BlackRock Funds IV NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23341

Name of Fund: BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 01/31/2024

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

JANUARY

31,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

BlackRock

Global

Long/Short

Credit

Fund

Dear

Shareholder,

The

combination

continued

economic

growth

and

cooling

inflation

provided

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

January

31,

2024.

Significantly

tighter

monetary

policy

helped

rein

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

the

first

half

the

period

before

stalling

between

and

the

second

half.

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

October

2023,

Hamas

launched

horrific

attack

Israel.

The

ensuing

war

will

have

significant

humanitarian

impact

and

could

lead

heightened

economic

and

market

volatility.

see

geopolitics

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

blackrock.com

for

details.

Equity

returns

were

robust

during

the

period,

interest

rates

stabilized

and

the

economy

proved

resilient

than

many

investors

expected.

The

U.S.

economy

continued

show

strength,

and

growth

further

accelerated

the

second

half

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

the

performance

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks

advanced

significantly

slower

pace.

Meanwhile,

international

developed

market

equities

also

gained,

while

emerging

market

stocks

declined

overall.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

investors

reacted

elevated

inflation

and

attempted

anticipate

future

interest

rate

changes.

However,

shorter-duration

U.S.

Treasuries

gained,

higher

yields

boosted

returns.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

manage

persistent

inflation,

raised

interest

rates

four

times

during

the

12-month

period,

but

paused

its

tightening

the

second

half

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

have

become

embedded

feature

the

new

macroeconomic

environment,

making

difficult

for

developed

economies

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

maintain

high

rates

for

extended

period

despite

the

market’s

hopes

for

interest

rate

cuts,

reflected

the

recent

rally.

this

new

regime,

anticipate

greater

volatility

and

dispersion

returns,

creating

opportunities

for

selective

portfolio

management.

Looking

developed

market

stocks,

have

overweight

stance

U.S.

stocks

overall,

particularly

given

the

promise

emerging

technologies.

are

also

overweight

Japanese

stocks

shareholder-friendly

policies

generate

increased

investor

interest,

although

maintain

underweight

stance

European

stocks.

credit,

there

are

selective

opportunities

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

six-

twelve-month

horizon,

see

the

most

attractive

investments

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

that

investors

need

think

globally,

position

themselves

prepared

for

decarbonizing

economy,

and

nimble

market

conditions

change.

encourage

you

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

not

indication

future

results.

Index

performance

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

index.

Total

Returns

January

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

Index)

6.43%

20.82%

U.S.

small

cap

equities

(Russell

2000

Index)

(2.02)

2.40

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

3.15

10.01

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(6.00)

(2.94)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.73

5.13

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.74

(0.38)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

3.15

2.10

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

2.70

2.90

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

Issuer

Capped

Index)

6.18

9.28

This

Page

not

Part

Your

Fund

Report

Table

Contents

Page

The

Markets

Review

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

Semi-Annual

Report:

Fund

Summary

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

The

Benefits

and

Risks

Leveraging

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

About

Fund

Performance

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

Disclosure

Expenses

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

Derivative

Financial

Instruments

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

Financial

Statements:

Schedule

Investments

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

Statement

Assets

and

Liabilities

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

Statement

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Statement

Regarding

Liquidity

Risk

Management

Program

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

Additional

Information

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

Glossary

Terms

Used

this

Report

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

Fund

Summary

January

31,

2024

BlackRock

Semi-Annual

Report

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

Investment

Objective

BlackRock

Global

Long/Short

Credit

Fund’s

(the

“Fund”)

investment

objective

seek

absolute

total

returns

over

complete

market

cycle.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

January

31,

2024,

all

the

Fund’s

classes

outperformed

its

benchmark,

the

ICE

BofA

3-month

U.S.

Treasury

Bill

Index.

The

Fund

not

managed

specifically

benchmark

due

the

nature

its

strategy,

the

index

return

listed

above

for

reference

purposes

only.

What

factors

influenced

performance?

The

Fund’s

U.S.

absolute

return

strategies

led

performance

during

the

reporting

period.

Specifically,

idiosyncratic

long

positions,

event-related

trades,

capital

structure

trades,

and

thematic

trades

all

made

meaningful

contributions.

European

absolute

return

strategies,

particularly

event-related

trades,

also

contributed

performance.

Directional

positions

European

high

yield

bonds,

financial

issues,

and

mezzanine

collateralized

loan

obligations

(“CLO”s)

were

accretive

performance.

Directional

positioning

U.S.

high

yield

and

short-term

U.S.

investment-grade

bonds

was

also

additive.

U.S.

carry

(income)

strategies

also

helped

results,

led

holdings

enhanced

equipment

trust

certificates,

commercial

mortgage-backed

securities,

and

CLOs.

European

carry

strategies,

which

primarily

consisted

CLOs

and

bank

loans,

further

aided

performance.

Idiosyncratic

short

positions

the

Fund’s

U.S.

absolute

return

strategies,

along

with

U.S.

and

European

risk-management

strategies,

detracted

from

performance.

Relative

value

positions

European

investment-grade

bonds

also

detracted

modestly.

part

its

investment

strategy,

the

Fund

uses

derivatives

manage

duration

(sensitivity

interest

rate

movements)

and

currency

risk.

The

Fund

also

has

the

flexibility

utilize

derivatives

order

express

positive

negative

view

particular

issuer

sector,

manage

overall

credit

risk.

Derivatives

may

also

serve

liquid

way

establish

positions,

and—depending

the

market

environment—the

Fund

may

utilize

various

instruments,

including

but

not

limited

bonds,

equities,

and

derivatives.

The

use

derivatives

had

marginally

positive

impact

the

Fund’s

performance

during

the

reporting

period.

The

Fund’s

cash

position

had

material

impact

performance.

Describe

recent

portfolio

activity.

The

Fund

started

the

period

net

long

position

70%,

and

subsequently

cut

risk

end

January

2024

net

long

position

59%.

The

net

long

reduction

was

primarily

due

decreases

long

positions

the

United

States

and

emerging

markets.

both

the

United

States

and

Europe,

the

investment

adviser

increased

the

Fund’s

net

long

positions

high

yield

cash

bonds

while

decreasing

its

allocation

investment-

grade

corporates.

Europe,

increased

the

extent

short

positions

credit

default

indexes

and

marginally

increased

the

Fund’s

weighting

bank

loans.

the

United

States,

the

investment

adviser

marginally

decreased

the

Fund’s

allocation

bank

loans

and

made

small

increase

collateralized

mortgage-backed

securities.

Overall,

the

Fund

had

continued

emphasis

absolute

return

strategies,

with

focus

opportunities

issuers

with

potential

catalyst.

The

Fund’s

cash

position

was

above

15%

the

period.

The

Fund

may

express

long

and

short

positions

through

derivatives,

including

the

credit

default

swap

market,

which

does

not

require

cash

outlay

that

traditional

cash

bonds.

The

Fund

sold

sovereign,

investment-grade,

and

high

yield

bonds

and

utilized

credit

default

swaps.

Describe

portfolio

positioning

period

end.

The

investment

adviser

believed

the

current

market

backdrop,

which

was

characterized

continued

elevated

volatility

and

persistently

high

correlations,

underscored

the

importance

active

approach

credit

investing

order

capitalize

opportunities

and

mitigate

risk.

period-end,

the

Fund

maintained

larger

allocation

absolute

return

strategies

that

were

expected

benefit

from

this

environment.

The

Fund

ended

the

period

with

net

long

credit

positions

15%

net

assets

Europe,

41%

the

United

States,

Asia

and

the

emerging

markets,

and

59%

overall.

The

views

expressed

reflect

the

opinions

BlackRock

the

date

this

report

and

are

subject

change

based

changes

market,

economic

other

conditions.

These

views

are

not

intended

forecast

future

events

and

are

guarantee

future

results.

Fund

Summary

January

31,

2024

(continued)

Fund

Summary

BlackRock

Global

Long/Short

Credit

Fund

Performance

N/A

—

Not

Applicable

class

and

index

not

have

sales

charge.

Past

performance

not

indication

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

Expenses”

for

further

information

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

Year

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

6.08‌%

6.07‌%

5.46‌%

8.04‌%

N/A‌

2.92‌%

N/A‌

2.10‌%

N/A‌

Investor

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

5.62‌

5.31‌

7.75‌

3.44‌%

2.67‌

1.83‌%

1.84‌

1.42‌%

Investor

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

5.08‌

5.07‌

5.02‌

6.98‌

5.98‌

1.91‌

1.23‌

Class

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

6.17‌

6.16‌

5.43‌

8.13‌

N/A‌

3.00‌

N/A‌

2.16‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(c)

.......

—‌

2.73‌

5.13‌

N/A‌

1.93‌

N/A‌

1.29‌

N/A‌

(a)

Assuming

maximum

sales

charges,

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

detailed

description

classes,

including

any

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

classes.

(b)

The

Fund

seeks

provide

absolute

total

returns

over

complete

market

cycle

through

diversified

long

and

short

exposure

the

global

fixed-income

markets.

Under

normal

circumstances,

the

Fund

invests

least

80%

its

total

assets

credit-related

instruments.

September

17,

2018,

the

Fund

acquired

all

the

assets,

subject

the

liabilities,

BlackRock

Global

Long/

Short

Credit

Fund

(the

“Predecessor

Fund”),

series

BlackRock

Funds

through

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

the

performance

and

accounting

survivor

the

Reorganization.

(c)

unmanaged

index

that

measures

returns

3-month

Treasury

Bills.

December

2023,

the

Fund

began

compare

its

performance

the

standard

pricing

time

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”).

Index

data

prior

March

2021

for

the

Index's

standard

pricing

time

3pm.

Index

data

from

March

2021

through

November

30,

2023

for

custom

4pm

pricing

variant

the

Index.

Index

returns

beginning

December

2023

reflect

the

Index's

new

standard

pricing

time

4pm.

The

change

the

Index's

standard

pricing

time

from

3pm

4pm

resulted

the

discontinuation

the

custom

4pm

pricing

variant

used

from

March

2021

through

November

30,

2023.

Actual

Hypothetical

Return

Expenses

Paid

During

the

Period

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(08/01/23)

Ending

Account

Value

(01/31/24)

Including

Dividend

Expense

and

Interest

Expense

(a)

Excluding

Dividend

Expense

and

Interest

Expense

(a)

Beginning

Account

Value

(08/01/23)

Ending

Account

Value

(01/31/24)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(01/31/24)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

and

Interest

Expense

Excluding

Dividend

Expense

and

Interest

Expense

Institutional

....

1,000.00‌

1,054.60‌

7.70‌

6.20‌

1,000.00‌

1,017.65‌

7.56‌

1,019.10‌

6.09‌

1.49‌%

1.20‌%

Investor

.....

1,000.00‌

1,053.10‌

8.77‌

7.28‌

1,000.00‌

1,016.59‌

8.62‌

1,018.05‌

7.15‌

1.70‌

1.41‌

Investor

.....

1,000.00‌

1,050.20‌

12.68‌

11.18‌

1,000.00‌

1,012.77‌

12.45‌

1,014.23‌

10.99‌

2.46‌

2.17‌

Class

......

1,000.00‌

1,054.30‌

7.28‌

5.73‌

1,000.00‌

1,018.05‌

7.15‌

1,019.56‌

5.63‌

1.41‌

1.11‌

(a)

For

each

class

the

Fund,

expenses

are

equal

the

annualized

expense

ratio

for

the

class,

multiplied

the

average

account

value

over

the

period,

multiplied

184/366

(to

reflect

the

one-half

year

period

shown).

Fund

Summary

January

31,

2024

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

GEOGRAPHIC

ALLOCATION

Percent

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

48.0‌

1.8‌

49.8‌

United

Kingdom

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

10.2‌

0.5‌

10.7‌

Ireland

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

7.1‌

—‌

7.1‌

Germany

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

4.8‌

0.2‌

5.0‌

France

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

4.2‌

0.1‌

4.3‌

Cayman

Islands

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

3.4‌

—‌

3.4‌

Italy

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

3.2‌

—‌

3.2‌

Spain

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

3.1‌

—‌

3.1‌

Luxembourg

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

3.0‌

—‌

3.0‌

Netherlands

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

1.8‌

—‌

1.8‌

Portugal

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

1.5‌

—‌

1.5‌

Austria

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

0.8‌

0.4‌

1.2‌

Sweden

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

0.8‌

0.4‌

1.2‌

Japan

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

1.0‌

—‌

1.0‌

Other

(b)

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

3.7‌

0.0‌

3.7‌

Total

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

96.6‌%

3.4‌%

100.0‌%

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

Total

Investments

(d)

AAA/Aaa

(e)

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

8.7‌

AA/Aa

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

0.2‌

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

0.8‌

BBB/Baa

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

12.2‌

BB/Ba

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

27.3‌

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

30.7‌

CCC/Caa

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

5.3‌

CC/Ca

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

0.2‌

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

14.6‌

(a)

Total

investments

include

the

gross

market

values

long

and

short

positions

and

exclude

short-term

securities,

options

purchased

and

options

written.

(b)

Includes

holdings

within

countries

that

are

less

long-term

investments.

Please

refer

the

Schedule

Investments

for

such

countries.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

either

S&P

Global

Ratings

Moody’s

Investors

Service

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

BBB/Baa

higher.

Below

investment

grade

ratings

are

credit

ratings

BB/Ba

lower.

Investments

designated

are

not

rated

either

rating

agency.

Unrated

investments

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

change.

(d)

Excludes

short-term

securities,

options

purchased,

options

written

and

borrowed

bonds.

(e)

The

investment

adviser

evaluates

the

credit

quality

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

categories

disclosed

the Schedule

Investments

above.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

and

pledged

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

Derivative

Assets

(c)(d)

Bank

America

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

301,739

(

301,739

)

—

Barclays

Bank

plc

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

860,668

(

266,282

)

—

(

550,000

)

44,386

BNP

Paribas

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

640,822

(

411,420

)

—

(

229,402

)

—

Canadian

Imperial

Bank

Commerce

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

321

—

321

Citibank

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

1,535,446

(

781,379

)

—

(

651,001

)

103,066

Deutsche

Bank

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

855,490

(

269,787

)

—

(

585,703

)

—

Goldman

Sachs

International

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

1,653,882

(

1,653,882

)

—

JPMorgan

Chase

Bank

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

3,278,704

(

2,552,478

)

—

(

470,000

)

256,226

Merrill

Lynch

International

Co.

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

22,278

(

22,278

)

—

Morgan

Stanley

Co.

International

plc

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

4,606,134

(

1,218,960

)

—

3,387,174

State

Street

Bank

and

Trust

Co.

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

449

(

)

—

396

UBS

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

35,179

—

35,179

13,791,112

(

7,478,258

)

—

(

2,486,106

)

3,826,748

Counterparty

Derivative

Liabilities

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

Derivative

Liabilities

(c)(e)

Bank

America

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

618,801

(

301,739

)

—

317,062

Barclays

Bank

plc

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

266,282

(

266,282

)

—

BNP

Paribas

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

411,420

(

411,420

)

—

Citibank

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

781,379

(

781,379

)

—

Deutsche

Bank

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

269,787

(

269,787

)

—

Goldman

Sachs

International

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

2,186,255

(

1,653,882

)

(

430,995

)

—

101,378

JPMorgan

Chase

Bank

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

2,552,478

(

2,552,478

)

—

Merrill

Lynch

International

Co.

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

22,378

(

22,278

)

—

(

100

)

—

Morgan

Stanley

Co.

International

plc

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

1,218,960

(

1,218,960

)

—

State

Street

Bank

and

Trust

Co.

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

(

)

—

8,327,793

(

7,478,258

)

(

430,995

)

(

100

)

418,440

(a)

The

amount

derivatives

available

for

offset

limited

the

amount

derivative

assets

and/or

liabilities

that

are

subject

MNA.

(b)

Excess

collateral

received/pledged,

any,

from

the

individual

counterparty

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

(e)

Net

amount

represents

the

net

amount

payable

due

the

counterparty

the

event

default.

Net

amount

may

offset

further

the

options

receivable/payable

the

Statement

Assets

and

Liabilities.

Level

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

—

103,074,801

—

103,074,801

Common

Stocks

Canada

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

—

Germany

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

44,692

20,972

—

65,664

Luxembourg

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

—

213,809

United

Kingdom

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

327,307

—

327,376

2024

BlackRock

Semi-Annual

Report

Shareholders

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Level

Total

United

States

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

9,458,056

352,240

1,910,084

11,720,380

Corporate

Bonds

Australia

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

—

186,118

586,337

772,455

Austria

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

—

7,944,870

—

7,944,870

Brazil

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

—

307,550

—

307,550

Canada

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

—

1,226,813

—

1,226,813

Chile

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

—

129,675

—

129,675

China

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

—

3,457,337

—

3,457,337

Colombia

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

—

406,682

—

406,682

Cyprus

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

—

1,115,966

—

1,115,966

Czech

Republic

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

—

2,198,047

—

2,198,047

Dominican

Republic

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

—

199,938

—

199,938

France

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

—

32,004,750

369,599

32,374,349

Germany

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

—

38,418,485

433,004

38,851,489

Greece

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

—

1,153,756

—

1,153,756

India

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

—

207,600

—

207,600

Indonesia

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

—

234,220

—

234,220

Ireland

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

—

3,057,329

—

3,057,329

Israel

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

—

2,245,663

—

2,245,663

Italy

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

—

29,136,750

—

29,136,750

Japan

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

—

9,833,210

—

9,833,210

Kuwait

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

—

192,500

—

192,500

Luxembourg

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

—

23,312,128

—

23,312,128

Mexico

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

—

130,313

—

130,313

Netherlands

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

—

12,227,173

—

12,227,173

Norway

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

—

2,909,548

—

2,909,548

Oman

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

—

254,000

—

254,000

Portugal

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

—

14,585,127

—

14,585,127

Romania

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

—

3,419,485

—

3,419,485

Singapore

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

—

189,000

—

189,000

Slovenia

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

—

3,060,144

—

3,060,144

South

Africa

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

—

188,790

—

188,790

Spain

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

—

22,414,255

735,892

23,150,147

Sweden

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

—

7,347,420

—

7,347,420

Switzerland

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

—

3,823,825

—

3,823,825

United

Arab

Emirates

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

—

925,692

—

925,692

United

Kingdom

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

—

70,012,451

21,806,998

91,819,449

United

States

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

—

317,155,548

22,688,727

339,844,275

Zambia

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

—

3,158,262

—

3,158,262

Fixed

Rate

Loan

Interests

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

—

4,057

—

4,057

Floating

Rate

Loan

Interests

Colombia

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

—

148,875

France

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

—

3,016,188

—

3,016,188

Germany

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

—

7,377,423

—

7,377,423

Jersey,

Channel

Islands

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

—

255,996

—

255,996

Luxembourg

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

—

4,621,726

213,104

4,834,830

Netherlands

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

—

4,974,211

—

4,974,211

Singapore

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

—

67,935

—

67,935

Spain

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

—

4,327,512

—

4,327,512

United

Kingdom

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

—

2,385,501

77,683

2,463,184

United

States

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

—

51,702,277

12,165,138

63,867,415

Foreign

Agency

Obligations

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

—

11,183,166

—

11,183,166

Foreign

Government

Obligations

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

—

4,026,257

—

4,026,257

Investment

Companies

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

215,847

—

215,847

Non-Agency

Mortgage-Backed

Securities

United

States

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

—

28,842,809

3,811,257

32,654,066

Preferred

Securities

Spain

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

—

2,139,786

—

2,139,786

United

States

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

—

31,193

3,095,601

3,126,794

U.S.

Treasury

Obligations

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

—

4,573,588

—

4,573,588

Warrants

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

17,939

28,776

149,548

196,263

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

31,656,734

—

31,656,734

Commercial

Paper

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

—

4,836,335

—

4,836,335

Fair

Value

Hierarchy

of Period

End

(continued)

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

Schedule

Investments

Level

Total

Money

Market

Funds

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

80,471,715

—

80,471,715

Options

Purchased

Credit

contracts

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

—

102,790

—

102,790

Equity

contracts

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

403,851

—

403,851

Interest

rate

contracts

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

63,477

—

63,477

Unfunded

Floating

Rate

Loan

Interests

(a)

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

—

113

Liabilities

Borrowed

Bonds

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

—

(

32,521,509

)

—

(

32,521,509

)

Unfunded

Floating

Rate

Loan

Interests

(a)

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

—

(

4,370

)

(

4,370

)

91,002,884

855,851,184

68,401,482

1,015,255,550

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

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

—

1,685,469

—

1,685,469

Equity

contracts

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

—

99,195

—

99,195

Foreign

currency

exchange

contracts

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

—

4,412,070

—

4,412,070

Interest

rate

contracts

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

192,248

9,678

—

201,926

Liabilities

Credit

contracts

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

—

(

6,455,147

)

—

(

6,455,147

)

Equity

contracts

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

(

243,787

)

(

62,827

)

—

(

306,614

)

Foreign

currency

exchange

contracts

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

—

(

424,392

)

—

(

424,392

)

Interest

rate

contracts

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

(

116,142

)

(

9,764

)

—

(

125,906

)

(

167,681

)

(

745,718

)

—

(

913,399

)

(a)

Unfunded

floating

rate

loan

interests

are

valued

the

unrealized

appreciation

(depreciation)

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument

and

options

written

are

shown

value.

reconciliation

Level

financial

instruments

presented

when

the

Fund

had

significant

amount

Level

investments

and

derivative

financial

instruments

the

beginning

and/or

end

the

period

relation

net

assets.

The

following

table

reconciliation

Level

investments

for

which

significant

unobservable

inputs

were

used

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

July

31,

2023

..........

5,279,991

1,640,563

66,615,016

2,739

11,362,356

3,586,951

4,369,932

—

125,966

92,983,514

Transfers

into

Level

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

—

2,244,375

—

2,244,388

Transfers

out

Level

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

(

5,279,991

)

(

305,745

)

—

(

2,739

)

(

1,865,757

)

—

(

28,705

)

(

7,482,937

)

Other

(a)

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

—

860,228

—

(

252,776

)

—

(

607,452

)

—

Accrued

discounts/premiums

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

—

38,764

—

7,636

(

20,023

)

—

26,377

Net

realized

gain

(loss)

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

—

(

)

118,888

—

8,671

—

(

)

—

(

668,308

)

(

540,771

)

Net

change

unrealized

appreciation

(depreciation)

(b)

(c)

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

—

(

285,158

)

91,912

—

(

305,805

)

244,329

(

666,902

)

(

4,257

)

720,582

(

205,299

)

Purchases

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

—

214,133

2,790,709

—

3,834,652

3,940,000

212,004

—

16,758

11,008,256

Sales

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

—

(

)

(

23,034,732

)

—

(

2,428,552

)

(

3,940,000

)

(

211,970

)

—

(

16,758

)

(

29,632,046

)

Closing

balance,

January

31,

2024

........

—

2,123,976

46,620,557

—

12,604,800

3,811,257

3,095,601

(

4,257

)

149,548

68,401,482

Net

change

unrealized

appreciation

(depreciation)

investments

still

held

January

31,

2024

(c)

—

(

277,618

)

(

44,002

)

—

(

302,128

)

(

150,451

)

(

713,505

)

(

4,257

)

68,281

(

1,423,680

)

(a)

Certain

Level

investments

were

re-classified

between

Common

Stocks,

Floating

Rate

Loan

Interests

and

Preferred

Securities.

(b)

Included

the

net

change

unrealized

appreciation

(depreciation)

the

Statement

Operations.

(c)

Any

difference

between

net

change

unrealized

appreciation

(depreciation)

and

net

change

unrealized

appreciation

(depreciation)

investments

still

held

January

31,

2024

generally

due

investments

longer

held

categorized

Level

period

end.

Fair

Value

Hierarchy

of Period

End

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

Schedule

Investments

(unaudited)

(continued)

January

31,

2024

BlackRock

Global

Long/Short

Credit

Fund

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

the

Valuation

Committee

determine

the

value

certain

the

Fund’s

Level

financial

instruments

period

end.

The

table

does

not

include

Level

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

the

amount

$9,916,531.

significant

change

the

third-party

information

could

result

significantly

lower

higher

value

such

Level

financial

instruments.

See

notes

financial

statements.

Value

Valuation

Approach

Unobservable

Inputs

Range

Unobservable

Inputs

Utilized

(a)

Weighted

Average

Unobservable

Inputs

Based

Fair

Value

Assets

Common

Stocks

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

1,909,969

Market

Time

Exit

0.2

–

3.0

years

3.0

years

Volatility

55%

–

80%

Revenue

Multiple

3.75x

–

8.00x

4.72x

Corporate

Bonds

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

46,620,557

Income

Discount

Rate

–

56%

Floating

Rate

Interests

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

2,898,020

Income

Discount

Rate

–

14%

12%

Non-Agency

Mortgage-Backed

Securities

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

3,811,257

Income

Credit

Spread

517

—

Preferred

Stocks

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

3,095,601

Income

Discount

Rate

11%

—

Market

Revenue

Multiple

10.25x

–

22.00x

15.38x

Direct

Profit

Multiple

4.50x

—

EBITDA

Multiple

7.25x

—

Time

Exit

0.8

–

3.0

years

2.9

years

Volatility

80%

–

90%

85%

Warrants

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

149,547

Market

Time

Exit

0.2

–

3.0

years

3.0

years

Volatility

37%

–

88%

79%

Revenue

Multiple

4.00x

–

10.25x

9.03x

58,484,951

(a)

significant

change

unobservable

input

would

have

resulted

correlated

(inverse)

significant

change

value.

Statement

Assets

and

Liabilities

(unaudited)

January

31,

2024

Financial

Statements

BlackRock

Global

Long/

Short

Credit

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

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

967,309,601‌

Investments,

value

—

affiliated

(b)

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

80,471,715‌

Cash

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

8,537,013‌

Cash

pledged:

–‌

Collateral

—

borrowed

bond

agreements

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

1,105,000‌

Collateral

—

OTC

derivatives

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

669,766‌

Futures

contracts

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

1,148,880‌

Centrally

cleared

swaps

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

3,176,600‌

Foreign

currency,

value

(c)

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

4,191,282‌

Receivables:

–‌

Investments

sold

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

20,990,527‌

Options

written

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

10,986‌

Swaps

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

248,188‌

Capital

sold

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

5,807,402‌

Dividends

—

unaffiliated

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

24,705‌

Dividends

—

affiliated

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

301,992‌

Interest

—

unaffiliated

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

12,803,454‌

From

the

Manager

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

2‌

Variation

margin

futures

contracts

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

303,481‌

Variation

margin

centrally

cleared

swaps

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

236,414‌

Swap

premiums

paid

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

7,491,588‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

4,412,070‌

OTC

swaps

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

1,784,664‌

Unfunded

floating

rate

loan

interests

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

113‌

Prepaid

expenses

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

67,712‌

Total

assets

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

1,121,093,155‌

LIABILITIES

Cash

received:

–‌

Collateral

—

OTC

derivatives

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

2,769,659‌

Borrowed

bonds,

value

(d)

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

32,521,509‌

Options

written,

value

(e)

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

30,550‌

Payables:

–‌

Investments

purchased

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

33,645,321‌

Swaps

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

194,587‌

Administration

fees

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

48,106‌

Capital

redeemed

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

6,354,916‌

Interest

expense

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

506,708‌

Investment

advisory

fees

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

808,606‌

Trustees'

and

Officer's

fees

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

24,669‌

Other

affiliate

fees

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

2,067‌

Professional

fees

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

133,582‌

Service

and

distribution

fees

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

50,769‌

Variation

margin

futures

contracts

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

42,161‌

Other

accrued

expenses

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

560,062‌

Swap

premiums

received

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

3,972,300‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

424,392‌

OTC

swaps

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

3,931,101‌

Unfunded

floating

rate

loan

interests

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

4,370‌

Total

liabilities

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

86,025,435‌

Commitments

and

contingent

liabilities

–‌

NET

ASSETS

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

1,035,067,720‌

Statement

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2024

BlackRock

Semi-Annual

Report

Shareholders

See

notes

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

1,673,083,459‌

Accumulated

loss

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

(638,015,739‌)

NET

ASSETS

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

1,035,067,720‌

(a)

Investments,

cost

—

unaffiliated

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

1,049,059,834‌

(b)

Investments,

cost

—

affiliated

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

80,471,715‌

(c)

Foreign

currency,

cost

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

4,192,250‌

(d)

Proceeds

received

from

borrowed

bonds

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

32,947,744‌

(e)

Premiums

received

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

36,210‌

Statement

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2024

Financial

Statements

See

notes

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

758,422,085‌

outstanding

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

84,457,150‌

Net

asset

value

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

8.98‌

authorized

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

Unlimited

Par

value

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

0.001‌

Investor

Net

assets

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

55,784,276‌

outstanding

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

6,198,342‌

Net

asset

value

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

9.00‌

authorized

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

Unlimited

Par

value

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

0.001‌

Investor

Net

assets

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

3,420,875‌

outstanding

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

380,249‌

Net

asset

value

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

9.00‌

authorized

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

Unlimited

Par

value

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

0.001‌

Class

Net

assets

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

217,440,484‌

outstanding

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

24,204,236‌

Net

asset

value

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

8.98‌

authorized

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

Unlimited

Par

value

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

0.001‌

Statement

Operations

(unaudited)

Six

Months

Ended

January

31,

2024

BlackRock

Semi-Annual

Report

Shareholders

See

notes

financial

statements.

BlackRock

Global

Long/

Short

Credit

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

281,817‌

Dividends

—

affiliated

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

1,454,184‌

Interest

—

unaffiliated

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

38,095,841‌

Foreign

taxes

withheld

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

(

123‌

)

Total

investment

income

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

39,831,719‌

EXPENSES

Investment

advisory

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

4,944,110‌

Transfer

agent

—

class

specific

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

389,905‌

Administration

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

214,462‌

Accounting

services

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

119,382‌

Service

and

distribution

—

class

specific

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

92,283‌

Administration

—

class

specific

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

78,244‌

Professional

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

70,524‌

Registration

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

59,777‌

Custodian

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

36,436‌

Printing

and

postage

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

26,696‌

Trustees

and

Officer

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

8,492‌

Miscellaneous

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

263,649‌

Total

expenses

excluding

dividend

expense,

and

interest

expense

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

6,303,960‌

Dividends

expense

—

unaffiliated

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

400‌

Interest

expense

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

1,529,901‌

Total

expenses

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

7,834,261‌

Less:

–‌

Administration

fees

waived

the

Manager

—

class

specific

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

(

27,056‌

)

Fees

waived

and/or

reimbursed

the

Manager

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

(

21,210‌

)

Transfer

agent

fees

waived

and/or

reimbursed

the

Manager

—

class

specific

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

(

9,469‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

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

7,776,526‌

Net

investment

income

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

32,055,193‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

22,720,779‌

Net

realized

gain

(loss)

from:

–‌

Investments

—

unaffiliated

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

(

17,493,418‌

)

Investments

—

affiliated

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

41,374‌

Borrowed

bonds

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

1,657,103‌

Forward

foreign

currency

exchange

contracts

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

3,303,171‌

Foreign

currency

transactions

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

(

268,251‌

)

Futures

contracts

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

181,408‌

Options

written

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

2,436,158‌

Short

sales

—

unaffiliated

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

(

227,990‌

)

Swaps

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

(

2,955,312‌

)

(13,325,757‌)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

31,284,478‌

Borrowed

bonds

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

(

680,969‌

)

Forward

foreign

currency

exchange

contracts

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

5,978,529‌

Foreign

currency

translations

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

19,340‌

Futures

contracts

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

716,389‌

Options

written

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

141,348‌

Short

sales

—

unaffiliated

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

173,776‌

Swaps

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

(

1,582,098‌

)

Unfunded

floating

rate

loan

interests

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

(

4,257‌

)

36,046,536‌

Net

realized

and

unrealized

gain

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

22,720,779‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

54,775,972‌

Statements

Changes

Net

Assets

Financial

Statements

See

notes

financial

statements.

BlackRock

Global

Long/Short

Credit

Fund

Six

Months

Ended

01/31/24

(unaudited)

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

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

32,055,193

‌

59,266,211

‌

Net

realized

loss

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

(

13,325,757

)

(

137,259,190

)

Net

change

unrealized

appreciation

(depreciation)

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

36,046,536

‌

102,001,892

‌

Net

increase

net

assets

resulting

from

operations

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

54,775,972

‌

24,008,913

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Institutional

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

(

24,041,522

)

(

66,995,894

)

Investor

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

(

1,678,966

)

(

5,315,056

)

Investor

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

(

62,946

)

(

433,580

)

Class

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

(

7,348,283

)

(

20,255,590

)

Decrease

net

assets

resulting

from

distributions

shareholders

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

(33,131,717

)

(93,000,120

)

CAPITAL

TRANSACTIONS

Net

decrease

net

assets

derived

from

capital

transactions

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

(74,949,393

)

(384,466,653

)

NET

ASSETS

Total

decrease

net

assets

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

(

53,305,138

)

(

453,457,860

)

Beginning

period

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

1,088,372,858

‌

1,541,830,718

‌

End

period

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

1,035,067,720

‌

1,088,372,858

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

Institutional

Six

Months

Ended

01/31/24

(unaudited)

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

period

.........

8.80

‌

9.26

‌

10.25

‌

9.78

‌

10.05

‌

10.36

‌

Net

investment

income

(a)

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

.27

‌

.43

‌

.28

‌

.38

‌

.37

‌

.37

‌

Net

realized

and

unrealized

gain

(loss)

........

.21

‌

(

.19

)

(

.92

)

.48

‌

(

.27

)

(

.10

)

Net

increase

(decrease)

from

investment

operations

0.48

‌

0.24

‌

(0.64

)

0.86

‌

0.10

‌

0.27

‌

Distributions

from

net

investment

income

(b)

....

(0.30

)

(0.70

)

(0.35

)

(0.39

)

(0.37

)

(0.58

)

Net

asset

value,

end

period

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

8.98

‌

8.80

‌

9.26

‌

10.25

‌

9.78

‌

10.05

‌

Total

Return

(c)

—

Based

net

asset

value

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

5.46

(d)

2.88

(6.42

8.95

0.96

(e)

2.83

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

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

1.50

(g)

1.49

1.34

1.46

1.85

2.03

Total

expenses

after

fees

waived

and/or

reimbursed

1.49

(g)

1.47

1.33

1.45

1.85

2.01

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

short

sales

......

1.20

(g)

1.17

1.12

1.09

1.12

1.07

Net

investment

income

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

6.14

(g)

4.87

2.89

3.80

3.74

3.67

Supplemental

Data

Net

assets,

end

period

(000)

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

758,422

‌

783,811

‌

1,077,774

‌

1,202,628

‌

1,223,282

‌

1,747,346

‌

Portfolio

turnover

rate

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

(h)

132

(h)

149

156

232

226

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

affiliate,

which

had

impact

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

total

return

swaps.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Investor

Six

Months

Ended

01/31/24

(unaudited)

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

period

..........

8.81

‌

9.24

‌

10.24

‌

9.76

‌

10.03

‌

10.33

‌

Net

investment

income

(a)

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

.27

‌

.40

‌

.26

‌

.35

‌

.34

‌

.34

‌

Net

realized

and

unrealized

gain

(loss)

.........

.19

‌

(

.17

)

(

.93

)

.49

‌

(

.27

)

(

.10

)

Net

increase

(decrease)

from

investment

operations

0.46

‌

0.23

‌

(0.67

)

0.84

‌

0.07

‌

0.24

‌

Distributions

from

net

investment

income

(b)

.....

(0.27

)

(0.66

)

(0.33

)

(0.36

)

(0.34

)

(0.54

)

Net

asset

value,

end

period

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

9.00

‌

8.81

‌

9.24

‌

10.24

‌

9.76

‌

10.03

‌

Total

Return

(c)

—

Based

net

asset

value

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

5.31

(d)

2.76

(6.75

8.69

0.69

(e)

2.60

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

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

1.74

(g)

1.76

1.61

1.73

2.10

2.29

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

1.70

(g)

1.70

1.60

1.72

2.10

2.27

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

short

sales

.......

1.41

(g)

1.40

1.39

1.36

1.37

1.33

Net

investment

income

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

5.93

(g)

4.50

2.70

3.53

3.49

3.43

Supplemental

Data

Net

assets,

end

period

(000)

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

55,784

‌

65,580

‌

136,073

‌

86,176

‌

101,727

‌

117,093

‌

Portfolio

turnover

rate

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

(i)

132

(i)

149

156

232

226

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

affiliate,

which

had

impact

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

past

waived

and/or

reimbursed

fees

for

the

year

ended

July

31,

2019,

the

expense

ratio

would

have

been

2.28%.

(i)

Excludes

underlying

investments

total

return

swaps.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Report

Shareholders

BlackRock

Global

Long/Short

Credit

Fund

Investor

Six

Months

Ended

01/31/24

(unaudited)

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

period

.........

8.73

‌

9.14

‌

10.09

‌

9.58

‌

9.82

‌

10.12

‌

Net

investment

income

(a)

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

.23

‌

.34

‌

.18

‌

.27

‌

.27

‌

.26

‌

Net

realized

and

unrealized

gain

(loss)

........

.21

‌

(

.19

)

(

.91

)

.47

‌

(

.26

)

(

.10

)

Net

increase

(decrease)

from

investment

operations

0.44

‌

0.15

‌

(0.73

)

0.74

‌

0.01

‌

0.16

‌

Distributions

from

net

investment

income

(b)

....

(0.17

)

(0.56

)

(0.22

)

(0.23

)

(0.25

)

(0.46

)

Net

asset

value,

end

period

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

9.00

‌

8.73

‌

9.14

‌

10.09

‌

9.58

‌

9.82

‌

Total

Return

(c)

—

Based

net

asset

value

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

5.02

(d)

1.84

(7.37

7.75

0.03

(e)

1.72

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

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

2.52

(g)

(h)

2.51

2.37

2.50

2.86

3.05

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

2.46

(g)

(h)

2.45

2.36

2.49

2.86

3.03

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

short

sales

......

2.17

(g)

(h)

2.15

2.13

2.09

Net

investment

income

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

5.17

(h)

3.82

1.88

2.71

2.75

2.65

Supplemental

Data

Net

assets,

end

period

(000)

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

3,421

‌

4,735

‌

9,827

‌

18,771

‌

29,291

‌

68,930

‌

Portfolio

turnover

rate

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

(j)

132

(j)

149

156

232

226

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

any

sales

charges

and

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

affiliate,

which

had

impact

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Includes

non-recurring

expenses

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

2.50%,

2.44%

and

2.15%,

respectively.

(h)

Annualized.

(i)

Includes

recoupment

past

waived

and/or

reimbursed

fees

with

financial

impact

the

expense

ratios.

(j)

Excludes

underlying

investments

total

return

swaps.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

Global

Long/Short

Credit

Fund

Class

Six

Months

Ended

01/31/24

(unaudited)

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Year

Ended

07/31/19

Net

asset

value,

beginning

period

.........

8.81

‌

9.27

‌

10.26

‌

9.79

‌

10.06

‌

10.37

‌

Net

investment

income

(a)

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

.28

‌

.44

‌

.29

‌

.39

‌

.38

‌

.38

‌

Net

realized

and

unrealized

gain

(loss)

........

.19

‌

(

.20

)

(

.92

)

.48

‌

(

.27

)

(

.11

)

Net

increase

(decrease)

from

investment

operations

0.47

‌

0.24

‌

(0.63

)

0.87

‌

0.11

‌

0.27

‌

Distributions

from

net

investment

income

(b)

....

(0.30

)

(0.70

)

(0.36

)

(0.40

)

(0.38

)

(0.58

)

Net

asset

value,

end

period

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

8.98

‌

8.81

‌

9.27

‌

10.26

‌

9.79

‌

10.06

‌

Total

Return

(c)

—

Based

net

asset

value

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

5.43

(d)

2.98

(6.35

9.02

1.04

(e)

2.91

(e)

Ratios

Average

Net

Assets

(f)

Total

expen

ses

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

1.41

(g)

1.40

1.26

1.39

1.77

1.96

Total

expenses

after

fees

waived

and/or

reimbursed

1.41

(g)

1.38

1.26

1.38

1.76

1.94

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

short

sales

......

1.11

(g)

1.09

1.05

1.02

1.04

1.00

Net

investment

income

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

6.23

(g)

4.95

2.97

3.85

3.75

Supplemental

Data

Net

assets,

end

period

(000)

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

217,440

‌

234,247

‌

318,157

‌

299,722

‌

399,165

‌

1,104,061

‌

Portfolio

turnover

rate

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

(h)

132

(h)

149

156

232

226

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

affiliate,

which

had

impact

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

total

return

swaps.

See

notes

financial

statements.

Notes

Financial

Statements

(unaudited)

2024

BlackRock

Semi-Annual

Report

Shareholders

ORGANIZATION

BlackRock

Funds

IV (the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The Trust

organized

a Massachusetts

business

trust.

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”)

series

the

Trust.

The

Fund

classified

diversified.

The

Fund

offers

multiple

classes

shares.

All

classes

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

the

shareholder

servicing

and

distribution

such

shares.

Institutional

and

Class

are

sold

without

sales

charge

and

only

certain

eligible

investors.

Investor

are

generally

sold

with

initial

sales

charge,

and

may

subject

contingent

deferred

sales

charge

("CDSC")

for

certain

redemptions

where

initial

sales

charge

was

paid

the

time

purchase.

Investor

may

subject

1.00%

CDSC

redeemed

within

one

year

purchase.

Investor

and

Investor

bear

certain

expenses

shareholder

servicing

such

shares,

and

Investor

also

bear

certain

expenses

the

distribution

such

shares.

Investor

and

Investor

are

generally

available

through

financial

intermediaries.

Investor

automatically

convert

Investor

after

approximately

eight

years.

Each

class

has

exclusive

voting

rights

with

respect

matters

relating

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

shareholders

may

vote

material

changes

the

Investor

distribution

and

service

plan).

(a)

Investor

may

subject

CDSC

for

certain

redemptions

where

initial

sales

charge

was

paid

the

time

purchase.

(b)

CDSC

1.00%

assessed

certain

redemptions

Investor

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

included

complex

funds

referred

the BlackRock

Fixed-Income

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

dates.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

dates

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

informed

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

each

class

based

its

relative

net

assets. For

convertible

securities,

premiums

attributable

the

debt

instrument

are

amortized,

but

premiums

attributable

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

the

trading

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

The

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statement

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Fund

invests.

These

foreign

taxes,

any,

are

paid

the

Fund

and

are

reflected

its

Statement

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

January

31,

2024

any,

are

disclosed

the Statement

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Fund

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The Statement

Operations

includes

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

and

Class

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

None

Investor

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

Yes

(a)

None

Investor

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

Yes

(b)

Investor

after

approximately

years

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Collateralization:

required

exchange

counterparty

agreement,

the

Fund

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

Distributions:

Distributions

from

net

investment

income

are

declared and

paid

least

annually.

Distributions

capital

gains

are

recorded

the

ex-dividend

dates

and

made

least

annually.

The

character

and

timing

distributions

are

determined

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

the

Board

Trustees

the

Trust

(the

“Board”), the

trustees

who

are

not

“interested

persons”

the

Fund,

defined

the

1940

Act

(“Independent

Trustees

”),

may

defer

portion

their

annual

complex-wide

compensation.

Deferred

amounts

earn

approximate

return

though

equivalent

dollar

amounts

had

been

invested

common

certain

funds

the

BlackRock

Fixed-Income

Complex

selected

the

Independent

Trustees

This

has

the

same

economic

effect

for

the

Independent

Trustees

the

Independent

Trustees’

had

invested

the

deferred

amounts

directly

certain

funds

the

BlackRock

Fixed-Income

Complex.

The

Plan

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

the

Fund,

applicable.

Deferred

compensation

liabilities,

any, are

included

the Trustees

and

Officer’s

fees

payable

the

Statement

Assets

and

Liabilities

and

will

remain

liability

the

Fund

until

such

amounts

are

distributed

accordance

with

the

Plan.

Net

appreciation

(depreciation)

the

value

participants’

deferral

accounts

allocated

among

the

participating

funds

the

BlackRock

Fixed-Income

Complex

and

reflected

Trustee

and

Officer

expense

the

Statement(s)

Operations.

The

Trustee

and

Officer

expense

may

negative

result

decrease

value

the

deferred

accounts.

Indemnifications:

the

normal

course

business,

the

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Fund,

which

cannot

predicted

with

any

certainty.

Other:

Expenses

directly

to the

Fund

its

classes

are

charged

the

Fund

the

applicable

class.

Expenses

directly

the

Fund

and

other

shared

expenses

prorated

the

Fund

are

allocated

daily

each

class

based

its

relative

net

assets

other

appropriate

methods.

Other

operating

expenses

shared

several

funds,

including

other

funds

managed

the

Manager,

are

prorated

among

those

funds

the

basis

relative

net

assets

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

open

for

business

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

has

approved

the

designation

the

Manager

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

the

Manager’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

the

Manager’s

policies

and

procedures

reflecting

fair

value.

The

Manager

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

establish

the

fair

value

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

available

bid

(long

positions)

ask

(short

positions)

price.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services. Floating

rate

loan

interests

are

valued

the

mean

the

bid

prices

from

one

independent

brokers

dealers

obtained

from

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

that

day’s

last

reported

settlement

trade price

the

exchange

where

the

contract

traded.

Forward

foreign

currency

exchange

contracts

are

valued

the

mean

between

the

bid

and

ask

prices

and

are

determined

the

trading

the

NYSE

based

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

the

mean

between

the

last bid

and

ask

prices

the

options

market in

which

the

options

trade.

exchange-

traded

option

for

which there

mean

price

valued

the

last

bid

(long

positions)

ask

(short

positions)

price.

bid

ask

price

available,

the

prior

day’s

price will

used,

unless

determined

that

the

prior

day’s

price

longer

reflects

the

fair

value

the

option.

Over-the-counter

(“OTC”)

options

and

options

swaps

(“swaptions”)

are

valued

independent

pricing

service

using

mathematical

model,

which

incorporates

number

market

data

factors,

such

the

trades

and

prices

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

independent pricing

services

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

that

incorporate

number

market

data

factors,

such

discounted

cash

flows,

trades

and

values

the

underlying

reference

instruments.

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which

follows

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement or

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with the

Manager's policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that

the

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

For

investments

equity

debt

issued

privately

held

companies

funds

(“Private

Company”

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

the

Valuation

Committee

and

third-party

pricing

services

utilized

the

Valuation

Committee

include one

combination

of,

but

not

limited

to,

the

following

inputs.

Investments

series

preferred

stock

issued

Private

Companies

are

typically

valued

utilizing

market

approach

determining

the

enterprise

value

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

preferred

and

common

stock

the

same

issuer.

Enterprise

valuation

techniques

such

option

pricing

model

(“OPM”),

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

hybrid

those

techniques

are

used

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

determination

the

exit

scenarios

the

investment

order

appropriately

allocate

the

enterprise

value

the

company

among

the

various

parts

its

capital

structure.

The

Private

Companies

are

not

subject

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

Private

Company

date

that

earlier

than

the

date the

Fund

calculating

its

NAV.

This

factor

may

result

difference

between

the

value

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

the

investment.

Fair

Value

Hierarchy:

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

3 —

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).

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

Private

Companies

that

may

not

have

secondary

market

and/or

may

have

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.

Standard

Inputs

Generally

Considered

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

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

(i)

recent

market

transactions,

including

subsequent

rounds

financing,

the

underlying

investment

comparable

issuers;

(ii) recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)

market

multiples

comparable

issuers.

Income

approach

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

(i)

future

cash

flows

discounted

present

and

adjusted

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii) quoted

prices

for

similar

investments

assets

active

markets;

and

(iii)

other

risk

factors,

such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

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

(i)

audited

unaudited

financial

statements,

investor

communications

and

financial

operational

metrics

issued

the

Private

Company;

(ii) changes

the

valuation

relevant

indices

publicly

traded

companies

comparable

the

Private

Company;

(iii)

relevant

news

and

other

public

sources;

and

(iv)

known

secondary

market

transactions

the

Private

Company’s

interests

and

merger

acquisition

activity

companies

comparable

the

Private

Company.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

pass-through

certificates

debt

instruments.

Asset-backed

securities

issued

pass-through

certificates

represent

undivided

fractional

ownership

interests

underlying

pool

assets.

Asset-backed

securities

issued

debt

instruments,

which

are

also

known

collateralized

obligations,

are

typically

issued

the

debt

special

purpose

entity

organized

solely

for

the

purpose

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

The

yield

characteristics

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

that

all

principal

part

the

obligations

may

prepaid

any

time

because

the

underlying

assets

(i.e.,

loans)

may

prepaid

any

time.

result,

decrease

interest

rates

the

market

may

result

increases

the

level

prepayments

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

increased

prepayment

rate

with

respect

asset-backed

security

will

have

the

effect

shortening

the

maturity

the

security.

addition,

fund

may

subsequently

have

reinvest

the

proceeds

lower

interest

rates.

fund

has

purchased

such

asset-backed

security

premium,

faster

than

anticipated

prepayment

rate

could

result

loss

principal

the

extent

the

premium

paid.

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

number

important

differences

among

the

agencies

and

instrumentalities

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

Ginnie

Mae

are

guaranteed

the

timely

payment

principal

and

interest

Ginnie

Mae

and

such

guarantee

backed

the

full

faith

and

credit

the

United

States.

However,

mortgage-related

securities

issued

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

Freddie

Mac

and

Fannie

Mae,

are

not

backed

entitled

the

full

faith

and

credit

the

United

States,

but

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Treasury.

Non-agency

mortgage-backed

securities

are

securities

issued

non-governmental

issuers

and

have

direct

indirect

government

guarantees

payment

and

are

subject

various

risks.

Non-agency

mortgage

loans

are

obligations

the

borrowers

thereunder

only

and

are

not

typically

insured

guaranteed

any

other

person

entity.

The

ability

borrower

repay

loan

dependent

upon

the

income

assets

the

borrower.

number

factors,

including

general

economic

downturn,

acts

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrower’s

ability

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

asset-backed

securities.

CDO

entity

that

backed

diversified

pool

debt

securities

(CBOs)

syndicated

bank

loans

(CLOs).

The

cash

flows

the

CDO

can

split

into

multiple

segments,

called

“tranches,”

which

will

vary

risk

profile

and

yield.

The

riskiest

segment

the

subordinated

“equity”

tranche.

This

tranche

bears

the

greatest

risk

defaults

from

the

underlying

assets

the

CDO

and

serves

protect

the

other,

senior,

tranches

from

default

all

but

the

most

severe

circumstances.

Since

shielded

from

defaults

the

junior

tranches,

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

actual

defaults,

increased

sensitivity

future

defaults

and

the

disappearance

one

protecting

tranches

result

changes

the

credit

profile

the

underlying

pool

assets.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

issued

Ginnie

Mae,

U.S.

Government

agencies

instrumentalities

trusts

formed

private

originators

of,

investors

in,

mortgage

loans.

general,

CMOs

are

debt

obligations

legal

entity

that

are

collateralized

pool

residential

commercial

mortgage

loans

Mortgage

Assets.

The

payments

these

are

used

make

payments

the

CMOs

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

the

Mortgage

Assets.

Classes

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

pool

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

extremely

volatile

response

changes

interest

rates.

interest

rates

rise

and

fall,

the

value

IOs

tends

move

the

same

direction

interest

rates.

POs

perform

best

when

prepayments

the

underlying

mortgages

rise

since

this

increases

the

rate

which

the

principal

returned

and

the

yield

maturity

the

PO.

When

payments

mortgages

underlying

are

slower

than

anticipated,

the

life

the

lengthened

and

the

yield

maturity

reduced.

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

principal,

fund’s

initial

investment

the

IOs

may

not

fully

recoup.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

significant

discount

from

face

value

and

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

market

value

than

other

debt

obligations

similar

maturity

which

provide

for

regular

interest

payments.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

corporations,

generally

the

form

interest-bearing

notes

with

preferred

securities

characteristics.

the

case

trust

preferred

securities,

affiliated

business

trust

corporation

issues

these

securities,

generally

the

form

beneficial

interests

subordinated

debentures

similarly

structured

securities.

The

securities

can

structured

with

either

fixed

adjustable

coupon

that

can

have

either

perpetual

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

corporation

pays

interest

the

trust,

which

then

distributed

holders

these

securities

dividend.

Dividends

can

deferred

without

creating

event

default

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

payments

does

not

affect

the

purchase

sale

these

securities

the

open

market.

These

securities

generally

are

rated

below

that

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

the

issuer’s

option.

Preferred

Stocks:

Preferred

stock

has

preference

over

common

stock

liquidation

(and

generally

receiving

dividends

well),

but

subordinated

the

liabilities

the

issuer

all

respects.

general

rule,

the

market

value

preferred

stock

with

fixed

dividend

rate

and

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

convertible

preferred

stock

generally

also

reflects

some

element

conversion

value.

Because

preferred

stock

junior

debt

securities

and

other

obligations

the

issuer,

deterioration

the

credit

quality

the

issuer

will

cause

greater

changes

the

value

preferred

stock

than

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

debt

securities,

preferred

stock

dividends

are

payable

only

declared

the

issuer’s

board

directors.

Preferred

stock

also

may

subject

optional

mandatory

redemption

provisions.

Warrants:

Warrants

entitle

fund

purchase

specified

number

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

are

subject

adjustment

under

certain

conditions

until

the

expiration

date

the

warrants,

any.

the

price

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

fund

will

lose

any

amount

paid

for

the

warrant.

Thus,

investments

warrants

may

involve

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

risk

than

investments

common

stock.

Warrants

may

trade

the

same

markets

their

underlying

stock;

however,

the

price

the

warrant

does

not

necessarily

move

with

the

price

the

underlying

stock.

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

companies

(the

“borrower”)

banks,

other

financial

institutions,

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

troubled

uncertain

and

companies

that

are

highly

leveraged

bankruptcy

proceedings.

addition,

transactions

floating

rate

loan

interests

may

settle

delayed

basis,

which

may

result

proceeds

from

the

sale

not

being

readily

available

for

fund

make

additional

investments

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

revolving

lines

credit.

Floating

rate

loan

interests

are

typically

senior

the

corporate

capital

structure

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

rates

that

are

periodically

determined

reference

base

lending

rate

plus

premium.

Since

the

rates

reset

only

periodically,

changes

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

expected

cause

some

fluctuations

the

NAV

fund

the

extent

that

invests

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

one

European

banks,

such

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

one

U.S.

banks

the

certificate

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

denominated

foreign

currencies.

These

investments

are

treated

investments

debt

securities

for

purposes

fund’s

investment

policies.

When

fund

purchases

floating

rate

loan

interest,

may

receive

facility

fee

and

when

sells

floating

rate

loan

interest,

may

pay

facility

fee.

ongoing

basis,

fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

amount

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

income

over

the

term

the

loan

term

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

income

earned.

Prepayment

penalty

fees,

which

may

received

fund

upon

the

prepayment

floating

rate

loan

interest

borrower,

are

recorded

realized

gains.

fund

may

invest

multiple

series

tranches

loan.

different

series

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

the

borrower’s

option.

fund

may

invest

such

loans

the

form

participations

loans

(“Participations”)

assignments

(“Assignments”)

all

portion

loans

from

third

parties.

Participations

typically

will

result

fund

having

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

fund

has

the

right

receive

payments

principal,

interest

and

any

fees

which

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

the

lender

the

payments

from

the

borrower.

connection

with

purchasing

Participations,

fund

generally

will

have

right

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement,

nor

any

rights

offset

against

the

borrower.

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

which

has

purchased

the

Participation.

result,

fund

assumes

the

credit

risk

both

the

borrower

and

the

lender

that

selling

the

Participation.

fund’s

investment

loan

participation

interests

involves

the

risk

insolvency

the

financial

intermediaries

who

are

parties

the

transactions.

the

event

the

insolvency

the

lender

selling

the

Participation,

fund

may

treated

general

creditor

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

fund

having

direct

contractual

relationship

with

the

borrower,

and

fund

may

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement.

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

connection

with

these

commitments,

the

fund

earns

commitment

fee,

typically

set

percentage

the

commitment

amount.

Such

fee

income,

which

included

interest

income

the

Statement

Operations,

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

included

the

Statement

Assets

and

Liabilities

and

Statement

Operations.

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests:

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

The

Fund

may

purchase

securities

when-issued

basis

and

may

purchase

sell

securities

forward

commitment

basis.

Settlement

such

transactions

normally

occurs

within

month

after

the

purchase

sale

commitment

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

actually

acquiring

them

but

may

enter

into

separate

agreement

sell

the

securities

before

the

settlement

date.

Since

the

value

securities

purchased

may

fluctuate

prior

settlement,

the

Fund

may

required

pay

settlement

than

the

security

worth.

addition,

fund

not

entitled

any

the

interest

earned

prior

settlement.

When

purchasing

security

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

ownership

the

security,

including

the

risk

price

and

yield

fluctuations.

the

event

default

the

counterparty,

the

Fund’s

maximum

amount

loss

the

unrealized

appreciation

unsettled

when-issued

transactions.

These

types

securities

may

considered

unfunded

and

may

obligate

the

Fund

make

future

cash

payments.

unfunded

commitment

marked-to-market

and

any

unrealized

appreciation

(depreciation)

separately

presented

the

Statement

Assets

and

Liabilities

and

Statement

Operations.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

referred

borrowed

bond

agreements

when

entered

into

connection

with

short

sales

bonds.

borrowed

bond

agreement,

fund

borrows

bond

from

counterparty

exchange

for

cash

collateral.

The

agreement

contains

commitment

that

the

security

and

the

cash

will

returned

the

counterparty

and

fund

mutually

agreed

upon

date.

Certain

agreements

have

stated

maturity

and

can

terminated

either

party

any

time.

Earnings

cash

collateral

and

compensation

the

lender

the

bond

are

based

agreed

upon

rates

between

fund

and

the

counterparty.

The

value

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

the

borrowed

bond.

the

extent

that

borrowed

bond

transaction

exceeds

one

business

day,

the

value

the

cash

collateral

the

possession

the

counterparty

monitored

daily

basis

ensure

the

adequacy

the

collateral.

the

market

value

the

borrowed

bond

changes,

the

cash

collateral

periodically

increased

decreased

with

frequency

and

amounts

prescribed

the

borrowed

bond

agreement.

fund

may

also

experience

delays

gaining

access

the

collateral.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/

Short

Credit

Fund

CoreWeave

Compute

Acquisition

Co.

LLC,

Delayed

Draw

Term

Loan

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

390,168‌

(4,370‌)

385,798‌

(4,370‌)

BlackRock

Global

Long/

Short

Credit

Fund

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

87,063‌

113‌

86,523‌

113‌

(4,257‌)

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third-party

broker

dealers

which

fund

sells

securities

bank

broker-dealer

and

agrees

repurchase

the

same

securities

mutually

agreed

upon

date

and

price.

fund

receives

cash

from

the

sale

use

for

other

investment

purposes.

During

the

term

the

reverse

repurchase

agreement,

fund

continues

receive

the

principal

and

interest

payments

the

securities

sold.

Certain

agreements

have

stated

maturity

and

can

terminated

either

party

any

time.

Interest

the

value

the

reverse

repurchase

agreements

issued

and

outstanding

based

upon

competitive

market

rates

determined

the

time

issuance.

fund

may

utilize

reverse

repurchase

agreements

when

anticipated

that

the

interest

income

earned

from

the

investment

the

proceeds

the

transaction

greater

than

the

interest

expense

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

fund

suffers

loss

its

investment

the

transaction

proceeds

from

reverse

repurchase

agreement,

fund

would

still

required

pay

the

full

repurchase

price.

Further,

fund

remains

subject

the

risk

that

the

market

value

the

securities

repurchased

declines

below

the

repurchase

price.

such

cases,

fund

would

required

return

portion

the

cash

received

from

the

transaction

provide

additional

securities

the

counterparty.

Cash

received

exchange

for

securities

delivered

plus

accrued

interest

due

the

counterparty

recorded

liability

the

Statement

Assets

and

Liabilities

face

value

including

accrued

interest.

Due

the

short-term

nature

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

fund

the

counterparties

are

recorded

component

interest

expense

the

Statement

Operations.

periods

increased

demand

for

the

security,

fund

may

receive

fee

for

the

use

the

security

the

counterparty,

which

may

result

interest

income

fund.

For

the

six

months

ended

January

31,

2024,

the

average

daily

amount

reverse

repurchase

agreements outstanding and

the

weighted

average

interest

rate

for

the

Fund

were

$622,770

and

4.82%,

respectively.

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

fund

under

Master

Repurchase

Agreements

(each,

“MRA”),

which

permit

fund,

under

certain

circumstances,

including

event

default

(such

bankruptcy

insolvency),

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/or

posted

the

counterparty

and

create

one

single

net

payment

due

from

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

fund

and

counterparty

under

MRA

are

permitted

sell,

re-pledge,

use

the

collateral

associated

with

the

transaction.

Bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

the

MRA

counterparty’s

bankruptcy

insolvency.

Pursuant

the

terms

the

MRA,

fund

receives

posts

securities

and

cash

collateral

with

market

value

excess

the

repurchase

price

paid

received

fund

upon

the

maturity

the

transaction.

Upon

bankruptcy

insolvency

the

MRA

counterparty,

fund

considered

unsecured

creditor

the

extent

that

the

aggregate

market

value

the

cash

collateral

and

the

purchased

securities

holds

less

than

the

repurchase

price.

such,

the

receipt

any

shortfall

any

closeout

amount

owed

fund

upon

termination

the

MRA

could

delayed

not

received

all.

period

end,

the

following

table

summary

the

Fund’s

open

borrowed

bond

agreements

counterparty

which

are

subject

offset

under

MRA

net

basis:

Short

Sale

Transactions:

short

sale

transactions,

fund

sells

security

does

not

hold

anticipation

decline

the

market

price

that

security.

When

fund

makes

short

sale,

will

borrow

the

security

sold

short

(borrowed

bond)

and

deliver

the

fixed-income

security

the

counterparty

which

sold

the

security

short.

amount

equal

the

proceeds

received

fund

reflected

asset

and

equivalent

liability.

The

amount

the

liability

subsequently

marked-to-market

reflect

the

market

value

the

short

sale.

fund

required

repay

the

counterparty

interest

the

security

sold

short,

which,

applicable,

included

interest

expense

the

Statement

Operations.

fund

exposed

market

risk

based

the

amount,

any,

that

the

market

value

the

security

increases

beyond

the

market

value

which

the

position

was

sold.

Thus,

short

sale

security

involves

the

risk

that

instead

declining,

the

price

the

security

sold

short

will

rise.

The

short

sale

securities

involves

the

possibility

unlimited

loss

since

there

unlimited

potential

for

the

market

price

the

security

sold

short

increase.

gain

limited

the

price

which

fund

sold

the

security

short.

realized

gain

loss

recognized

upon

the

termination

short

sale

the

market

price

either

less

than

greater

than

the

proceeds

originally

received.

There

assurance

that

fund

will

able

out

short

position

particular

time

acceptable

price.

short

sale

transactions,

fund

sells

security

does

not

hold

anticipation

decline

the

market

price

that

security.

When

fund

makes

short

sale,

will

borrow

the

security

sold

short

from

broker/counterparty

and

deliver

the

security

the

purchaser. To

out

short

position,

fund

delivers

the

same

security

the

broker

and

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

Barclays

Bank

plc

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

8,779,643‌

(9,295,478‌)

(515,835‌)

—‌

515,835‌

—‌

Barclays

Capital,

Inc.

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

226,744‌

(226,790‌)

(46‌)

—‌

(46‌)

BNP

Paribas

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

1,371,617‌

(1,461,508‌)

(89,891‌)

—‌

(89,891‌)

BofA

Securities,

Inc.

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

1,289,250‌

(1,293,817‌)

(4,567‌)

—‌

(4,567‌)

Deutsche

Bank

Securities,

Inc.

......

4,654,125‌

(4,658,360‌)

(4,235‌)

—‌

(4,235‌)

Goldman

Sachs

International

.......

1,066,244‌

(1,140,551‌)

(74,307‌)

—‌

(74,307‌)

J.P.

Morgan

Securities

LLC

........

341,124‌

(373,094‌)

(31,970‌)

—‌

(31,970‌)

J.P.

Morgan

Securities

plc

.........

6,543,154‌

(6,859,546‌)

(316,392‌)

—‌

250,000‌

(66,392‌)

Merrill

Lynch

International

.........

1,505,302‌

(1,482,504‌)

22,798‌

—‌

22,798‌

Nomura

Securities

International,

Inc.

3,038,481‌

(3,122,344‌)

(83,863‌)

—‌

83,863‌

—‌

RBC

Capital

Markets

LLC

.........

1,826,500‌

(1,973,675‌)

(147,175‌)

—‌

(147,175‌)

RBC

Europe

Ltd.

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

1,014,550‌

(1,140,550‌)

(126,000‌)

—‌

(126,000‌)

31,656,734‌

(33,028,217‌)

(1,371,483‌)

—‌

849,698‌

(521,785‌)

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

(a)

Included

Investments

value-unaffiliated

the

Statement

Assets

and

Liabilities.

(b)

Includes

accrued

interest

borrowed

bonds

the

amount

$506,708

which

included

interest

expense

payable

the

Statement

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

due

from/to

the

counterparty

the

event

default.

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

records

liability

reflect

the

obligation

return

the

security

the

broker. The

amount

the

liability

subsequently

marked-to-market

reflect

the

market

value

the

short

sale. A

fund

maintains

segregated

account

securities

deposits

cash

with

the

broker-dealer

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

recorded

asset

the

Statement

Assets

and

Liabilities.

Securities

segregated

collateral

are

denoted

the

Schedule

Investments. A

fund

may

pay

financing

fee

for

the

difference

between

the

market

value

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

recorded

interest

expense.

fund

required

repay

the

counterparty

any

dividends

received

the

security

sold

short,

which,

applicable,

shown

dividend

expense

the

Statement

Operations.

fund

may

pay

fee

the

assets

borrowed

from

the

counterparty,

which,

applicable,

shown

broker

fees

and

expenses

short

sales

the

Statement

Operations.

fund

exposed

market

risk

based

the

amount,

any,

that

the

market

value

the

security

increases

beyond

the

market

value

which

the

position

was

sold.

Thus,

short

sale

security

involves

the

risk

that

instead

declining,

the

price

the

security

sold

short

will

rise.

The

short

sale

securities

involves

the

possibility

unlimited

loss

since

there

unlimited

potential

for

the

market

price

the

security

sold

short

increase.

gain

limited

the

price

which

fund

sold

the

security

short.

realized

gain

loss

recognized

upon

the

termination

short

sale

the

market

price

either

less

than

greater

than

the

proceeds

originally

received.

There

assurance

that

fund

will

able

out

short

position

particular

time

acceptable

price.

Derivative

Financial

Instruments

The

Fund

engages

various

portfolio

investment

strategies

using

derivative

contracts

both

increase

the

returns

the

Fund

and/or

manage

its

exposure

certain

risks

such

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

risk

exposure

are

included

the

Schedule

Investments.

These

contracts

may

transacted

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk)

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the Statement

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any, are

shown

cash

pledged

for

futures

contracts

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statement

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

Forward

foreign

currency

exchange

contracts

are

entered

into

gain

reduce

exposure

foreign

currencies

(foreign

currency

exchange

rate

risk).

forward

foreign

currency

exchange

contract

agreement

between

two

parties

buy

and

sell

currency

set

exchange

rate

specified

date.

These

contracts

help

manage

the

overall

exposure

the

currencies

which

some

the

investments

held

the

Fund

are

denominated

and

some

cases,

may

used

obtain

exposure

particular

market.

The

contracts

are

traded

OTC

and

not

organized

exchange.

The

contract

marked-to-market

daily

and

the

change

market

value

recorded

unrealized

appreciation

(depreciation)

the

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

value

the

time

was

opened

and

the

value

the

time

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

cash

without

the

delivery

foreign

currency.

The

use

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

forward

foreign

currency

exchange

contract

changes

unfavorably

due

movements

the

value

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

the

Statement

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

cash

pledged

collateral

for

OTC

derivatives

the

Statement

Assets

and

Liabilities. The

Fund’s

risk

loss

from

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

the

Fund.

Options:

The

Fund

may purchase

and

write

call

and

put

options

increase

decrease

its

exposure

the

risks

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

the

case

options

written,

generate

gains

from

options

premiums.

call

option

gives

the

purchaser

(holder)

the

option

the

right

(but

not

the

obligation)

buy,

and

obligates

the

seller

(writer)

sell

(when

the

option

exercised)

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

put

option

gives

the

holder

the

right

sell

and

obligates

the

writer

buy

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

Premiums

paid

options

purchased

and

premiums

received

options

written,

well

the

daily

fluctuation

market

value,

are

included

investments

value

–

unaffiliated

and

options

written

value,

respectively,

the

Statement

Assets

and

Liabilities.

When

instrument

purchased

sold

through

the

exercise

option,

the

premium

offset

against

the

cost

proceeds

the

underlying

instrument.

When

option

expires,

realized

gain

loss

recorded

the

Statement

Operations

the

extent

the

premiums

received

paid.

When

option

closed

sold,

gain

loss

recorded

the

Statement

Operations

the

extent

the

cost

the

closing

transaction

exceeds

the

premiums

received

paid.

When

the

Fund

writes

call

option,

such

option

typically

“covered,”

meaning

that

holds

the

underlying

instrument

subject

being

called

the

option

counterparty.

When

the

Fund

writes

put

option,

cash

segregated in

amount

sufficient

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

cash

pledged

collateral

for

options

written

the

Statement

Assets

and

Liabilities.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Swaptions

–

The

Fund

may purchase

and

write

options

swaps

(“swaptions”)

primarily

preserve

return

spread

particular

investment

portion

the

Fund’s

holdings,

duration

management

technique

protect

against

increase

the

price

securities

anticipates

purchasing

later

date.

The

purchaser

and

writer

swaption

buying

granting

the

right

enter

into

previously

agreed

upon

interest

rate

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

any

time

before

the

expiration

the

option.

purchasing

and

writing

options,

the

Fund

bears

the

risk

unfavorable

change

the

value

the

underlying

instrument

the

risk

that

may

not

able

enter

into

closing

transaction

due

illiquid

market.

Exercise

written

option

could

result

the

Fund

purchasing

selling

security

when

otherwise

would

not,

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

OTC

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statement

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statement

Operations

realized

gains

losses,

respectively.

When

OTC

swap

terminated,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

centrally

cleared

swap,

immediately

following

execution

the

swap

contract,

the

swap

contract

novated

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

the

swap.

The

Fund

required

interface

with

the

CCP

through

the

broker.

Upon

entering

into

centrally

cleared

swap,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

the

size

and

risk

profile

the

particular

swap. Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited

shown

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

variation

margin.

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and

shown

variation

margin

receivable

(or

payable)

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

the

contract

and

recorded

realized

gains

(losses)

the

Statement

Operations,

including

those

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

manage

exposure

the

market

certain

sectors

the

market,

reduce

risk

exposure

defaults

corporate

and/or

sovereign

issuers

create

exposure

corporate

and/or

sovereign

issuers

which

fund

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

sell

(write)

credit

default

swaps

single-name

issuers

(corporate

sovereign),

combination

basket

single-name

issuers

traded

indexes.

Credit

default

swaps

are

agreements

which

the

protection

buyer

pays

fixed

periodic

payments

the

seller

consideration

for

promise

from

the

protection

seller

make

specific

payment

should

negative

credit

event

take

place

with

respect

the

referenced

entity

(e.g.,

bankruptcy,

failure

pay,

obligation

acceleration,

repudiation,

moratorium

restructuring).

buyer,

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

security

underlying

securities

comprising

the

index,

(ii)

receive

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

seller

(writer),

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

security

underlying

securities

comprising

the

index

pay

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

obtain

exposure

security

market

without

owning

such

security

investing

directly

such

market

exchange

the

risk/return

one

security

or market

(e.g.,

fixed-income)

with

another

security

market

(e.g.,

equity

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

which

there

exchange

cash

flows

whereby

one

party

commits

make

payments

based

the

total

return

(distributions

plus

capital

gains/losses)

underlying

instrument,

basket

underlying

instruments,

exchange

for

fixed

floating

rate

interest

payments.

the

total

return

the

instrument(s)

index

underlying

the

transaction

exceeds

falls

short

the

offsetting

fixed

floating

interest

rate

obligation,

the

Fund

receives

payment

from

makes

payment

the

counterparty.

Certain

total

return

swaps

are

designed

function

portfolio

direct

investments

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

trade

and

out

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

direct

investment

these

positions,

subject

certain

adjustments

due

events

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

which

are

reflected

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

the

notional

values

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

specified

benchmark

rate

plus

minus

specified

spread

determined

based

upon

the

country

and/or

currency

the

positions

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

reset,

any

unrealized

appreciation

(depreciation)

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

realized

gains

losses

the

Statement

Operations.

Cash

settlement

and

out

the

swap

may

occur

reset

date

any

other

date,

the

discretion

the

Fund

and

the

counterparty,

over

the

life

the

agreement.

Certain

swaps

have

stated

expiration

and

can

terminated

either

party

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

gain

reduce

exposure

interest

rates

manage

duration,

the

yield

curve

interest

rate

(interest

rate

risk).

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

Interest

rate

swaps

are

agreements

which

one

party

pays

stream

interest

payments,

either

fixed

floating,

exchange

for

another

party’s

stream

interest

payments,

either

fixed

floating,

the

same

notional

amount

for

specified

period

time.

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risks

excess

the

amounts

recognized

the

Statement

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between the

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

ISDA

Master

Agreement, the

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

Requirements:

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statement

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Fund,

any,

noted

the

Schedule

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Fund.

Any

additional

required

collateral

delivered

to/pledged

the

Fund

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

The

Fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Fund

has

delivered

collateral

counterparty

and

stands

ready

perform

under

the

terms

its

agreement

with

such

counterparty, the

Fund bears the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statement

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES

Investment

Advisory:

The

Trust,

behalf

the

Fund,

entered

into

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

indirect,

wholly-owned

subsidiary

BlackRock,

Inc.

(“BlackRock”),

provide

investment

advisory

services.

The

Manager

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

monthly

fee

annual

rate

equal

the

following

percentages

the

average

daily

value

the

Fund’s

net

assets:

The

Manager

entered

into

separate

sub-advisory

agreements

with

each

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

affiliate

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

the

Fund

for

which

BIL

and

BSL

applicable,

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

the

Fund

the

Manager.

Service

and

Distribution

Fees:

The

Trust

on behalf

the

Fund,

entered

into

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

the

Manager.

Pursuant

the

Distribution

and

Service

Plan

and

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

annual

rates

based

upon

the

average

daily

net

assets

the

relevant

class

the

Fund

follows:

BRIL

and

broker-dealers,

pursuant

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service and/or

distribution

fee compensates BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

shareholders.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

billion

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

0.95%

billion

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

0.89

billion

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

0.86

billion

$6.5

billion

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

0.83

$6.5

billion

$10

billion

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

0.80

Greater

than

$10

billion

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

0.76

Class

Service

Fees

Distribution

Fees

Investor

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

0.25‌

—‌

Investor

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

0.25‌

0.75‌

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

For

the six

months

ended

January

31,

2024,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

each

class

the

Fund:

Administration:

The

Trust,

behalf

the

Fund,

entered

into

Administration

Agreement

with

the

Manager,

indirect,

wholly-owned

subsidiary

BlackRock,

provide

administrative

services.

For

these

services,

the

Manager

receives

administration

fee

computed

daily

and

payable

monthly,

based

percentage

the

average

daily

net

assets

the

Fund.

The

administration

fee,

which

shown

administration

the

Statement

Operations,

paid

the

annual

rates

below.

addition,

the

Manager

charges

each

the

classes

administration

fee,

which

shown

administration —

class

specific

the

Statement

Operations,

annual

rate

0.015% of

the

average

daily

net

assets

each

respective

class.

For

the

six

months

ended

January

31,

2024,

the

Fund

paid

the

following

the

Manager

return

for

these

services,

which

are

included

administration —

class

specific

the

Statement

Operations:

Transfer

Agent:

Pursuant

written

agreements,

certain

financial

intermediaries,

some

which

may

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-

transfer

agency

and

other

administrative

services

with

respect

servicing

underlying

investor

accounts.

For

these

services,

these

entities

receive

asset-based

fee

annual

fee

per

shareholder

account,

which

will

vary

depending

class

and/or

net

assets.

For

the

six

months ended January

31,

2024,

the

Fund

paid

the

following

amounts

affiliates

BlackRock

return

for

these

services,

which

are

included

transfer

agent

—

class

specific

the

Statement

Operations:

The

Manager

maintains

call

center

that

responsible

for

providing

certain

shareholder

services

the

Fund.

Shareholder

services

include

responding

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2024,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

running

the

call

center,

which

are

included

transfer

agent

—

class

specific

the

Statement

Operations:

For

the

six

months ended

January

31,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

each

class

the

Fund:

Other

Fees:

For

the

six

months

ended

January

31,

2024

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

sales

the Fund's

Investor

Shares for

total

$79

For

the six

months

ended

January

31,

2024,

affiliates

received

CDSCs

follows:

Expense

Limitations,

Waivers,

and

Reimbursements:

The

Manager

contractually

agreed

waive

its

investment

advisory

fees

the

amount

investment

advisory

fees

the

Fund

pays

the

Manager

indirectly

through

its

investment

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Trustees

vote

majority

the

outstanding

voting

securities

the

Fund.

The

amount

waivers

and/or

reimbursements

fees

and

expenses

made

pursuant

the

expense

limitation

described

below

will

reduced

the

amount

the

affiliated

money

market

fund

waiver. This

amount

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

For

the

six

months

ended

January

31,

2024,

the

amount

waived

was

$20,959.

The

Manager

has

contractually

agreed

waive

its

investment

advisory

fee

with

respect

any

portion

the

Fund’s

assets

invested

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Trustees,

vote

majority

the

outstanding

voting

securities

the

Fund.

For

the

six

months

ended

January

31,

2024,

the

Manager

waived

$251.

Class

Service

and

Distribution

Fees

class

specific

Investor

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

72,451‌

Investor

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

19,832‌

92,283‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

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

0.0425%

$500

million

billion

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

0.0400

billion

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

0.0375

billion

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

0.0350

billion

$13

billion

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

0.0325

Greater

than

$13

billion

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

0.0300

Institutional

Investor

Class

Total

Administration

fees

class

specific

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

56,736‌

4,347‌

297‌

16,864‌

78,244‌

Institutional

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

392‌

Institutional

Investor

Class

Total

Reimbursed

Amount

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

959‌

433‌

279‌

334‌

2,005‌

Institutional

Investor

Class

Total

Transfer

agent

fees

class

specific

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

360,237‌

24,787‌

2,058‌

2,823‌

389,905‌

Fund

Name

Investor

BlackRock

Global

Long/Short

Credit

Fund

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

2,816‌

10‌

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

The

Manager

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

the

ordinary

course

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

percentage

average

daily

net

assets

are

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

the

Board,

including

majority

the Independent

Trustees,

vote

majority

the

outstanding

voting

securities

of the

Fund.

For

the

six

months

ended

January

31,

2024,

there

were

fees

waived

and/or

reimbursed

the

Manager

pursuant

this

agreement.

addition,

these

amounts

waived

and/or

reimbursed

the

Manager are

included

in administration

fees

waived

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

the

Manager

—

class

specific,

respectively,

the

Statement

Operations.

For

the

six

months ended

January

31,

2024,

class

specific

expense

waivers

and/or

reimbursements were as

follows:

Interfund

Lending:

accordance

with

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

compliance

with

the

terms

and

conditions

the

Order,

and

the

extent

permitted

the

Fund’s

investment

policies

and

restrictions.

The

Fund

currently

permitted

borrow

and

lend

under

the

Interfund

Lending

Program.

lending

BlackRock

fund

may

lend

aggregate

15%

its

net

assets

but

may

not

lend

than

its

net

assets

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

from

any

other

source

than

1/3%

its

total

assets

(or

any

lower

threshold

provided

for

the fund’s

investment

restrictions).

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

its

total

assets,

each

its

outstanding

interfund

loans

will

subject

collateralization

least

102%

the

outstanding

principal

value

the

loan.

All

interfund

loans

are

for

temporary

emergency

purposes

and

the

interest

rate

charged

will

the

average

the

highest

current

overnight

repurchase

agreement

rate

available

lending

fund

and

the

bank

loan

rate,

calculated

according

formula

established

the

Board.

During the

period

ended

January

31,

2024,

the

Fund

did

not

participate

the

Interfund

Lending

Program.

Trustees

and

Officers:

Certain

trustees

and/or

officers

the Trust are directors and/or

officers

of BlackRock

its

affiliates.

The

Fund

reimburses

the

Manager

for

portion

the

compensation

paid

the

Fund’s

Chief

Compliance

Officer,

which

included

Trustees and

Officer

the

Statement

Operations.

PURCHASES

AND

SALES

For

the

six

months ended

January

31,

2024,

purchases

and

sales

investments,

including

paydowns/payups

and excluding

short-term

investments,

were

follows:

INCOME

TAX

INFORMATION

the

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

income

tax

returns

are

currently

under

examination.

The

statute

limitations

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

period

three

years

after

they

are

filed.

The

statutes

limitations

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

additional

year

depending

upon

the

jurisdiction.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the Fund

January

31,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Fund’s

financial

statements.

July

31,

2023,

the

Fund

had

non-expiring

capital

loss

carryforwards

available

offset

future

realized

capital

gains

$(523,382,211)

and

qualified

ordinary

late-year

losses

$(4,595,330).

Institutional

Investor

Class

Expense

Limitations

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

1.20‌%

1.40‌%

2.15‌%

1.15‌%

Class

Administration

Fees

Waived

the

Manager

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

the

Manager

Class

Specific

Institutional

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

23,747‌

1,367‌

Investor

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

3,050‌

7,349‌

Investor

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

259‌

753‌

27,056‌

9,469‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Sales

Purchases

Sales

BlackRock

Global

Long/Short

Credit

Fund

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

5,540,660

471,610,833

564,774,659

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

January

31,

2024, gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

BANK

BORROWINGS

The

Trust,

behalf

the

Fund,

along

with

certain

other

funds

managed

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

364-day,

$2.50

billion

credit

agreement

with

group

lenders.

Under

this

agreement,

the

Fund

may

borrow

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

aggregate

commitment

amount

$1.75

billion

any

time

outstanding,

subject

asset

coverage

and

other

limitations

specified

the

agreement.

The

credit

agreement

has

the

following

terms:

fee

0.10%

per

annum

unused

commitment

amounts

and

interest

rate

equal

the

higher

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

any

event,

not

less

than

0.00%)

effect

from

time

plus

0.80%

per

annum

amounts

borrowed

(c)

the

sum

(x)

Daily

Simple

SOFR

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

April

2024

unless

extended

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

the

aggregate

commitment

available

them

and

relative

net

assets

Participating

Funds.

During

the

six

months ended

January

31,

2024,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

PRINCIPAL

RISKS

the

normal

course

business,

the

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

Market Risk:

The

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force

the

Fund

reinvest

lower

yielding

securities. The

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

the Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries. The

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that the

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment. The

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which the

Fund

invests.

The

price the

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment. The

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/or

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Fund

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Fund’s

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statement

Assets

and

Liabilities,

less

any

collateral

held

the

Fund.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

loss

the

amount

the

premiums

paid

plus

the

positive

change

market

values

net

any

collateral

held

the

Fund

should

the

counterparty

fail

perform

under

the

contracts.

Options

written

the

Fund

not

typically

give

rise

counterparty

credit

risk,

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

perform.

The

Fund

may

exposed

counterparty

credit

risk

with

respect

options

written

the

extent

the

Fund

deposits

collateral

with

its

counterparty

written

option.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Long/Short

Credit

Fund

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

1,136,807,797‌

29,655,130‌

(119,132,565‌)

(89,477,435‌)

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

less

counterparty

credit

risk

the

Fund

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Fund.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

is appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

its Schedule

Investments.

The

Fund

invests

significant

portion

its

assets

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

“junk

bonds”)

are

unrated

may

deemed

speculative,

involve

greater

levels

risk

than

higher-rated

securities

similar

maturity

and

are

likely

default.

High

yield

securities

may

issued

less

creditworthy

issuers,

and

issuers

high

yield

securities

may

unable

meet

their

interest

principal

payment

obligations.

High

yield

securities

are

subject

extreme

price

fluctuations,

may

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

The

Fund

invests

significant

portion

its

assets

in fixed-income securities and/or uses

derivatives tied

the

fixed-income

markets.

Changes

market

interest

rates

economic

conditions

may affect

the

value

and/or

liquidity

such investments.

Interest

rate

risk

the

risk

that

prices

bonds

and

other

fixed-income

securities

will

decrease

interest

rates

rise

and

increase

interest

rates

fall.

The

Fund(s) may

subject

greater

risk

rising

interest

rates

due

the period

historically

low

interest

rates

that

ended

March

2022. The

Federal

Reserve

has

raised

the

federal

funds

rate

part

its

efforts

address

inflation.

There

risk

that

interest

rates

will

continue

rise,

which

will

likely

drive

down

the

prices

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

significant

portion

its

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Fund

invests.

The

Fund

invests

significant

portion

its

assets

securities

issuers

located

Europe

with

significant

exposure

European

issuers

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

concerns

about

economic

downturns

in,

rising

government

debt

levels

of,

several

European

countries

well

acts

war

the

region.

These

events

may

spread

other

countries

Europe

and

may

affect

the

value

and

liquidity

certain

the

Fund’s

investments.

Responses

the

financial

problems

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

social

unrest

and

may

limit

future

growth

and

economic

recovery

have

other

unintended

consequences.

Further

defaults

restructurings

governments

and

others

their

debt

could

have

additional

adverse

effects

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

the

future

adversely

affect,

the

value

and

exchange

rate

the

Euro

and

may

continue

significantly

affect

the

economies

every

country

Europe,

including

countries

that

not

use

the

Euro

and

non-European

Union

member

states. The

impact

these

actions,

especially

they

occur

disorderly

fashion,

not

clear

but

could

significant

and

far

reaching.

addition,

Russia

launched

large-scale

invasion

Ukraine

February

24,

2022.

The

extent

and

duration

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

the

region

are

impossible

predict,

but

have

been,

and

may

continue

be,

significant

and

have

severe

adverse

effect

the

region,

including

significant

negative

impacts

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

oil

and

natural

gas,

well

other

sectors.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

exposed

financial

instruments

that

recently

transitioned

from,

continue

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

determine

payment

obligations,

financing

terms,

hedging

strategies

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

published

under

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

voluntary

basis

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

statutory

fallback

mechanism

replace

LIBOR,

benchmark

rates

based

SOFR

have

replaced

LIBOR

certain

financial

contracts.

The

ultimate

effect

the

LIBOR

transition

process

the

Fund

uncertain.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

11.

CAPITAL

TRANSACTIONS

Transactions

capital

for

each

class

were

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

all

subsequent

events

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Six

Months

Ended

01/31/24

Year

Ended

07/31/23

Fund

Name/Share

Class

Amount

BlackRock

Global

Long/Short

Credit

Fund

Institutional

sold

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

13,549,484‌

120,732,265‌

32,070,701‌

284,550,002‌

issued

reinvestment

distributions

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

2,226,143‌

19,679,102‌

6,464,375‌

54,430,040‌

redeemed

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

(20,390,990‌)

(181,543,835‌)

(65,878,345‌)

(584,133,352‌)

(4,615,363‌)

(41,132,468‌)

(27,343,269‌)

(245,153,310‌)

Investor

sold

and

automatic

conversion

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

866,746‌

7,717,746‌

1,780,436‌

15,948,428‌

issued

reinvestment

distributions

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

169,697‌

1,503,513‌

564,634‌

4,765,509‌

redeemed

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

(2,285,022‌)

(20,309,629‌)

(9,617,384‌)

(85,960,296‌)

(1,248,579‌)

(11,088,370‌)

(7,272,314‌)

(65,246,359‌)

Investor

sold

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

24,288‌

215,471‌

50,419‌

436,299‌

issued

reinvestment

distributions

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

7,038‌

62,428‌

51,209‌

430,667‌

redeemed

and

automatic

conversion

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

(193,239‌)

(1,706,526‌)

(634,856‌)

(5,582,929‌)

(161,913‌)

(1,428,627‌)

(533,228‌)

(4,715,963‌)

Class

sold

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

2,496,522‌

22,266,786‌

6,862,326‌

60,444,858‌

issued

reinvestment

distributions

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

126,460‌

1,119,173‌

343,658‌

2,897,041‌

redeemed

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

(5,014,984‌)

(44,685,887‌)

(14,940,513‌)

(132,692,920‌)

(2,392,002‌)

(21,299,928‌)

(7,734,529‌)

(69,351,021‌)

(8,417,857‌)

(74,949,393‌)

(42,883,340‌)

(384,466,653‌)

Statement

Regarding

Liquidity

Risk

Management

Program

2024

BlackRock

Semi-Annual

Report

Shareholders

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

1940,

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

(the

“Trust”)

has

adopted

and

implemented

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Global

Long/Short

Credit

Fund

(the

“Fund”),

series

the

Trust,

which

reasonably

designed

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

Trustees

(the

“Board”)

the

Trust,

behalf

the

Fund

met

November

14-15,

2023

(the

“Meeting”)

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC,

the

investment

adviser

the

Fund,

the

program

administrator

for

the

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

the

Program

the

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

the

Meeting,

the

Committee,

behalf

BlackRock,

provided

the

Board

with

report

that

addressed

the

operation

the

Program

and

assessed

its

adequacy

and

effectiveness

implementation,

including

the

management

the

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

the

Fund’s

investments

(including

derivative

transactions)

into

one

four

liquidity

buckets.

also

referenced

the

methodology

used

BlackRock

establish

the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

the

Fund

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

capital

controls

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

the

Fund’s

liquidity

risk,

follows:

The

Fund’s

investment

strategy

and

liquidity

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

the

Fund’s

strategy

appropriate

for

open-end

fund

structure

with

focus

funds

with

significant

and

consistent

holdings

less

liquid

and

illiquid

assets.

The

Committee

also

factored

fund’s

concentration

issuer

into

the

liquidity

classification

methodology

taking

issuer

position

sizes

into

account.

Where

fund

participated

borrowings

for

investment

purposes

(such

tender

option

bonds

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

fund’s

liquidity

bucketing.

fund’s

derivative

exposure

was

also

considered

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

component

establish

the

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Fund

has

adopted

in-kind

redemption

policy

which

may

utilized

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

fund’s

shareholder

ownership

concentration

(which,

depending

product

type

and

distribution

channel,

may

not

available),

fund’s

distribution

channels,

and

the

degree

certainty

associated

with

fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

cash

and

cash

equivalents,

well

borrowing

arrangements

The

Committee

considered

the

terms

the

credit

facility

committed

the

Fund,

the

financial

health

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

shared

among

multiple

funds

(including

that

portion

the

aggregate

commitment

amount

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

series

BlackRock

Funds

and

BlackRock

Floating

Rate

Loan

ETF,

series

BlackRock

ETF

Trust

II).

The

Committee

also

considered

other

types

borrowing

available

the

funds,

such

the

ability

use

reverse

repurchase

agreements

and

interfund

lending,

applicable.

There

were

material

changes

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

certain

model

components

the

Program’s

classification

methodology.

The

Report

provided

the

Board

stated

that

the

Committee

concluded

that

based

the

operation

the

functions,

described

the

Report,

the

Program

operating

intended

and

effective

implementing

the

requirements

the

Liquidity

Rule.

Additional

Information

Additional

Information

BlackRock

Funds

Special

Meeting

Shareholders

was

held

November

2023

for

shareholders

record

September

11,

2023,

elect

Trustees

the

Trust's

Board.

Shareholders

elected

the

Trustees*

follows:

Board

Members

whose

term

office

continued

after

the

Special

Meeting

Shareholders

because

they

were

not

for

election

are

Glenn

Hubbard,

Carl

Kester,

Cynthia

Egan,

Frank

Fabozzi,

Catherine

Lynch,

Robert

Fairbairn

and

John

Perlowski.

Frank

Fabozzi's

term

Board

Member

the

Fund

ended

December

31,

2023.

Denotes

Trust-wide

proposal

and

voting

results.

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

require

open-end mutual

funds

and

ETFs

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

longer

appear

streamlined

shareholder

report

but

must

available

online,

delivered

free

charge

upon

request,

and

filed

semiannual

basis

Form

N-CSR.

The

rule

and

form

amendments

have

compliance

date

July

24,

2024.

this

time,

management

evaluating

the

impact

these

amendments

the

shareholder

reports

for

the

Fund.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

found

BlackRock’s

website,

which

can

accessed

blackrock.com

Any

reference

BlackRock’s

website

this

report

intended

allow

investors

public

access

information

regarding

the

Fund

and

does

not,

and

not

intended

to,

incorporate

BlackRock’s

website

this

report.

Householding

The

Fund

will

mail

only

one

copy

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

shareholders

with

multiple

accounts

the

same

address.

This

practice

commonly

called

“householding”

and

intended

reduce

expenses

and

eliminate

duplicate

mailings

shareholder

documents.

Mailings

your

shareholder

documents

may

householded

indefinitely

unless

you

instruct

otherwise.

you

not

want

the

mailing

these

documents

combined

with

those

for

other

members

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

Quarterly

Schedule

Investments

The

Fund

files

its

complete

schedule

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

its

reports

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

the

SEC’s

website

sec.gov

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

each

fiscal

year

available

blackrock.com/

fundreports

Availability

Proxy

Voting

Policies,

Procedures and

Voting

Records

description

the

policies

and

procedures

that

the

Fund

uses

determine

how

vote

proxies

relating

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

securities

held

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

calling

(800)

441-7762

;

(2)

the

BlackRock

website

blackrock.com

;

and

(3)

the

SEC’s

website

sec.gov

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

diverse

lineup

open-end

mutual

funds

crossing

all

investment

styles

and

managed

experts

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

information.

Shareholder

Privileges

Account

Information

Call

(800)

441-7762

from

8:00

6:00

any

business

day

get

information

about

your

account

balances,

recent

transactions

and

prices.

You

can

also

visit

blackrock.com

for

information.

Votes

For

Votes

Withheld

Lorenzo

Flores

648,213,833

3,662,109

Stayce

Harris

648,081,519

3,794,423

Phillip

Holloman

647,962,752

3,913,190

Arthur

Steinmetz

647,741,031

4,134,911

Additional

Information

(continued)

2024

BlackRock

Semi-Annual

Report

Shareholders

Automatic

Investment

Plans

Investor

class

shareholders

who

want

invest

regularly

can

arrange

have

$50

automatically

deducted

from

their

checking

savings

account

and

invested

any

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

systematic

withdrawal

plan

and

receive

periodic

payments

$50

from

their

BlackRock

funds,

long

their

account

balance

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

committed

maintaining

the

privacy

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

safeguarding

their

non-public

personal

information.

The

following

information

provided

help

you

understand

what

personal

information

BlackRock

collects,

how

protect

that

information

and

why

certain

cases

such

information

with

select

parties.

you

are

located

jurisdiction

where

specific

laws,

rules

regulations

require

BlackRock

provide

you

with

additional

different

privacy-related

rights

beyond

what

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

regulations.

BlackRock

obtains

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

receive

from

you

or,

applicable,

your

financial

intermediary,

applications,

forms

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

others;

(iii)

information

receive

from

consumer

reporting

agency;

and

(iv)

from

visits

our

websites.

BlackRock

does

not

sell

disclose

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

permitted

law

necessary

respond

regulatory

requests

service

Client

accounts.

These

non-affiliated

third

parties

are

required

protect

the

confidentiality

and

security

this

information

and

use

only

for

its

intended

purpose.

may

information

with

our

affiliates

service

your

account

provide

you

with

information

about

other

BlackRock

products

services

that

may

interest

you.

addition,

BlackRock

restricts

access

non-public

personal

information

about

its

Clients

those

BlackRock

employees

with

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

protect

the

non-public

personal

information

its

Clients,

including

procedures

relating

the

proper

storage

and

disposal

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

19103

Distributor

BlackRock

Investments,

LLC

New

York,

10001

Legal

Counsel

Willkie

Farr

Gallagher

LLP

New

York,

10019

Address

the

Trust

100

Bellevue

Parkway

Wilmington,

19809

Glossary

Terms

Used

this

Report

Glossary

Terms

Used

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

Poor’s

Depositary

Receipts

Want

know

more?

blackrock.com

800-441-7762

This

report

intended

for

current

holders.

not

authorized

for

use

offer

sale

solicitation

offer

buy

the

Fund

unless

preceded

accompanied

the

Fund’s

current

prospectus.

Past

performance

results

shown

this

report

should

not

considered

representation

future

performance.

Investment

returns

and

principal

value

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Statements

and

other

information

herein

are

dated

and

are

subject

change.

CSGLSCMT-1/24-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies

– Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

section302

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(4) Change in Registrant’s independent public accountant –

Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds IV

Date: March 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds IV

Date: March 22, 2024

By: /s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: March 22, 2024

BlackRock Funds IV N-CSRSCertified semi-annual shareholder report (management investment company)