BlackRock Funds IV NPORTP Monthly portfolio investment report

Schedule

Investments

(unaudited)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

4.4%

(a)(b)

ACAS

CLO

Ltd.,

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

0.89%

Floor

1.15%),

6.55%,

10/18/28

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

USD

650

646,383

Allegro

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

10/16/30

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

461

457,664

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

(3-mo.

CME

Term

SOFR

1.10%

Floor

1.36%),

6.76%,

07/16/31

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

248

247,225

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.06%

Floor

1.32%),

6.74%,

04/20/31

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

244

242,727

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.63%,

10/20/30

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

250

248,749

Apidos

CLO

XXV

Ltd.,

Series

2016-

25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.17%

Floor

1.43%),

6.85%,

10/20/31

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

250

249,114

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.93%

Floor

1.19%),

6.59%,

07/17/30

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

428

426,032

Bain

Capital

Credit

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.26%

Floor

1.22%),

6.63%,

04/23/31

.......

950

945,089

Benefit

Street

Partners

CLO

Ltd.,

Series

2013-IIA,

Class

A1R2,

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.13%),

6.53%,

07/15/29

.......

111

110,711

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

10/15/30

.......

196

195,349

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.18%

Floor

1.44%),

6.85%,

10/22/30

...

1,381

1,375,608

Series

2015-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.68%,

04/20/31

...

224

223,290

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2013-3A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

1.10%

Floor

1.36%),

6.76%,

10/15/30

...

1,012

1,009,456

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.66%,

01/15/31

...

227

226,670

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.63%,

04/17/31

...

1,666

1,659,050

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

1.05%

Floor

1.31%),

6.68%,

05/15/31

...

246

244,626

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

1.31%),

6.70%,

07/27/31

..........

234

233,210

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

0.98%

Floor

1.24%),

6.66%,

07/20/31

...

USD

232

231,205

Carlyle

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.28%),

6.70%,

04/20/31

.......

698

696,134

Cedar

Funding

CLO

Ltd.,

Series

2018-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.98%

Floor

1.24%),

6.66%,

04/20/31

.......

1,230

1,226,478

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.68%,

01/20/31

.......

943

940,155

CIFC

Funding

Ltd.

Series

2013-2A,

Class

A1L2,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.66%,

10/18/30

...

717

714,220

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

1.05%

Floor

1.31%),

6.71%,

04/24/30

...

797

795,056

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.87%

Floor

1.13%),

6.53%,

04/19/29

...

180

179,499

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.01%

Floor

1.27%),

6.68%,

04/23/29

...

1,395

1,392,667

Series

2017-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.63%,

04/20/30

...

672

669,693

Series

2017-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

10/24/30

...

422

420,708

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.30%),

6.72%,

04/20/31

..........

986

980,744

Dryden

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.82%

Floor

1.08%),

6.45%,

11/15/28

.......

633

631,438

Dryden

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.68%,

04/15/29

.......

1,007

1,000,876

Dryden

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.63%,

04/15/31

.......

235

233,486

Dryden

Senior

Loan

Fund,

Series

2017-49A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

07/18/30

.......

451

448,820

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-28A,

Class

A1LR,

(3-mo.

CME

Term

SOFR

1.20%

Floor

1.46%),

6.83%,

08/15/30

891

888,968

Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

04/17/31

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

213

213,045

Galaxy

XVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.10%

Floor

1.36%),

6.76%,

07/15/31

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

1,460

1,455,421

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Galaxy

CLO

Ltd.,

Series

2015-20A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.68%,

04/20/31

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

USD

228

227,089

Galaxy

XXI

CLO

Ltd.,

Series

2015-21A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.70%,

04/20/31

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

233

231,776

Galaxy

XXIII

CLO

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.87%

Floor

1.13%),

6.53%,

04/24/29

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

372

369,891

Galaxy

XXV

CLO

Ltd.,

Series

2018-

25A,

Class

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

6.79%,

10/25/31

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

245

244,020

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

(3-mo.

CME

Term

SOFR

0.26%

Floor

1.28%),

6.65%,

05/16/31

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

974

971,869

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

CME

Term

SOFR

1.07%

Floor

1.56%),

6.96%,

07/15/31

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

243

242,786

Generate

CLO

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

6.82%,

01/22/31

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

2,788

2,781,306

Generate

CLO

Ltd.,

Series

4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.35%),

6.77%,

04/20/32

.......

241

239,717

Madison

Park

Funding

XLI

Ltd.,

Series

12A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.09%),

6.50%,

04/22/27

549

547,325

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.67%,

07/21/30

.......

239

238,408

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

0.94%

Floor

1.20%),

6.61%,

10/21/30

.......

489

486,157

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-23A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.62%,

07/27/31

.......

728

725,214

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.61%,

04/25/29

.......

957

954,907

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.46%),

6.85%,

07/29/30

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

1,929

1,926,692

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

0.92%

Floor

1.18%),

6.58%,

10/15/29

.......

711

707,606

Neuberger

Berman

CLO

XVII

Ltd.,

Series

2014-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.03%

Floor

1.29%),

6.70%,

04/22/29

.......

651

648,956

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.92%

Floor

1.18%),

6.58%,

10/18/30

481

478,878

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

OCP

CLO

Ltd.

Series

2017-13A,

Class

A1AR,

(3-

mo.

CME

Term

SOFR

0.96%

Floor

1.22%),

6.62%,

07/15/30

USD

971

964,977

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

6.79%,

11/20/30

...

240

240,043

Series

2019-17A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.30%

Floor

1.30%),

6.72%,

07/20/32

...

500

496,627

Octagon

Investment

Partners

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.26%),

6.68%,

03/17/30

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

220

219,039

Octagon

Investment

Partners

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

07/15/29

.......

204

203,582

Octagon

Investment

Partners

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.26%

Floor

1.45%),

6.87%,

01/20/31

.......

225

223,737

Octagon

Investment

Partners

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.63%,

04/15/31

.......

578

575,992

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.61%,

07/15/29

761

757,975

Octagon

Investment

Partners

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.63%,

07/19/30

.......

873

869,366

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.68%,

07/17/30

.......

992

988,515

OZLM

VII

Ltd.,

Series

2014-7RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.01%

Floor

1.27%),

6.67%,

07/17/29

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

942

936,678

Palmer

Square

CLO

Ltd.

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.29%

Floor

1.29%),

6.69%,

04/18/31

...

390

389,488

Series

2020-3A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

1.34%

Floor

1.34%),

6.71%,

11/15/31

...

250

249,156

Palmer

Square

Loan

Funding

Ltd.

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.16%

Floor

1.16%),

6.58%,

04/20/29

...

83,957

Series

2021-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.06%

Floor

1.06%),

6.44%,

05/20/29

...

126

125,182

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.06%

Floor

1.06%),

6.46%,

10/15/29

...

165

164,246

Pikes

Peak

CLO

Series

2018-1A,

Class

(3-mo.

CME

Term

SOFR

1.18%

Floor

1.44%),

6.84%,

07/24/31

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

250

248,570

Regatta

Funding

Ltd.,

Series

2018-

1A,

Class

(3-mo.

CME

Term

SOFR

1.33%),

6.73%,

07/17/31

239

238,423

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.03%

Floor

1.29%),

6.71%,

04/20/31

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

USD

1,875

1,862,548

Shackleton

CLO

Ltd.,

Series

2017-10A,

Class

AR2,

(3-mo.

CME

Term

SOFR

0.89%

Floor

1.15%),

6.57%,

04/20/29

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

160

158,973

Signal

Peak

CLO

Ltd.,

Series

2018-

5A,

Class

(3-mo.

CME

Term

SOFR

1.11%

Floor

1.37%),

6.75%,

04/25/31

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

213

211,934

Stratus

CLO

Ltd.,

Series

2021-2A,

Class

(3-mo.

CME

Term

SOFR

0.90%

Floor

1.16%),

6.58%,

12/28/29

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

196

194,396

Symphony

CLO

Ltd.,

Series

2014-

15A,

Class

AR3,

(3-mo.

CME

Term

SOFR

1.08%

Floor

1.34%),

6.74%,

01/17/32

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

500

494,410

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

1.10%

Floor

1.10%),

6.50%,

01/17/32

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

195

194,167

44,974,144

Ireland

—

5.5%

(b)(c)

AlbaCore

Euro

CLO

DAC,

Series

4X,

Class

(3-mo.

EURIBOR

4.60%

Floor

4.60%),

8.57%,

07/15/35

EUR

1,695

1,718,757

Aqueduct

European

CLO

DAC,

Series

2022-7X,

Class

(3-mo.

EURIBOR

2.05%

Floor

2.05%),

5.90%,

03/15/36

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

2,002

2,116,369

Aurium

CLO

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

0.73%

Floor

0.73%),

4.70%,

01/16/31

898

935,011

Aurium

CLO

VIII

DAC,

Series

8X,

Class

(3-mo.

EURIBOR

0.85%

Floor

0.85%),

4.80%,

06/23/34

.....

1,500

1,537,164

Avoca

CLO

XIV

DAC

Series

14X,

Class

ER,

(3-mo.

EURIBOR

4.70%

Floor

4.70%),

8.69%,

01/12/31

....

1,970

1,909,791

Series

14X,

Class

FR,

(3-mo.

EURIBOR

6.35%

Floor

6.35%),

10.34%,

01/12/31

....

2,200

2,006,515

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

1,500

631,482

Avoca

CLO

DAC

Series

15X,

Class

ER,

(3-mo.

EURIBOR

4.13%

Floor

4.13%),

8.09%,

04/15/31

....

1,765

1,628,512

Series

15X,

Class

FR,

(3-mo.

EURIBOR

5.84%

Floor

5.84%),

9.80%,

04/15/31

....

3,425

3,018,817

Bridgepoint

CLO

DAC,

Series

4X,

Class

(3-mo.

EURIBOR

2.20%

Floor

2.20%),

6.19%,

01/20/37

4,000

4,232,287

Capital

Four

CLO

DAC,

Series

5X,

Class

(3-mo.

EURIBOR

1.84%

Floor

1.84%),

5.80%,

04/25/36

2,968

3,136,291

CIFC

European

Funding

CLO

DAC,

Series

4X,

Class

(3-mo.

EURIBOR

0.95%

Floor

0.95%),

4.93%,

08/18/35

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

2,800

2,875,289

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Contego

CLO

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

0.79%

Floor

0.79%),

4.75%,

04/15/34

EUR

4,400

4,534,429

Contego

CLO

VII

DAC,

Series

7X,

Class

(3-mo.

EURIBOR

3.95%

Floor

3.95%),

7.95%,

05/14/32

200

201,414

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

(3-mo.

EURIBOR

3.15%

Floor

3.15%),

7.00%,

12/15/34

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

400

383,919

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

(3-mo.

EURIBOR

1.90%

Floor

1.90%),

5.68%,

08/15/36

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

4,800

5,074,279

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

(3-mo.

EURIBOR

8.07%

Floor

8.07%),

12.04%,

07/15/32

745

729,900

Invesco

Euro

CLO

DAC,

Series

9X,

Class

(3-mo.

EURIBOR

1.65%

Floor

1.65%),

5.64%,

04/20/36

3,000

3,158,948

Margay

CLO

DAC

Series

1X,

Class

(3-mo.

EURIBOR

1.95%

Floor

1.95%),

5.80%,

07/15/36

....

2,928

3,094,373

Series

1X,

Class

(3-mo.

EURIBOR

6.40%

Floor

6.40%),

10.25%,

07/15/36

....

285

301,315

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

(3-mo.

EURIBOR

5.52%

Floor

5.52%),

9.51%,

04/17/34

.......

438

414,393

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

(3-mo.

EURIBOR

5.66%

Floor

5.66%),

9.44%,

05/15/34

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

280

261,056

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

(3-mo.

EURIBOR

6.40%

Floor

6.40%),

10.37%,

01/15/32

1,000

941,664

Palmer

Square

European

CLO

DAC

Series

2023-1X,

Class

(3-mo.

EURIBOR

1.90%

Floor

1.90%),

5.75%,

07/15/36

....

4,700

4,969,173

Series

2023-1X,

Class

(3-mo.

EURIBOR

6.20%

Floor

6.20%),

10.05%,

07/15/36

....

1,036

1,102,928

Rockfield

Park

CLO

DAC,

Series

1X,

Class

(3-mo.

EURIBOR

3.00%

Floor

3.00%),

6.96%,

07/16/34

870

854,033

Tikehau

CLO

VII

DAC,

Series

7X,

Class

(3-mo.

EURIBOR

2.00%

Floor

2.00%),

5.99%,

10/20/35

4,500

4,754,460

56,522,569

United

Kingdom

—

0.3%

Greene

King

Finance

plc,

Series

B1, (Sterling

Overnight

Index

Average

1.92%),

7.14%,

12/15/34

(b)

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

GBP

1,518

1,413,772

Unique

Pub

Finance

Co.

plc

(The)

(c)(d)

Series

M, 7.39%,

03/28/24

.....

109

131,024

Series

N, 6.46%,

03/30/32

.....

1,575

1,842,996

3,387,792

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

—

0.6%

(a)

522

Funding

CLO

Ltd.,

Series

2018-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.04%

Floor

1.30%),

6.72%,

10/20/31

(b)

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

USD

250

249,236

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.58%,

08/14/30

(b)

205

204,358

Flatiron

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.98%

Floor

1.24%),

6.61%,

05/15/30

(b)

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

341

339,126

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

08/20/53

.....

4,765

4,520,678

GoldenTree

Loan

Opportunities

Ltd.,

Series

2015-10A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.12%

Floor

1.38%),

6.80%,

07/20/31

(b)

.....

250

249,558

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.03%

Floor

1.29%),

6.69%,

04/15/31

(b)

.....

246

245,350

5,808,306

Total

Asset-Backed

Securities

—

10.8%

(Cost:

$115,276,746)

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

110,692,811

Common

Stocks

Canada

—

0.0%

CTC

Triangle

(e)(f)

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

1,318,669

Germany

—

0.0%

(e)

ADLER

Group

(a)(c)

...........

129,055

57,079

ADLER

Group

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

58,283

25,556

82,635

Japan

—

0.0%

Codere

New

Topco

(e)(f)

........

59,465

United

Kingdom

—

0.0%

(e)

Genius

Sports

Ltd.

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

48,779

238,041

NEW

Look

Retailers

(f)

...........

5,436,112

238,107

United

States

—

0.8%

Astra

Space,

Inc.,

Class

(e)

.......

3,047

2,434

BOK

Financial

Corp.

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

349

22,866

Boyd

Gaming

Corp.

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

1,002

55,361

Caesars

Entertainment,

Inc.

(e)

.....

1,918

76,509

California

Resources

Corp.

.......

5,601

294,557

Cheniere

Energy,

Inc.

...........

1,042

173,410

Chesapeake

Energy

Corp.

.......

907

78,075

Citigroup,

Inc.

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

3,984

157,328

Crown

PropTech

Acquisitions

(e)(f)

....

2,423

—

Crown

PropTech

Acquisitions

(e)(f)

....

11,148

7,246

Crown

PropTech

Acquisitions,

Class

(e)

6,461

68,358

Customers

Bancorp,

Inc.

(e)

........

315

12,666

DiamondRock

Hospitality

Co.

......

23,359

180,565

Element

Solutions,

Inc.

..........

10,185

185,673

Equitrans

Midstream

Corp.

.......

15,000

133,050

Fanatics

Holdings,

Inc.,

Class

(Acquired

12/15/21,

cost

$1,041,005)

(e)(f)(g)

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

15,345

998,346

First

Citizens

BancShares,

Inc.,

Class

114,601

Security

Value

United

States

(continued)

Forestar

Group,

Inc.

(e)

...........

3,741

88,849

Golden

Entertainment,

Inc.

.......

1,174

36,817

Green

Plains,

Inc.

(e)

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

11,567

339,838

HawkEye

360,

Inc.

(e)(f)

...........

34,579

311,211

HCA

Healthcare,

Inc.

...........

343

77,566

Informatica,

Inc.,

Class

(e)

.......

119,258

2,287,368

KINS

Technology

Group,

Inc.

(e)(f)

....

10,167

52,969

Latch,

Inc.

(e)

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

31,344

28,836

Lions

Gate

Entertainment

Corp.,

Class

(e)

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

15,865

124,699

Marathon

Petroleum

Corp.

.......

1,442

218,102

Cooper

Group,

Inc.

(e)

.........

3,902

220,580

New

Look

Builders,

Inc.

(e)(f)

.......

11,518,792

115

New

York

Community

Bancorp,

Inc.

7,140

67,687

Park

Hotels

Resorts,

Inc.

.......

15,408

177,654

Phillips

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

2,068

235,897

Playstudios,

Inc.

(e)

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

50,453

142,782

Proof

Acquisition

Corp.

(e)(f)

.......

6,703

26,075

Sarcos

Technology

Robotics

Corp.

(e)

879

615

Sarcos

Technology

Robotics

Corp.

(e)

35,000

17,857

Sarcos

Technology

Robotics

Corp.

(e)

2,874

1,467

Service

Properties

Trust

.........

24,354

176,566

Sonder

Holdings,

Inc.,

Class

(e)

....

2,393

18,040

Sunstone

Hotel

Investors,

Inc.

.....

14,058

130,739

Symbotic

Corp.,

Class

(e)

........

826

28,109

Transocean

Ltd.

(e)

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

54,566

361,227

Tribune

Resources

LLC

(e)

........

86,655

132,842

United

States

Steel

Corp.

........

6,525

221,132

Valero

Energy

Corp.

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

593

75,311

Xenia

Hotels

Resorts,

Inc.

......

8,614

100,181

8,262,176

Total

Common

Stocks

—

0.8%

(Cost:

$22,525,997)

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

8,582,933

Par

(000)

(

000)

Corporate

Bonds

Australia

—

0.1%

FMG

Resources

August

2006

Pty.

Ltd.

(a)

4.38%,

04/01/31

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

USD

134

107,993

6.13%,

04/15/32

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

492

434,254

Mineral

Resources

Ltd.,

9.25%

10/01/28

(a)

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

91,000

Oceana

Australian

Fixed

Income

Trust

(f)

12.00%,

08/31/25

...........

AUD

178

112,496

12.50%,

08/31/26

...........

267

168,423

12.50%,

08/31/27

...........

445

280,169

1,194,335

Austria

—

0.4%

ams-OSRAM

(c)(h)

0.00%,

03/05/25

(i)

...........

EUR

3,200

2,978,449

2.13%,

11/03/27

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

1,100

838,015

3,816,464

Belgium

—

0.0%

Solvay

SA,

(5-Year

EUR

Swap

Annual

2.98%),

2.50%

(b)(c)(j)

.........

400

390,651

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Brazil

—

0.1%

Embraer

Netherlands

Finance

BV,

7.00%

07/28/30

(a)

...........

USD

200

194,550

Brazil

Downstream

Trading

SARL,

7.25%

06/30/31

(a)

...........

193

137,498

Suzano

Austria

GmbH,

Series

DM3N,

3.13%

01/15/32

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

120

90,187

422,235

Canada

—

0.0%

(a)

Brookfield

Residential

Properties,

Inc.,

5.00%

06/15/29

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

115

89,756

Garda

World

Security

Corp.,

7.75%

02/15/28

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

30,774

Mattamy

Group

Corp.

5.25%,

12/15/27

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

31,446

4.63%,

03/01/30

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

252

205,748

357,724

Chile

—

0.0%

Kenbourne

Invest

SA,

4.70%

01/22/28

(a)

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

200

108,000

China

—

0.3%

(c)(e)(k)

European

TopSoho

SARL,

Series

SMCP,

4.00%

09/21/21

(h)

......

EUR

7,100

3,455,777

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%

04/17/22

...........

USD

200

6,000

3,461,777

Colombia

—

0.1%

Geopark

Ltd.,

5.50%

01/17/27

(a)

...

200

167,450

SURA

Asset

Management

SA,

4.88%

04/17/24

(c)

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

231

227,671

395,121

Cyprus

—

0.1%

Bank

Cyprus

PCL

(1-Year

EUR

Swap

Annual

2.79%),

2.50%,

06/24/27

(b)(c)

EUR

1,110

1,051,169

Czech

Republic

—

0.2%

Allwyn

Entertainment

Financing

plc

7.25%,

04/30/30

(c)

...........

1,944

2,041,519

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

03/30/29

(a)

........

USD

200

191,644

France

—

3.2%

Altice

France

(c)

2.50%,

01/15/25

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

EUR

2,200

2,164,873

4.25%,

10/15/29

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

1,110

826,477

Atos

(c)

0.00%,

11/06/24

(h)(i)

..........

3,600

2,713,745

1.75%,

05/07/25

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

100

69,077

Banijay

Entertainment

SASU,

7.00%

05/01/29

(c)

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

510

533,560

BNP

Paribas

(b)(j)

(USISOA05

4.15%),

6.63%

(a)

USD

500

493,004

Series

TMO,

(BFRTMO

0.25%),

2.82%

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

EUR

1,163

835,273

Casino

Guichard

Perrachon

(b)(e)(j)(k)

(10-Year

EURIBOR

ICE

Swap

Rate at

9.00%

Cap

1.00%),

4.47%

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

7,464

33,170

(5-Year

EURIBOR

ICE

Swap

Rate

3.82%),

3.99%

(c)

.........

7,500

25,395

Security

Par

(000)

Par

(000)

Value

France

(continued)

Clariane

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

9.08%),

4.13%

(b)(c)(j)

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

GBP

3,200

2,679,046

Eutelsat

SA,

1.50%

10/13/28

(c)

....

EUR

1,800

1,346,157

Goldstory

SAS,

5.38%

03/01/26

(c)

1,433

1,461,293

Iliad

(c)

5.38%,

06/14/27

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

2,200

2,292,903

5.63%,

02/15/30

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

500

507,858

Financiere

Atalian

SASU

(c)

4.00%,

05/15/24

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

1,252

1,029,602

5.13%,

05/15/25

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

3,355

2,573,696

Novafives

SAS

(c)

5.00%,

06/15/25

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

1,162

1,176,627

(3-mo.

EURIBOR

4.50%

Floor

4.50%),

8.35%,

06/15/25

(b)

...

1,810

1,850,222

Picard

Groupe

SAS,

3.88%

07/01/26

(c)

1,573

1,526,603

RCI

Banque

SA,

(5-Year

EUR

Swap

Annual

2.85%),

2.63%

02/18/30

(b)

(c)

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

4,500

4,461,298

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$335,976)

(b)(f)(g)

...

342

361,870

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

4.00%),

7.25%

(b)(c)(j)

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

1,100

1,020,212

Vallourec

SACA,

8.50%

06/30/26

(c)

1,812

1,914,881

Worldline

SA,

0.00%

07/30/26

(c)(h)(i)

591

541,365

32,438,207

Germany

—

3.3%

ADLER

Group

2.00%,

11/23/23

(c)(d)(e)(h)(k)

.......

800

808,388

21.00%,

(21.00%

Cash

21.00%

PIK),

07/31/25

(i)(l)

..........

1,000

1,062,421

Agps

Bondco

plc

(c)(e)(k)

6.00%,

08/05/25

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

1,900

839,338

5.50%,

11/13/26

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

700

290,046

5.00%,

04/27/27

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

1,900

663,429

5.00%,

01/14/29

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

2,300

711,593

Aroundtown

(c)

(5-Year

GBP

Swap

4.38%),

4.75%

(b)(j)

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

GBP

2,097

1,045,008

2.00%,

11/02/26

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

EUR

1,000

898,062

0.38%,

04/15/27

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

1,500

1,204,453

1.45%,

07/09/28

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

2,300

1,752,214

Securities

BV,

(5-Year

USD

Swap

Semi

3.55%),

7.75%

(b)(c)(j)

.....

USD

3,250

1,532,375

ATF

Netherlands

BV,

(5-Year

EUR

Swap

Annual

4.38%),

7.08%

(b)(c)(j)

EUR

1,200

568,453

Cheplapharm

Arzneimittel

GmbH

(c)

4.38%,

01/15/28

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

1,071

1,029,818

7.50%,

05/15/30

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

705

742,425

Commerzbank

AG,

(5-Year

EUR

Swap

Annual

6.36%),

6.13%

(b)(c)(j)

....

4,400

4,283,189

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

10/15/24

(c)

...

2,400

1,600,152

Deutsche

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

3.30%),

4.00%

06/24/32

(b)(c)

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

4,100

3,904,389

Troplast

GmbH,

9.38%

07/15/28

(c)

1,276

1,309,556

Lanxess

AG,

(6M

EURIBOR

9.50%),

13.63%

06/20/30

(b)(f)

.........

427

429,058

Renk

AG,

5.75%

07/15/25

(c)

......

780

812,166

Sudzucker

International

Finance

BV,

1.25%

11/29/23

(c)

...........

135

142,371

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

07/30/26

(c)

.......

EUR

636

649,724

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%

07/15/25

(c)

.......

2,348

2,387,800

Tele

Columbus

AG,

3.88%

05/02/25

(c)

5,303

3,049,972

Elevator

Midco

GmbH,

4.38%

07/15/27

(c)

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

910

871,398

Elevator

Newco,

Inc.,

5.25%

07/15/27

(a)

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

USD

240

218,507

Finance

GmbH,

5.75%

08/03/26

(c)

EUR

1,200

1,271,117

34,077,422

Ghana

—

0.3%

Tullow

Oil

plc,

10.25%

05/15/26

(a)

USD

3,125

2,677,734

Greece

—

0.1%

Danaos

Corp.,

8.50%

03/01/28

(a)

...

1,131

1,124,090

India

—

0.1%

Natural

Foods,

(6-mo.

EURIBOR

6.75%),

10.89%

10/13/29

(b)(f)

....

EUR

993

1,008,970

Vedanta

Resources

Finance

plc,

8.95%

03/11/25

(a)

...........

USD

240

174,891

1,183,861

Indonesia

—

0.0%

Freeport

Indonesia

PT,

4.76%

04/14/27

(c)

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

239

226,409

Ireland

—

0.3%

Bank

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

7.92%),

7.50%

(b)(c)(j)

EUR

2,808

2,924,355

Israel

—

0.6%

Energian

Israel

Finance

Ltd.,

8.50%

09/30/33

(a)(c)

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

USD

81,178

Leviathan

Bond

Ltd.,

6.75%

06/30/30

(a)

(c)

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

29,733

Teva

Pharmaceutical

Finance

Netherlands

7.38%,

09/15/29

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

EUR

2,788

2,975,648

7.88%,

09/15/31

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

893

968,033

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

7.88%

09/15/29

USD

2,000

1,961,500

6,016,092

Italy

—

3.7%

Azzurra

Aeroporti

SpA

(c)

2.13%,

05/30/24

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

EUR

4,583

4,754,188

2.63%,

05/30/27

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

992

941,008

Banco

BPM

SpA,

(5-Year

EUR

Swap

Annual

3.17%),

2.88%

06/29/31

(b)

(c)

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

937

872,665

Cedacri

Mergeco

SpA,

(3-mo.

EURIBOR

5.50%),

9.28%

05/15/28

(b)(c)

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

997

1,023,278

Engineering

Ingegneria

Informatica

SpA,

11.13%

05/15/28

(c)

.......

2,271

2,362,470

Fiber

Bidco

SpA,

11.00%

10/25/27

(c)

680

762,679

Infrastrutture

Wireless

Italiane

SpA,

1.63%

10/21/28

(c)

...........

2,604

2,409,944

Intesa

Sanpaolo

SpA

5.02%,

06/26/24

(a)

...........

USD

1,150

1,126,997

5.15%,

06/10/30

(c)

...........

GBP

950

951,373

Lottomatica

SpA

(c)

9.75%,

09/30/27

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

EUR

1,130

1,277,720

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

(3-mo.

EURIBOR

4.13%),

7.93%,

06/01/28

(b)

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

EUR

460

487,237

Nexi

SpA,

0.00%

02/24/28

(c)(h)(i)

....

3,600

3,027,722

Rekeep

SpA,

7.25%

02/01/26

(c)

....

1,803

1,688,363

Rossini

SARL,

6.75%

10/30/25

(c)

...

2,761

2,910,897

Telecom

Italia

Capital

6.38%,

11/15/33

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

USD

264

225,117

6.00%,

09/30/34

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

285

234,559

7.20%,

07/18/36

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

703

607,822

7.72%,

06/04/38

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

790

697,381

Telecom

Italia

SpA

2.38%,

10/12/27

(c)

...........

EUR

763

690,403

6.88%,

02/15/28

(c)

...........

2,226

2,337,665

7.88%,

07/31/28

(c)

...........

2,799

3,024,556

1.63%,

01/18/29

(c)

...........

2,605

2,136,172

5.25%,

03/17/55

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

400

327,969

UniCredit

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

7.33%),

7.50%

(b)(c)(j)

1,026

1,055,756

Webuild

SpA,

7.00%

09/27/28

(c)

....

1,740

1,801,971

37,735,912

Japan

—

0.8%

Rakuten

Group,

Inc.

3.55%,

11/27/24

(c)

...........

USD

400

375,000

10.25%,

11/30/24

(a)

..........

200

202,003

SoftBank

Group

Corp.

(c)

2.13%,

07/06/24

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

EUR

5,062

5,189,538

3.13%,

09/19/25

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

1,250

1,241,680

4.00%,

09/19/29

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

240

209,767

3.88%,

07/06/32

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

1,503

1,194,222

8,412,210

Kuwait

—

0.0%

MEGlobal

BV,

4.25%

11/03/26

(c)

...

USD

200

188,288

Luxembourg

—

2.1%

Adler

Financing

SARL,

12.50%

(12.50%

Cash

12.50%

PIK),

06/30/25

(l)

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

EUR

1,920

1,968,348

Cidron

Aida

Finco

SARL,

6.25%

04/01/28

(c)

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

GBP

1,951

2,077,889

Codere

New

Holdco

7.50%,

11/30/27

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

EUR

1,514

4,085

7.50%,

11/30/27

(a)

...........

197

9,680

Cullinan

Holdco

Scsp,

4.63%

10/15/26

(c)

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

2,355

1,741,288

Garfunkelux

Holdco

(c)

6.75%,

11/01/25

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

4,712

3,737,770

7.75%,

11/01/25

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

GBP

600

537,355

Kleopatra

Finco

SARL

(c)

4.25%,

03/01/26

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

EUR

567

495,236

4.25%,

03/01/26

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

1,348

1,177,386

Kleopatra

Holdings

SCA,

6.50%

09/01/26

(c)

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

1,886

1,150,849

LHMC

Finco

SARL,

7.25%

(7.25%

Cash

8.00%

PIK),

10/02/25

(c)(l)

817

830,657

Monitchem

HoldCo

SA,

8.75%

05/01/28

(c)

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

993

1,005,656

SES

SA,

(5-Year

EUR

Swap

Annual

3.19%),

2.88%

(b)(c)(j)

..........

2,687

2,494,833

Vivion

Investments

SARL

(c)

3.00%,

08/08/24

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

1,600

1,549,058

7.90%,

(7.90%

Cash

7.90%

PIK),

02/28/29

(l)

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

2,950

2,302,556

21,082,646

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.0%

Braskem

Idesa

SAPI,

6.99%

02/20/32

(a)

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

USD

200

116,690

Netherlands

—

1.0%

GTCR

W-2

Merger

Sub

LLC,

8.50%

01/15/31

(a)

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

GBP

100

121,849

ING

Groep

NV,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.86%),

3.88%

(b)(j)

....

USD

1,857

1,296,068

Nobian

Finance

BV,

3.63%

07/15/26

(c)

EUR

780

737,263

Summer

BidCo

(c)(l)

9.00%,

(9.00%

Cash

9.75%

PIK),

11/15/25

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

2,378

2,337,730

9.00%,

(9.00%

Cash

9.75%

PIK),

11/15/25

(b)

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

1,936

1,897,003

Secured

Financing

BV,

3.50%

01/15/32

(c)

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

756

605,942

Vendor

Financing

BV,

2.88%

01/15/29

(c)

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

4,160

3,354,709

10,350,564

Oman

—

0.0%

EDO

Sukuk

Ltd.,

5.88%

09/21/33

(a)

USD

250

239,813

Portugal

—

1.3%

Banco

Espirito

Santo

(c)(e)(k)

2.63%,

05/08/17

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

EUR

6,100

1,678,146

4.75%,

01/15/18

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

19,300

5,309,546

4.00%,

01/21/19

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

22,800

6,272,417

13,260,109

Romania

—

0.4%

RCS

RDS

SA,

2.50%

02/05/25

(c)

4,300

4,370,658

Singapore

—

0.0%

Puma

International

Financing

SA,

5.00%

01/24/26

(a)

...........

USD

200

178,846

South

Africa

—

0.0%

Sasol

Financing

USA

LLC,

6.50%

09/27/28

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

200

175,700

South

Korea

—

0.7%

Hynix,

Inc.,

6.38%

01/17/28

(a)

...

7,620

7,533,894

Spain

—

2.2%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

6.04%),

6.00%

(b)(c)(j)

..........

EUR

1,000

1,046,300

Banco

Sabadell

(b)(c)

(5-Year

EUR

Swap

Annual

2.20%),

2.00%,

01/17/30

....

600

591,213

(5-Year

EUR

Swap

Annual

2.95%),

2.50%,

04/15/31

....

1,600

1,513,845

Banco

Santander

SA,

(5-Year

EUR

Swap

Annual

4.10%),

4.75%

(b)(c)(j)

600

526,869

CaixaBank

SA,

(5-Year

EUR

Swap

Annual

6.50%),

6.75%

(b)(c)(j)

....

1,200

1,255,215

Cellnex

Finance

Co.

2.00%,

02/15/33

(c)

...........

4,000

3,216,497

3.88%,

07/07/41

(a)

...........

USD

1,000

666,575

Cellnex

Telecom

(c)

0.50%,

07/05/28

(h)

...........

EUR

700

708,865

2.13%,

08/11/30

(h)

...........

3,100

2,995,225

1.75%,

10/23/30

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

2,000

1,697,323

0.75%,

11/20/31

(h)

...........

2,700

2,101,357

Cirsa

Finance

International

SARL

(c)

7.88%,

07/31/28

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

482

506,816

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

(3-mo.

EURIBOR

4.50%),

8.45%,

07/31/28

(b)

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

EUR

732

770,223

Codere

Finance

Luxembourg

SA,

11.00%

(11.00%

Cash

11.00%

PIK),

09/30/26

(c)(d)(l)

...........

2,373

1,700,900

Kaixo

Bondco

Telecom

SA,

5.13%

09/30/29

(c)

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

560

525,965

Lorca

Telecom

Bondco

SA,

4.00%

09/18/27

(c)

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

1,057

1,037,327

Repsol

International

Finance

BV,

(5-

Year

EUR

Swap

Annual

4.41%),

4.25%

(b)(c)(j)

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

817

788,295

Telefonica

Europe

BV,

(8-Year

EUR

Swap

Annual

3.62%),

6.75%

(b)(c)(j)

700

716,746

22,365,556

Sweden

—

0.5%

Heimstaden

Bostad

(c)

(5-Year

EUR

Swap

Annual

3.67%),

3.25%

(b)(j)

.........

1,600

882,608

1.13%,

01/21/26

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

332

297,899

(5-Year

EUR

Swap

Annual

3.15%),

2.63%

(b)(j)

.........

124

52,852

Heimstaden

Bostad

Treasury

0.63%,

07/24/25

(c)

...........

332

308,065

1.38%,

03/03/27

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

332

277,431

1.00%,

04/13/28

(c)

...........

996

754,871

Intrum

(c)

3.13%,

07/15/24

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

254

257,114

4.88%,

08/15/25

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

1,663

1,576,859

Samhallsbyggnadsbolaget

Norden

(b)(c)(j)

(5-Year

EUR

Swap

Annual

3.23%),

2.63%

...........

291

48,994

(5-Year

EUR

Swap

Annual

3.22%),

2.88%

...........

1,200

203,155

SBB

Treasury

OYJ,

0.75%

12/14/28

(c)

800

469,796

5,129,644

Switzerland

—

0.3%

(c)

Credit

Suisse

AG,

0.25%

09/01/28

900

781,087

UBS

Group

(b)

(5-Year

USD

Swap

Semi

4.87%),

7.00%

(j)

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

USD

2,250

2,179,688

(1-Year

EUR

Swap

Annual

0.77%),

0.65%,

01/14/28

....

EUR

500

462,582

3,423,357

Tanzania

—

0.0%

HTA

Group

Ltd.,

7.00%

12/18/25

(a)

USD

200

192,634

United

Arab

Emirates

—

0.1%

(a)

Shelf

Drilling

Holdings

Ltd.,

9.63%

04/15/29

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

670

636,500

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

10/31/25

...........

322

322,000

958,500

United

Kingdom

—

9.5%

Barclays

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.67%),

8.00%

(b)(j)

....

2,258

2,208,424

BAT

Capital

Corp.,

7.75%

10/19/32

3,010

3,088,734

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

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

GBP

4,026

4,237,343

4.50%,

02/16/26

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

1,354

1,458,262

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

8.63%

12/15/32

(f)

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

USD

20,842

21,206,748

British

Telecommunications

plc

(b)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.49%),

4.88%,

11/23/81

(a)

...

1,672

1,348,770

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.82%),

8.38%,

12/20/83

(c)

.........

GBP

1,325

1,599,359

Connect

Finco

SARL,

6.75%

10/01/26

(a)

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

USD

12,260

11,432,894

CPUK

Finance

Ltd.

(c)

3.59%,

08/28/25

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

GBP

1,030

1,187,210

4.88%,

08/28/25

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

3,092

3,505,171

EnQuest

plc,

11.63%

11/01/27

(a)

...

USD

2,525

2,373,994

Galaxy

Bidco

Ltd.,

6.50%

07/31/26

(c)

GBP

2,707

3,035,231

Global

Switch

Finance

BV,

1.38%

10/07/30

(c)

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

EUR

1,000

877,660

Global

Switch

Holdings

Ltd.,

2.25%

05/31/27

(c)

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

400

389,846

Heathrow

Finance

plc

(c)(d)

4.75%,

03/01/24

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

GBP

2,411

2,890,537

5.75%,

03/03/25

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

380

449,170

INEOS

Quattro

Finance

plc

(c)

2.50%,

01/15/26

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

EUR

1,350

1,328,444

2.50%,

01/15/26

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

2,996

2,948,163

Intu

Jersey

Ltd.,

2.88%

11/01/22

(c)(e)(h)

(k)

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

GBP

4,275

883,302

Lloyds

Banking

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

5.29%),

4.95%

(b)(c)(j)

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

EUR

2,645

2,606,266

Metrocentre

Finance

plc,

8.75%

(8.75%

Cash

8.75%

PIK),

12/06/23

(l)

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

GBP

600

306,908

Nationwide

Building

Society,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

5.39%),

5.88%

(b)

(c)(j)

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

1,132

1,296,930

NatWest

Group

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.63%),

6.00%

(b)

(j)

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

USD

1,433

1,312,784

Neptune

Energy

Bondco

plc,

6.63%

05/15/25

(a)

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

4,758

4,710,056

Pinewood

Finance

Co.

Ltd.,

3.25%

09/30/25

(c)

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

GBP

2,799

3,209,972

Pinnacle

Bidco

plc

(c)

8.25%,

10/11/28

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

EUR

435

445,361

10.00%,

10/11/28

...........

GBP

505

589,570

Rolls-Royce

plc,

0.88%

05/09/24

(c)

EUR

1,600

1,656,578

Santander

Group

Holdings

plc,

(BPSWS5

6.07%),

6.75%

(b)(c)(j)

GBP

1,494

1,770,485

Standard

Chartered

plc

(b)(j)

(3-mo.

LIBOR

USD

1.51%),

7.16%

(c)

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

USD

300

273,723

(3-mo.

LIBOR

USD

1.51%),

7.16%

(a)

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

2,100

1,916,058

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

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

GBP

2,955

3,268,406

8.25%,

07/31/25

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

1,731

1,927,739

Synthomer

plc,

3.88%

07/01/25

(c)

...

EUR

1,303

1,332,794

Thames

Water

Utilities

Finance

plc

(c)

4.00%,

06/19/25

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

GBP

1,710

1,953,935

0.88%,

01/31/28

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

EUR

662

580,143

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Vmed

Financing

plc,

4.00%

01/31/29

(c)

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

GBP

2,495

2,505,643

98,112,613

United

States

—

30.3%

Affinity

Interactive,

6.88%

12/15/27

(a)

USD

125

101,886

Alexander

Funding

Trust

II,

7.47%

07/31/28

(a)

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

10,012

9,940,047

Allegiant

Travel

Co.,

7.25%

08/15/27

(a)

155

140,275

Alteryx,

Inc.,

8.75%

03/15/28

(a)

....

5,750

5,678,107

American

Airlines

Pass-Through

Trust,

Series

2017-2,

Class

4.00%

12/15/25

(f)

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

4,110

4,058,625

AmeriGas

Partners

LP,

9.38%

06/01/28

(a)

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

157

155,155

Amkor

Technology,

Inc.,

6.63%

09/15/27

(a)

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

7,000

6,813,183

Ardagh

Packaging

Finance

plc

(c)

2.13%,

08/15/26

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

EUR

2,259

2,060,480

4.75%,

07/15/27

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

GBP

1,044

888,103

Arsenal

AIC

Parent

LLC,

8.00%

10/01/30

(a)

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

USD

15,800

Ashton

Woods

USA

LLC

(a)

4.63%,

08/01/29

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

46,124

4.63%,

04/01/30

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

205

158,732

Bausch

Lomb

Escrow

Corp.,

8.38%

10/01/28

(a)

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

4,518

4,487,504

Big

River

Steel

LLC,

6.63%

01/31/29

(a)

158

156,069

Blue

Racer

Midstream

LLC,

7.63%

12/15/25

(a)

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

57,081

Buckeye

Partners

4.35%,

10/15/24

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

245

235,200

4.13%,

03/01/25

(a)

...........

111

105,705

Caesars

Entertainment,

Inc.,

8.13%

07/01/27

(a)

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

333

329,961

Calumet

Specialty

Products

Partners

LP,

9.75%

07/15/28

(a)

.........

301

280,945

Capital

One

Financial

Corp.,

(1-day

SOFR

2.44%),

7.15%

10/29/27

(b)

5,000

5,000,744

Carnival

Corp.,

7.63%

03/01/26

(c)

...

EUR

2,087

2,164,620

Carrols

Restaurant

Group,

Inc.,

5.88%

07/01/29

(a)

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

USD

1,913

1,552,488

Catalent

Pharma

Solutions,

Inc.,

5.00%

07/15/27

(a)

...........

4,500

4,015,575

CDI

Escrow

Issuer,

Inc.,

5.75%

04/01/30

(a)

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

78,620

Central

Parent

LLC,

8.00%

06/15/29

(a)

36,546

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

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

181

169,355

8.38%,

07/01/28

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

3,841

3,864,665

Cleveland-Cliffs,

Inc.,

6.75%

04/15/30

(a)

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

400

370,876

Cloud

Software

Group,

Inc.,

6.50%

03/31/29

(a)

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

7,617

6,687,328

CommScope

Technologies

LLC,

6.00%

06/15/25

(a)

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

4,225

2,535,000

CommScope,

Inc.,

6.00%

03/01/26

850

699,090

Concentrix

Corp.,

6.65%

08/02/26

7,750

7,702,363

Consensus

Cloud

Solutions,

Inc.,

6.00%

10/15/26

(a)

...........

2,850

2,639,707

Coty,

Inc.,

6.63%

07/15/30

(a)

......

31,440

Covanta

Holding

Corp.,

4.88%

12/01/29

(a)

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

63,180

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Crescent

Energy

Finance

LLC,

9.25%

02/15/28

(a)

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

USD

1,773

1,785,697

Crown

European

Holdings

SA,

3.38%

05/15/25

(c)

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

EUR

1,174

1,215,611

CSC

Holdings

LLC

5.25%,

06/01/24

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

USD

535

500,237

5.50%,

04/15/27

(a)

...........

200

167,126

Dana

Financing

Luxembourg

SARL,

8.50%

07/15/31

(c)

...........

EUR

685

739,294

Dana,

Inc.,

4.25%

09/01/30

......

USD

35,617

DISH

DBS

Corp.,

5.88%

11/15/24

346

317,460

DISH

Network

Corp.,

0.00%

12/15/25

(h)

(i)

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

185

112,854

Dresdner

Funding

Trust

8.15%

06/30/31

(c)

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

2,023

2,111,506

Earthstone

Energy

Holdings

LLC,

8.00%

04/15/27

(a)

...........

243

246,513

Energy

Transfer

6.05%,

12/01/26

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

5,000

4,989,786

6.10%,

12/01/28

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

1,255

1,239,389

EQM

Midstream

Partners

(a)

7.50%,

06/01/27

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

7,250

7,180,253

7.50%,

06/01/30

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

2,000

1,962,272

EquipmentShare.com,

Inc.,

9.00%

05/15/28

(a)

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

664

624,160

Ford

Motor

Co.,

3.25%

02/12/32

...

46,794

Forestar

Group,

Inc.

(a)

3.85%,

05/15/26

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

101

89,898

5.00%,

03/01/28

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

1,246

1,093,475

Freed

Corp.,

10.00%

12/01/23

(f)

....

1,009

1,031,896

FreeWire

Technologies,

Inc.,

(3-mo.

CME

Term

SOFR

11.00%),

16.39%

03/31/25

(b)(f)

.........

679

653,993

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

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

1,986

1,810,573

8.75%,

05/15/30

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

11,344

10,808,020

8.63%,

03/15/31

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

5,000

4,701,020

Frontier

Florida

LLC,

Series

6.86%

02/01/28

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

8,500

7,767,110

Full

House

Resorts,

Inc.,

8.25%

02/15/28

(a)

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

65,678

Garden

Spinco

Corp.,

8.63%

07/20/30

(a)

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

5,334

5,503,461

GoTo

Group,

Inc.,

5.50%

09/01/27

(a)

4,736

2,469,684

GrafTech

Global

Enterprises,

Inc.,

9.88%

12/15/28

(a)

...........

33,133

GXO

Logistics,

Inc.,

2.65%

07/15/31

355

263,361

Homes

West

Bay

LLC,

9.50%

04/30/27

(f)

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

1,201

1,116,930

Howard

Hughes

Corp.

(The),

5.38%

08/01/28

(a)

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

323

283,953

Illuminate

Buyer

LLC,

9.00%

07/01/28

(a)

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

62,598

Iron

Mountain

plc,

3.88%

11/15/25

(c)

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

GBP

1,443

1,650,372

Landsea

Homes

Corp.,

11.00%

07/17/28

(f)

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

USD

1,819

1,753,152

Lessen,

Inc.,

(3-mo.

CME

Term

SOFR

5.00%),

13.40%

01/05/28

(a)(b)(f)

1,206

1,100,089

Liberty

Mutual

Group,

Inc.,

(5-Year

EUR

Swap

Annual

3.70%),

3.63%

05/23/59

(b)(c)

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

EUR

1,250

1,259,139

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lightning

eMotors,

Inc.,

7.50%

05/15/24

(a)(h)

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

USD

200

10,000

Lions

Gate

Capital

Holdings

LLC,

5.50%

04/15/29

(a)

...........

14,696

9,670,556

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

08/15/26

(a)

........

380

355,915

Midwest

Gaming

Borrower

LLC,

4.88%

05/01/29

(a)

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

189

157,343

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

50,194

5.50%,

08/15/28

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

258

227,995

5.13%,

12/15/30

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

254

205,533

5.75%,

11/15/31

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

119

99,109

NCR

Atleos

Escrow

Corp.,

9.50%

04/01/29

(a)

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

6,350

6,224,461

New

Home

Co.,

Inc.

(The), +

0.00%),

8.25%

10/15/27

(a)(b)(d)

.........

65,621

Nexstar

Media,

Inc.

(a)

5.63%,

07/15/27

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

9,899

4.75%,

11/01/28

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

194

162,939

NRG

Energy,

Inc.,

7.00%

03/15/33

(a)

510

482,045

Olympus

Water

Holding

Corp.

9.63%,

11/15/28

(c)

...........

EUR

2,323

2,437,049

9.75%,

11/15/28

(a)

...........

USD

710

693,458

Palomino

Funding

Trust

7.23%

05/17/28

(a)

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

10,850

10,843,357

Paramount

Global,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.00%),

6.38%

03/30/62

(b)

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

4,501

3,312,466

Park

Intermediate

Holdings

LLC,

4.88%

05/15/29

(a)

...........

258

215,325

Permian

Resources

Operating

LLC

(a)

7.75%,

02/15/26

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

45,959

5.88%,

07/01/29

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

101

94,004

7.00%,

01/15/32

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

76,582

Pilgrim's

Pride

Corp.,

6.25%

07/01/33

309

283,970

Pitney

Bowes,

Inc.,

6.88%

03/15/27

(a)

10,450

8,650,197

Playtika

Holding

Corp.,

4.25%

03/15/29

(a)

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

39,530

Rain

Carbon,

Inc.,

12.25%

09/01/29

(a)

38,665

Rand

Parent

LLC,

8.50%

02/15/30

(a)

4,000

3,652,784

Regal

Rexnord

Corp.,

6.05%

02/15/26

(a)

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

4,250

4,180,320

RingCentral,

Inc.,

8.50%

08/15/30

(a)

6,150

5,842,500

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

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

989

938,829

8.63%,

06/01/27

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

5,834

4,838,449

11.25%,

12/15/27

...........

3,483

3,101,561

SCIL

LLC,

9.50%

07/15/28

(c)

....

EUR

1,628

1,741,897

Seagate

HDD

Cayman

(a)

8.25%,

12/15/29

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

USD

7,000

7,113,589

8.50%,

07/15/31

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

1,269

1,291,288

9.63%,

12/01/32

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

7,150

7,622,014

Service

Properties

Trust

4.50%,

03/15/25

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

280

261,520

7.50%,

09/15/25

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

5,402

5,248,426

Sitio

Royalties

Operating

Partnership

LP,

7.88%

11/01/28

(a)

.........

114

112,450

Sonder

Holdings

Inc.,

Note,

(3-mo.

CME

Term

SOFR

1.00%

Floor

9.00%),

13.99%

01/19/27

(b)(f)

....

1,540

1,316,274

Spirit

AeroSystems,

Inc.

(a)

7.50%,

04/15/25

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

12,000

11,970,404

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

9.38%,

11/30/29

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

USD

4,000

4,107,723

Sprint

Spectrum

Co.

LLC

(a)

4.74%,

03/20/25

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

4,500

4,449,154

5.15%,

03/20/28

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

2,700

2,656,972

Stem,

Inc.,

0.50%

12/01/28

(a)(h)

....

24,579

SUN

Country

Marine,

Inc.

(f)

Series

2019-1C,

7.00%,

12/15/23

10,641

10,628,198

Series

2022-1B,

5.75%,

03/15/29

11,055

10,972,564

Tenneco,

Inc.,

8.00%

11/17/28

(a)

...

238

190,995

Texas

Capital

Bancshares,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.15%),

4.00%

05/06/31

(b)

...........

71,784

Transocean

Titan

Financing

Ltd.,

8.38%

02/01/28

(a)

...........

77,312

Transocean,

Inc.,

8.75%

02/15/30

(a)

76,723

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

1,810

5.70%,

06/15/28

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

23,149

United

Wholesale

Mortgage

LLC,

5.50%

11/15/25

(a)

...........

541

514,212

Uniti

Group

LP,

10.50%

02/15/28

(a)

10,132

9,756,650

Univision

Communications,

Inc.,

8.00%

08/15/28

(a)

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

3,017

2,849,018

Venture

Global

LNG,

Inc.

(a)

8.13%,

06/01/28

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

401

389,299

9.50%,

02/01/29

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

5,000

5,079,700

Viasat,

Inc.

(a)

5.63%,

09/15/25

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

100

92,899

5.63%,

04/15/27

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

3,350

2,924,617

7.50%,

05/30/31

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

1,125

736,369

Vistra

Operations

Co.

LLC,

7.75%

10/15/31

(a)

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

4,652

4,490,203

Warnermedia

Holdings,

Inc.,

6.41%

03/15/26

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

5,025

5,014,735

Weekley

Homes

LLC,

4.88%

09/15/28

(a)

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

147

126,236

William

Carter

Co.

(The),

5.63%

03/15/27

(a)

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

15,160

Wynn

Resorts

Finance

LLC,

5.13%

10/01/29

(a)

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

456

388,879

Xerox

Holdings

Corp.,

5.00%

08/15/25

(a)

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

2,000

1,839,884

XHR

(a)

6.38%,

08/15/25

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

119

115,430

4.88%,

06/01/29

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

33,843

311,445,257

Zambia

—

0.4%

First

Quantum

Minerals

Ltd.

(a)

7.50%,

04/01/25

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

1,200

1,119,120

6.88%,

03/01/26

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

2,450

2,149,263

6.88%,

10/15/27

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

400

337,000

3,605,383

Total

Corporate

Bonds

—

62.5%

(Cost:

$746,919,367)

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

642,977,083

Security

Par

(000)

(

000)

Value

Fixed

Rate

Loan

Interests

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan,

0.17%

11/09/29

(f)

...........

GBP

213

2,594

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$48,410)

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

2,594

Floating

Rate

Loan

Interests

France

—

0.3%

Tarkett

Participation,

Facility

Term

Loan

(6-mo.

EURIBOR

3.70%),

7.63%

04/21/28

(b)

...........

EUR

2,831

2,837,505

Germany

—

0.4%

(b)

Tele

Columbus

AG,

Facility

Term

Loan

A3,

(6-mo.

EURIBOR

3.50%),

7.43%

10/15/24

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

1,900

1,101,372

Wittur

Holding

GmbH,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

4.50%),

8.47%

10/02/26

......

3,800

2,637,712

3,739,084

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan,

(6-mo.

LIBOR

USD

0.00%),

16.50%

11/10/27

(b)(f)

.........

GBP

333

242,859

Luxembourg

—

0.5%

(b)

Altice

Financing

S.A.,

Term

Loan,

10/31/27

(m)

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

EUR

1,947

1,913,451

Concrete

Investment

SCA,

Facility

Term

Loan

A2,

(3-mo.

EURIBOR

2.00%),

5.95%

10/31/23

(f)

......

EURO

Parfums

Fze,

Term

Loan,

12.21%

01/01/30

(f)

..........

USD

218

211,743

Rainbow

Holdco

Ltd.,

Facility

Term

Loan

B2,

(6-mo.

EURIBOR

3.25%),

7.20%

02/24/29

......

EUR

2,400

2,484,156

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

8.50%),

13.89%

05/29/26

(f)

USD

402

205,270

4,814,629

Netherlands

—

0.7%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

B2,

(3-mo.

EURIBOR

3.25%),

7.03%

7.12%

02/06/27

EUR

1,293

1,360,393

Columbus

Finance

BV,

Facility

Term

Loan

(3-mo.

EURIBOR

3.75%),

7.72%

01/01/38

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

2,400

2,009,332

Median

BV,

Facility

Term

Loan

B1,

(6-mo.

EURIBOR

4.93%),

9.06%

10/14/27

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

3,900

3,775,252

7,144,977

Singapore

—

0.0%

Grab

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

4.50%),

9.94%

01/29/26

(b)

...........

USD

68,899

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

—

0.4%

Lorca

Holdco

Ltd.,

Term

Loan

B2,

(6-mo.

EURIBOR

4.20%),

8.02%

09/17/27

(b)

...........

EUR

4,000

4,198,033

United

Kingdom

—

0.2%

Virgin

Media

SFA

Finance

Ltd.,

Facility

Term

Loan

(1-mo.

SONIA

3.25%),

8.48%

11/15/27

(b)

.....

GBP

1,900

2,264,623

United

States

—

6.3%

2U,

Inc.,

Term

Loan,

(6-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

6.50%),

11.95%

12/28/26

(b)

USD

407

375,591

ACProducts

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

4.25%),

9.90%

05/17/28

(b)

...........

147

116,662

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.75%),

10.19%

02/02/26

(b)

..........

175

168,060

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

5.60%),

10.49%

02/01/30

(b)

..........

10,286

9,900,275

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(1-mo.

LIBOR

USD

3.00%),

8.45%

04/22/26

(b)

.....

338

275,899

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

5.00%),

10.54%

12/30/27

(b)

118

114,663

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.00%),

9.44%

06/09/28

(b)

.....

82,697

Apex

Tool

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

5.25%),

10.69%

02/08/29

(b)

.....

197

167,536

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.00%),

9.42%

11/24/27

(b)

183

180,053

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.50%),

8.94%

08/02/28

(b)

2,345

Ascensus

Group

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

6.50%),

12.18%

08/02/29

(b)

598

567,729

Avaya,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

1.00%

Cap

10.00%),

0.00%

12/15/27

(b)(f)

....

597

149,185

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

LIBOR

USD

1.00%

Floor

3.25%),

8.67%

03/03/25

(b)

...........

962

900,605

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

(3-mo.

LIBOR

USD

15.00%),

15.00%

10/15/26

(b)

....

355

353,771

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Chemours

Co.

(The),

Term

Loan

B3,

(1-mo.

EURIBOR

4.00%),

7.87%

08/18/28

(b)

...........

EUR

4,000

4,105,428

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.50%),

9.16%

04/05/28

(b)

.....

USD

164

117,835

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

4.50%),

9.99%

03/30/29

(b)

718

681,652

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.75%),

9.19%

05/17/28

(b)

.....

81,541

ConnectWise

LLC,

Term

Loan,

(1-

mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.50%),

8.94%

09/29/28

(b)

...........

178

172,764

CoreLogic,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

6.50%),

11.94%

06/04/29

(b)

..........

750

600,000

CoreWeave

Compute

Acquisition

Co.

LLC,

Delayed

Draw

Term

Loan,

(12-mo.

CME

Term

SOFR

0.00%),

1.00%

14.13%

07/31/28

(b)(f)

....

174

170,693

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

3.75%),

9.14%

04/09/27

(b)

.....

748

721,264

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

5.00%),

10.44%

08/02/27

(b)

..........

308

299,567

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

5.25%),

10.67%

12/21/28

(b)

..........

238

216,917

Parent,

Inc.,

Term

Loan

(6-

mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

5.75%),

11.34%

12/10/28

(b)

..........

352

347,234

ECL

Entertainment

LLC,

Facility

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.75%),

10.14%

09/03/30

(b)

.....

434

432,555

EIS

Group,

Ltd.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

7.00%),

12.32%, 07/10/28

(b)(f)

.......

642

620,815

Emerald

Technologies

AcquisitionCo.,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

6.25%),

11.82%

12/29/27

(b)(f)

.........

291

276,141

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(6-mo.

LIBOR

USD

1.00%

Floor

and

1.00%

Cap

3.00%),

8.73%

03/08/24

(b)

.....

1,625

1,563,222

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

5.25%),

10.90%

11/01/28

(b)

.....

172

161,243

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

4.75%),

10.28%

08/31/27

(b)

..........

USD

4,011

2,522,565

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

0.00%),

13.52%

07/20/26

(b)(f)

.........

438

418,426

GTCR

Merger

Sub

LLC,

Term

Loan

09/20/30

(b)(m)

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

2,602

2,581,392

Helios

Service

Partners

LLC,

Delayed

Draw

Term

Loan

(b)(f)

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

6.50%),

12.13%

12.17%, 03/19/27

...

91,254

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

0.00%),

1.00%

11.93%, 03/19/27

....

10,650

Helios

Service

Partners

LLC,

Term

Loan

(b)(f)

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

6.25%),

11.88%, 03/19/27

.........

108

106,345

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

0.00%),

12.15%, 03/19/27

.........

20,383

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.50%),

8.89%

02/26/29

(b)

.....

206

194,650

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

5.50%),

10.94%

10/25/28

(b)(f)

....

169

135,192

J&J

Ventures

Gaming

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.00%),

9.65%

04/26/28

(b)

...........

321

304,413

Jack

Ohio

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.75%),

10.19%

10/04/28

(b)

..........

130

127,323

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

6.00%),

11.57%

12/22/26

(b)

.....

127

126,584

Level

Financing,

Inc.,

Term

Loan

03/01/27

(b)(m)

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

109

101,581

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

1.75%),

7.19%

10/19/26

(b)

.....

670

667,353

Maverick

Gaming

LLC,

Facility

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

7.50%),

13.18%

09/03/26

(b)

.....

207

152,041

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

7.00%),

12.52%

11/01/29

(b)

461

405,680

Sub

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

4.25%),

9.57%

05/03/28

(b)

...........

2,234

2,132,152

Sub

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

6.25%),

11.57%

02/23/29

(b)

..........

637

551,801

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.25%),

8.74%

01/24/29

(b)

...........

USD

903

828,433

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.01%

Cap

6.00%),

11.49%

01/24/30

(b)

..........

969

774,217

New

Holdco

Sub

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

6.75%),

12.19%

13.67%

06/30/27

(b)

....

1,252

1,173,600

Nieslsen

Consumer,

Inc.,

Term

Loan,

(1-mo.

EURIBOR

6.50%),

10.37%

03/06/28

(b)

..........

EUR

2,693

2,814,106

Orion

Group

HoldCo

LLC,

Delayed

Draw

Term

Loan

(1-mo.

LIBOR

USD

1.00%

Floor

and

1.00%

Cap

0.00%),

11.65%, 03/19/27

(b)(f)

.......

USD

240

238,235

Orion

Group

HoldCo

LLC,

Term

Loan

(3-mo.

LIBOR

USD

1.00%

Floor

and

1.00%

Cap

0.00%),

11.65%, 03/19/27

(b)(f)

.......

20,876

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.25%),

8.91%

12/28/27

(b)

.....

86,431

Playtika

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

2.75%),

8.19%

03/13/28

(b)

...........

482

465,722

ProFrac

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

7.25%),

12.93%

03/04/25

(b)(f)

.........

418

416,757

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

6.25%),

11.69%

08/31/29

(b)

..........

733

733,550

Quartz

AcquireCo

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

3.50%),

8.83%

06/28/30

(b)(f)

..........

7,500

7,481,250

RealPage,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

6.50%),

11.94%

04/23/29

(b)

..........

1,293

1,285,459

Redstone

HoldCo

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

4.75%),

10.19%

04/27/28

(b)(f)

....

2,564

2,136,856

Redstone

HoldCo

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

7.75%),

13.19%

04/27/29

(b)

.....

4,548

2,801,568

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

1.00%

Floor

and

0.75%

Cap

4.00%),

9.44%

03/16/27

(b)

.....

434

427,597

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.50%),

8.94%

09/23/27

(b)

.....

81,948

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Signal

Parent,

Inc.,

Term

Loan,

(1-

mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.50%),

8.92%

04/03/28

(b)

...........

USD

254

206,316

Sophia

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

1.00%

Floor

and

1.00%

Cap

8.00%),

13.42%

10/09/28

(b)(f)

.........

2,250

2,244,375

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

3.25%),

8.90%

03/31/28

(b)

.....

171

161,810

United

AirLines,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.75%),

9.19%

04/21/28

(b)

...........

—

(n)

382

Vaco

Holdings

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

5.00%),

10.59%

01/21/29

(b)

..........

288

272,310

Verscend

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

4.00%),

9.44%

08/27/25

(b)

...........

5,644

5,635,759

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

and

0.75%

Cap

3.75%),

9.40%

12/21/27

(b)

.....

148

119,795

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

3.00%),

8.44%

03/09/27

(b)

...........

77,315

65,058,394

Total

Floating

Rate

Loan

Interests

—

8.8%

(Cost:

$98,551,001)

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

90,369,003

Foreign

Agency

Obligations

Colombia

—

0.0%

Ecopetrol

SA,

4.13%

01/16/25

....

75,098

France

—

0.5%

Electricite

France

(b)(c)(j)

(6-Year

EUR

Swap

Annual

3.44%),

4.00%

...........

EUR

1,200

1,234,930

(13-Year

GBP

Swap

Semi

4.23%),

6.00%

...........

GBP

1,000

1,120,377

(5-Year

EUR

Swap

Annual

4.86%),

7.50%

...........

EUR

800

854,945

(BPISDS15

3.32%),

5.88%

...

GBP

400

399,893

(5-Year

EUR

Swap

Annual

3.97%),

3.38%

...........

EUR

1,600

1,299,347

4,909,492

Ireland

—

0.4%

AIB

Group

plc,

(5-Year

EUR

Swap

Annual

5.70%),

5.25%

(b)(c)(j)

....

4,264

4,304,920

Italy

—

0.2%

Banca

Monte

dei

Paschi

Siena

SpA,

(3-mo.

EURIBOR

3.21%),

6.75%

03/02/26

(b)(c)

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

1,725

1,813,815

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.1%

Comision

Federal

Electricidad,

4.88%

01/15/24

(c)

...........

USD

223

221,352

Petroleos

Mexicanos

4.25%,

01/15/25

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

83,820

8.75%,

06/02/29

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

226

198,632

503,804

Morocco

—

0.0%

OCP

SA,

5.13%

06/23/51

(c)

.......

200

128,000

Peru

—

0.0%

Corp.

Financiera

Desarrollo

SA,

4.75%

07/15/25

(c)

...........

228

220,939

Total

Foreign

Agency

Obligations

—

1.2%

(Cost:

$12,566,484)

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

11,956,068

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

Bahrain,

6.75%

09/20/29

(c)

219

211,061

Colombia

—

0.1%

Republic

Colombia,

4.50%

01/28/26

336

321,821

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond,

4.50%

01/30/30

(a)

...........

244

206,302

Egypt

—

0.0%

Arab

Republic

Egypt,

7.50%

02/16/61

(a)

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

200

98,500

Guatemala

—

0.0%

Republic

Guatemala,

5.38%

04/24/32

(a)

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

200

177,700

Hungary

—

0.0%

Hungary

Government

Bond

5.38%,

03/25/24

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

39,876

5.25%,

06/16/29

(a)

...........

200

188,342

228,218

Indonesia

—

0.0%

Republic

Indonesia,

4.10%

04/24/28

200

187,482

Ivory

Coast

—

0.0%

Republic

Cote

d'Ivoire,

6.38%

03/03/28

(c)

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

200

185,500

Mexico

—

0.1%

United

Mexican

States,

3.75%

01/11/28

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

295

271,990

Morocco

—

0.0%

Kingdom

Morocco,

2.38%

12/15/27

(a)

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

267

228,285

Nigeria

—

0.0%

Federal

Republic

Nigeria,

8.38%

03/24/29

(a)

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

200

174,750

Oman

—

0.1%

Oman

Government

Bond,

6.75%

01/17/48

(c)

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

258

229,943

Panama

—

0.0%

Republic

Panama,

6.85%

03/28/54

200

170,600

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Peru

—

0.0%

Republic

Peru,

1.86%

12/01/32

USD

173

121,705

Romania

—

0.1%

Romania

Government

Bond

(c)

2.88%,

03/11/29

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

EUR

165

153,376

2.50%,

02/08/30

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

174

151,688

305,064

Saudi

Arabia

—

0.0%

Kingdom

Saudi

Arabia,

4.50%

04/17/30

(c)

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

USD

200

187,000

Senegal

—

0.0%

Republic

Senegal,

6.25%

05/23/33

(c)

200

158,250

South

Africa

—

0.0%

Republic

South

Africa,

5.88%

04/20/32

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

200

168,750

Ukraine

—

0.0%

Ukraine

Government

Bond

(e)(k)

7.75%,

09/01/25

(c)

...........

112

34,160

7.25%,

03/15/35

(a)

...........

234

58,851

93,011

Total

Foreign

Government

Obligations

—

0.4%

(Cost:

$4,411,533)

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

3,725,932

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

3.1%

United

States

—

3.1%

(a)(b)

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

(1-mo.

CME

Term

SOFR

2.80%

Floor

2.91%),

8.25%,

06/15/38

...

3,454

3,266,384

Series

2021-VINO,

Class

(1-mo.

CME

Term

SOFR

2.92%

Floor

2.92%),

8.25%,

05/15/38

...

3,106

2,935,119

CSMC

Trust,

Series

2022-LION,

0.00%),

8.80%,

02/15/27

(f)

......

4,000

3,597,626

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.85%

Floor

2.96%),

8.30%,

07/15/38

.......

6,916

6,759,634

Med

Trust

Series

2021-MDLN,

Class

(1-mo.

CME

Term

SOFR

4.00%

Floor

4.11%),

9.45%,

11/15/38

...

2,986

2,813,610

Series

2021-MDLN,

Class

(1-mo.

CME

Term

SOFR

5.25%

Floor

5.36%),

10.70%,

11/15/38

8,555

8,031,346

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.10%

Floor

2.22%),

7.55%,

04/15/38

.......

5,060

4,952,573

32,356,292

Total

Non-Agency

Mortgage-Backed

Securities

—

3.1%

(Cost:

$34,016,556)

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

32,356,292

Security

Par

(000)

Par

(000)

Value

Preferred

Securities

Capital

Trusts

—

0.2%

Spain

—

0.2%

Banco

Bilbao

Vizcaya

Argentaria

(5-Year

EUR

Swap

Annual

6.46%),

6.00%

(b)(c)(j)

..........

EUR

2,000

1,986,879

Total

Capital

Trusts

—

0.2%

(Cost:

$2,030,934)

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

1,986,879

Preferred

Stocks

—

0.3%

United

States

—

0.3%

(f)

Aiven,

Inc.

(Preference),

Series

(e)

6,597

482,966

Cap

Hill

Brands

(Preference)

(e)

.....

506,652

136,796

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(j)

.........

2,261

2,080,120

Lessen,

Inc.

(Preference),

Series

(e)

16,373

124,271

Versa

Networks,

Inc.,

Series

(Acquired

10/14/22,

cost

$567,638)

(e)

(g)

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

194,516

593,274

3,417,427

Total

Preferred

Stocks

—

0.3%

(Cost:

$4,683,241)

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

3,417,427

Total

Preferred

Securities

—

0.5%

(Cost:

$6,714,175)

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

5,404,306

Par

(000)

(

000)

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

0.25%, 06/30/25

(o)

USD

4,850

4,473,367

Total

U.S.

Treasury

Obligations

—

0.4%

(Cost:

$4,853,153)

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

4,473,367

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

for

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(e)

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

5,728

2,209

Germany

—

0.0%

Tonies

(Issued/Exercisable

04/30/21,

for

Warrant,

Expires

04/30/26,

Strike

Price

EUR

11.50)

(e)

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

109,736

5,806

Luxembourg

—

0.0%

HomeToGo

(Issued/Exercisable

02/17/21,

for

Warrant,

Expires

12/31/25,

Strike

Price

EUR

11.50)

(e)

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

71,516

757

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

—

0.0%

(e)

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21,

for

Warrant,

Expires

03/11/26,

Strike

Price

USD

11.50)

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

1,905

362

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

for

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

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

7,450

220

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

for

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(f)

...........

16,190

162

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

for

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

9,692

100

CXApp,

Inc.

(Issued/Exercisable

02/02/21,

for

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

45,102

4,028

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

for

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

8,910

1,608

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

05/03/22,

for

Warrant,

Expires

04/26/29,

Strike

Price

USD

3.35)

(f)

...........

66,908

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

04/27/22,

for

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(f)

...........

70,430

5,634

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

03/31/22,

for

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(f)

...........

3,522

282

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

for

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(f)

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

4,461

20,164

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

for

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(f)

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

1,784

4,121

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

for

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(f)

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

11,241

50,809

Kinsey

Interests,

Inc.

(Issued/

Exercisable

10/16/20,

for

Warrant,

Expires

12/31/25,

Strike

Price

USD

10.00)

(f)

...........

53,160

28,706

Latch,

Inc.

(Issued/Exercisable

12/29/20,

for

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

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

6,894

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

for

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

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

17,391

121

M3-Brigade

Acquisition

Corp.

(Issued/

Exercisable

02/17/21,

for

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

80,000

1,600

Security

Value

United

States

(continued)

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

for

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

207

Pear

Therapeutics,

Inc.

(Issued/

Exercisable

03/23/21,

for

Warrant,

Expires

12/03/26,

Strike

Price

USD

11.50)

(f)

...........

4,828

Pivotal

Investment

Corp.

III

(Issued/

Exercisable

01/19/21,

for

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(f)

...........

2,377

—

Proof

Acquisition

Corp.

(Issued/

Exercisable

12/03/21,

for

Warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(f)

...........

16,758

1,173

Sarcos

Technology

Robotics

Corp.

(Issued/Exercisable

12/21/20,

for

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

20,304

207

Sarcos

Technology

Robotics

Corp.

(Issued/Exercisable

01/15/21,

for

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

5,599

112

Service

King

Midas

International

(Issued/Exercisable

07/14/22,

for

Warrant,

Expires

06/30/27,

Strike

Price

USD

10.00)

(f)

1,375

—

Sonder

Holdings,

Inc.

(Issued/

Exercisable

01/19/22,

for

Warrant,

Expires

11/19/26,

Strike

Price

USD

12.50)

(f)

...........

18,705

—

Versa

Networks,

Inc.,

Series

(Acquired

10/14/22,

cost

$0)

(Issued/Exercisable

10/14/22,

for

Warrant,

Expires

10/14/22,

Strike

Price

USD

0.01)

(f)(g)

23,975

64,013

183,700

Total

Warrants

—

0.0%

(Cost:

$311,072)

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

192,472

Total

Long-Term

Investments

—

88.5%

(Cost:

$1,046,194,494)

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

910,732,861

Security

Par

(000)

(

000)

Value

Short-Term

Securities

Borrowed

Bond

Agreements

—

4.3%

(p)

Bank

America

Securities,

Inc.,

5.17%, 11/17/23

(Purchased

10/30/23

repurchased

USD

584,146,

collateralized

Xerox

Holdings

Corp.,

5.50%,

due

08/15/28,

par

and

fair

value

USD

750,000

and

$579,258,

respectively)

USD

584

584,063

Bank

America

Securities,

Inc.,

5.18%, 11/17/23

(Purchased

10/19/23

repurchased

USD

1,108,911,

collateralized

Staples,

Inc.,

7.50%,

due

04/15/26,

par

and

fair

value

USD

1,350,000

and

$1,101,186,

respectively)

......

1,107

1,107,000

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Bank

America

Securities,

Inc.,

5.15%, Open

(Purchased

10/23/23

repurchased

USD

1,828,074,

collateralized

Carnival

Corp.,

6.00%,

due

05/01/29,

par

and

fair

value

USD

2,150,000

and

$1,816,313,

respectively)

(q)

.....

USD

1,826

1,825,723

Barclays

Bank

plc,

5.15%, 11/16/23

(Purchased

10/30/23

repurchased

USD

1,342,692,

collateralized

CommScope,

Inc.,

6.00%,

due

03/01/26,

par

and

fair

value

USD

1,500,000

and

$1,274,863,

respectively)

......

1,343

1,342,500

Barclays

Bank

plc,

5.15%, 11/16/23

(Purchased

10/31/23

repurchased

USD

999

128

collateralized

CommScope,

Inc.,

6.00%,

due

03/01/26,

par

and

fair

value

USD

2,350,000

and

$1,997,286,

respectively)

......

1,995

1,994,563

Barclays

Bank

plc,

0.25%, Open

(Purchased

08/10/23

repurchased

USD

1,702,686,

collateralized

INEOS

Quattro

Finance

plc,

3.75%,

due

07/15/26,

par

and

fair

value

EUR

1,850,000

and

$1,747,255,

respectively)

(q)

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

EUR

1,609

1,702,190

Barclays

Bank

plc,

2.30%, Open

(Purchased

10/11/23

repurchased

USD

207,303,

collateralized

Olympus

Water

Holding

Corp.,

5.38%,

due

10/01/29,

par

and

fair

value

EUR

264,000

and

$201,057,

respectively)

(q)

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

196

207,051

Barclays

Bank

plc,

2.30%, Open

(Purchased

09/25/23

repurchased

USD

444,630,

collateralized

Olympus

Water

Holding

Corp.,

5.38%,

due

10/01/29,

par

and

fair

value

EUR

540,000

and

$411,253,

respectively)

(q)

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

419

443,637

Barclays

Bank

plc,

5.00%, Open

(Purchased

10/10/23

repurchased

USD

2,759,400,

collateralized

AthenaHealth

Group,

Inc.,

6.50%,

due

02/15/30,

par

and

fair

value

USD

3,300,000

and

$2,696,911,

respectively)

(q)

USD

2,751

2,751,375

Barclays

Bank

plc,

5.10%, Open

(Purchased

09/22/23

repurchased

USD

3,843,504,

collateralized

Medline

Borrower

LP,

5.25%,

due

10/01/29,

par

and

fair

value

USD

4,278,000

and

$3,641,527,

respectively)

(q)

.....

3,823

3,823,463

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Barclays

Bank

plc,

5.15%, Open

(Purchased

10/02/23

repurchased

USD

120,618,

collateralized

Park

River

Holdings,

Inc.,

5.63%,

due

02/01/29,

par

and

fair

value

USD

156,000

and

$113,844,

respectively)

(q)

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

USD

120

120,120

Barclays

Bank

plc,

5.15%, Open

(Purchased

10/02/23

repurchased

USD

179,884,

collateralized

PHH

Mortgage

Corp.,

7.88%,

due

03/15/26,

par

and

fair

value

USD

201,000

and

$173,363,

respectively)

(q)

......

179

179,141

Barclays

Bank

plc,

5.17%, Open

(Purchased

10/02/23

repurchased

USD

2,530,495,

collateralized

McAfee

Corp.,

7.38%,

due

02/15/30,

par

and

fair

value

USD

3,000,000

and

$2,399,927,

respectively)

(q)

.....

2,520

2,520,000

Barclays

Capital,

Inc.,

3.75%, 11/16/23

(Purchased

10/18/23

repurchased

USD

217,250,

collateralized

Great

Lakes

Dredge

Dock

Corp.,

5.25%,

due

06/01/29,

par

and

fair

value

USD

261,000

and

$213,368,

respectively)

217

216,956

Barclays

Capital,

Inc.,

4.30%, 11/16/23

(Purchased

10/18/23

repurchased

USD

463,594,

collateralized

CommScope,

Inc.,

8.25%,

due

03/01/27,

par

and

fair

value

USD

700,000

and

$290,500,

respectively)

........

463

462,875

Barclays

Capital,

Inc.,

4.30%, 11/16/23

(Purchased

10/31/23

repurchased

USD

12,7

collateralized

CommScope,

Inc.,

8.25%,

due

03/01/27,

par

and

fair

value

USD

25,000

and

$10,375,

respectively)

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

12,719

Barclays

Capital,

Inc.,

5.15%, 11/16/23

(Purchased

10/18/23

repurchased

USD

284,682,

collateralized

Royal

Caribbean

Cruises

Ltd.,

5.50%,

due

04/01/28,

par

and

fair

value

USD

314,000

and

$286,321,

respectively)

284

284,153

BNP

Paribas

SA,

2.00%, Open

(Purchased

10/26/23

repurchased

USD

1,222,870,

collateralized

Group

plc,

3.63%,

due

05/18/28,

par

and

fair

value

GBP

1,100,000

and

$1,206,285,

respectively)

(q)

.....

GBP

1,006

1,222,535

BNP

Paribas

SA,

4.75%, Open

(Purchased

10/02/23

repurchased

USD

96,623,

collateralized

PHH

Mortgage

Corp.,

7.88%,

due

03/15/26,

par

and

fair

value

USD

108,000

and

$93,150,

respectively)

(q)

.......

USD

96,255

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Deutsche

Bank

Securities,

Inc.,

5.31%, 11/01/23

(Purchased

10/31/23

repurchased

USD

4,568,611,

collateralized

U.S.

Treasury

Notes,

0.25%,

due

05/31/25,

par

and

fair

value

USD

4,925,000

and

$4,557,741,

respectively)

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

USD

4,568

4,567,938

Goldman

Sachs

Co.

LLC,

4.77%, Open

(Purchased

10/26/23

repurchased

USD

459,054,

collateralized

Tenet

Healthcare

Corp.,

6.13%,

due

10/01/28,

par

and

fair

value

USD

500,000

and

$463,750,

respectively)

(q)

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

459

458,750

Goldman

Sachs

International,

3.25%, Open

(Purchased

10/20/23

repurchased

USD

998,455,

collateralized

Global

Finance

plc,

4.38%,

due

02/07/25,

par

and

fair

value

EUR

966,000

and

$994,236,

respectively)

(q)

...

EUR

943

997,644

Goldman

Sachs

International,

3.60%, Open

(Purchased

08/18/23

repurchased

USD

998,437,

collateralized

Verisure

Midholding

AB,

5.25%,

due

02/15/29,

par

and

fair

value

EUR

1,080,000

and

$984,245,

respectively)

(q)

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

937

991,597

J.P.

Morgan

Securities

plc,

2.90%, Open

(Purchased

07/04/23

repurchased

USD

358,979,

collateralized

International

Design

Group

SpA,

6.50%,

due

11/15/25,

par

and

fair

value

EUR

345,000

and

$346,792,

respectively)

(q)

......

336

355,827

J.P.

Morgan

Securities

plc,

3.55%, Open

(Purchased

08/29/23

repurchased

USD

1,435,621,

collateralized

Vonovia

SE,

0.25%,

due

09/01/28,

par

and

fair

value

EUR

1,700,000

and

$1,433,447,

respectively)

(q)

.....

1,349

1,426,964

J.P.

Morgan

Securities

plc,

3.60%, Open

(Purchased

08/29/23

repurchased

USD

675,645,

collateralized

Vonovia

SE,

0.25%,

due

09/01/28,

par

and

fair

value

EUR

800,000

and

$674,563,

respectively)

(q)

......

635

671,513

J.P.

Morgan

Securities

plc,

3.60%, Open

(Purchased

08/22/23

repurchased

USD

1,070,298,

collateralized

Paprec

Holding

SA,

3.50%,

due

07/01/28,

par

and

fair

value

EUR

1,090,000

and

$1,017,525,

respectively)

(q)

1,005

1,063,162

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

J.P.

Morgan

Securities

plc,

3.65%, Open

(Purchased

07/04/23

repurchased

USD

1,578,439,

collateralized

Erste

Group

Bank

AG,

0.88%,

due

11/15/32,

par

and

fair

value

EUR

1,800,000

and

$1,574,654,

respectively)

(q)

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

EUR

1,475

1,560,746

J.P.

Morgan

Securities

plc,

3.70%, Open

(Purchased

07/04/23

repurchased

USD

1,578,697,

collateralized

Erste

Group

Bank

AG,

0.88%,

due

11/15/32,

par

and

fair

value

EUR

1,800,000

and

$1,574,653,

respectively)

(q)

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

1,475

1,560,746

Nomura

Securities

International,

Inc.,

4.25%, Open

(Purchased

10/02/23

repurchased

USD

311,144,

collateralized

PBF

Holding

Co.

LLC,

6.00%,

due

02/15/28,

par

and

fair

value

USD

329,000

and

$302,450,

respectively)

(q)

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

USD

310

310,083

Nomura

Securities

International,

Inc.,

4.50%, Open

(Purchased

10/06/23

repurchased

USD

2,052,943,

collateralized

CommScope,

Inc.,

8.25%,

due

03/01/27,

par

and

fair

value

USD

3,050,000

and

$1,265,750,

respectively)

(q)

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

2,047

2,047,312

Nomura

Securities

International,

Inc.,

4.75%, Open

(Purchased

10/02/23

repurchased

USD

1,985,694,

collateralized

Frontier

Communications

Holdings

LLC,

6.75%,

due

05/01/29,

par

and

fair

value

USD

2,500,000

and

$1,978,259,

respectively)

(q)

.....

1,978

1,978,125

Nomura

Securities

International,

Inc.,

5.10%, Open

(Purchased

10/18/23

repurchased

USD

1,097,551,

collateralized

Zayo

Group

Holdings,

Inc.,

4.00%,

due

03/01/27,

par

and

fair

value

USD

1,400,000

and

$1,053,700,

respectively)

(q)

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

1,096

1,095,500

Nomura

Securities

International,

Inc.,

5.20%, Open

(Purchased

10/27/23

repurchased

USD

24,382,

collateralized

CrownRock

LP,

5.00%,

due

05/01/29,

par

and

fair

value

USD

25,000

and

$23,580,

respectively)

(q)

.......

24,375

RBC

Capital

Markets

LLC,

(0.20)%, Open

(Purchased

10/02/23

repurchased

USD

135,848,

collateralized

Atlas

Buyer,

Inc.,

7.00%,

due

12/01/28,

par

and

fair

value

USD

168,000

and

$128,046,

respectively)

(q)

...

136

135,870

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

RBC

Capital

Markets

LLC,

5.15%, Open

(Purchased

09/20/23

repurchased

USD

863,598,

collateralized

Cargo

Aircraft

Management,

Inc.,

4.75%,

due

02/01/28,

par

and

fair

value

USD

950,000

and

$838,375,

respectively)

(q)

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

USD

859

858,562

RBC

Capital

Markets

LLC,

5.17%, Open

(Purchased

10/30/23

repurchased

USD

128,897,

collateralized

Carnival

Corp.,

5.75%,

due

03/01/27,

par

and

fair

value

USD

143,000

and

$127,679,

respectively)

(q)

......

129

128,879

RBC

Europe

Ltd.,

2.80%, Open

(Purchased

10/26/23

repurchased

USD

1,508,176,

collateralized

International

Design

Group

SpA,

6.50%,

due

11/15/25,

par

and

fair

value

EUR

1,455,000

and

$1,462,559,

respectively)

(q)

EUR

1,425

1,507,590

RBC

Europe

Ltd.,

3.65%, Open

(Purchased

10/26/23

repurchased

USD

993,837,

collateralized

Verisure

Midholding

AB,

5.25%,

due

02/15/29,

par

and

fair

value

EUR

1,080,000

and

$984,244,

respectively)

(q)

......

939

993,334

Total

Borrowed

Bond

Agreements

—

4.3%

(Cost:

$43,913,158)

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

43,630,836

Commercial

Paper

—

1.5%

(r)

L3Harris

Technologies,

Inc.

5.84%,

01/02/24

(a)

...........

USD

3,000

2,970,516

6.22%,

08/29/24

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

5,000

4,753,122

L3Harris

Technology,

Inc.,

5.64%

11/28/23

(a)

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

3,000

2,987,074

McCormick

Co.,

Inc.,

5.48%

11/15/23

(a)

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

5,000

4,988,594

Total

Commercial

Paper

—

1.5%

(Cost:

$15,700,787)

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

15,699,306

Money

Market

Funds

—

6.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.24%

(s)(t)

....

68,951,597

Total

Money

Market

Funds

—

6.7%

(Cost:

$68,951,597)

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

68,951,597

Total

Short-Term

Securities

—

12.5%

(Cost:

$128,565,542)

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

128,281,739

Security

Value

Total

Options

Purchased

—

0.3%

(Cost:

$3,541,636

)

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

3,097,904

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

101.3%

(Cost:

$1,178,301,672)

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

1,042,112,504

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$(1,378,166))

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

(1,030,264)

Par

(000)

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(3.5)%

Austria

—

(0.3)%

Erste

Group

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

1.10%),

0.88%

11/15/32

(b)

...........

EUR

(3,600)

(3,149,307)

France

—

(0.1)%

Paprec

Holding

SA,

3.50%

07/01/28

(1,090)

(1,017,525)

Germany

—

(0.2)%

Vonovia

SE,

0.25%

09/01/28

......

(2,500)

(2,108,010)

Italy

—

(0.2)%

International

Design

Group

SpA,

6.50%

11/15/25

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

(1,800)

(1,809,351)

Sweden

—

(0.2)%

Verisure

Midholding

AB,

5.25%

02/15/29

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

(2,160)

(1,968,489)

United

Kingdom

—

(0.4)%

Global

Finance

plc,

4.38%

02/07/25

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

(966)

(994,236)

INEOS

Quattro

Finance

plc,

3.75%

07/15/26

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

(1,850)

(1,747,255)

Group

plc,

3.63%

05/18/28

...

GBP

(1,100)

(1,206,285)

(3,947,776)

United

States

—

(2.1)%

AthenaHealth

Group,

Inc.,

6.50%

02/15/30

(a)

...........

USD

(3,300)

(2,696,911)

Cargo

Aircraft

Management,

Inc.,

4.75%

02/01/28

(a)

...........

(950)

(838,375)

Carnival

Corp.

(a)

5.75%

03/01/27

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

(143)

(127,679)

6.00%

05/01/29

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

(2,150)

(1,816,313)

CommScope,

Inc.

(a)

6.00%

03/01/26

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

(1,500)

(1,274,863)

8.25%

03/01/27

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

(3,750)

(1,556,250)

Atlas

Buyer,

Inc.,

7.00%

12/01/28

(a)

(168)

(128,046)

CrownRock

LP,

5.00%

05/01/29

(a)

(25)

(23,580)

Frontier

Communications

Holdings

LLC,

6.75%

05/01/29

(a)

.......

(2,500)

(1,978,259)

Great

Lakes

Dredge

Dock

Corp.,

5.25%

06/01/29

(a)

...........

(261)

(213,368)

McAfee

Corp.,

7.38%

02/15/30

(a)

...

(3,000)

(2,399,927)

Medline

Borrower

LP,

5.25%

10/01/29

(a)

...........

(4,278)

(3,641,527)

Olympus

Water

Holding

Corp.,

5.38%

10/01/29

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

EUR

(804)

(612,310)

Park

River

Holdings,

Inc.,

5.63%

02/01/29

(a)

...........

USD

(156)

(113,844)

PBF

Holding

Co.

LLC,

6.00%

02/15/28

(329)

(302,450)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

October

31,

2023

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

PHH

Mortgage

Corp.,

7.88%

03/15/26

(a)

...........

USD

(309)

(266,513)

Royal

Caribbean

Cruises

Ltd.,

5.50%

04/01/28

(a)

...........

(314)

(286,321)

Staples,

Inc.,

7.50%

04/15/26

(a)

....

(1,350)

(1,101,186)

Tenet

Healthcare

Corp.,

6.13%

10/01/28

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

(500)

(463,750)

Xerox

Holdings

Corp.,

5.50%

08/15/28

(a)

...........

(750)

(579,258)

Zayo

Group

Holdings,

Inc.,

4.00%

03/01/27

(a)

...........

(1,400)

(1,053,700)

(21,474,430)

U.S.

Treasury

Obligations

—

(0.4)%

United

States

—

(0.4)%

U.S.

Treasury

Notes,

0.25%

05/31/25

(4,925)

(4,557,741)

Total

Borrowed

Bonds

—

(3.9)%

(Proceeds:

$(43,721,919))

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

(40,032,629)

Security

Value

Investments

Sold

Short

Common

Stocks

United

States

—

(0.0)%

Carrols

Restaurant

Group,

Inc.

(e)

....

(20,000)

(115,000)

Total

Common

Stocks

—

(0.0)%

(Proceeds:

$(38,554))

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

(115,000)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$(38,554)

)

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

(115,000)

Total

Investments

Net

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

97.3%

(Cost:

$1,133,163,033)

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

1,000,934,611

Other

Assets

Less

Liabilities

—

2.7%

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

28,285,748

Net

Assets

—

100.0%

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

1,029,220,359

(a)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(c)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(e)

Non-income

producing

security.

(f)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(g)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$2,017,503,

representing

0.20%

its

net

assets

period

end,

and

original

cost

$1,944,619.

(h)

Convertible

security.

(i)

Zero-coupon

bond.

(j)

Perpetual

security

with

stated

maturity

date.

(k)

Issuer

filed

for

bankruptcy

and/or

default.

(l)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(m)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(n)

Rounds

less

than

1,000.

(o)

All

portion

the

security

has

been

pledged

collateral

connection

with

outstanding

OTC

derivatives.

(p)

Certain

agreements

have

stated

maturity

and

can

terminated

either

party

any

time.

(q)

The

amount

repurchased

assumes

the

maturity

will

the

day

after

the

period

end.

(r)

Rates

are

discount

rates

range

discount

rates

period

end.

(s)

Affiliate

the

Fund.

(t)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/23

Held

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

56,350,784

12,600,813

(a)

—

68,951,597

731,238

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10-Year

Note

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

12/19/23

5,620

(

58,023

)

U.S.

Treasury

Ultra

Bond

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

12/19/23

223

(

32,186

)

U.S.

Treasury

2-Year

Note

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

12/29/23

810

(

507

)

U.S.

Treasury

5-Year

Note

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

12/29/23

209

(

90,671

)

Short

Contracts

Euro-Bobl

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

12/07/23

984

4,125

Euro-Bund

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

12/07/23

1,911

50,952

EURO

STOXX

Index

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

12/15/23

1,943

85,330

EURO

STOXX

Banks

Price

Index

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

164

12/15/23

937

6,210

Russell

2000

E-Mini

Index

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

12/15/23

8,008

834,422

U.S.

Treasury

10-Year

Note

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

12/19/23

1,484

49,198

U.S.

Treasury

10-Year

Ultra

Note

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

12/19/23

760

42,017

1,072,254

981,583

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

487,585

EUR

452,576

JPMorgan

Chase

Bank

12/14/23

7,772

EUR

1,560,078

USD

1,646,894

BNP

Paribas

12/20/23

7,642

USD

574,241

AUD

889,000

Toronto

Dominion

Bank

12/20/23

9,367

USD

337,305

EUR

315,000

BNP

Paribas

12/20/23

3,233

USD

325,766,534

EUR

304,256,000

Deutsche

Bank

12/20/23

3,088,746

USD

1,152,077

EUR

1,070,020

JPMorgan

Chase

Bank

12/20/23

17,270

USD

603,887

EUR

569,000

Morgan

Stanley

Co.

International

plc

12/20/23

436

USD

955,115

EUR

891,219

Toronto

Dominion

Bank

12/20/23

9,935

USD

1,673,144

EUR

1,561,781

UBS

12/20/23

16,802

USD

58,956,012

GBP

47,611,000

Barclays

Bank

plc

12/20/23

1,064,377

USD

908,384

GBP

735,934

BNP

Paribas

12/20/23

13,540

USD

43,788

GBP

36,000

State

Street

Bank

and

Trust

Co.

12/20/23

USD

136,225

JPY

19,821,000

Morgan

Stanley

Co.

International

plc

12/20/23

4,358

4,243,493

EUR

2,516,038

USD

2,680,694

Bank

America

12/20/23

(

12,317

)

EUR

12,598,000

USD

13,405,342

BNP

Paribas

12/20/23

(

44,571

)

GBP

3,868,000

USD

4,758,518

Morgan

Stanley

Co.

International

plc

12/20/23

(

55,302

)

USD

3,253,968

EUR

3,077,000

Barclays

Bank

plc

12/20/23

(

9,335

)

USD

784,565

EUR

746,892

Goldman

Sachs

International

12/20/23

(

7,549

)

USD

2,153,340

EUR

2,037,000

JPMorgan

Chase

Bank

12/20/23

(

6,994

)

USD

21,920

GBP

18,064

Bank

America

12/20/23

(

)

USD

230,573

GBP

190,279

Morgan

Stanley

Co.

International

plc

12/20/23

(

793

)

(

136,906

)

4,106,587

OTC

Barrier

Options

Purchased

Description

Type

Option

Counterparty

Number

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

Index

Down

and

Out

BNP

Paribas

1,813

11/17/23

EUR

4,125.00

EUR

4,125.00

EUR

7,363

174,080

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Barrier

Options

Purchased

(continued)

Description

Type

Option

Counterparty

Number

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

EURO

STOXX

Index

Down

and

Out

BNP

Paribas

1,653

12/15/23

EUR

4,100.00

EUR

3,800.00

EUR

6,713

119,718

FTSE

MIB

Index

Down

and

Out

BNP

Paribas

135

12/15/23

EUR

27,500.00

EUR

25,000.00

EUR

3,745

73,876

367,674

Exchange-Traded

Options

Purchased

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CBOE

Volatility

Index

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

1,500

11/15/23

USD

30.00

USD

2,721

28,500

Antero

Resources

Corp.

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

500

11/17/23

USD

32.00

USD

1,472

12,000

Antero

Resources

Corp.

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

500

11/17/23

USD

35.00

USD

1,472

13,750

Informatica,

Inc.

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

500

12/15/23

USD

25.00

USD

959

5,000

Lions

Gate

Entertainment

Corp.

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

1,000

12/15/23

USD

10.00

USD

786

12,500

Lions

Gate

Entertainment

Corp.

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

1,000

12/15/23

USD

10.00

USD

746

15,000

Lions

Gate

Entertainment

Corp.

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

750

01/19/24

USD

10.00

USD

590

20,625

Sabre

Corp.

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

500

01/19/24

USD

7.00

USD

175

3,250

Sabre

Corp.

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

850

01/19/24

USD

6.00

USD

298

13,175

123,800

Put

ACS

Actividades

Construccion

Servicios

......

914

11/17/23

EUR

32.00

EUR

3,123

23,210

Airbus

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

125

11/17/23

EUR

118.00

EUR

1,579

14,020

Ally

Financial,

Inc.

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

500

11/17/23

USD

22.00

USD

1,210

8,750

Alteryx,

Inc.

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

500

11/17/23

USD

30.00

USD

1,601

96,250

Apple,

Inc.

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

250

11/17/23

USD

155.00

USD

4,269

18,625

Auto

Trader

Group

plc

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

134

11/17/23

GBP

5.80

GBP

832

7,533

Bouygues

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

466

11/17/23

EUR

30.00

EUR

1,548

5,670

Credit

Agricole

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

1,058

11/17/23

EUR

11.00

EUR

1,204

19,031

EURO

STOXX

Index

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

513

11/17/23

EUR

3,900.00

EUR

20,834

91,734

EURO

STOXX

Index

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

799

11/17/23

EUR

4,100.00

EUR

32,448

672,956

Ford

Motor

Co.

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

1,000

11/17/23

USD

9.00

USD

975

7,500

Frontier

Communications

Parent,

Inc.

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

500

11/17/23

USD

12.50

USD

896

5,000

Frontier

Communications

Parent,

Inc.

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

650

11/17/23

USD

15.00

USD

1,165

17,875

Groupe

Bruxelles

Lambert

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

445

11/17/23

EUR

65.00

EUR

3,071

10,123

Invesco

QQQ

Trust

Series

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

200

11/17/23

USD

320.00

USD

7,017

13,300

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

500

11/17/23

USD

71.00

USD

3,629

15,750

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

1,250

11/17/23

USD

72.00

USD

9,071

69,375

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

1,000

11/17/23

USD

79.00

USD

8,119

16,500

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

1,250

11/17/23

USD

77.00

USD

10,149

8,125

iShares

MSCI

Europe

Financials

ETF

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

1,750

11/17/23

USD

17.00

USD

3,182

26,250

iShares

Russell

2000

ETF

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

400

11/17/23

USD

155.00

USD

6,581

25,600

SPDR

S&P

500

ETF

Trust

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

11/17/23

USD

430.00

USD

1,547

48,470

SPDR

S&P

500

ETF

Trust

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

250

11/17/23

USD

395.00

USD

10,455

25,375

Stellantis

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

500

11/17/23

USD

18.00

USD

934

16,250

U.S.

Treasury

10-Year

Note

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

350

11/24/23

USD

104.00

USD

35,000

65,625

Capital

One

Financial

Corp.

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

500

12/15/23

USD

80.00

USD

5,065

17,500

NCR

Atleos

Corp.

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

135

12/15/23

USD

20.00

USD

298

7,088

RingCentral,

Inc.

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

350

12/15/23

USD

20.00

USD

930

18,375

SPDR

S&P

500

ETF

Trust

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

12/15/23

USD

420.00

USD

1,213

29,116

Spirit

AeroSystems

Holdings,

Inc.

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

350

12/15/23

USD

18.00

USD

791

14,000

Stellantis

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

350

12/15/23

USD

14.00

USD

654

2,625

STOXX

Europe

600

Automobiles

Parts

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

244

12/15/23

EUR

600.00

EUR

6,750

613,169

STOXX

Europe

600

Automobiles

Parts

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

244

12/15/23

EUR

500.00

EUR

6,750

60,671

Xerox

Holdings

Corp.

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

500

12/15/23

USD

11.00

USD

642

6,250

Carnival

Corp.

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

500

01/19/24

USD

9.00

USD

573

16,250

2,113,941

2,237,741

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Credit

Default

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

Quarterly

BNP

Paribas

11/15/23

USD

90.00

USD

25,000

9,916

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

Quarterly

BNP

Paribas

11/15/23

USD

90.00

USD

25,000

9,916

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Barclays

Bank

plc

11/15/23

USD

96.00

USD

5,000

5,167

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Barclays

Bank

plc

11/15/23

USD

96.00

USD

12,500

12,918

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Deutsche

Bank

11/15/23

USD

96.00

USD

10,000

10,335

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Deutsche

Bank

11/15/23

USD

96.00

USD

15,000

15,502

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Bank

America

11/15/23

USD

98.00

USD

5,000

16,462

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Goldman

Sachs

International

11/15/23

USD

98.00

USD

5,000

16,462

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Goldman

Sachs

International

11/15/23

USD

98.00

USD

10,000

32,924

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

JPMorgan

Chase

Bank

11/15/23

USD

98.00

USD

12,500

41,155

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

JPMorgan

Chase

Bank

11/15/23

USD

98.00

USD

8,500

27,985

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Goldman

Sachs

International

11/15/23

USD

98.50

USD

5,000

22,584

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

Quarterly

Goldman

Sachs

International

11/15/23

USD

98.50

USD

10,000

45,168

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

EUR

500.00

EUR

5,000

8,450

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

EUR

500.00

EUR

10,000

16,899

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/23

EUR

500.00

EUR

22,981

173,624

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

EUR

525.00

EUR

10,000

9,007

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

EUR

525.00

EUR

15,000

13,511

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

EUR

525.00

EUR

5,000

4,504

492,489

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Exchange-Traded

Options

Written

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CBOE

Volatility

Index

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

1,500

11/15/23

USD

45.00

USD

2,721

(

11,250

)

Put

Apple,

Inc.

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

250

11/17/23

USD

135.00

USD

4,269

(

2,000

)

EURO

STOXX

Index

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

1,026

11/17/23

EUR

4,000.00

EUR

41,667

(

408,732

)

Invesco

QQQ

Trust

Series

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

200

11/17/23

USD

280.00

USD

7,017

(

1,500

)

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

...

1,000

11/17/23

USD

76.00

USD

8,119

(

10,999

)

iShares

Russell

2000

ETF

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

400

11/17/23

USD

135.00

USD

6,581

(

2,200

)

SPDR

S&P

500

ETF

Trust

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

250

11/17/23

USD

365.00

USD

10,455

(

4,875

)

U.S.

Treasury

10-Year

Note

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

350

11/24/23

USD

101.00

USD

35,000

(

5,469

)

STOXX

Europe

600

Automobiles

Parts

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

488

12/15/23

EUR

550.00

EUR

13,500

(

406,628

)

(

842,403

)

(

853,653

)

OTC

Credit

Default

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

5-Year

Credit

Default

Swap

.........

.00

iTraxx

Europe

Crossover

Index

Series

40.V1

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/23

BB-

EUR

425.00

EUR

22,981

(

86,501

)

Put

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

.00

Quarterly

Deutsche

Bank

11/15/23

B+

USD

91.00

USD

15,000

(

4,605

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

.00

Quarterly

Deutsche

Bank

11/15/23

B+

USD

91.00

USD

10,000

(

3,070

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

.00

Quarterly

Bank

America

11/15/23

B+

USD

94.00

USD

5,000

(

2,461

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

.00

Quarterly

Goldman

Sachs

International

11/15/23

B+

USD

94.00

USD

10,000

(

4,921

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

.00

Quarterly

Goldman

Sachs

International

11/15/23

B+

USD

94.00

USD

5,000

(

2,461

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

.00

Quarterly

BNP

Paribas

11/15/23

BBB+

USD

110.00

USD

25,000

(

2,724

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

.00

Quarterly

BNP

Paribas

11/15/23

BBB+

USD

110.00

USD

25,000

(

2,724

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

600.00

EUR

10,000

(

3,414

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

600.00

EUR

5,000

(

1,707

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

600.00

EUR

10,000

(

3,414

)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

600.00

EUR

5,000

(

1,707

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/23

BB-

EUR

600.00

EUR

22,981

(

52,568

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

625.00

EUR

10,000

(

2,889

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

40.V1

.00

Quarterly

Morgan

Stanley

Co.

International

plc

11/15/23

BB-

EUR

625.00

EUR

5,000

(

1,445

)

(

90,110

)

(

176,611

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Series

40.V1

.....

.00

Quarterly

12/20/28

EUR

7,847

(

210,964

)

(

256,051

)

45,087

iTraxx

Europe

Crossover

Series

40.V1

.....

.00

Quarterly

12/20/28

EUR

318

(

8,549

)

(

11,087

)

2,538

iTraxx

Europe

Main

Index

Series

40.V1

.....

.00

Quarterly

12/20/28

EUR

1,009

(

8,228

)

(

12,583

)

4,355

iTraxx

Europe

Senior

Financials

Index

Series

40.V1

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

.00

Quarterly

12/20/28

EUR

3,092

(

5,596

)

(

22,247

)

16,651

iTraxx

Europe

Subordinated

Financials

Index

Series

40.V1

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

.00

Quarterly

12/20/28

EUR

9,636

360,600

296,038

64,562

Markit

CDX

North

American

High

Yield

Index

Series

41.V1

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

.00

Quarterly

12/20/28

USD

13,347

4,842

(

82,381

)

87,223

132,105

(

88,311

)

220,416

Centrally

Cleared

Interest

Rate

Swap

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.18%

Quarterly

1-day

EFFR

Quarterly

10/21/25

USD

143

12,786

—

12,786

1-day

SOFR

Quarterly

0.17%

Quarterly

10/21/25

USD

143

(

12,878

)

—

(

12,878

)

(

)

—

(

)

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Staples,

Inc.

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

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/23

USD

1,150

(

2,910

)

2,164

(

5,074

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

1,000

9,312

41,486

(

32,174

)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

370

3,445

15,787

(

12,342

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

BNP

Paribas

06/20/24

USD

750

6,984

29,199

(

22,215

)

Staples,

Inc.

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

.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

500

4,466

18,691

(

14,225

)

Staples,

Inc.

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

.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

525

4,689

16,588

(

11,899

)

Xerox

Corp.

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

.00

Quarterly

BNP

Paribas

06/20/24

USD

1,500

1,131

18,217

(

17,086

)

American

Airlines

Group,

Inc.

.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

1,000

(

5,750

)

(

13,270

)

7,520

American

Airlines

Group,

Inc.

.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

500

(

2,875

)

(

6,635

)

3,760

Avis

Budget

Car

Rental

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

USD

270

(

12,668

)

5,157

(

17,825

)

Caterpillar,

Inc.

...........

.00

Quarterly

Goldman

Sachs

International

12/20/24

USD

12,650

(

136,132

)

(

74,029

)

(

62,103

)

Southwest

Airlines

Co.

......

.00

Quarterly

Citibank

12/20/24

USD

10,000

(

57,493

)

(

47,151

)

(

10,342

)

Ally

Financial,

Inc.

.........

.00

Quarterly

Citibank

06/20/25

USD

1,320

(

65,966

)

(

46,565

)

(

19,401

)

Ally

Financial,

Inc.

.........

.00

Quarterly

Citibank

06/20/25

USD

880

(

43,978

)

(

31,048

)

(

12,930

)

Avis

Budget

Car

Rental

LLC

.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

USD

270

(

15,225

)

10,987

(

26,212

)

Electricite

France

.....

.00

Quarterly

Citibank

06/20/25

EUR

4,530

(

36,827

)

(

15,083

)

(

21,744

)

Macy's

Retail

Holdings

LLC

...

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,300

4,848

182,836

(

177,988

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

60,141

171,311

(

111,170

)

Simon

Property

Group

....

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(

9,780

)

35,287

(

45,067

)

Simon

Property

Group

....

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,200

(

11,736

)

32,232

(

43,968

)

Simon

Property

Group

....

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/25

USD

4,325

(

42,297

)

118,788

(

161,085

)

Caterpillar,

Inc.

...........

.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

5,150

(

112,210

)

(

95,444

)

(

16,766

)

General

Electric

Co.

........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/27

USD

899

(

16,200

)

13,787

(

29,987

)

General

Electric

Co.

........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/27

USD

899

(

16,200

)

13,787

(

29,987

)

General

Electric

Co.

........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/27

USD

1,201

(

21,643

)

17,249

(

38,892

)

Koninklijke

DSM

........

.00

Quarterly

Barclays

Bank

plc

06/20/27

EUR

1,725

(

50,485

)

(

21,184

)

(

29,301

)

Koninklijke

DSM

........

.00

Quarterly

BNP

Paribas

06/20/27

EUR

2,300

(

67,313

)

(

30,273

)

(

37,040

)

STMicroelectronics

......

.00

Quarterly

Bank

America

06/20/27

EUR

3,533

(

93,002

)

(

74,987

)

(

18,015

)

STMicroelectronics

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/27

EUR

5,300

(

139,502

)

(

120,742

)

(

18,760

)

STMicroelectronics

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/27

EUR

500

(

13,161

)

(

8,298

)

(

4,863

)

STMicroelectronics

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/27

EUR

3,500

(

92,124

)

(

47,562

)

(

44,562

)

BASF

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

EUR

6,300

(

99,461

)

54,499

(

153,960

)

BASF

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

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/27

EUR

1,567

(

24,734

)

27,909

(

52,643

)

BMW

Finance

.........

.00

Quarterly

Bank

America

12/20/27

EUR

3,133

(

52,936

)

25,971

(

78,907

)

BMW

Finance

.........

.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

1,567

(

26,468

)

12,426

(

38,894

)

BMW

Finance

.........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/27

EUR

3,200

(

54,062

)

22,311

(

76,373

)

BorgWarner,

Inc.

..........

.00

Quarterly

BNP

Paribas

12/20/27

USD

2,000

(

24,956

)

22,968

(

47,924

)

INEOS

Group

Holdings

...

.00

Quarterly

BNP

Paribas

12/20/27

EUR

449

(

49,354

)

(

39,926

)

(

9,428

)

Intesa

Sanpaolo

SpA

.......

.00

Quarterly

BNP

Paribas

12/20/27

EUR

2,100

109,456

139,955

(

30,499

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Bank

America

12/20/27

USD

750

210,940

165,887

45,053

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

510

143,439

109,768

33,671

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

12/20/27

USD

300

84,376

67,963

16,413

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

12/20/27

USD

450

126,564

104,920

21,644

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

12/20/27

USD

1,500

421,880

461,835

(

39,955

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

500

140,627

107,676

32,951

Pitney

Bowes,

Inc.

.........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

USD

1,000

281,253

291,734

(

10,481

)

Simon

Property

Group

....

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,250

(

23,768

)

67,713

(

91,481

)

Simon

Property

Group

....

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

USD

3,650

(

16,524

)

47,166

(

63,690

)

Stellantis

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

EUR

3,350

(

523,664

)

(

322,095

)

(

201,569

)

Tesco

plc

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

EUR

8,300

(

111,206

)

113,669

(

224,875

)

UniCredit

SpA

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

.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

2,100

102,613

138,059

(

35,446

)

UniCredit

SpA

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

EUR

1,939

94,746

116,023

(

21,277

)

Xerox

Corp.

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

.00

Quarterly

Citibank

12/20/27

USD

490

52,990

47,338

5,652

Xerox

Corp.

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

USD

830

89,758

80,470

9,288

Altice

France

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

3,070

574,219

483,252

90,967

Altice

France

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

2,230

417,104

467,561

(

50,457

)

Altice

France

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

1,131

211,545

178,032

33,513

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

.00

Quarterly

BNP

Paribas

06/20/28

EUR

133

(

645

)

5,567

(

6,212

)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

1,000

(

4,852

)

33,165

(

38,017

)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

(

184

)

1,958

(

2,142

)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

112

(

543

)

5,541

(

6,084

)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

117

(

568

)

6,511

(

7,079

)

Deutsche

Bank

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

131

3,561

6,953

(

3,392

)

Deutsche

Bank

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

117

3,180

5,879

(

2,699

)

Deutsche

Bank

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

352

9,568

17,687

(

8,119

)

Deutsche

Bank

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

600

16,309

46,568

(

30,259

)

Global

Finance

plc

......

.00

Quarterly

Deutsche

Bank

06/20/28

EUR

659

15,847

(

2,635

)

18,482

Global

Finance

plc

......

.00

Quarterly

Deutsche

Bank

06/20/28

EUR

1,280

30,780

2,465

28,315

Global

Finance

plc

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

1,260

30,299

9,754

20,545

Global

Finance

plc

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

720

17,314

2,797

14,517

Intrum

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

.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

254

45,756

51,831

(

6,075

)

Intrum

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

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

606

109,165

133,358

(

24,193

)

Intrum

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

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

254

45,756

55,804

(

10,048

)

Novafives

SAS

...........

.00

Quarterly

Goldman

Sachs

International

06/20/28

EUR

654

(

9,577

)

20,910

(

30,487

)

Novafives

SAS

...........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

1,162

(

17,015

)

52,884

(

69,899

)

Novafives

SAS

...........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/28

EUR

436

(

6,384

)

5,817

(

12,201

)

Paramount

Global

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

USD

4,150

268,290

170,759

97,531

Picard

Bondco

.........

.00

Quarterly

BNP

Paribas

06/20/28

EUR

883

(

19,543

)

15,781

(

35,324

)

Picard

Bondco

.........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

186

(

4,118

)

(

1,018

)

(

3,100

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

06/20/28

USD

750

229,692

251,210

(

21,518

)

Ford

Motor

Co.

...........

.00

Quarterly

Bank

America

12/20/28

USD

1,350

(

145,727

)

(

124,649

)

(

21,078

)

Ford

Motor

Co.

...........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/28

USD

3,370

(

363,778

)

(

309,434

)

(

54,344

)

Gap,

Inc.

(The)

...........

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/28

USD

1,000

132,460

159,942

(

27,482

)

General

Motors

Co.

........

.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

5,549

(

703,558

)

(

703,558

)

–

International

Consolidated

Airlines

Group

.......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

EUR

3,000

(

283,478

)

(

197,310

)

(

86,168

)

Novafives

SAS

...........

.00

Quarterly

Deutsche

Bank

12/20/28

EUR

690

(

4,880

)

4,951

(

9,831

)

Southwest

Airlines

Co.

......

.00

Quarterly

Citibank

12/20/28

USD

3,000

62,768

52,136

10,632

Southwest

Airlines

Co.

......

.00

Quarterly

Citibank

12/20/28

USD

10,070

210,691

79,699

130,992

Southwest

Airlines

Co.

......

.00

Quarterly

Citibank

12/20/28

USD

1,500

31,384

11,872

19,512

Xerox

Corp.

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

USD

170

25,409

21,196

4,213

Xerox

Corp.

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

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/28

USD

330

49,324

41,144

8,180

–

856,619

3,039,901

(

2,183,282

)

–

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

AT&T,

Inc.

...........

.00

Quarterly

Citibank

12/20/23

BBB

USD

8,000

14,789

5,151

9,638

Jaguar

Land

Rover

Automotive

plc

.....

.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

2,900

34,920

(

2,992

)

37,912

Jaguar

Land

Rover

Automotive

plc

.....

.00

Quarterly

Credit

Suisse

International

12/20/23

BB-

EUR

4,482

53,969

(

5,635

)

59,604

Jaguar

Land

Rover

Automotive

plc

.....

.00

Quarterly

Goldman

Sachs

International

12/20/23

BB-

EUR

2,800

33,716

(

2,682

)

36,398

thyssenkrupp

......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/23

EUR

1,680

3,865

(

4,571

)

8,436

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/23

USD

507

5,639

2,928

2,711

Verizon

Communications,

Inc.

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

.00

Quarterly

Deutsche

Bank

06/20/24

BBB+

USD

10,000

40,894

17,020

23,874

Verizon

Communications,

Inc.

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

.00

Quarterly

Deutsche

Bank

06/20/24

BBB+

USD

15,000

61,341

25,313

36,028

ADLER

Real

Estate

.00

Quarterly

JPMorgan

Chase

Bank

12/20/24

CCC+

EUR

420

(

41,395

)

(

38,935

)

(

2,460

)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/25

B-

EUR

2,230

(

110,797

)

(

151,867

)

41,070

Sprint

Communications

LLC

.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,200

168,563

134,895

33,668

Sprint

Communications

LLC

.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

1,300

99,605

77,509

22,096

Sprint

Communications

LLC

.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

667

51,080

41,060

10,020

Sprint

Communications

LLC

.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

2,000

153,239

107,492

45,747

Sprint

Communications

LLC

.00

Quarterly

Barclays

Bank

plc

06/20/25

USD

3,000

229,858

147,989

81,869

Altice

France

......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

B-

EUR

2,047

(

156,927

)

(

37,216

)

(

119,711

)

CCO

Holdings

LLC

....

.00

Quarterly

BNP

Paribas

12/20/25

BB-

USD

545

41,751

43,416

(

1,665

)

CCO

Holdings

LLC

....

.00

Quarterly

BNP

Paribas

12/20/25

BB-

USD

909

69,585

72,326

(

2,741

)

CCO

Holdings

LLC

....

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BB-

USD

545

41,751

43,784

(

2,033

)

CCO

Holdings

LLC

....

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BB-

USD

2,000

153,088

152,139

949

Ladbrokes

Group

Finance

plc

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/26

EUR

2,000

(

37,074

)

(

105,121

)

68,047

Ladbrokes

Group

Finance

plc

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/26

EUR

700

(

12,976

)

(

35,617

)

22,641

Ladbrokes

Group

Finance

plc

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/26

EUR

3,000

(

55,611

)

(

145,249

)

89,638

Ladbrokes

Group

Finance

plc

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

.00

Quarterly

JPMorgan

Chase

Bank

06/20/27

EUR

2,000

(

58,860

)

(

217,416

)

158,556

ADLER

Real

Estate

.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

125

(

24,219

)

(

23,441

)

(

778

)

ADLER

Real

Estate

.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

182

(

35,302

)

(

34,163

)

(

1,139

)

ADLER

Real

Estate

.00

Quarterly

Citibank

12/20/27

CCC+

EUR

248

(

48,203

)

(

48,020

)

(

183

)

ADLER

Real

Estate

.00

Quarterly

Morgan

Stanley

Co.

International

plc

12/20/27

CCC+

EUR

377

(

73,142

)

(

71,619

)

(

1,523

)

CMA

CGM

........

.00

Quarterly

Bank

America

12/20/27

EUR

800

101,703

(

21,598

)

123,301

CMA

CGM

........

.00

Quarterly

BNP

Paribas

12/20/27

EUR

1,187

150,901

(

35,340

)

186,241

CMA

CGM

........

.00

Quarterly

Credit

Suisse

International

12/20/27

EUR

2,390

303,837

(

46,387

)

350,224

HCA,

Inc.

...........

.00

Quarterly

Citibank

12/20/27

BBB-

USD

1,000

153,051

130,210

22,841

Amkor

Technology,

Inc.

.00

Quarterly

Citibank

06/20/28

USD

2,000

267,730

283,583

(

15,853

)

Amkor

Technology,

Inc.

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

USD

2,000

267,730

279,276

(

11,546

)

Amkor

Technology,

Inc.

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

USD

2,000

267,730

273,467

(

5,737

)

HCA,

Inc.

...........

.00

Quarterly

Barclays

Bank

plc

06/20/28

BBB-

USD

4,000

653,601

618,883

34,718

HCA,

Inc.

...........

.00

Quarterly

Deutsche

Bank

06/20/28

BBB-

USD

3,000

490,201

500,771

(

10,570

)

Ladbrokes

Group

Finance

plc

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

.00

Quarterly

Barclays

Bank

plc

06/20/28

EUR

644

(

34,081

)

(

36,095

)

2,014

Tenet

Healthcare

Corp.

.00

Quarterly

BNP

Paribas

06/20/28

B-

USD

1,300

81,066

114,618

(

33,552

)

AT&T,

Inc.

...........

.00

Quarterly

Citibank

12/20/28

BBB

USD

3,000

(

2,758

)

(

4,182

)

1,424

Carnival

Corp.

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

B-

USD

650

(

143,002

)

(

146,250

)

3,248

Carnival

Corp.

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

B-

USD

650

(

143,002

)

(

149,023

)

6,021

Ford

Motor

Co.

.......

.00

Quarterly

Goldman

Sachs

International

12/20/28

BBB-

USD

5,549

556,330

—

NRG

Energy,

Inc.

......

.00

Quarterly

Bank

America

12/20/28

USD

1,000

89,210

—

NRG

Energy,

Inc.

......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

USD

1,000

92,973

85,591

7,382

Oracle

Corp.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/28

BBB

USD

3,000

35,315

33,168

2,147

Oracle

Corp.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/28

BBB

USD

3,000

35,315

34,511

804

Oracle

Corp.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/28

BBB

USD

3,000

35,315

33,236

2,079

Tenet

Healthcare

Corp.

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

USD

1,000

56,795

41,699

15,096

Tenet

Healthcare

Corp.

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

USD

1,000

56,795

43,295

13,500

Tenet

Healthcare

Corp.

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

USD

1,000

51,636

—

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

(a)

The

Fund

receives

the

total

return

portfolio

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

portfolio

short

positions

underlying

the

total

return

swap.

addition,

the

Fund

pays

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

minus

range)

used

determining

the

variable

rate

interest:

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Vistra

Operations

Co.

LLC

.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

2,000

222,298

216,847

5,451

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/28

USD

2,000

222,298

194,281

28,017

4,472,134

3,088,215

1,383,919

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

JPMorgan

Chase

Bank

(b)

11/10/23

(

3,247,421

)

73,083

(c)

(

3,179,811

)

Monthly

Merrill

Lynch

International

Co.

(d)

02/15/28

(

591,008

)

(

24,806

)

(e)

(

614,478

)

Monthly

Merrill

Lynch

International

Co.

(f)

02/15/28

(

1,477,095

)

40,326

(g)

(

1,435,920

)

88,603

(

5,230,209

)

(b)

(d)

(f)

Range:

15-307

basis

points

20-225

basis

points

15-803

basis

points

Benchmarks:

USD

Overnight

Bank

Funding

Rate

(OBFR01)

EUR

Euro

Short

Term

Rate

(ESTR)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

GBP

Sterling

Overnight

Index

Average

(SONIA)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

JPMChase

(c)

Amount

includes

$5,473

net

dividends

and

financing

fees.

(d)

Merill

Lynch

(e)

Amount

includes

$(1,336)

net

dividends

and

financing

fees.

(f)

Merill

(g)

Amount

includes

$(849)

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

and

short

positions

and

values

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

period

end,

termination

date

November

10,

2023:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

Banc

California,

Inc.

......

4,188

46,947

(

)

Value

Basket

Value

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.....

(

10,534

)

(

764,452

)

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(

16,935

)

(

1,260,811

)

(

2,025,263

)

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

Value

Basket

Value

Common

Stocks

United

States

Atlantic

Union

Bankshares

Corp.

(

1,820

)

(

52,434

)

Bank

America

Corp.

......

(

1,903

)

(

50,125

)

Bank

Hawaii

Corp.

.......

(

1,296

)

(

64,010

)

Charles

Schwab

Corp.

(The)

(

1,549

)

(

80,610

)

Community

Bank

System,

Inc.

(

1,837

)

(

73,388

)

Cullen/Frost

Bankers,

Inc.

...

(

290

)

(

26,387

)

CVB

Financial

Corp.

.......

(

3,220

)

(

50,296

)

First

Merchants

Corp.

......

(

1,532

)

(

41,839

)

Glacier

Bancorp,

Inc.

.......

(

1,476

)

(

44,560

)

Independent

Bank

Group,

Inc.

(

2,066

)

(

73,033

)

OceanFirst

Financial

Corp.

...

(

1,551

)

(

19,636

)

PacWest

Bancorp

.........

(

6,376

)

(

45,142

)

Pinnacle

Financial

Partners,

Inc.

(

595

)

(

37,104

)

Prosperity

Bancshares,

Inc.

(

687

)

(

37,469

)

Simmons

First

National

Corp.

Class

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

(

4,790

)

(

68,066

)

SouthState

Corp.

.........

(

790

)

(

52,219

)

Truist

Financial

Corp.

.......

(

1,979

)

(

56,125

)

Bancorp

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

(

1,640

)

(

52,283

)

Valley

National

Bancorp

.....

(

13,253

)

(

103,108

)

WaFd,

Inc.

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

(

3,138

)

(

77,446

)

Western

Alliance

Bancorp

....

(

2,341

)

(

96,215

)

(

1,201,495

)

Net

Value

Reference

Entity

—

JPMorgan

Chase

Bank

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

(

3,179,811

)

The

following

table

represents

the

individual

long

and

short

positions

and

values

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

Co.,

period

end,

termination

date

February

15,

2028:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Germany

ADLER

Group

.........

26,636

11,781

(

)

United

Kingdom

EnQuest

plc

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

2,969,582

583,854

(

)

Liberty

Global

plc

Class

...

60,802

946,079

(

)

1,529,933

Value

Basket

Value

United

States

Altice

USA,

Inc.

Class

....

59,932

173,203

(

)

Total

Reference

Entity

—

Long

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

1,714,917

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.....

(

12,998

)

(

943,265

)

iShares

Preferred

Income

Securities

ETF

.........

(

48,500

)

(

1,386,130

)

(

2,329,395

)

Net

Value

Reference

Entity

—

Merrill

Lynch

International

Co.

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

(

614,478

)

The

following

table

represents

the

individual

short

positions

and

values

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

Co.,

period

end,

termination

date

February

15,

2028:

Value

Basket

Value

Reference

Entity

—

Short

Common

Stocks

United

States

Air

Transport

Services

Group,

Inc.

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

(

15,000

)

(

293,550

)

Brandywine

Realty

Trust

....

(

5,000

)

(

18,700

)

Frontier

Communications

Parent,

Inc.

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

(

27,500

)

(

492,800

)

Sabre

Corp.

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

(

60,000

)

(

210,000

)

Viasat,

Inc.

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

(

10,500

)

(

193,620

)

(

1,208,670

)

Investment

Companies

United

States

iShares

MSCI

Europe

Financials

ETF

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

(

12,500

)

(

227,250

)

Net

Value

Reference

Entity

—

Merrill

Lynch

International

Co.

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

(

1,435,920

)

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

EFFR

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

Effective

Federal

Funds

Rate

.33

1-day

SOFR

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

Secured

Overnight

Financing

Rate

.32

Schedule

Investments

(unaudited)

(continued)

October

31,

2023

BlackRock

Global

Long/Short

Credit

Fund

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

BlackRock Funds IV NPORT-PMonthly portfolio investment report