JPY

190,000

154,271

154,670

(399)

SoftBank

Group

Corp.

......

1.00

Quarterly

Barclays

Bank

plc

12/20/26

JPY

190,000

154,271

149,232

5,039

SoftBank

Group

Corp.

......

1.00

Quarterly

BNP

Paribas

SA

12/20/26

JPY

946,456

768,477

536,671

231,806

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/26

USD

2,000

(7,704)

7,370

(15,074)

Stellantis

NV

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

5.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

1,850

(390,730)

(379,131)

(11,599)

Stellantis

NV

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

5.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

1,850

(390,730)

(379,131)

(11,599)

Stellantis

NV

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

5.00

Quarterly

Citibank

NA

12/20/26

EUR

3,700

(781,460)

(775,322)

(6,138)

Stellantis

NV

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

EUR

3,700

(781,460)

(785,087)

3,627

Telenor

ASA

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

1.00

Quarterly

Deutsche

Bank

AG

12/20/26

EUR

7,500

(310,438)

(303,559)

(6,879)

Telia

Co.

AB

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

1.00

Quarterly

BNP

Paribas

SA

12/20/26

EUR

7,500

(270,575)

(275,763)

5,188

United

States

Steel

Corp.

....

5.00

Quarterly

Citibank

NA

12/20/26

USD

2,000

(82,492)

(124,530)

42,038

Valeo

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

1.00

Quarterly

Citibank

NA

12/20/26

EUR

3,700

96,894

78,601

18,293

$

–

$

–

$

–

$

(13,603,647)

$

(8,193,294)

$

(5,410,353)

$

–

$

–

$

–

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)

Advanced

Micro

Devices,

Inc.

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

5.00

%

Quarterly

Barclays

Bank

plc

06/20/24

BBB-

USD

1,000

$

117,068

$

93,473

$

23,595

HCA,

Inc.

...........

5.00

Quarterly

Citibank

NA

06/20/24

NR

USD

4,900

526,475

391,276

135,199

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

Barclays

Bank

plc

12/20/24

BBB-

USD

14,150

1,954,576

1,703,397

251,179

Carrefour

SA

.........

1.00

Quarterly

Deutsche

Bank

AG

12/20/24

BBB

EUR

4,870

69,925

68,764

1,161

Republic

of

Italy

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

BBB

USD

39,430

819,888

21,266

798,622

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

NR

EUR

1,830

(122,558)

(12,971)

(109,587)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

NR

EUR

520

(34,825)

8,727

(43,552)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Citibank

NA

06/20/25

BB+

USD

2,000

24,088

11,880

12,208

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB+

USD

2,000

24,088

9,888

14,200

NRG

Energy,

Inc.

......

5.00

Quarterly

Credit

Suisse

International

06/20/25

BB+

USD

750

81,585

73,398

8,187

Republic

of

Italy

.......

1.00

Quarterly

Bank

of

America

NA

06/20/25

BBB

USD

19,700

441,042

(482,825)

923,867

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

1,300

190,079

160,164

29,915

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

3,000

438,644

305,820

132,824

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,000

292,429

221,899

70,530

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

2,200

321,672

278,752

42,920

Sprint

Communications,

Inc.

5.00

Quarterly

Barclays

Bank

plc

06/20/25

BB+

USD

667

97,476

84,749

12,727

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

NR

EUR

2,890

(187,520)

396,687

(584,207)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

NR

EUR

1,490

(96,680)

200,709

(297,389)

Altice

France

SA

......

5.00

Quarterly

Barclays

Bank

plc

12/20/25

B

EUR

594

49,072

45,504

3,568

Altice

France

SA

......

5.00

Quarterly

Citibank

NA

12/20/25

B

EUR

5,000

412,893

409,125

3,768

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

42

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

Altice

France

SA

......

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

261

$

21,553

$

16,340

$

5,213

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

909

127,600

131,338

(3,738)

CCO

Holdings

LLC

....

5.00

Quarterly

BNP

Paribas

SA

12/20/25

BB

USD

545

76,560

78,752

(2,192)

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

2,000

280,720

276,290

4,430

CCO

Holdings

LLC

....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

545

76,560

79,420

(2,860)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/25

BB-

EUR

1,720

173,097

52,753

120,344

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

EUR

1,850

186,179

75,407

110,772

International

Game

Technology

plc

.....

5.00

Quarterly

Goldman

Sachs

International

12/20/25

BB

EUR

40

5,270

3,922

1,348

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Credit

Suisse

International

12/20/25

B-

EUR

2,185

296,490

199,994

96,496

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB+

USD

462

69,663

67,028

2,635

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

40

4,755

4,184

571

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

1,750

(109,742)

197,206

(306,948)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

60

(3,763)

5,462

(9,225)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

60

(3,763)

6,100

(9,863)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

1,760

(110,369)

227,530

(337,899)

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,850

108,363

(23,582)

131,945

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

744

43,579

—

43,579

Cirsa

Finance

International

Sarl

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B-

EUR

1,079

63,230

(6,966)

70,196

CMA

CGM

SA

........

5.00

Quarterly

Bank

of

America

NA

06/20/26

BB-

EUR

676

61,807

36,785

25,022

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/26

BB-

EUR

330

30,172

17,676

12,496

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

20

1,829

908

921

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

640

58,515

32,194

26,321

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB-

EUR

10

914

817

97

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB-

EUR

1,750

160,002

133,594

26,408

International

Consolidated

Airlines

Group

SA

...

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB

EUR

3,520

338,038

289,727

48,311

International

Game

Technology

plc

.....

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB

EUR

20

2,626

1,861

765

Intrum

AB

...........

5.00

Quarterly

Deutsche

Bank

AG

06/20/26

BB

EUR

700

61,637

73,781

(12,144)

Intrum

AB

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB

EUR

700

61,637

73,905

(12,268)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

1,500

12,691

11,379

1,312

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

2,530

21,406

19,200

2,206

Matterhorn

Telecom

SA

..

5.00

Quarterly

Citibank

NA

06/20/26

B+

EUR

1,760

209,980

265,687

(55,707)

Matterhorn

Telecom

SA

..

5.00

Quarterly

Citibank

NA

06/20/26

B+

EUR

1,700

202,822

276,728

(73,906)

Matterhorn

Telecom

SA

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B+

EUR

1,000

119,307

158,403

(39,096)

Monitchem

HoldCo

3

SA

.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

B-

EUR

396

57,451

41,647

15,804

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

B-

EUR

1,700

(167,643)

(184,970)

17,327

NRG

Energy,

Inc.

......

5.00

Quarterly

Barclays

Bank

plc

06/20/26

BB+

USD

1,600

191,004

199,591

(8,587)

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

43

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

Stonegate

Pub

Co.

Financing

plc

......

5.00

%

Quarterly

Credit

Suisse

International

06/20/26

NR

EUR

1,750

$

87,659

$

(1,532)

$

89,191

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

06/20/26

BB+

USD

3,000

496,035

467,031

29,004

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

Citibank

NA

06/20/26

BB+

USD

1,250

206,681

196,938

9,743

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

89

(6,142)

(8,711)

2,569

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

262

(18,081)

(25,533)

7,452

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

B

EUR

990

115,455

105,198

10,257

Vue

International

Bidco

plc

5.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

667

(23,210)

(32,029)

8,819

Vue

International

Bidco

plc

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

700

(24,371)

(36,848)

12,477

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

USD

1,500

(13,504)

—

(13,504)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

06/20/26

BB-

USD

2,000

(18,005)

6,714

(24,719)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/26

BB-

EUR

40

(2,428)

954

(3,382)

Advanced

Micro

Devices,

Inc.

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

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BBB-

USD

1,000

211,216

215,434

(4,218)

Altice

Finco

SA

.......

5.00

Quarterly

Credit

Suisse

International

12/20/26

CCC+

EUR

1,900

19,257

72,059

(52,802)

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

CCC+

EUR

1,750

17,737

72,534

(54,797)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

60

3,432

4,416

(984)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

1,100

62,917

75,033

(12,116)

Altice

France

SA

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

B

EUR

1,800

102,955

101,689

1,266

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BBB

USD

5,250

67,223

88,777

(21,554)

AT&T,

Inc.

...........

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BBB

USD

3,050

39,054

44,231

(5,177)

AT&T,

Inc.

...........

1.00

Quarterly

Goldman

Sachs

International

12/20/26

BBB

USD

2,000

25,609

27,143

(1,534)

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BBB

USD

2,000

25,609

33,835

(8,226)

AT&T,

Inc.

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BBB

USD

3,000

38,413

47,668

(9,255)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB-

EUR

1,900

157,286

168,272

(10,986)

Gap,

Inc.

(The)

.......

1.00

Quarterly

Deutsche

Bank

AG

12/20/26

NR

USD

2,000

(152,597)

(106,019)

(46,578)

Gap,

Inc.

(The)

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/26

NR

USD

3,000

(228,895)

(139,003)

(89,892)

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

USD

5,000

863,402

960,122

(96,720)

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

USD

2,000

345,361

385,988

(40,627)

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

USD

2,950

509,407

578,239

(68,832)

HCA,

Inc.

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

USD

1,500

259,021

287,519

(28,498)

HCA,

Inc.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB-

USD

1,000

172,680

182,725

(10,045)

Intrum

AB

...........

5.00

Quarterly

Barclays

Bank

plc

12/20/26

BB

EUR

1,116

91,821

102,052

(10,231)

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

170

13,987

13,470

517

Intrum

AB

...........

5.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

760

62,530

63,114

(584)

Intrum

AB

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB

EUR

1,140

93,795

102,383

(8,588)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

1,540

9,477

14,364

(4,887)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

2,700

16,615

20,138

(3,523)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Citibank

NA

12/20/26

BB+

USD

2,000

12,307

19,563

(7,256)

Kraft

Heinz

Foods

Co.

..

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB+

USD

1,000

6,154

11,143

(4,989)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

44

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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)

Ladbrokes

Group

Finance

plc

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

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

3,000

$

(219,318)

$

(219,196)

$

(122)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,120

(28,943)

37,498

(66,441)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,120

(28,943)

61,708

(90,651)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,870

(48,325)

89,213

(137,538)

Loxam

SAS

.........

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,100

(28,426)

60,971

(89,397)

Loxam

SAS

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

B-

EUR

720

(18,606)

50,031

(68,637)

Novafives

SAS

.......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B-

EUR

1,100

(121,323)

(109,352)

(11,971)

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

2,000

245,870

279,132

(33,262)

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

2,125

261,237

294,636

(33,399)

NRG

Energy,

Inc.

......

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

2,775

341,145

383,938

(42,793)

Picard

Bondco

SA

.....

5.00

Quarterly

Citibank

NA

12/20/26

CCC+

EUR

1,870

55,118

89,456

(34,338)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

850

77,408

(12,586)

89,994

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

800

143,530

145,959

(2,429)

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

2,000

358,825

378,309

(19,484)

T-Mobile

USA,

Inc.

.....

5.00

Quarterly

BNP

Paribas

SA

12/20/26

BB+

USD

770

138,148

140,449

(2,301)

Virgin

Media

Finance

plc

.

5.00

Quarterly

Barclays

Bank

plc

12/20/26

B

EUR

1,860

212,881

231,005

(18,124)

Virgin

Media

Finance

plc

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B

EUR

1,860

212,881

222,433

(9,552)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BB-

USD

1,115

(18,226)

(4,114)

(14,112)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BB-

USD

1,500

(24,519)

(13,793)

(10,726)

Yum!

Brands,

Inc.

.....

1.00

Quarterly

BNP

Paribas

SA

12/20/26

BB-

USD

2,500

(40,865)

(19,607)

(21,258)

Virgin

Media

Finance

plc

.

5.00

Quarterly

Bank

of

America

NA

06/20/28

B

EUR

1,760

169,431

193,873

(24,442)

$

13,434,436

$

13,228,807

$

205,629

(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

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Universal

Health

Services,

Inc.

....

Quarterly

1

day

SOFR

minus

0.08%

Quarterly

BNP

Paribas

SA

06/10/22

USD

1

$

(2,847)

$

—

$

(2,847)

iBoxx

EUR

Corporates

Total

Return

Index

.

At

Termination

3

month

EURIBOR

Quarterly

Goldman

Sachs

International

06/20/22

EUR

33,000

659,033

(30,046)

689,079

$

656,186

$

(30,046)

$

686,232

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

45

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(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

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$29,561

of

net

dividends

and

financing

fees.

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

$

11,086,638

$

39,165

(c)

$

11,096,242

2.1

%

(b)

Range:

20-30

basis

points

Benchmarks:

CHF

-

Swiss

Average

Rate

Overnight

O/N

(SSARON)

EUR

–

1D

Euro

Short

Term

Rate

(ESTR)

GBP

–

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

–

1D

Overnight

Index

Swap

Rate

(HKDONOIS)

JPY

–

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

SEK

–

1W

Stockholm

Interbank

Offer

Rate

(STIBOR)

USD

–

1D

Overnight

Bank

Funding

Rate

(OBFR01)

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

January

31,

2022,

expiration

date

02/15/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Belgium

Telenet

Group

Holding

NV

...

102,280

$

3,926,379

35.4

%

China

Alibaba

Group

Holding

Ltd.

...

46,818

733,805

6.6

Finland

Nordea

Bank

Abp

.........

159,001

1,888,564

17.0

Germany

ADLER

Group

SA

.........

26,636

315,033

2.8

Volkswagen

AG

..........

3,170

917,962

8.3

1,232,995

Italy

Telecom

Italia

SpA

........

2,129,090

950,782

8.6

Japan

SoftBank

Group

Corp.

......

46,067

2,040,747

18.4

Spain

Banco

Bilbao

Vizcaya

Argentaria

SA

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

72,877

465,293

4.2

Banco

Santander

SA

.......

326,404

1,144,569

10.3

1,609,862

Shares

Value

%

of

Basket

Value

United

Kingdom

Barclays

Bank

plc

.........

478,754

$

1,284,411

11.6

%

Liberty

Global

plc,

Class

A

...

185,740

5,037,269

45.4

Vodafone

Group

plc

........

707,905

1,242,987

11.2

7,564,667

United

States

Altice

USA,

Inc.,

Class

A

....

59,932

864,220

7.8

Coty,

Inc.,

Class

A

.........

212,036

1,798,065

16.2

2,662,285

Total

Reference

Entity

—

Long

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

22,610,086

Reference

Entity

—

Short

Switzerland

Credit

Suisse

Group

AG

(Registered)

...........

(712,031)

(6,768,153)

(61.0)

United

Kingdom

International

Consolidated

Airlines

Group

SA

.......

(1,024,446)

(2,189,936)

(19.8)

United

States

Coupa

Software,

Inc.

.......

(6,500)

(872,755)

(7.8)

Uber

Technologies,

Inc.

.....

(45,000)

(1,683,000)

(15.2)

(2,555,755)

Total

Reference

Entity

—

Short

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

(11,513,844)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

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

$

11,096,242

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

46

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

Fed

Funds

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

1

day

Fed

Funds

0.08

%

1

day

SOFR

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

Secured

Overnight

Financing

Rate

0.05

3

month

EURIBOR

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

Euro

Interbank

Offered

Rate

(0.55)

3

month

LIBOR

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

London

Interbank

Offered

Rate

0.31

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)

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

$

718,635

$

(5,678,642)

$

1,100,566

$

(50,213)

$

—

OTC

Swaps

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

20,773,797

(15,768,330)

5,502,644

(9,981,971)

—

Options

Written

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

N/A

N/A

1,085,471

(236,354)

(2,948,272)

(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)

.....

$

—

$

—

$

664,997

$

—

$

1,530,904

$

—

$

2,195,901

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

3,724,798

—

—

3,724,798

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

1,743,101

5,860,123

—

104,898

—

7,708,122

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,084,232

—

—

16,334

—

1,100,566

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

25,548,197

39,165

—

689,079

—

26,276,441

$

—

$

28,375,530

$

6,564,285

$

3,724,798

$

2,341,215

$

—

$

41,005,828

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

135,739

—

72,002

—

207,741

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

1,383,295

—

—

1,383,295

Options

written

Options

written

at

value

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

—

734,986

2,213,286

—

—

—

2,948,272

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

35,018

—

—

15,195

—

50,213

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

25,717,408

2,847

—

30,046

—

25,750,301

$

—

$

26,487,412

$

2,351,872

$

1,383,295

$

117,243

$

—

$

30,339,822

(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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

47

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

January

31,

2022,

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

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

$

—

$

—

$

1,858,742

$

—

$

32,055

$

—

$

1,890,797

Forward

foreign

currency

exchange

contracts

....

—

—

—

48,662,821

—

—

48,662,821

Options

purchased

(a)

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

—

(3,817,352)

(17,915,926)

—

(517,060)

—

(22,250,338)

Options

written

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

—

1,895,658

10,799,687

—

517,958

—

13,213,303

Swaps

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

—

(1,737,028)

1,667,372

—

(15,316)

—

(84,972)

$

—

$

(3,658,722)

$

(3,590,125)

$

48,662,821

$

17,637

$

—

$

41,431,611

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

—

—

88,533

—

3,809,279

—

3,897,812

Forward

foreign

currency

exchange

contracts

....

—

—

—

(11,773,772)

—

—

(11,773,772)

Options

purchased

(b)

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

—

888,292

2,394,553

—

473,185

—

3,756,030

Options

written

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

—

(225,994)

(950,471)

—

(444,183)

—

(1,620,648)

Swaps

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

—

731,470

716,525

—

821,615

—

2,269,610

$

—

$

1,393,768

$

2,249,140

$

(11,773,772)

$

4,659,896

$

—

$

(3,470,968)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,085,538

Average

notional

value

of

contracts

—

short

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

101,942,698

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

686,705,625

Average

amounts

sold

—

in

USD

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

4,979,312

Options

Average

value

of

option

contracts

purchased

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

5,598,341

Average

value

of

option

contracts

written

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

2,268,784

Average

notional

value

of

swaption

contracts

purchased

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

306,295,933

Average

notional

value

of

swaption

contracts

written

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

253,741,193

Credit

default

swaps

Average

notional

value

—

buy

protection

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

551,583,203

Average

notional

value

—

sell

protection

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

320,926,874

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

2,409,806

Average

notional

value

—

receives

fixed

rate

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

2,409,806

Total

return

swaps

Average

notional

value

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

34,064,904

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

173,998

$

420,950

Forward

foreign

currency

exchange

contracts

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

3,724,798

1,383,295

Options

(a)

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

7,708,122

2,948,272

Swaps

—

Centrally

cleared

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

—

69,144

Swaps

—

OTC

(b)

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

26,276,441

25,750,301

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

37,883,359

$

30,571,962

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(5,820,521)

(2,695,342)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

32,062,838

$

27,876,620

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

48

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(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

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

$

2,593,794

$

(1,885,727)

$

—

$

(708,067)

$

—

Barclays

Bank

plc

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

6,946,309

(3,957,976)

(2,274,289)

(520,000)

194,044

BNP

Paribas

SA

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

3,947,172

(2,222,444)

—

(1,724,728)

—

Citibank

NA

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

4,424,280

(2,035,611)

—

(2,388,669)

—

Credit

Suisse

International

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

1,698,156

(1,698,156)

—

—

—

Deutsche

Bank

AG

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

419,528

(419,528)

—

—

—

Goldman

Sachs

International

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

4,807,148

(4,285,551)

—

—

521,597

JPMorgan

Chase

Bank

NA

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

5,012,797

(5,012,797)

—

—

—

Merrill

Lynch

International

&

Co.

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

39,165

—

—

—

39,165

Morgan

Stanley

&

Co.

International

plc

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

2,172,904

(2,172,904)

—

—

—

Royal

Bank

of

Canada

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

1,585

—

—

—

1,585

$

32,062,838

$

(23,690,694)

$

(2,274,289)

$

(5,341,464)

$

756,391

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

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

$

1,885,727

$

(1,885,727)

$

—

$

—

$

—

Barclays

Bank

plc

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

3,957,976

(3,957,976)

—

—

—

BNP

Paribas

SA

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

2,222,444

(2,222,444)

—

—

—

Citibank

NA

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

2,035,611

(2,035,611)

—

—

—

Credit

Suisse

International

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

1,999,493

(1,698,156)

—

—

301,337

Deutsche

Bank

AG

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

674,582

(419,528)

—

(255,054)

—

Goldman

Sachs

International

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

4,285,551

(4,285,551)

—

—

—

JPMorgan

Chase

Bank

NA

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

5,479,343

(5,012,797)

—

—

466,546

Morgan

Stanley

&

Co.

International

plc

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

5,335,893

(2,172,904)

—

(1,519,000)

1,643,989

$

27,876,620

$

(23,690,694)

$

—

$

(1,774,054)

$

2,411,872

(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

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)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

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

$

—

$

3,491,544

$

—

$

3,491,544

Ireland

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

—

29,154,826

743,555

29,898,381

Netherlands

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

—

3,096,824

—

3,096,824

United

Kingdom

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

—

2,728,242

—

2,728,242

Common

Stocks

Canada

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

—

—

532,344

532,344

Japan

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

—

—

1

1

Netherlands

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

2,066,761

—

—

2,066,761

Switzerland

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

—

6,813,132

—

6,813,132

United

Kingdom

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

3,084,050

—

39

3,084,089

United

States

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

27,459,192

3,749,706

1,284,185

32,493,083

Corporate

Bonds

Argentina

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

—

162,192

—

162,192

Austria

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

—

13,851,705

—

13,851,705

Bahrain

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

—

419,787

—

419,787

Brazil

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

—

4,211,911

—

4,211,911

Canada

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

—

540,112

—

540,112

Cayman

Islands

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

—

—

6,298

6,298

Chile

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

—

1,264,971

—

1,264,971

China

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

—

13,559,486

—

13,559,486

Colombia

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

—

1,170,898

—

1,170,898

Cyprus

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

—

1,923,017

—

1,923,017

Dominican

Republic

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

—

405,000

—

405,000

France

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

—

58,265,656

—

58,265,656

Germany

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

—

31,711,035

—

31,711,035

Ghana

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

—

10,139,390

—

10,139,390

Greece

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

—

109,000

—

109,000

Guatemala

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

—

207,000

—

207,000

Hong

Kong

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

—

5,671,757

—

5,671,757

India

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

—

2,724,405

—

2,724,405

Indonesia

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

—

956,046

—

956,046

Ireland

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

—

1,627,053

—

1,627,053

Israel

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

—

8,236,975

—

8,236,975

Italy

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

—

38,914,620

—

38,914,620

Japan

...............................................

—

14,335,357

—

14,335,357

Kuwait

..............................................

—

439,978

—

439,978

Luxembourg

..........................................

—

39,438,341

—

39,438,341

Macau

..............................................

—

281,490

—

281,490

Malaysia

.............................................

—

577,086

—

577,086

Mexico

..............................................

—

2,777,694

—

2,777,694

Morocco

.............................................

—

243,920

—

243,920

Netherlands

...........................................

—

22,114,702

—

22,114,702

Nigeria

..............................................

—

202,160

—

202,160

Norway

..............................................

—

198,450

—

198,450

Oman

...............................................

—

408,038

—

408,038

Paraguay

............................................

—

107,273

—

107,273

Peru

................................................

—

427,394

—

427,394

Portugal

.............................................

—

7,851,792

—

7,851,792

Russia

..............................................

—

278,760

—

278,760

Saudi

Arabia

..........................................

—

387,281

—

387,281

Singapore

............................................

—

199,037

—

199,037

South

Africa

...........................................

—

413,000

—

413,000

Spain

...............................................

—

53,521,045

1,613,246

55,134,291

Sweden

.............................................

—

3,955,831

—

3,955,831

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

50

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Switzerland

...........................................

$

—

$

7,916,252

$

—

$

7,916,252

Tanzania

.............................................

—

401,912

—

401,912

Thailand

.............................................

—

1,133,371

—

1,133,371

Ukraine

.............................................

—

166,600

—

166,600

United

Arab

Emirates

....................................

—

892,585

—

892,585

United

Kingdom

........................................

—

158,420,526

—

158,420,526

United

States

..........................................

—

267,334,378

82,067,802

349,402,180

Vietnam

.............................................

—

229,187

—

229,187

Floating

Rate

Loan

Interests

Canada

.............................................

—

9,837,640

1,185,318

11,022,958

France

..............................................

—

21,483,263

—

21,483,263

Germany

............................................

—

19,541,604

—

19,541,604

Ireland

..............................................

—

7,812,561

—

7,812,561

Jersey,

Channel

Islands

...................................

—

—

403,638

403,638

Luxembourg

..........................................

—

18,749,507

9

18,749,516

Netherlands

...........................................

—

30,086,350

—

30,086,350

Norway

..............................................

—

2,238,474

—

2,238,474

Singapore

............................................

—

234,556

—

234,556

Spain

...............................................

—

4,794,868

—

4,794,868

Sweden

.............................................

—

14,465,087

—

14,465,087

United

Kingdom

........................................

—

20,648,823

—

20,648,823

United

States

..........................................

—

251,279,234

8,517,308

259,796,542

Foreign

Agency

Obligations

.................................

—

17,537,955

—

17,537,955

Foreign

Government

Obligations

..............................

—

11,671,643

—

11,671,643

Non-Agency

Mortgage-Backed

Securities

........................

—

47,748,723

—

47,748,723

Preferred

Securities

United

States

..........................................

—

7,562,000

2,241,216

9,803,216

U.S.

Treasury

Obligations

...................................

—

4,654,863

—

4,654,863

Warrants

..............................................

572,885

35,567

50,324

658,776

Short-Term

Securities

Borrowed

Bond

Agreements

.................................

—

135,359,499

—

135,359,499

Money

Market

Funds

......................................

194,247,293

—

—

194,247,293

Options

Purchased

Credit

contracts

..........................................

—

1,743,101

—

1,743,101

Equity

contracts

..........................................

5,541,625

318,498

—

5,860,123

Interest

rate

contracts

......................................

104,898

—

—

104,898

Liabilities

Borrowed

Bonds

.........................................

—

(126,466,054)

—

(126,466,054)

Investments

Sold

Short

....................................

—

(1,905,752)

—

(1,905,752)

$

233,076,704

$

1,329,191,740

$

98,645,283

$

1,660,913,727

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

5,858,632

$

—

$

5,858,632

Equity

contracts

...........................................

664,997

39,165

—

704,162

Foreign

currency

exchange

contracts

............................

—

3,724,798

—

3,724,798

Interest

rate

contracts

.......................................

1,530,904

705,413

—

2,236,317

Liabilities

Credit

contracts

...........................................

—

(10,749,128)

—

(10,749,128)

Equity

contracts

...........................................

(2,340,987)

(10,885)

—

(2,351,872)

Foreign

currency

exchange

contracts

............................

—

(1,383,295)

—

(1,383,295)

Interest

rate

contracts

.......................................

(72,002)

(15,195)

—

(87,197)

$

(217,088)

$

(1,830,495)

$

—

$

(2,047,583)

(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.

BlackRock

Global

Long/Short

Credit

Fund

Schedule

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Preferred

Securities

Warrants

Total

Investments

Assets

Opening

balance,

as

of

July

31,

2021

.......................................

$

3,269,665

$

1,711,048

$

84,978,565

$

12,243,215

$

—

$

61,157

$

102,263,650

Transfers

into

Level

3

.................................................

—

—

—

151,115

—

—

151,115

Transfers

out

of

Level

3

................................................

(2,448,549)

(186,739)

—

(9,527,221)

—

(7,296)

(12,169,805)

Other

...........................................................

—

—

—

—

—

—

—

Accrued

discounts/premiums

.............................................

717

—

1,315

17,340

—

—

19,372

Net

realized

gain

(loss)

................................................

—

(450)

—

19,229

—

—

18,779

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

...........................

(78,278)

(1,093,425)

182,521

(34,843)

2,826

(20,295)

(1,041,494)

Purchases

.........................................................

—

1,388,927

4,163,458

8,435,286

2,238,390

16,758

16,242,819

Sales

............................................................

—

(2,792)

(5,638,513)

(1,197,848)

—

—

(6,839,153)

Closing

balance,

as

of

January

31,

2022

.....................................

$

743,555

$

1,816,569

$

83,687,346

$

10,106,273

$

2,241,216

$

50,324

$

98,645,283

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2022

(b)

............................................................

$

(78,278)

$

(1,093,411)

$

182,521

$

62,556

$

2,826

$

(20,295)

$

(944,081)

(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,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

52

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

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

of

$12,008,527.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Common

Stocks

..............................

$

1,816,414

Market

Time

to

Exit

0.7

–

2.4

years

2.2

years

Volatility

34%

-

69%

37%

Recent

Transaction

$0.01

-

$67.84

$60.01

Corporate

Bonds

..............................

82,067,802

Income

Discount

Rate

4%

–

11%

6%

Market

Recent

Transaction

$96.50

$96.50

Floating

Rate

Interests

..........................

461,000

Income

Discount

Rate

8%

8%

Preferred

Stocks

..............................

2,241,216

Market

Recent

Transaction

$991.25

$991.25

Warrants

...................................

50,324

Market

Time

to

Exit

0.5

–

1.1

years

0.7

years

Volatility

34%

-

52%

39%

Recent

Transaction

$1.00

$1.00

$

86,636,756

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2022

53

Financial

Statements

BlackRock

Global

Long/Short

Credit

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

1,595,038,240‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

194,247,293‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

............................................................................................

29,979,000‌

Futures

contracts

....................................................................................................

1,794,880‌

Centrally

cleared

swaps

................................................................................................

5,277,710‌

Foreign

currency,

at

value

(c)

..............................................................................................

19,216,198‌

Receivables:

–‌

Investments

sold

....................................................................................................

60,698,327‌

Swaps  

..........................................................................................................

2,167,260‌

Capital

shares

sold

...................................................................................................

12,667,531‌

Dividends

—

affiliated

.................................................................................................

726‌

Dividends

—

unaffiliated

...............................................................................................

342‌

Interest

—

unaffiliated

.................................................................................................

12,991,872‌

Variation

margin

on

futures

contracts

.......................................................................................

173,998‌

Swap

premiums

paid

...................................................................................................

20,773,797‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

3,724,798‌

OTC

swaps

........................................................................................................

5,502,644‌

Prepaid

expenses

.....................................................................................................

116,497‌

Total

assets

.........................................................................................................

1,964,371,113‌

LIABILITIES

Investments

sold

short

,

at

value

(d)

..........................................................................................

1,905,752‌

Bank

overdraft

........................................................................................................

18,125,716‌

Cash

received:

–‌

Collateral

—

borrowed

bond

agreements

....................................................................................

500,000‌

Collateral

—

OTC

derivatives

............................................................................................

7,020,000‌

Borrowed

bonds,

at

value

(e)

...............................................................................................

126,466,054‌

Options

written,

at

value

(f)

................................................................................................

2,948,272‌

Payables:

–‌

Investments

purchased

................................................................................................

86,432,008‌

Swaps  

..........................................................................................................

1,504,701‌

Administration

fees

...................................................................................................

78,066‌

Capital

shares

redeemed

...............................................................................................

7,463,054‌

Interest

expense

....................................................................................................

1,291,069‌

Investment

advisory

fees

..............................................................................................

1,316,475‌

Trustees'

and

Officer's

fees

.............................................................................................

12,631‌

Other

affiliate

fees

...................................................................................................

6,510‌

Service

and

distribution

fees

.............................................................................................

68,850‌

Variation

margin

on

futures

contracts

.......................................................................................

420,950‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

69,144‌

Other

accrued

expenses

...............................................................................................

930,419‌

Swap

premiums

received

................................................................................................

15,768,330‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

1,383,295‌

OTC

swaps

........................................................................................................

9,981,971‌

Total

liabilities

........................................................................................................

283,693,267‌

NET

ASSETS

........................................................................................................

$

1,680,677,846‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

2,169,057,178‌

Accumulated

loss

.....................................................................................................

(488,379,332‌)

NET

ASSETS

........................................................................................................

$

1,680,677,846‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

1,712,659,990‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

194,247,293‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

19,199,210‌

(d)

  Proceeds

received

from

short

sales

........................................................................................

$

1,902,500‌

(e)

  Proceeds

received

from

borrowed

bonds

....................................................................................

$

131,842,672‌

(f)

  Premiums

received

...................................................................................................

$

3,797,389‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2022

55

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

1,304,544,943‌

Shares

outstanding

.................................................................................................

132,702,194‌

Net

asset

value

....................................................................................................

$

9.83‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

A

Net

assets

........................................................................................................

$

93,843,532‌

Shares

outstanding

.................................................................................................

9,547,441‌

Net

asset

value

....................................................................................................

$

9.83‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

C

Net

assets

........................................................................................................

$

15,151,742‌

Shares

outstanding

.................................................................................................

1,553,623‌

Net

asset

value

....................................................................................................

$

9.75‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Class

K

Net

assets

........................................................................................................

$

267,137,629‌

Shares

outstanding

.................................................................................................

27,157,618‌

Net

asset

value

....................................................................................................

$

9.84‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

56

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

4,261‌

Dividends

—

unaffiliated

...............................................................................................

71,200‌

Interest

—

unaffiliated

................................................................................................

35,066,409‌

Foreign

taxes

withheld

................................................................................................

(7,545‌)

Total

investment

income

.................................................................................................

35,134,325‌

EXPENSES

Investment

advisory

..................................................................................................

7,754,463‌

Transfer

agent

—

class

specific

..........................................................................................

516,245‌

Administration

.....................................................................................................

332,895‌

Accounting

services

..................................................................................................

211,888‌

Service

and

distribution

—

class

specific

....................................................................................

200,499‌

Administration

—

class

specific

..........................................................................................

125,608‌

Professional

.......................................................................................................

69,129‌

Custodian

.........................................................................................................

55,284‌

Registration

.......................................................................................................

44,826‌

Trustees

and

Officer

..................................................................................................

10,101‌

Miscellaneous

......................................................................................................

169,109‌

Total

expenses

excluding

interest

expense

.....................................................................................

9,490,047‌

Interest

expense

......................................................................................................

1,541,187‌

Total

expenses

.......................................................................................................

11,031,234‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(20,823‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

11,010,411‌

Net

investment

income

..................................................................................................

24,123,914‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(35,374,508‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(23,501,703‌)

Borrowed

bonds

..................................................................................................

(184,985‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

48,662,821‌

Foreign

currency

transactions

.........................................................................................

(2,774,731‌)

Futures

contracts

..................................................................................................

1,890,797‌

Options

written

...................................................................................................

13,213,303‌

Swaps

.........................................................................................................

(84,972‌)

A

37,220,530‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(73,260,637‌)

Borrowed

bonds

..................................................................................................

7,972,911‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(11,773,772‌)

Foreign

currency

translations

..........................................................................................

(70,208‌)

Futures

contracts

..................................................................................................

3,897,812‌

Options

written

...................................................................................................

(1,620,648‌)

Short

sales

—

unaffiliated

............................................................................................

(10,106‌)

Swaps

.........................................................................................................

2,269,610‌

A

(72,595,038‌)

Net

realized

and

unrealized

loss

............................................................................................

(35,374,508‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(11,250,594‌)

Statements

of

Changes

in

Net

Assets

57

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

07/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

24,123,914‌

$

60,706,136‌

Net

realized

gain

..................................................................................

37,220,530‌

4,438,559‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(72,595,038‌)

70,716,026‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

(11,250,594‌)

135,860,721‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(45,186,861‌)

(43,617,993‌)

Investor

A

.....................................................................................

(3,089,685‌)

(2,536,547‌)

Investor

C

.....................................................................................

(347,824‌)

(563,231‌)

Class

K

.......................................................................................

(10,375,706‌)

(13,282,311‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(59,000,076‌)

(60,000,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

143,631,415‌

(222,028,905‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

73,380,745‌

(146,168,266‌)

Beginning

of

period

..................................................................................

1,607,297,101‌

1,753,465,367‌

End

of

period

......................................................................................

$

1,680,677,846‌

$

1,607,297,101‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

58

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.25‌

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

$

9.91‌

Net

investment

income

(a)

.......................

0.15‌

0.38‌

0.37‌

0.37‌

0.33‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.22‌)

0.48‌

(0.27‌)

(0.10‌)

(0.21‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

......

(0.07‌)

0.86‌

0.10‌

0.27‌

0.12‌

0.45‌

Distributions

from

net

investment

income

(b)

..........

(0.35‌)

(0.39‌)

(0.37‌)

(0.58‌)

(0.12‌)

—‌

Net

asset

value,

end

of

period

....................

$

9.83‌

$

10.25‌

$

9.78‌

$

10.05‌

$

10.36‌

$

10.36‌

Total

Return

(c)

(0.66)%

8.95%

0.96%

2.83%

1.16%

—

Based

on

net

asset

value

........................

(0.66)%

(d)

8.95%

0.96%

(e)

2.83%

(e)

1.16%

(e)

4.54%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.30%

(g)

1.46%

1.85%

2.03%

2.00%

1.86%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.30%

(g)

1.45%

1.85%

2.01%

1.98%

1.86%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.12%

(g)

1.09%

1.12%

1.07%

1.05%

1.08%

Net

investment

income

.........................

2.90%

(g)

3.80%

3.74%

3.67%

3.21%

2.91%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,304,545‌

$

1,202,628‌

$

1,223,282‌

$

1,747,346‌

$

2,305,172‌

$

3,640,459‌

Portfolio

turnover

rate

..........................

47%

156%

232%

226%

185%

229%

(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)

Aggregate

total

return.

(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)

59

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

A

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.24‌

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

$

9.88‌

Net

investment

income

(a)

.......................

0.13‌

0.35‌

0.34‌

0.34‌

0.31‌

0.26‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.21‌)

0.49‌

(0.27‌)

(0.10‌)

(0.23‌)

0.17‌

Net

increase

(decrease)

from

investment

operations

......

(0.08‌)

0.84‌

0.07‌

0.24‌

0.08‌

0.43‌

Distributions

from

net

investment

income

(b)

..........

(0.33‌)

(0.36‌)

(0.34‌)

(0.54‌)

(0.06‌)

—‌

Net

asset

value,

end

of

period

....................

$

9.83‌

$

10.24‌

$

9.76‌

$

10.03‌

$

10.33‌

$

10.31‌

Total

Return

(c)

(0.80)%

8.69%

0.69%

2.60%

0.81%

—

Based

on

net

asset

value

........................

(0.80)%

(d)

8.69%

0.69%

(e)

2.60%

(e)

0.81%

(e)

4.35%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.57%

(g)

1.73%

2.10%

2.29%

(h)

2.25%

2.13%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.57%

(g)

1.72%

2.10%

2.27%

2.24%

2.12%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.39%

(g)

1.36%

1.37%

1.33%

1.31%

1.35%

Net

investment

income

.........................

2.63%

(g)

3.53%

3.49%

3.43%

2.99%

2.63%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

93,844‌

$

86,176‌

$

101,727‌

$

117,093‌

$

168,471‌

$

228,373‌

Portfolio

turnover

rate

..........................

47%

156%

232%

226%

185%

229%

(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)

Aggregate

total

return.

(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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

60

BlackRock

Global

Long/Short

Credit

Fund

Investor

C

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.09‌

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

$

9.76‌

Net

investment

income

(a)

.......................

0.10‌

0.27‌

0.27‌

0.26‌

0.23‌

0.19‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.22‌)

0.47‌

(0.26‌)

(0.10‌)

(0.21‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

......

(0.12‌)

0.74‌

0.01‌

0.16‌

0.02‌

0.34‌

Distributions

from

net

investment

income

(b)

..........

(0.22‌)

(0.23‌)

(0.25‌)

(0.46‌)

—‌

—‌

Net

asset

value,

end

of

period

....................

$

9.75‌

$

10.09‌

$

9.58‌

$

9.82‌

$

10.12‌

$

10.10‌

Total

Return

(c)

(1.19)%

7.75%

0.03%

1.72%

0.20%

—

Based

on

net

asset

value

........................

(1.19)%

(d)

7.75%

0.03%

(e)

1.72%

(e)

0.20%

(e)

3.48%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

2.34%

(g)

2.50%

2.86%

3.05%

(h)

3.02%

2.87%

Total

expenses

after

fees

waived

and/or

reimbursed

......

2.34%

(g)

2.49%

2.86%

3.03%

3.01%

2.87%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

2.15

%

(g)

2.13%

2.13%

2.09%

2.08%

2.10%

Net

investment

income

.........................

1.95%

(g)

2.71%

2.75%

2.65%

2.25%

1.88%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

15,152‌

$

18,771‌

$

29,291‌

$

68,930‌

$

100,645‌

$

132,965‌

Portfolio

turnover

rate

..........................

47%

156%

232%

226%

185%

229%

(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)

Aggregate

total

return.

(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)

61

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Class

K

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.26‌

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

$

9.92‌

Net

investment

income

(a)

.......................

0.15‌

0.39‌

0.38‌

0.38‌

0.35‌

0.30‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.21‌)

0.48‌

(0.27‌)

(0.11‌)

(0.21‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

......

(0.06‌)

0.87‌

0.11‌

0.27‌

0.14‌

0.45‌

Distributions

from

net

investment

income

(b)

..........

(0.36‌)

(0.40‌)

(0.38‌)

(0.58‌)

(0.14‌)

—‌

Net

asset

value,

end

of

period

....................

$

9.84‌

$

10.26‌

$

9.79‌

$

10.06‌

$

10.37‌

$

10.37‌

Total

Return

(c)

(0.59)%

9.02%

1.04%

2.91%

1.34%

—

Based

on

net

asset

value

........................

(0.59)%

(d)

9.02%

1.04%

(e)

2.91%

(e)

1.34%

(e)

4.54%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.23%

(g)

1.39%

1.77%

1.96%

1.94%

1.79%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.23%

(g)

1.38%

1.76%

1.94%

1.93%

1.79%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

....................

1.05%

(g)

1.02%

1.04%

1.00%

0.99%

1.02%

Net

investment

income

.........................

2.95%

(g)

3.85%

3.85%

3.75%

3.33%

2.97%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

267,138‌

$

299,722‌

$

399,165‌

$

1,104,061‌

$

1,323,371‌

$

30,093‌

Portfolio

turnover

rate

..........................

47%

156%

232%

226%

185%

229%

(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)

Aggregate

total

return.

(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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

62

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

open-

end

non-index

fixed-income

funds

and

all

BlackRock-advised

closed-end

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

(the

“trade

dates”)

.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2022

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts,

options

written,

swaps

and

short

sales)

or

certain

borrowings

(e.g.,

reverse

repurchase

transactions)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments

or

borrowings.

Doing

so

allows

the

investments

or

borrowings

to

be

excluded

from

treatment

as

a

“senior

security.”

Furthermore,

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

or

obligations.  

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

annu

al

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan. 

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

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

64

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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

Global

Valuation

Committee,

or

its

delegate,

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

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

Global

Valuation

Committee

and

third-party

pricing

services

utilize

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

Global

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

Global

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.

Standard

Inputs

Generally

Considered

By

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)

65

Notes

to

Financial

Statements

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

66

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

(“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.

Special

Purpose

Acquisition

Companies:

Special

purpose

acquisition

companies

(SPACs)

are

companies

that

have

no

operations

but

go

public

with

the

intention

of

merging

with

or

acquiring

a

company

using

the

proceeds

of

the

SPAC's

initial

public

offering.

The

Fund

may

enter

into

a

commitment

with

a

SPAC

for

a

private

investment

in

a

public

equity

(PIPE)

and

will

satisfy

the

commitment

if

and

when

the

SPAC

completes

its

merger

or

acquisition.

Securities

purchased

through

PIPE

transactions

will

be

restricted

from

trading

and

considered

illiquid

until

a

registration

statement

for

the

shares

is

filed

and

declared

effective.

Unfunded

SPAC

PIPE

commitments

are

marked-

to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

Consolidated

Statement

of

Operations.

As

of

period

end,

the

Fund

had

the

following

unfunded

SPAC

PIPE

commitments

:

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

Fund

Name

Investment

Name

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

Symbotic,

Inc.

...................................

$

3,000,000‌

$

3,000,000‌

$

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

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,

2022,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding

and

the

weighted

average

interest

rate

for

the

Fund

were

$6,135,022

and

0.33%,

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.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund’s

open

borrowed

bond

agreements and

reverse

repurchase

agreements

by

counterparty

which

are

subject

to

offset

under

an

MRA

on

a

net

basis:

Short

Sale

Transactions

(Borrowed

Bonds):

 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.

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

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statement

of

Assets

and

Liabilities. 

Securities

segregated

as

collateral

are

denoted

in

the

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

Barclays

Bank

plc

........

$

45,046,547‌

$

(41,251,267‌)

$

3,795,280‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

3,795,280‌

(d)

Barclays

Capital,

Inc.

......

4,674,750‌

(2,745,346‌)

1,929,404‌

—‌

—‌

—‌

—‌

—‌

1,929,404‌

(e)

BNP

Paribas

SA

.........

19,865,092‌

(19,386,488‌)

478,604‌

—‌

—‌

—‌

—‌

—‌

478,604‌

Citigroup

Global

Markets

Ltd.

.

9,184,752‌

(8,934,600‌)

250,152‌

—‌

—‌

—‌

—‌

—‌

250,152‌

Citigroup

Global

Markets,

Inc.

2,487,500‌

(2,431,980‌)

55,520‌

—‌

—‌

—‌

—‌

—‌

55,520‌

Goldman

Sachs

International

.

2,846,766‌

(2,801,720‌)

45,046‌

—‌

—‌

—‌

—‌

—‌

45,046‌

J.P.

Morgan

Securities

plc

...

44,032,315‌

(43,150,039‌)

882,276‌

—‌

(500,000‌)

—‌

—‌

(500,000‌)

382,276‌

RBC

Capital

Markets

LLC

...

5,628,303‌

(5,523,514‌)

104,789‌

—‌

—‌

—‌

—‌

—‌

104,789‌

RBC

Europe

Ltd.

.........

1,593,474‌

(1,532,169‌)

61,305‌

—‌

—‌

—‌

—‌

—‌

61,305‌

$

135,359,499‌

$

(127,757,123‌)

$

7,602,376‌

$

—‌

$

(500,000‌)

$

—‌

$

—‌

$

(500,000‌)

$

7,102,376‌

(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

$1,291,069

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.

(d)

Borrowed

bond

agreement

with

a

value

of

$2,928,750

has

been

purchased

and

is

pending

settlement

as

of

January

31,

2022.

(e)

Borrowed

bond

agreement

with

a

value

of

$1,880,000

has

been

purchased

and

is

pending

settlement

as

of

January

31,

2022.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

68

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

70

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.

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,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.95%

$1

billion

-

$3

billion

.....................................................................................................

0.89

$3

billion

-

$5

billion

.....................................................................................................

0.86

$5

billion

-

$6.5

billion

....................................................................................................

0.83

$6.5

billion

-

$10

billion

...................................................................................................

0.80

Greater

than

$10

billion

...................................................................................................

0.76

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

114,946‌

Investor

C

........................................................................................................

85,553‌

$

200,499‌

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.015% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2022,

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,

2022,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

-

class

specific

in

the

Statement

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2022,

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,

2022,

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,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares for

a

total

of

$276

.

For

the six

months

ended

January

31,

2022,

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,

2023.

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

limitations

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,

2022,

the

amount

waived

was

$20,823.

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

.......................................................................................................

$

95,586‌

Investor

A

........................................................................................................

6,898‌

Investor

C

........................................................................................................

1,283‌

Class

K

.........................................................................................................

21,841‌

$

125,608‌

Institutional

.............................................................................................................

$

515‌

Institutional

....................................................................................................

$

591‌

Investor

A

.....................................................................................................

67‌

Investor

C

.....................................................................................................

25‌

Class

K

......................................................................................................

22‌

$

705‌

Institutional

.......................................................................................................

$

462,747‌

Investor

A

........................................................................................................

41,871‌

Investor

C

........................................................................................................

9,274‌

Class

K

.........................................................................................................

2,353‌

$

516,245‌

Investor

A

$

47‌

Investor

C

229‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

72

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,

2023.

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,

2022,

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,

2023,

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,

2022,

there

were

no

fees

waived

and/

or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

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

L

ending

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,

2022,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

six

months ended

January

31

,

2022,

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,

2022,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

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

fiscal

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,

2022,

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,

2021, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$387,967,202. 

Institutional

..........................................................................................................

1.20‌%

Investor

A

...........................................................................................................

1.40‌

Investor

C

...........................................................................................................

2.15‌

Class

K

............................................................................................................

1.15‌

Purchases

...............................................................................................................

$

830,660‌

Sales

...................................................................................................................

754,513‌

Net

Realized

Loss

..........................................................................................................

(11,643‌)

Other

Securities

Fund

Name

Purchases

Sales

BlackRock

Global

Long/Short

Credit

Fund

...................................................................

$

718,731,477‌

$

692,645,493‌

Notes

to

Financial

Statements

(unaudited)

(continued)

73

Notes

to

Financial

Statements

As

of

January

31,

2022, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

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)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

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,

2022,

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.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

.................................

$

1,914,482,364‌

$

26,186,632‌

$

(144,260,291‌)

$

(118,073,659‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

74

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

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

The

Fund

invests

a

substantial

amount

of

its

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund's

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedule

of

Investments.

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.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

could

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

additiona

l

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

75

Notes

to

Financial

Statements

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

01/31/22

Year

Ended

07/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Shares

sold

.............................................

28,779,426‌

$

292,349,411‌

37,495,445‌

$

378,609,710‌

Shares

issued

in

reinvestment

of

distributions

........................

3,348,270‌

33,114,387‌

3,233,135‌

32,072,694‌

Shares

redeemed

.........................................

(16,766,196‌)

(169,614,608‌)

(48,436,257‌)

(485,531,325‌)

15,361,500‌

$

155,849,190‌

(7,707,677‌)

$

(74,848,921‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

2,124,840‌

$

21,609,117‌

3,567,062‌

$

35,933,723‌

Shares

issued

in

reinvestment

of

distributions

........................

275,553‌

2,725,220‌

228,585‌

2,269,850‌

Shares

redeemed

.........................................

(1,271,147‌)

(12,853,178‌)

(5,796,696‌)

(57,775,170‌)

1,129,246‌

$

11,481,159‌

(2,001,049‌)

$

(19,571,597‌)

Investor

C

Shares

sold

.............................................

88,079‌

$

880,079‌

81,135‌

$

812,924‌

Shares

issued

in

reinvestment

of

distributions

........................

35,116‌

344,834‌

56,765‌

557,997‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(430,168‌)

(4,316,836‌)

(1,336,186‌)

(13,198,469‌)

(306,973‌)

$

(3,091,923‌)

(1,198,286‌)

$

(11,827,548‌)

Class

K

Shares

sold

.............................................

4,034,921‌

$

41,094,837‌

4,913,850‌

$

49,337,579‌

Shares

issued

in

reinvestment

of

distributions

........................

167,164‌

1,653,256‌

119,787‌

1,189,489‌

Shares

redeemed

.........................................

(6,263,849‌)

(63,355,104‌)

(16,584,595‌)

(166,307,907‌)

(2,061,764‌)

$

(20,607,011‌)

(11,550,958‌)

$

(115,780,839‌)

14,122,009‌

$

143,631,415‌

(22,457,970‌)

$

(222,028,905‌)

Statement

Regarding

Liquidity

Risk

Management

Program

2022

BlackRock

Semi-Annual

Report

to

Shareholders

76

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

18-19,

2021

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

the

Fund’s

Program,

as

applicable.

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,

2020

through

September

30,

2021

(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.

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

(“RATS”).

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).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Fund,

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

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

77

Additional

Information

Proxy

Results

At

a

Joint

Special

Meeting

of

Shareholders

of

BlackRock

Global

Long/Short

Credit

Fund,

held

on

October

26,

2021,

Fund

shareholders

were

asked

to

vote

on

the

following

proposals:

Proposal

1.

To

approve

the

amendment

or

elimination,

as

applicable,

of

certain

of

the

fundamental

investment

restrictions

of

the

Fund.

Proposal

1a.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Concentration.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1c.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Borrowing.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1d.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

the

Issuance

of

Senior

Securities.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1e.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Investing

in

Real

Estate.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1f.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Underwriting.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1g.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Investing

in

Commodities.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1h.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Lending.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1i.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Diversification.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

For

Against

Abstain

109,933,086

196,604

167,143

For

Against

Abstain

109,923,593

207,559

165,681

For

Against

Abstain

109,936,307

189,358

171,168

For

Against

Abstain

109,941,719

192,733

162,381

For

Against

Abstain

109,928,224

204,388

164,221

For

Against

Abstain

109,927,778

187,562

181,493

For

Against

Abstain

109,922,960

206,508

167,365

For

Against

Abstain

109,936,958

192,713

167,162

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

78

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

79

Additional

Information

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

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

2022

BlackRock

Semi-Annual

Report

to

Shareholders

80

Currency

Abbreviation

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

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

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-1/22-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

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds IV

Date: March 23, 2022

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 23, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: March 23, 2022