BlackRock Funds IV (0001738074) (Filer)
SEC · EDGAR 财务披露 · October 5, 2026 at 1:20 PM ET
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 Credit Relative Value 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: 07/31/2026
Date of reporting period: 07/31/2026
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are
attached herewith.
BlackRock Credit Relative Value Fund
Institutional Shares | BGCIX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $148 | 1.46% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund’s Institutional Shares returned 3.25%.
For the same period, the Fund’s benchmarks, the Bloomberg Global Aggregate Bond Index, returned 1.60% and the ICE BofA 3-Month U.S. Treasury Bill Index, returned 3.82%.
What contributed to performance?
The Fund’s directional positions in European high yield bonds, senior collateralized loan obligations, and bank loans made the largest contributions to performance. In the United States, positions in shorter-duration high yield and investment grade bonds helped results. (Duration is a measure of interest rate sensitivity.) Exposure to aviation financing through enhanced equipment trust certificates contributed, as well.
U.S. absolute return strategies also helped results, primarily through event-related trades, idiosyncratic long positions, and thematic trades. European absolute return strategies, particularly event-related trades, also contributed. The Fund's cash position had no material impact on performance.
What detracted from performance?
Risk-management strategies in the United States detracted mildly, as did select short positions in both U.S. and European high yield bonds. The implementation of the risk-management strategies included the use of derivatives and an elevated cash position. The Fund’s cash position contributed to absolute performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Institutional Shares | Bloomberg Global Aggregate Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,061 | $9,951 | $10,002 |
Sep 16 | $10,071 | $10,006 | $10,007 |
Oct 16 | $10,151 | $9,728 | $10,009 |
Nov 16 | $10,141 | $9,342 | $10,011 |
Dec 16 | $10,212 | $9,299 | $10,015 |
Jan 17 | $10,303 | $9,404 | $10,020 |
Feb 17 | $10,333 | $9,448 | $10,024 |
Mar 17 | $10,323 | $9,463 | $10,026 |
Apr 17 | $10,353 | $9,570 | $10,032 |
May 17 | $10,394 | $9,718 | $10,037 |
Jun 17 | $10,394 | $9,709 | $10,046 |
Jul 17 | $10,454 | $9,872 | $10,054 |
Aug 17 | $10,454 | $9,970 | $10,064 |
Sep 17 | $10,505 | $9,880 | $10,072 |
Oct 17 | $10,565 | $9,843 | $10,081 |
Nov 17 | $10,545 | $9,952 | $10,090 |
Dec 17 | $10,566 | $9,987 | $10,101 |
Jan 18 | $10,657 | $10,106 | $10,113 |
Feb 18 | $10,657 | $10,016 | $10,123 |
Mar 18 | $10,617 | $10,123 | $10,137 |
Apr 18 | $10,647 | $9,961 | $10,150 |
May 18 | $10,586 | $9,885 | $10,166 |
Jun 18 | $10,545 | $9,841 | $10,183 |
Jul 18 | $10,576 | $9,825 | $10,199 |
Aug 18 | $10,606 | $9,835 | $10,217 |
Sep 18 | $10,627 | $9,750 | $10,233 |
Oct 18 | $10,576 | $9,641 | $10,250 |
Nov 18 | $10,463 | $9,671 | $10,271 |
Dec 18 | $10,378 | $9,867 | $10,290 |
Jan 19 | $10,518 | $10,017 | $10,311 |
Feb 19 | $10,594 | $9,959 | $10,329 |
Mar 19 | $10,648 | $10,084 | $10,352 |
Apr 19 | $10,756 | $10,054 | $10,371 |
May 19 | $10,724 | $10,190 | $10,395 |
Jun 19 | $10,811 | $10,416 | $10,418 |
Jul 19 | $10,875 | $10,387 | $10,437 |
Aug 19 | $10,930 | $10,599 | $10,458 |
Sep 19 | $10,984 | $10,491 | $10,477 |
Oct 19 | $10,995 | $10,561 | $10,497 |
Nov 19 | $11,049 | $10,481 | $10,510 |
Dec 19 | $11,149 | $10,542 | $10,525 |
Jan 20 | $11,205 | $10,676 | $10,539 |
Feb 20 | $11,171 | $10,748 | $10,555 |
Mar 20 | $10,351 | $10,507 | $10,585 |
Apr 20 | $10,531 | $10,714 | $10,586 |
May 20 | $10,711 | $10,761 | $10,586 |
Jun 20 | $10,823 | $10,856 | $10,588 |
Jul 20 | $10,980 | $11,202 | $10,590 |
Aug 20 | $11,048 | $11,185 | $10,591 |
Sep 20 | $11,003 | $11,145 | $10,592 |
Oct 20 | $11,036 | $11,156 | $10,593 |
Nov 20 | $11,362 | $11,359 | $10,594 |
Dec 20 | $11,589 | $11,511 | $10,595 |
Jan 21 | $11,683 | $11,410 | $10,596 |
Feb 21 | $11,823 | $11,213 | $10,597 |
Mar 21 | $11,823 | $10,998 | $10,598 |
Apr 21 | $11,904 | $11,137 | $10,598 |
May 21 | $11,951 | $11,241 | $10,598 |
Jun 21 | $12,009 | $11,142 | $10,598 |
Jul 21 | $11,963 | $11,290 | $10,598 |
Aug 21 | $11,998 | $11,243 | $10,599 |
Sep 21 | $11,998 | $11,044 | $10,600 |
Oct 21 | $11,951 | $11,017 | $10,599 |
Nov 21 | $11,916 | $10,985 | $10,600 |
Dec 21 | $11,993 | $10,969 | $10,601 |
Jan 22 | $11,884 | $10,745 | $10,600 |
Feb 22 | $11,751 | $10,617 | $10,602 |
Mar 22 | $11,727 | $10,294 | $10,605 |
Apr 22 | $11,606 | $9,730 | $10,606 |
May 22 | $11,425 | $9,756 | $10,614 |
Jun 22 | $11,062 | $9,443 | $10,617 |
Jul 22 | $11,195 | $9,644 | $10,622 |
Aug 22 | $11,219 | $9,263 | $10,640 |
Sep 22 | $10,953 | $8,787 | $10,666 |
Oct 22 | $10,929 | $8,727 | $10,683 |
Nov 22 | $11,001 | $9,138 | $10,718 |
Dec 22 | $11,033 | $9,187 | $10,756 |
Jan 23 | $11,242 | $9,489 | $10,790 |
Feb 23 | $11,281 | $9,173 | $10,825 |
Mar 23 | $11,190 | $9,463 | $10,872 |
Apr 23 | $11,373 | $9,505 | $10,906 |
May 23 | $11,386 | $9,319 | $10,949 |
Jun 23 | $11,438 | $9,318 | $10,999 |
Jul 23 | $11,517 | $9,383 | $11,043 |
Aug 23 | $11,569 | $9,255 | $11,093 |
Sep 23 | $11,622 | $8,984 | $11,143 |
Oct 23 | $11,582 | $8,877 | $11,193 |
Nov 23 | $11,792 | $9,325 | $11,243 |
Dec 23 | $12,024 | $9,712 | $11,296 |
Jan 24 | $12,146 | $9,578 | $11,344 |
Feb 24 | $12,186 | $9,458 | $11,391 |
Mar 24 | $12,281 | $9,510 | $11,442 |
Apr 24 | $12,281 | $9,270 | $11,491 |
May 24 | $12,443 | $9,391 | $11,546 |
Jun 24 | $12,511 | $9,405 | $11,593 |
Jul 24 | $12,633 | $9,664 | $11,645 |
Aug 24 | $12,754 | $9,893 | $11,701 |
Sep 24 | $12,890 | $10,061 | $11,751 |
Oct 24 | $12,903 | $9,724 | $11,796 |
Nov 24 | $12,984 | $9,757 | $11,841 |
Dec 24 | $13,028 | $9,548 | $11,889 |
Jan 25 | $13,173 | $9,602 | $11,933 |
Feb 25 | $13,289 | $9,740 | $11,971 |
Mar 25 | $13,173 | $9,800 | $12,011 |
Apr 25 | $13,217 | $10,088 | $12,052 |
May 25 | $13,420 | $10,052 | $12,096 |
Jun 25 | $13,536 | $10,242 | $12,136 |
Jul 25 | $13,651 | $10,090 | $12,177 |
Aug 25 | $13,695 | $10,236 | $12,225 |
Sep 25 | $13,796 | $10,303 | $12,266 |
Oct 25 | $13,825 | $10,277 | $12,309 |
Nov 25 | $13,825 | $10,301 | $12,343 |
Dec 25 | $13,881 | $10,328 | $12,386 |
Jan 26 | $13,927 | $10,425 | $12,421 |
Feb 26 | $13,942 | $10,541 | $12,455 |
Mar 26 | $13,820 | $10,217 | $12,491 |
Apr 26 | $13,958 | $10,344 | $12,527 |
May 26 | $14,065 | $10,379 | $12,565 |
Jun 26 | $14,096 | $10,306 | $12,601 |
Jul 26 | $14,096 | $10,251 | $12,643 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.25% | 3.34% | 3.49% |
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.60 | (1.91) | 0.25 |
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.82 | 3.59 | 2.37 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,002,887,869 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,136 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $7,836,759 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 104% |
The Fund’s returns shown prior to May 5, 2025 are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Long/Short Credit Fund.
On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock FundsSM, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Geographic allocation
Credit quality allocation
Percent of Total InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.7% | 2.2% | 46.9% |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 | - | 9.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.6 | - | 6.6 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.5 | - | 4.5 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 | - | 3.8 |
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 | 0.4 | 4.0 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | 0.2 | 2.4 |
Cayman Islands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 | - | 1.6 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.2 | 1.4 | 16.6 |
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 95.8% | 4.2% | 100.0% |
Credit RatingFootnote Reference(c) | Percent of Total InvestmentsFootnote Reference(d) |
|---|---|
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.7% |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7 |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.9 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 25.4 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.9 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 |
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(f) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.4 |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(d) | Excludes short-term securities, short investments and options, if any. |
Footnote(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Footnote(f) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Credit Relative Value Fund
Institutional Shares | BGCIX
Annual Shareholder Report — July 31, 2026
BGCIX-07/26-AR
BlackRock Credit Relative Value Fund
Investor A Shares | BGCAX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $169 | 1.66% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund’s Investor A Shares returned 2.99%.
For the same period, the Fund’s benchmarks, the Bloomberg Global Aggregate Bond Index, returned 1.60% and the ICE BofA 3-Month U.S. Treasury Bill Index, returned 3.82%.
What contributed to performance?
The Fund’s directional positions in European high yield bonds, senior collateralized loan obligations, and bank loans made the largest contributions to performance. In the United States, positions in shorter-duration high yield and investment grade bonds helped results. (Duration is a measure of interest rate sensitivity.) Exposure to aviation financing through enhanced equipment trust certificates contributed, as well.
U.S. absolute return strategies also helped results, primarily through event-related trades, idiosyncratic long positions, and thematic trades. European absolute return strategies, particularly event-related trades, also contributed. The Fund's cash position had no material impact on performance.
What detracted from performance?
Risk-management strategies in the United States detracted mildly, as did select short positions in both U.S. and European high yield bonds. The implementation of the risk-management strategies included the use of derivatives and an elevated cash position. The Fund’s cash position contributed to absolute performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Investor A Shares | Bloomberg Global Aggregate Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $9,658 | $9,951 | $10,002 |
Sep 16 | $9,668 | $10,006 | $10,007 |
Oct 16 | $9,746 | $9,728 | $10,009 |
Nov 16 | $9,726 | $9,342 | $10,011 |
Dec 16 | $9,794 | $9,299 | $10,015 |
Jan 17 | $9,882 | $9,404 | $10,020 |
Feb 17 | $9,901 | $9,448 | $10,024 |
Mar 17 | $9,901 | $9,463 | $10,026 |
Apr 17 | $9,921 | $9,570 | $10,032 |
May 17 | $9,960 | $9,718 | $10,037 |
Jun 17 | $9,960 | $9,709 | $10,046 |
Jul 17 | $10,018 | $9,872 | $10,054 |
Aug 17 | $10,018 | $9,970 | $10,064 |
Sep 17 | $10,057 | $9,880 | $10,072 |
Oct 17 | $10,105 | $9,843 | $10,081 |
Nov 17 | $10,086 | $9,952 | $10,090 |
Dec 17 | $10,109 | $9,987 | $10,101 |
Jan 18 | $10,197 | $10,106 | $10,113 |
Feb 18 | $10,197 | $10,016 | $10,123 |
Mar 18 | $10,148 | $10,123 | $10,137 |
Apr 18 | $10,177 | $9,961 | $10,150 |
May 18 | $10,109 | $9,885 | $10,166 |
Jun 18 | $10,070 | $9,841 | $10,183 |
Jul 18 | $10,099 | $9,825 | $10,199 |
Aug 18 | $10,129 | $9,835 | $10,217 |
Sep 18 | $10,148 | $9,750 | $10,233 |
Oct 18 | $10,099 | $9,641 | $10,250 |
Nov 18 | $9,982 | $9,671 | $10,271 |
Dec 18 | $9,908 | $9,867 | $10,290 |
Jan 19 | $10,032 | $10,017 | $10,311 |
Feb 19 | $10,104 | $9,959 | $10,329 |
Mar 19 | $10,156 | $10,084 | $10,352 |
Apr 19 | $10,259 | $10,054 | $10,371 |
May 19 | $10,218 | $10,190 | $10,395 |
Jun 19 | $10,300 | $10,416 | $10,418 |
Jul 19 | $10,362 | $10,387 | $10,437 |
Aug 19 | $10,414 | $10,599 | $10,458 |
Sep 19 | $10,466 | $10,491 | $10,477 |
Oct 19 | $10,466 | $10,561 | $10,497 |
Nov 19 | $10,517 | $10,481 | $10,510 |
Dec 19 | $10,616 | $10,542 | $10,525 |
Jan 20 | $10,669 | $10,676 | $10,539 |
Feb 20 | $10,626 | $10,748 | $10,555 |
Mar 20 | $9,846 | $10,507 | $10,585 |
Apr 20 | $10,017 | $10,714 | $10,586 |
May 20 | $10,188 | $10,761 | $10,586 |
Jun 20 | $10,295 | $10,856 | $10,588 |
Jul 20 | $10,444 | $11,202 | $10,590 |
Aug 20 | $10,498 | $11,185 | $10,591 |
Sep 20 | $10,444 | $11,145 | $10,592 |
Oct 20 | $10,477 | $11,156 | $10,593 |
Nov 20 | $10,787 | $11,359 | $10,594 |
Dec 20 | $11,008 | $11,511 | $10,595 |
Jan 21 | $11,086 | $11,410 | $10,596 |
Feb 21 | $11,208 | $11,213 | $10,597 |
Mar 21 | $11,219 | $10,998 | $10,598 |
Apr 21 | $11,285 | $11,137 | $10,598 |
May 21 | $11,329 | $11,241 | $10,598 |
Jun 21 | $11,385 | $11,142 | $10,598 |
Jul 21 | $11,340 | $11,290 | $10,598 |
Aug 21 | $11,374 | $11,243 | $10,599 |
Sep 21 | $11,363 | $11,044 | $10,600 |
Oct 21 | $11,318 | $11,017 | $10,599 |
Nov 21 | $11,285 | $10,985 | $10,600 |
Dec 21 | $11,353 | $10,969 | $10,601 |
Jan 22 | $11,250 | $10,745 | $10,600 |
Feb 22 | $11,113 | $10,617 | $10,602 |
Mar 22 | $11,090 | $10,294 | $10,605 |
Apr 22 | $10,975 | $9,730 | $10,606 |
May 22 | $10,804 | $9,756 | $10,614 |
Jun 22 | $10,460 | $9,443 | $10,617 |
Jul 22 | $10,575 | $9,644 | $10,622 |
Aug 22 | $10,609 | $9,263 | $10,640 |
Sep 22 | $10,346 | $8,787 | $10,666 |
Oct 22 | $10,323 | $8,727 | $10,683 |
Nov 22 | $10,392 | $9,138 | $10,718 |
Dec 22 | $10,422 | $9,187 | $10,756 |
Jan 23 | $10,620 | $9,489 | $10,790 |
Feb 23 | $10,644 | $9,173 | $10,825 |
Mar 23 | $10,558 | $9,463 | $10,872 |
Apr 23 | $10,731 | $9,505 | $10,906 |
May 23 | $10,743 | $9,319 | $10,949 |
Jun 23 | $10,792 | $9,318 | $10,999 |
Jul 23 | $10,866 | $9,383 | $11,043 |
Aug 23 | $10,916 | $9,255 | $11,093 |
Sep 23 | $10,953 | $8,984 | $11,143 |
Oct 23 | $10,916 | $8,877 | $11,193 |
Nov 23 | $11,113 | $9,325 | $11,243 |
Dec 23 | $11,328 | $9,712 | $11,296 |
Jan 24 | $11,443 | $9,578 | $11,344 |
Feb 24 | $11,481 | $9,458 | $11,391 |
Mar 24 | $11,570 | $9,510 | $11,442 |
Apr 24 | $11,570 | $9,270 | $11,491 |
May 24 | $11,710 | $9,391 | $11,546 |
Jun 24 | $11,786 | $9,405 | $11,593 |
Jul 24 | $11,888 | $9,664 | $11,645 |
Aug 24 | $12,002 | $9,893 | $11,701 |
Sep 24 | $12,129 | $10,061 | $11,751 |
Oct 24 | $12,129 | $9,724 | $11,796 |
Nov 24 | $12,206 | $9,757 | $11,841 |
Dec 24 | $12,243 | $9,548 | $11,889 |
Jan 25 | $12,379 | $9,602 | $11,933 |
Feb 25 | $12,487 | $9,740 | $11,971 |
Mar 25 | $12,379 | $9,800 | $12,011 |
Apr 25 | $12,419 | $10,088 | $12,052 |
May 25 | $12,610 | $10,052 | $12,096 |
Jun 25 | $12,705 | $10,242 | $12,136 |
Jul 25 | $12,827 | $10,090 | $12,177 |
Aug 25 | $12,854 | $10,236 | $12,225 |
Sep 25 | $12,963 | $10,303 | $12,266 |
Oct 25 | $12,977 | $10,277 | $12,309 |
Nov 25 | $12,977 | $10,301 | $12,343 |
Dec 25 | $13,025 | $10,328 | $12,386 |
Jan 26 | $13,068 | $10,425 | $12,421 |
Feb 26 | $13,068 | $10,541 | $12,455 |
Mar 26 | $12,953 | $10,217 | $12,491 |
Apr 26 | $13,082 | $10,344 | $12,527 |
May 26 | $13,182 | $10,379 | $12,565 |
Jun 26 | $13,211 | $10,306 | $12,601 |
Jul 26 | $13,211 | $10,251 | $12,643 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.99% | 3.10% | 3.24% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | (1.13) | 2.26 | 2.82 |
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.60 | (1.91) | 0.25 |
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.82 | 3.59 | 2.37 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,002,887,869 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,136 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $7,836,759 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 104% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund’s returns shown prior to May 5, 2025 are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Long/Short Credit Fund.
On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock FundsSM, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Geographic allocation
Credit quality allocation
Percent of Total InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.7% | 2.2% | 46.9% |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 | - | 9.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.6 | - | 6.6 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.5 | - | 4.5 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 | - | 3.8 |
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 | 0.4 | 4.0 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | 0.2 | 2.4 |
Cayman Islands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 | - | 1.6 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.2 | 1.4 | 16.6 |
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 95.8% | 4.2% | 100.0% |
Credit RatingFootnote Reference(c) | Percent of Total InvestmentsFootnote Reference(d) |
|---|---|
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.7% |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7 |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.9 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 25.4 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.9 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 |
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(f) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.4 |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(d) | Excludes short-term securities, short investments and options, if any. |
Footnote(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Footnote(f) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Credit Relative Value Fund
Investor A Shares | BGCAX
Annual Shareholder Report — July 31, 2026
BGCAX-07/26-AR
BlackRock Credit Relative Value Fund
Investor C Shares | BGCCX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $244 | 2.41% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund’s Investor C Shares returned 2.27%.
For the same period, the Fund’s benchmarks, the Bloomberg Global Aggregate Bond Index, returned 1.60% and the ICE BofA 3-Month U.S. Treasury Bill Index, returned 3.82%.
What contributed to performance?
The Fund’s directional positions in European high yield bonds, senior collateralized loan obligations, and bank loans made the largest contributions to performance. In the United States, positions in shorter-duration high yield and investment grade bonds helped results. (Duration is a measure of interest rate sensitivity.) Exposure to aviation financing through enhanced equipment trust certificates contributed, as well.
U.S. absolute return strategies also helped results, primarily through event-related trades, idiosyncratic long positions, and thematic trades. European absolute return strategies, particularly event-related trades, also contributed. The Fund's cash position had no material impact on performance.
What detracted from performance?
Risk-management strategies in the United States detracted mildly, as did select short positions in both U.S. and European high yield bonds. The implementation of the risk-management strategies included the use of derivatives and an elevated cash position. The Fund’s cash position contributed to absolute performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Investor C Shares | Bloomberg Global Aggregate Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,051 | $9,951 | $10,002 |
Sep 16 | $10,051 | $10,006 | $10,007 |
Oct 16 | $10,123 | $9,728 | $10,009 |
Nov 16 | $10,102 | $9,342 | $10,011 |
Dec 16 | $10,164 | $9,299 | $10,015 |
Jan 17 | $10,246 | $9,404 | $10,020 |
Feb 17 | $10,266 | $9,448 | $10,024 |
Mar 17 | $10,256 | $9,463 | $10,026 |
Apr 17 | $10,277 | $9,570 | $10,032 |
May 17 | $10,307 | $9,718 | $10,037 |
Jun 17 | $10,297 | $9,709 | $10,046 |
Jul 17 | $10,348 | $9,872 | $10,054 |
Aug 17 | $10,338 | $9,970 | $10,064 |
Sep 17 | $10,379 | $9,880 | $10,072 |
Oct 17 | $10,430 | $9,843 | $10,081 |
Nov 17 | $10,400 | $9,952 | $10,090 |
Dec 17 | $10,420 | $9,987 | $10,101 |
Jan 18 | $10,502 | $10,106 | $10,113 |
Feb 18 | $10,492 | $10,016 | $10,123 |
Mar 18 | $10,441 | $10,123 | $10,137 |
Apr 18 | $10,461 | $9,961 | $10,150 |
May 18 | $10,389 | $9,885 | $10,166 |
Jun 18 | $10,338 | $9,841 | $10,183 |
Jul 18 | $10,369 | $9,825 | $10,199 |
Aug 18 | $10,379 | $9,835 | $10,217 |
Sep 18 | $10,400 | $9,750 | $10,233 |
Oct 18 | $10,338 | $9,641 | $10,250 |
Nov 18 | $10,215 | $9,671 | $10,271 |
Dec 18 | $10,129 | $9,867 | $10,290 |
Jan 19 | $10,247 | $10,017 | $10,311 |
Feb 19 | $10,322 | $9,959 | $10,329 |
Mar 19 | $10,365 | $10,084 | $10,352 |
Apr 19 | $10,462 | $10,054 | $10,371 |
May 19 | $10,419 | $10,190 | $10,395 |
Jun 19 | $10,494 | $10,416 | $10,418 |
Jul 19 | $10,547 | $10,387 | $10,437 |
Aug 19 | $10,601 | $10,599 | $10,458 |
Sep 19 | $10,644 | $10,491 | $10,477 |
Oct 19 | $10,633 | $10,561 | $10,497 |
Nov 19 | $10,687 | $10,481 | $10,510 |
Dec 19 | $10,771 | $10,542 | $10,525 |
Jan 20 | $10,815 | $10,676 | $10,539 |
Feb 20 | $10,771 | $10,748 | $10,555 |
Mar 20 | $9,978 | $10,507 | $10,585 |
Apr 20 | $10,144 | $10,714 | $10,586 |
May 20 | $10,309 | $10,761 | $10,586 |
Jun 20 | $10,408 | $10,856 | $10,588 |
Jul 20 | $10,551 | $11,202 | $10,590 |
Aug 20 | $10,606 | $11,185 | $10,591 |
Sep 20 | $10,540 | $11,145 | $10,592 |
Oct 20 | $10,562 | $11,156 | $10,593 |
Nov 20 | $10,871 | $11,359 | $10,594 |
Dec 20 | $11,088 | $11,511 | $10,595 |
Jan 21 | $11,166 | $11,410 | $10,596 |
Feb 21 | $11,279 | $11,213 | $10,597 |
Mar 21 | $11,279 | $10,998 | $10,598 |
Apr 21 | $11,347 | $11,137 | $10,598 |
May 21 | $11,380 | $11,241 | $10,598 |
Jun 21 | $11,426 | $11,142 | $10,598 |
Jul 21 | $11,369 | $11,290 | $10,598 |
Aug 21 | $11,403 | $11,243 | $10,599 |
Sep 21 | $11,380 | $11,044 | $10,600 |
Oct 21 | $11,335 | $11,017 | $10,599 |
Nov 21 | $11,279 | $10,985 | $10,600 |
Dec 21 | $11,349 | $10,969 | $10,601 |
Jan 22 | $11,234 | $10,745 | $10,600 |
Feb 22 | $11,095 | $10,617 | $10,602 |
Mar 22 | $11,061 | $10,294 | $10,605 |
Apr 22 | $10,946 | $9,730 | $10,606 |
May 22 | $10,761 | $9,756 | $10,614 |
Jun 22 | $10,416 | $9,443 | $10,617 |
Jul 22 | $10,531 | $9,644 | $10,622 |
Aug 22 | $10,542 | $9,263 | $10,640 |
Sep 22 | $10,289 | $8,787 | $10,666 |
Oct 22 | $10,254 | $8,727 | $10,683 |
Nov 22 | $10,312 | $9,138 | $10,718 |
Dec 22 | $10,332 | $9,187 | $10,756 |
Jan 23 | $10,528 | $9,489 | $10,790 |
Feb 23 | $10,553 | $9,173 | $10,825 |
Mar 23 | $10,454 | $9,463 | $10,872 |
Apr 23 | $10,626 | $9,505 | $10,906 |
May 23 | $10,626 | $9,319 | $10,949 |
Jun 23 | $10,663 | $9,318 | $10,999 |
Jul 23 | $10,725 | $9,383 | $11,043 |
Aug 23 | $10,774 | $9,255 | $11,093 |
Sep 23 | $10,811 | $8,984 | $11,143 |
Oct 23 | $10,762 | $8,877 | $11,193 |
Nov 23 | $10,946 | $9,325 | $11,243 |
Dec 23 | $11,151 | $9,712 | $11,296 |
Jan 24 | $11,263 | $9,578 | $11,344 |
Feb 24 | $11,288 | $9,458 | $11,391 |
Mar 24 | $11,364 | $9,510 | $11,442 |
Apr 24 | $11,364 | $9,270 | $11,491 |
May 24 | $11,489 | $9,391 | $11,546 |
Jun 24 | $11,551 | $9,405 | $11,593 |
Jul 24 | $11,651 | $9,664 | $11,645 |
Aug 24 | $11,764 | $9,893 | $11,701 |
Sep 24 | $11,888 | $10,061 | $11,751 |
Oct 24 | $11,888 | $9,724 | $11,796 |
Nov 24 | $11,963 | $9,757 | $11,841 |
Dec 24 | $11,999 | $9,548 | $11,889 |
Jan 25 | $12,132 | $9,602 | $11,933 |
Feb 25 | $12,239 | $9,740 | $11,971 |
Mar 25 | $12,132 | $9,800 | $12,011 |
Apr 25 | $12,172 | $10,088 | $12,052 |
May 25 | $12,359 | $10,052 | $12,096 |
Jun 25 | $12,452 | $10,242 | $12,136 |
Jul 25 | $12,572 | $10,090 | $12,177 |
Aug 25 | $12,599 | $10,236 | $12,225 |
Sep 25 | $12,705 | $10,303 | $12,266 |
Oct 25 | $12,718 | $10,277 | $12,309 |
Nov 25 | $12,718 | $10,301 | $12,343 |
Dec 25 | $12,766 | $10,328 | $12,386 |
Jan 26 | $12,808 | $10,425 | $12,421 |
Feb 26 | $12,808 | $10,541 | $12,455 |
Mar 26 | $12,695 | $10,217 | $12,491 |
Apr 26 | $12,822 | $10,344 | $12,527 |
May 26 | $12,920 | $10,379 | $12,565 |
Jun 26 | $12,948 | $10,306 | $12,601 |
Jul 26 | $12,948 | $10,251 | $12,643 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.27% | 2.32% | 2.62% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.30 | 2.32 | 2.62 |
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.60 | (1.91) | 0.25 |
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.82 | 3.59 | 2.37 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,002,887,869 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,136 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $7,836,759 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 104% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund’s returns shown prior to May 5, 2025 are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Long/Short Credit Fund.
On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock FundsSM, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Geographic allocation
Credit quality allocation
Percent of Total InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.7% | 2.2% | 46.9% |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 | - | 9.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.6 | - | 6.6 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.5 | - | 4.5 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 | - | 3.8 |
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 | 0.4 | 4.0 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | 0.2 | 2.4 |
Cayman Islands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 | - | 1.6 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.2 | 1.4 | 16.6 |
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 95.8% | 4.2% | 100.0% |
Credit RatingFootnote Reference(c) | Percent of Total InvestmentsFootnote Reference(d) |
|---|---|
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.7% |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7 |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.9 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 25.4 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.9 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 |
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(f) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.4 |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(d) | Excludes short-term securities, short investments and options, if any. |
Footnote(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Footnote(f) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Credit Relative Value Fund
Investor C Shares | BGCCX
Annual Shareholder Report — July 31, 2026
BGCCX-07/26-AR
BlackRock Credit Relative Value Fund
Class K Shares | BDMKX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $140 | 1.38% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund’s Class K Shares returned 3.33%.
For the same period, the Fund’s benchmarks, the Bloomberg Global Aggregate Bond Index, returned 1.60% and the ICE BofA 3-Month U.S. Treasury Bill Index, returned 3.82%.
What contributed to performance?
The Fund’s directional positions in European high yield bonds, senior collateralized loan obligations, and bank loans made the largest contributions to performance. In the United States, positions in shorter-duration high yield and investment grade bonds helped results. (Duration is a measure of interest rate sensitivity.) Exposure to aviation financing through enhanced equipment trust certificates contributed, as well.
U.S. absolute return strategies also helped results, primarily through event-related trades, idiosyncratic long positions, and thematic trades. European absolute return strategies, particularly event-related trades, also contributed. The Fund's cash position had no material impact on performance.
What detracted from performance?
Risk-management strategies in the United States detracted mildly, as did select short positions in both U.S. and European high yield bonds. The implementation of the risk-management strategies included the use of derivatives and an elevated cash position. The Fund’s cash position contributed to absolute performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Class K Shares | Bloomberg Global Aggregate Bond Index | ICE BofA 3-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,060 | $9,951 | $10,002 |
Sep 16 | $10,071 | $10,006 | $10,007 |
Oct 16 | $10,151 | $9,728 | $10,009 |
Nov 16 | $10,141 | $9,342 | $10,011 |
Dec 16 | $10,212 | $9,299 | $10,015 |
Jan 17 | $10,302 | $9,404 | $10,020 |
Feb 17 | $10,333 | $9,448 | $10,024 |
Mar 17 | $10,333 | $9,463 | $10,026 |
Apr 17 | $10,363 | $9,570 | $10,032 |
May 17 | $10,403 | $9,718 | $10,037 |
Jun 17 | $10,403 | $9,709 | $10,046 |
Jul 17 | $10,464 | $9,872 | $10,054 |
Aug 17 | $10,464 | $9,970 | $10,064 |
Sep 17 | $10,514 | $9,880 | $10,072 |
Oct 17 | $10,575 | $9,843 | $10,081 |
Nov 17 | $10,554 | $9,952 | $10,090 |
Dec 17 | $10,584 | $9,987 | $10,101 |
Jan 18 | $10,676 | $10,106 | $10,113 |
Feb 18 | $10,676 | $10,016 | $10,123 |
Mar 18 | $10,635 | $10,123 | $10,137 |
Apr 18 | $10,665 | $9,961 | $10,150 |
May 18 | $10,594 | $9,885 | $10,166 |
Jun 18 | $10,553 | $9,841 | $10,183 |
Jul 18 | $10,594 | $9,825 | $10,199 |
Aug 18 | $10,625 | $9,835 | $10,217 |
Sep 18 | $10,655 | $9,750 | $10,233 |
Oct 18 | $10,594 | $9,641 | $10,250 |
Nov 18 | $10,482 | $9,671 | $10,271 |
Dec 18 | $10,404 | $9,867 | $10,290 |
Jan 19 | $10,534 | $10,017 | $10,311 |
Feb 19 | $10,610 | $9,959 | $10,329 |
Mar 19 | $10,675 | $10,084 | $10,352 |
Apr 19 | $10,783 | $10,054 | $10,371 |
May 19 | $10,751 | $10,190 | $10,395 |
Jun 19 | $10,838 | $10,416 | $10,418 |
Jul 19 | $10,903 | $10,387 | $10,437 |
Aug 19 | $10,957 | $10,599 | $10,458 |
Sep 19 | $11,011 | $10,491 | $10,477 |
Oct 19 | $11,022 | $10,561 | $10,497 |
Nov 19 | $11,076 | $10,481 | $10,510 |
Dec 19 | $11,185 | $10,542 | $10,525 |
Jan 20 | $11,242 | $10,676 | $10,539 |
Feb 20 | $11,197 | $10,748 | $10,555 |
Mar 20 | $10,386 | $10,507 | $10,585 |
Apr 20 | $10,566 | $10,714 | $10,586 |
May 20 | $10,747 | $10,761 | $10,586 |
Jun 20 | $10,859 | $10,856 | $10,588 |
Jul 20 | $11,017 | $11,202 | $10,590 |
Aug 20 | $11,084 | $11,185 | $10,591 |
Sep 20 | $11,039 | $11,145 | $10,592 |
Oct 20 | $11,073 | $11,156 | $10,593 |
Nov 20 | $11,399 | $11,359 | $10,594 |
Dec 20 | $11,635 | $11,511 | $10,595 |
Jan 21 | $11,729 | $11,410 | $10,596 |
Feb 21 | $11,858 | $11,213 | $10,597 |
Mar 21 | $11,870 | $10,998 | $10,598 |
Apr 21 | $11,951 | $11,137 | $10,598 |
May 21 | $11,998 | $11,241 | $10,598 |
Jun 21 | $12,057 | $11,142 | $10,598 |
Jul 21 | $12,010 | $11,290 | $10,598 |
Aug 21 | $12,045 | $11,243 | $10,599 |
Sep 21 | $12,045 | $11,044 | $10,600 |
Oct 21 | $11,998 | $11,017 | $10,599 |
Nov 21 | $11,963 | $10,985 | $10,600 |
Dec 21 | $12,048 | $10,969 | $10,601 |
Jan 22 | $11,939 | $10,745 | $10,600 |
Feb 22 | $11,793 | $10,617 | $10,602 |
Mar 22 | $11,769 | $10,294 | $10,605 |
Apr 22 | $11,648 | $9,730 | $10,606 |
May 22 | $11,478 | $9,756 | $10,614 |
Jun 22 | $11,114 | $9,443 | $10,617 |
Jul 22 | $11,247 | $9,644 | $10,622 |
Aug 22 | $11,272 | $9,263 | $10,640 |
Sep 22 | $11,005 | $8,787 | $10,666 |
Oct 22 | $10,981 | $8,727 | $10,683 |
Nov 22 | $11,053 | $9,138 | $10,718 |
Dec 22 | $11,083 | $9,187 | $10,756 |
Jan 23 | $11,293 | $9,489 | $10,790 |
Feb 23 | $11,333 | $9,173 | $10,825 |
Mar 23 | $11,254 | $9,463 | $10,872 |
Apr 23 | $11,438 | $9,505 | $10,906 |
May 23 | $11,451 | $9,319 | $10,949 |
Jun 23 | $11,504 | $9,318 | $10,999 |
Jul 23 | $11,582 | $9,383 | $11,043 |
Aug 23 | $11,635 | $9,255 | $11,093 |
Sep 23 | $11,688 | $8,984 | $11,143 |
Oct 23 | $11,648 | $8,877 | $11,193 |
Nov 23 | $11,859 | $9,325 | $11,243 |
Dec 23 | $12,089 | $9,712 | $11,296 |
Jan 24 | $12,212 | $9,578 | $11,344 |
Feb 24 | $12,252 | $9,458 | $11,391 |
Mar 24 | $12,348 | $9,510 | $11,442 |
Apr 24 | $12,361 | $9,270 | $11,491 |
May 24 | $12,511 | $9,391 | $11,546 |
Jun 24 | $12,592 | $9,405 | $11,593 |
Jul 24 | $12,701 | $9,664 | $11,645 |
Aug 24 | $12,837 | $9,893 | $11,701 |
Sep 24 | $12,973 | $10,061 | $11,751 |
Oct 24 | $12,987 | $9,724 | $11,796 |
Nov 24 | $13,068 | $9,757 | $11,841 |
Dec 24 | $13,112 | $9,548 | $11,889 |
Jan 25 | $13,258 | $9,602 | $11,933 |
Feb 25 | $13,375 | $9,740 | $11,971 |
Mar 25 | $13,272 | $9,800 | $12,011 |
Apr 25 | $13,302 | $10,088 | $12,052 |
May 25 | $13,520 | $10,052 | $12,096 |
Jun 25 | $13,622 | $10,242 | $12,136 |
Jul 25 | $13,754 | $10,090 | $12,177 |
Aug 25 | $13,798 | $10,236 | $12,225 |
Sep 25 | $13,900 | $10,303 | $12,266 |
Oct 25 | $13,929 | $10,277 | $12,309 |
Nov 25 | $13,929 | $10,301 | $12,343 |
Dec 25 | $13,980 | $10,328 | $12,386 |
Jan 26 | $14,027 | $10,425 | $12,421 |
Feb 26 | $14,042 | $10,541 | $12,455 |
Mar 26 | $13,919 | $10,217 | $12,491 |
Apr 26 | $14,058 | $10,344 | $12,527 |
May 26 | $14,181 | $10,379 | $12,565 |
Jun 26 | $14,197 | $10,306 | $12,601 |
Jul 26 | $14,212 | $10,251 | $12,643 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.33% | 3.42% | 3.58% |
Bloomberg Global Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.60 | (1.91) | 0.25 |
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.82 | 3.59 | 2.37 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,002,887,869 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,136 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $7,836,759 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 104% |
The Fund’s returns shown prior to May 5, 2025 are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Long/Short Credit Fund.
On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Global Long/Short Credit Fund (the “Predecessor Fund”), a series of BlackRock FundsSM, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of July 31, 2026)
Geographic allocation
Credit quality allocation
Percent of Total InvestmentsFootnote Reference(a) | |||
|---|---|---|---|
Country/Geographic Region | Long | Short | Total |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.7% | 2.2% | 46.9% |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 | - | 9.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.6 | - | 6.6 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.5 | - | 4.5 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 | - | 3.8 |
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 | 0.4 | 4.0 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 | 0.2 | 2.4 |
Cayman Islands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 | - | 2.0 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 | - | 1.6 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.2 | 1.4 | 16.6 |
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 95.8% | 4.2% | 100.0% |
Credit RatingFootnote Reference(c) | Percent of Total InvestmentsFootnote Reference(d) |
|---|---|
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.7% |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7 |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.9 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 25.4 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.9 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.6 |
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(f) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.4 |
| Footnote | Description |
Footnote(a) | Includes the gross market value of long and short securities and excludes short-term securities and options, if any. |
Footnote(b) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(c) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(d) | Excludes short-term securities, short investments and options, if any. |
Footnote(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Footnote(f) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Credit Relative Value Fund
Class K Shares | BDMKX
Annual Shareholder Report — July 31, 2026
BDMKX-07/26-AR
(b) Not Applicable
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The
registrant’s board of trustees (the “board of trustees”), has determined that (i)
the registrant has the following audit committee financial experts serving on
its audit committee and (ii) each audit committee financial expert is
independent:
Lorenzo A. Flores
Arthur P. Steinmetz
Under applicable
securities laws, a person determined to be an audit committee financial expert
will not be deemed an “expert” for any purpose, including without limitation
for the purposes of Section 11 of the Securities Act of 1933, as a result of
being designated or identified as an audit committee financial expert. The
designation or identification of a person as an audit committee financial
expert does not impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on such person as
a member of the audit committee and board of trustees in the absence of such
designation or identification. The designation or identification of a person
as an audit committee financial expert does not affect the duties, obligations,
or liability of any other member of the audit committee or board of trustees.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:
|
(a) Audit Fees |
(b) Audit-Related Fees1 |
(c) Tax Fees2 |
(d) All Other Fees |
|||||
|
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
|
BlackRock Credit Relative Value Fund |
$77,871 |
$77,871 |
$5,000 |
$0 |
$0 |
$28,100 |
$0 |
$0 |
The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
|
Current Fiscal Year End |
Previous Fiscal Year End |
|
|
(b) Audit-Related Fees1 |
$0 |
$0 |
|
(c) Tax Fees2 |
$0 |
$0 |
|
(d) All Other Fees |
$0 |
$0 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were
approved by the Committee pursuant to the de minimis exception in paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
|
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
|
BlackRock Credit Relative Value Fund |
$5,000 |
$28,100 |
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial
Statements and Financial Highlights for Open-End Management Investment
Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
July
31,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Annual
Financial
Statements
and
Additional
Information
BlackRock
Funds
IV
BlackRock
Credit
Relative
Value
Fund
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedule
of
Investments
..................................................................................................
4
Statement
of
Assets
and
Liabilities
............................................................................................
39
Statement
of
Operations
..................................................................................................
42
Statements
of
Changes
in
Net
Assets
..........................................................................................
43
Financial
Highlights
.....................................................................................................
44
Notes
to
Financial
Statements
...............................................................................................
48
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
61
Important
Tax
Information
.................................................................................................
62
Additional
Information
....................................................................................................
63
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
65
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
68
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
2.0%
(a)
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.94%,
07/15/39
(b)
.....
USD
2,000
$
2,000,387
Ares
Loan
Funding
VI
Ltd.,
Series
2024-ALF6A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.42%
Floor
+
6.42%),
10.17%,
07/15/39
(b)
.....
1,000
1,001,898
Ares
LXXII
CLO
Ltd.,
Series
2024-72A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.75%,
07/15/36
(b)
................
2,000
2,002,085
Bain
Capital
Credit
CLO
Ltd.,
Series
2020-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
0.99%),
4.72%,
04/18/33
(b)
.....
739
738,725
BBAM
European
CLO
X
DAC,
Series
10X,
Class
D,
(3-mo.
EURIBOR
at
2.75%
Floor
+
2.75%),
0.00%,
07/15/39
(c)
................
EUR
325
374,774
BlueMountain
CLO
Ltd.
(b)
Series
2015-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.76%),
5.49%,
04/20/31
...
USD
857
855,850
Series
2018-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.66%,
10/25/30
...
425
424,566
BlueMountain
CLO
XXVI
Ltd.,
Series
2019-26A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.58%,
10/20/34
(b)
.....
2,000
2,002,351
Madison
Park
Funding
XXXVI
Ltd.,
Series
2019-36A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.30%,
04/15/35
(b)
2,000
2,004,780
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.29%,
10/14/36
(b)
2,000
2,002,700
Pikes
Peak
CLO
18,
Series
2025-18A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
9.48%,
04/20/38
(b)
................
1,000
1,003,373
RR
44
Ltd.,
Series
2026-44A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.92%,
04/15/41
(b)
................
1,000
999,502
RR
8
Ltd.,
Series
2020-8A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.98%,
01/15/39
(b)
2,000
2,000,632
Symphony
CLO
49
Ltd.,
Series
2025-
49A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.43%,
07/20/38
(b)
...........
1,354
1,356,459
Symphony
CLO
XIX
Ltd.,
Series
2018-
19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
5.40%,
04/16/31
(b)
...........
570
570,676
VERDE
CLO
Ltd.,
Series
2019-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.75%,
04/15/32
(b)
...........
350
351,045
19,689,803
Security
Par
(000)
Par
(000)
Value
Ireland
—
9.4%
(a)(c)
1988
Asset
Management
Euro
CLO
1
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.29%
Floor
+
1.29%),
3.74%,
04/15/40
....
EUR
1,500
$
1,729,679
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
5.40%,
04/15/40
....
230
265,023
Anchorage
Capital
Europe
CLO
10
DAC,
Series
10X,
Class
DR,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
5.44%,
07/22/38
............
420
484,315
Arbour
CLO
II
DAC,
Series
2014-2XR,
Class
D3R,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
0.00%,
08/15/39
.................
500
576,575
Arcano
Euro
CLO
I
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.73%,
04/25/39
.
2,220
2,564,124
Arcano
Euro
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.72%,
01/17/39
.
470
541,568
Ares
European
CLO
VIII
DAC,
Series
8X,
Class
DRR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.26%,
04/17/39
.................
455
524,683
Arini
European
CLO
V
DAC
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.63%,
01/15/39
....
2,780
3,199,432
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.23%,
01/15/39
....
480
553,067
Arini
European
CLO
VII
DAC,
Series
7X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.73%,
01/15/39
.................
3,710
4,288,314
Arini
European
CLO
X
DAC,
Series
10X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.44%,
07/15/40
.................
220
254,653
Aurium
CLO
VIII
DAC,
Series
8X,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.77%,
10/16/38
.
3,710
4,290,548
Avoca
CLO,
Series
36X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
0.00%,
07/15/40
.......
355
411,915
Avoca
CLO
XIV
DAC,
Series
14X,
Class
SUB,
0.00%,
01/12/31
(d)
(e)
..
1,500
588,798
Blackthorn
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
2.75%
Floor
+
2.75%),
0.00%,
10/15/39
.
420
487,340
Bridgepoint
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.73%,
10/15/39
.
3,710
4,288,852
Bridgepoint
CLO
XI
DAC
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
0.00%,
07/20/39
....
1,500
1,729,725
Series
11X,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
0.00%,
07/20/39
....
100
115,316
CIFC
European
Funding
CLO
I
DAC,
Series
1XR,
Class
DRR,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
0.00%,
07/15/40
............
420
484,323
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.73%,
10/15/39
............
EUR
8,340
$
9,626,543
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.53%,
10/15/37
.
480
548,540
Contego
CLO
VII
DAC,
Series
7X,
Class
AR,
(3-mo.
EURIBOR
at
1.33%
Floor
+
1.33%),
3.80%,
01/23/38
.................
1,850
2,138,825
CVC
Cordatus
Loan
Fund
IX
DAC,
Series
9X,
Class
DRR,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
5.42%,
05/20/40
............
310
357,869
CVC
Cordatus
Loan
Fund
XXX
DAC,
Series
30X,
Class
AR,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
3.53%,
05/15/37
............
2,000
2,307,009
Elmwood
European
CLO
2
DAC,
Series
2026-2X,
Class
A,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
3.99%,
07/15/38
.................
1,200
1,385,995
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.51%,
02/15/38
............
2,590
2,986,681
Hambridge
Euro
CLO
1
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.37%
Floor
+
1.37%),
3.85%,
10/20/38
.................
3,710
4,288,771
Hambridge
Euro
CLO
2
DAC,
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.46%,
01/20/39
.................
1,500
1,734,756
Harvest
CLO
XLI
DAC,
Series
41X,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
0.00%,
07/15/39
.
420
484,323
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
3.42%,
07/25/34
.
1,177
1,359,672
Henley
CLO
XI
DAC,
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.67%,
04/25/39
.....
2,040
2,353,830
Henley
CLO
XVI
DAC,
Series
16X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
0.00%,
04/25/39
.
600
691,890
Henley
CLO
XVII
DAC
Series
17X,
Class
A,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
3.71%,
07/15/38
....
2,000
2,312,620
Series
17X,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.48%,
07/25/39
....
957
1,107,353
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
DRR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.58%,
04/15/37
.................
150
172,140
Otranto
Park
CLO
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.73%,
10/15/39
.................
2,141
2,475,049
Palmer
Square
European
CLO
DAC
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.77%,
10/15/37
....
1,700
1,960,514
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2024-2XR,
Class
AR,
(3-mo.
EURIBOR
at
1.27%
Floor
+
1.27%),
0.00%,
10/15/39
....
EUR
1,248
$
1,439,131
Series
2024-2XR,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
0.00%,
10/15/39
....
300
345,945
Series
2026-2X,
Class
A,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
0.00%,
08/15/39
....
2,000
2,306,300
Series
2026-2X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
0.00%,
08/15/39
....
350
403,603
Penta
CLO
14
DAC
Series
2023-14X,
Class
ARR,
(3-mo.
EURIBOR
at
1.27%
Floor
+
1.27%),
3.75%,
04/20/40
....
2,000
2,310,900
Series
2023-14X,
Class
DRR,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
5.38%,
04/20/40
....
282
325,622
Penta
CLO
18
DAC,
Series
2024-
18X,
Class
DR,
(3-mo.
EURIBOR
at
2.85%
Floor
+
2.85%),
5.28%,
01/15/39
.................
455
524,670
Providus
CLO
XV
DAC,
Series
15X,
Class
A,
(3-mo.
EURIBOR
at
1.31%
Floor
+
1.31%),
3.96%,
07/20/38
.
1,429
1,650,153
Rockford
Tower
Europe
CLO
DAC,
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.22%
Floor
+
1.22%),
3.69%,
10/25/37
............
2,220
2,559,988
Sculptor
European
CLO
VIII
DAC
Series
8X,
Class
A1R,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
3.45%,
01/17/38
....
1,200
1,386,307
Series
8X,
Class
DR,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
5.12%,
01/17/39
....
230
265,719
Signal
Harmonic
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.83%,
07/15/38
.................
3,710
4,291,830
Silver
Point
Euro
CLO
2
DAC
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.66%,
01/15/39
....
1,500
1,735,150
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.54%,
01/15/39
....
130
150,268
Sona
Fios
CLO
III
DAC,
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.80%,
04/20/37
.
1,420
1,647,509
Texas
Debt
Capital
Euro
CLO
DAC
Series
2024-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
3.40%,
07/16/40
....
2,000
2,307,445
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.18%
Floor
+
1.18%),
3.63%,
04/16/39
....
2,960
3,416,816
Tikehau
CLO
XII
DAC,
Series
12X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.83%,
10/20/38
.
1,700
1,965,900
94,703,886
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
—
0.1%
Ocp
CLO
Ltd.,
Series
2024-33A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.89%,
07/20/39
(a)
(b)
...............
USD
1,000
$
999,549
United
Kingdom
—
0.1%
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(c)
....
GBP
898
1,251,142
United
States
—
2.1%
522
Funding
CLO
A
Ltd.,
Series
2017-
1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
3.73%,
10/20/34
(a)
(b)
..........
USD
2,000
2,001,770
Compass
Datacenters
Issuer
III
LLC
(b)
Series
2025-3A,
Class
A2,
5.29%,
07/25/50
...............
505
493,974
Series
2026-1A,
Class
A22,
5.29%,
02/25/56
...............
1,000
979,201
Series
2026-2A,
Class
A21,
5.72%,
07/25/56
...............
2,220
2,222,410
Iskandar
Enterprise
LLC,
Series
2026-
1A,
Class
A21,
5.05%,
04/17/56
(b)
.
1,426
1,395,376
LMDV
Issuer
Co.
LLC
(b)
Series
2025-1A,
Class
B,
5.90%,
12/15/55
...............
667
663,041
Series
2026-1A,
Class
A2,
5.38%,
07/17/56
...............
2,110
2,094,505
Series
2026-1A,
Class
B,
5.91%,
07/17/56
...............
297
294,659
Series
2026-1A,
Class
C,
7.57%,
07/17/56
...............
1,000
1,003,831
Lohrasp
Enterprise
II
LLC,
Series
2026-
1A,
Class
A21,
5.51%,
07/17/56
(b)
.
2,050
2,045,583
QTS
Issuer
ABS
II
LLC
(b)
Series
2025-1A,
Class
A2,
5.04%,
10/05/55
...............
1,200
1,160,858
Series
2026-4A,
Class
A2,
5.70%,
03/05/56
...............
628
618,473
Series
2026-6A,
Class
A23,
5.98%,
07/05/56
...............
684
677,166
Silver
Point
Euro
CLO
1
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
3.78%,
01/15/39
(a)
(c)
...............
EUR
3,020
3,496,813
Wireless
PropCo
Funding
LLC
(b)
Series
2025-1A,
Class
A2,
4.07%,
06/25/55
...............
USD
1,397
1,320,425
Series
2025-1A,
Class
B,
4.30%,
06/25/55
...............
402
375,913
20,843,998
Total
Asset-Backed
Securities
—
13.7%
(Cost:
$
136,781,411
)
.............................
137,488,378
Shares
Shares
Common
Stocks
Bermuda
—
0.0%
Travelport
Technology
Ltd.
(e)
(f)
......
70
47,185
Canada
—
0.0%
Algoma
Steel
Group,
Inc.
(e)
.......
15,539
59,825
Security
Shares
Shares
Value
Chile
—
0.0%
WOM
New
Holdco
(e)
(f)
...........
440
$
3,740
Germany
—
0.0%
(e)
ADLER
Group
SA
(f)
............
983,215
11
Innio
NV
....................
107
2,613
2,624
Luxembourg
—
0.1%
(e)
Altice
France
Lux
3
............
32,758
626,610
New
Topco
(f)
.................
59,462
—
626,610
United
Kingdom
—
0.0%
(e)
Genius
Sports
Ltd.
.............
11,708
81,137
NEW
Look
Retailers
(f)
...........
5,436,112
73
81,210
United
States
—
0.6%
Aimbridge
Topco,
Inc.
(e)
(f)
.........
6,349
243,370
AMC
Global
Media,
Inc.
,
Class
A
(e)
..
1,286
14,403
Avaya
LLC
(e)
.................
1,550
22,088
Caesars
Entertainment,
Inc.
(e)
.....
3,207
95,408
California
Resources
Corp.
.......
590
31,046
Citigroup,
Inc.
................
322
42,649
CoreWeave,
Inc.
,
Class
A
(e)
.......
2,794
200,525
Crown
PropTech
Acquisitions
(e)
(f)
....
18,416
14,716
Crown
PropTech
Acquisitions
,
Class
A
(e)
6,461
76,498
EchoStar
Corp.
,
Class
A
(e)
........
8,047
676,672
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21
,
cost
$
1,041,005
)
(e)
(f)
(g)
............
15,345
1,505,805
Fifth
Third
Bancorp
............
552
31,188
First
Citizens
BancShares,
Inc.
,
Class
A
80
174,932
First
Horizon
Corp.
.............
1,645
42,178
Flagstar
Bank
NA
..............
14,026
199,450
FreeWire
Technologies,
Inc.
(e)
(f)
.....
13
—
Hawkeye
Community
College
,
(Acquired
05/15/26
,
cost
$
386,452
)
(e)
(g)
..............
50,312
1,066,614
Labels
Buyer
LLC
(e)
............
64
2,148
Latch,
Inc.
(e)
.................
31,344
5,161
New
Knoxville
Local
School
District
(e)
(f)
251,775
566,151
New
Look
Builders,
Inc.
(e)
(f)
.......
11,518,792
115
Palladyne
AI
Corp.
(e)
............
35,879
187,648
Palladyne
AI
Corp.
(e)
............
856
4,477
Paramount
Skydance
Corp.
,
Class
B
8,792
69,984
PG&E
Corp.
.................
2,558
44,458
Playstudios,
Inc.
,
Class
A
(e)
.......
13,275
8,037
RSA
Security
LLC
(e)
(f)
...........
13,553
—
Screaming
Eagle
Acquistion
Corp.
,
(Acquired
05/14/24
,
cost
$
203,300
)
(e)
(g)
..............
20,000
262,846
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
..................
6,488
333,548
Sonder
Holdings,
Inc.
,
Class
A
(e)
....
6,302
—
Tribune
Resources
LLC
(e)
(f)
.......
86,655
15,598
Vistance
Networks,
Inc.
..........
6,484
76,122
Walt
Disney
Co.
(The)
..........
356
34,244
Wolfspeed,
Inc.
(e)
..............
4,652
109,880
6,157,959
Total
Common
Stocks
—
0.7%
(Cost:
$
17,517,745
)
..............................
6,979,153
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
Angola
—
0.3%
Azule
Energy
Finance
plc
,
8.63%
,
01/22/33
(b)
................
USD
2,910
$
2,972,565
Australia
—
0.2%
Oceana
Australian
Fixed
Income
Trust
,
12.50%
,
07/31/27
(f)
...........
AUD
445
317,821
Oceana
Gold
Ltd.
Class
A
,
11.00%
,
07/31/28
.....
525
369,416
Class
A
,
11.00%
,
07/31/29
.....
1,049
738,129
1,425,366
Austria
—
0.3%
ams-OSRAM
AG
(c)
10.50%
,
03/30/29
...........
EUR
1,184
1,441,562
7.25%
,
05/31/32
............
1,204
1,400,427
2,841,989
Canada
—
1.0%
(b)
1011778
BC
ULC
,
3.88%
,
01/15/28
..
USD
807
790,713
Brookfield
Residential
Properties,
Inc.
,
5.00%
,
06/15/29
............
63
59,769
Garda
World
Security
Corp.
,
8.25%
,
08/01/32
.................
853
865,010
Mattamy
Group
Corp.
,
4.63%
,
03/01/30
137
131,296
NOVA
Chemicals
Corp.
,
9.00%
,
02/15/30
.................
737
772,081
Open
Text
Corp.
,
6.90%
,
12/01/27
..
4,000
4,080,168
Open
Text
Holdings,
Inc.
,
4.13%
,
02/15/30
.................
765
705,744
Resort
Communities
LoanCo.
LP
,
12.00%
,
11/21/28
(d)
(e)
(f)
........
2,679
2,718,920
Saturn
Oil
&
Gas,
Inc.
,
8.50%
,
07/30/31
117
117,324
Toucan
FinCo.
Ltd.
,
9.50%
,
05/15/30
.
163
147,231
10,388,256
Chile
—
0.0%
(a)(b)(h)
WOM
Chile
Holdco
SpA
,
5.00%
,
(
5.00
%
Cash
or
5.00
%
PIK),
04/01/32
(i)
..
149
131,098
WOM
Mobile
SA
,
11.75%
,
(
11.75
%
Cash
or
12.50
%
PIK),
04/01/31
..
11
10,630
141,728
China
—
1.4%
(c)
Alibaba
Group
Holding
Ltd.
,
0.00%
,
09/15/32
(i)
(j)
................
2,000
1,932,000
China
Ruyi
Holdings
Ltd.
,
0.00%
,
01/31/27
(i)
(j)
................
HKD
2,000
242,273
CMOC
Capital
Ltd.
,
0.00%
,
01/24/27
(i)
(j)
USD
2,000
1,961,989
European
TopSoho
SARL
,
Series
SMCP
,
4.00%
,
10/14/24
(d)
(e)
(i)
....
EUR
7,100
8,489,857
Fantasia
Holdings
Group
Co.
Ltd.
,
11.75%
,
04/17/25
(d)
(e)
.........
USD
200
2,200
Zhongsheng
Group
Holdings
Ltd.
,
5.98%
,
01/30/28
............
1,000
905,320
13,533,639
Czech
Republic
—
0.4%
(c)
CPI
Property
Group
SA
1.75%
,
01/14/30
............
EUR
2,000
1,987,777
5.88%
,
07/07/32
............
1,447
1,566,122
Czechoslovak
Group
A/S
,
5.25%
,
01/10/31
.................
666
779,518
4,333,417
Security
Par
(000)
Par
(000)
Value
Denmark
—
0.5%
Genmab
A/S
,
6.25%
,
12/15/32
(b)
....
USD
2,000
$
2,018,306
SGL
Group
ApS
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
7.24%
,
04/22/30
(a)
................
EUR
538
613,628
TDC
Brands
A/S
,
8.00%
,
04/30/31
(c)
.
2,378
2,725,200
5,357,134
Finland
—
0.0%
Citycon
Treasury
BV
,
5.38%
,
07/08/31
(c)
300
329,433
France
—
2.3%
Air
France-KLM
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.58%),
5.75%
(a)
(c)
(k)
.
1,000
1,150,624
Altice
France
SA
(c)
7.25%
,
11/01/29
............
849
985,618
5.63%
,
07/15/32
............
615
696,275
Atos
Group
,
8.13%
,
05/21/31
(c)
.....
838
933,950
BNP
Paribas
SA
,
Series
TMO
,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)
(k)
.................
1,163
1,240,108
Clariane
SE
(c)
(6-mo.
EURIBOR
+
9.00%),
1.88%
(a)
(i)
(k)
..............
1,626
825,598
0.88%
,
03/06/27
(i)
...........
910
631,186
6.88%
,
04/15/31
............
1,000
1,174,264
6.88%
,
04/15/31
............
419
492,016
Elior
Group
SA
,
5.63%
,
03/15/30
(c)
..
885
999,843
Forvia
SE
,
6.75%
,
09/15/33
(b)
......
USD
1,000
995,055
FR
Midco
SAS
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.48%
,
07/21/32
(a)
(c)
...............
EUR
1,116
1,299,801
Goldstory
SAS
(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.15%
,
02/01/30
(a)
...
383
445,102
6.75%
,
02/01/30
............
1,028
1,208,830
IPD
3
BV
5.50%
,
06/15/31
(c)
...........
1,099
1,219,399
Kapla
Holding
SAS
(c)
5.00%
,
04/30/31
............
448
517,777
5.00%
,
04/30/31
............
1,000
1,155,754
5.13%
,
04/30/32
............
378
436,671
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.20%
,
04/30/33
(a)
...
731
847,234
Loxam
SAS
,
5.00%
,
01/22/33
(c)
....
839
963,851
Lune
Holdings
SARL
,
5.63%
,
11/15/28
(c)
2,036
1,174
Maya
SAS
,
6.88%
,
04/15/31
(c)
.....
407
491,444
New
Immo
Holding
SA
(c)
5.88%
,
04/17/28
............
200
235,179
4.88%
,
12/08/28
............
700
809,904
5.50%
,
04/23/31
............
200
231,651
Paprec
Holding
SA
,
4.50%
,
07/15/32
(c)
846
966,925
Sabena
Technics
SAS
,
(Acquired
10/28/22
,
cost
$
294,426
)
,
(3-mo.
EURIBOR
+
5.00%),
7.29%
,
(
7.29
%
Cash
or
5.00
%
PIK),
09/30/29
(a)
(f)
(g)
(h)
297
343,002
Vinci
SA
,
Series
ADP
,
0.75%
,
03/04/31
(c)
(i)
................
1,600
1,829,358
23,127,593
Germany
—
2.0%
Adler
Pelzer
Holding
GmbH
,
9.50%
,
04/01/27
(c)
................
600
692,426
alstria
SARL
(c)
4.25%
,
10/15/29
............
600
676,251
5.50%
,
03/20/31
............
600
687,712
BRANICKS
Group
AG
,
2.25%
,
09/22/26
(c)
................
500
279,754
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG
,
5.00%
,
12/31/27
(c)
(l)
...
EUR
1,762
$
1,823,095
Dynamo
Newco
II
GmbH
,
6.25%
,
10/15/31
(c)
................
1,796
1,931,185
Envalior
Deutschland
Gmbh
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
9.50%),
12.00%
,
(
12.00
%
Cash
or
12.00
%
PIK),
04/01/31
(a)
(f)
(h)
...........
594
527,157
HT
Troplast
GmbH
(c)
7.63%
,
07/15/31
............
362
421,653
7.63%
,
07/15/31
............
1,000
1,164,786
IHO
Verwaltungs
GmbH
,
8.00%
,
(
8.00
%
Cash
or
8.75
%
PIK),
11/15/32
(b)
(h)
.
USD
1,100
1,155,059
K+S
AG
,
0.63%
,
06/16/31
(c)
(i)
......
EUR
300
357,342
Mahle
GmbH
,
7.13%
,
07/15/32
(c)
...
1,967
2,381,242
MTU
Aero
Engines
AG
,
0.00%
,
07/15/33
(c)
(i)
(j)
...............
700
804,359
Nidda
Healthcare
Holding
GmbH
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.53%
,
10/15/32
(a)
(c)
..
2,661
3,064,837
PrestigeBidCo
GmbH
(a)(c)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.18%
,
07/01/29
....
678
791,051
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.18%
,
07/01/29
....
544
634,707
RAG-Stiftung
,
1.45%
,
12/16/31
(c)
(i)
...
500
614,747
Schaeffler
AG
,
5.00%
,
05/13/33
(c)
...
500
576,638
Vonovia
SE
,
Series
B
,
0.88%
,
05/20/32
(c)
(i)
................
600
643,659
ZF
Europe
Finance
BV
,
5.50%
,
02/17/32
(c)
................
600
685,586
ZF
North
America
Capital,
Inc.
(b)
6.88%
,
04/14/28
............
USD
150
152,701
7.13%
,
04/14/30
............
360
362,328
20,428,275
Hong
Kong
—
1.4%
(c)
CS
Treasury
Management
Services
P
Ltd.
,
9.00%
(k)
(l)
..............
4,000
4,109,360
Estate
Sky
Ltd.
,
10.50%
,
05/21/28
..
4,000
4,097,720
FEC
Finance
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.92%),
12.81%
(a)
(k)
...
500
415,000
Li
&
Fung
Ltd.
,
5.25%
(k)
..........
2,000
1,168,200
New
World
China
Land
Ltd.
,
4.75%
,
01/23/27
.................
4,000
3,846,000
13,636,280
India
—
0.5%
(c)
IIFL
Finance
Ltd.
,
7.60%
,
09/10/29
..
1,200
1,204,200
Sammaan
Capital
Ltd.
,
7.50%
,
10/16/30
4,000
4,026,160
5,230,360
Indonesia
—
0.1%
(c)
Indika
Energy
Tbk.
PT
,
8.75%
,
05/07/29
1,000
1,015,000
Modernland
Overseas
Pte.
Ltd.
,
6.00%
,
(
6.00
%
Cash
or
6.00
%
PIK),
04/30/27
(h)
................
1,067
293,333
1,308,333
Ireland
—
0.2%
(c)
Cedacri
SpA
(a)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
6.91%
,
05/15/28
....
EUR
1,115
1,266,667
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.78%
,
05/15/28
....
286
324,803
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC
,
7.88%
,
03/15/32
..
GBP
269
$
244,513
1,835,983
Israel
—
0.2%
Energean
plc
,
5.63%
,
05/12/31
(c)
...
EUR
1,621
1,853,986
Italy
—
0.9%
Almaviva-The
Italian
Innovation
Co.
SpA
,
5.00%
,
10/30/30
(c)
.......
681
767,155
doValue
SpA
,
5.38%
,
11/15/31
(c)
....
996
1,158,208
Engineering
-
Ingegneria
Informatica
-
SpA
,
11.13%
,
05/15/28
(c)
.......
468
561,359
Fedrigoni
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.29%
,
01/15/30
(a)
(c)
...............
600
692,613
Fiber
Midco
SpA
,
10.75%
,
(
10.75
%
Cash
or
10.75
%
PIK),
06/15/29
(c)
(h)
752
818,457
Fibercop
SpA
,
Series
2034
,
6.00%
,
09/30/34
(b)
................
USD
206
198,515
IMA
Industria
Macchine
Automatiche
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.18%
,
04/15/29
(a)
(c)
EUR
732
851,459
Irca
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.15%
,
12/15/29
(a)
(c)
431
499,300
Italmatch
Chemicals
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.42%
,
02/05/31
(a)
(c)
..........
487
565,337
Neopharmed
Gentili
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.54%
,
06/29/33
(a)
(c)
..........
1,925
2,224,353
Nexi
SpA
,
0.00%
,
02/24/28
(c)
(i)
(j)
....
500
542,621
TeamSystem
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.68%
,
07/01/32
(a)
(c)
...............
463
524,528
9,403,905
Japan
—
1.4%
Kioxia
Holdings
Corp.
,
6.25%
,
07/24/30
(b)
................
USD
5,000
5,113,175
SoftBank
Group
Corp.
(c)
5.38%
,
01/08/29
............
EUR
456
529,700
3.38%
,
07/06/29
............
330
362,449
5.25%
,
10/10/29
............
569
651,778
7.63%
,
10/22/29
............
USD
1,500
1,508,885
6.38%
,
04/22/30
............
EUR
431
499,501
5.88%
,
07/10/31
............
100
113,907
7.00%
,
04/22/32
............
1,271
1,477,908
5.75%
,
07/08/32
............
1,083
1,194,315
6.38%
,
07/10/33
............
796
896,911
7.38%
,
04/22/34
............
871
1,013,344
7.38%
,
04/22/34
............
456
530,522
13,892,395
Jersey,
Channel
Islands
—
0.8%
Aston
Martin
Capital
Holdings
Ltd.
10.00%
,
03/31/29
(b)
..........
USD
200
112,500
10.38%
,
03/31/29
(c)
..........
GBP
823
595,292
Deepocean
Ltd.
,
6.00%
,
04/08/31
(c)
..
EUR
1,579
1,871,054
Stonepeak
Motion
Holdco
Ltd.
,
5.00%
,
07/15/33
(c)
................
2,244
2,590,666
TER
Finance
Jersey
Ltd.
,
4.50%
,
03/31/32
(c)
................
2,105
2,419,420
7,588,932
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
2.5%
ADLER
Financing
SARL
,
8.25%
,
(
8.25
%
Cash
or
8.25
%
PIK),
12/31/28
(h)
................
EUR
2,853
$
3,433,606
Alexandrite
Lake
Lux
Holdings
SARL
,
6.75%
,
07/30/30
(c)
...........
1,052
1,222,427
Breakwater
Energy
Holdings
SARL
,
9.25%
,
11/15/30
(b)
...........
USD
2,225
2,349,464
Garfunkelux
Holdco
3
SA
,
9.00%
,
09/01/28
(c)
................
EUR
1,713
1,970,523
Garfunkelux
Holdco
4
SA
,
10.50%
,
(
10.50
%
Cash
or
10.50
%
PIK),
05/01/30
(c)
(d)
(e)
(h)
.............
161
—
INEOS
Finance
plc
,
7.25%
,
03/31/31
(c)
1,191
1,289,454
ION
Platform
Finance
SARL
(c)
7.88%
,
05/01/29
............
1,793
1,934,700
6.50%
,
09/30/30
............
626
613,952
6.88%
,
09/30/32
............
482
448,418
Kleopatra
Finco
SARL
,
(1-mo.
EURIBOR
+
2.00%),
6.00%
,
01/30/31
(a)
................
2,515
2,522,959
Maxam
Prill
SARL
,
6.00%
,
07/15/30
(c)
2,364
2,782,061
Monitchem
HoldCo
3
SA
,
8.00%
,
07/15/31
(c)
................
1,192
1,348,314
Summer
BC
Holdco
B
SARL
(c)
5.88%
,
02/15/30
............
749
733,714
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.53%
,
02/15/30
(a)
...
230
224,391
Titanium
2l
Bondco
SARL
,
6.25%
,
(
6.25
%
Cash
or
6.25
%
PIK),
01/14/31
(h)
................
6,436
1,022,260
Vivion
Investments
SARL
(c)
8.25%
,
(
8.25
%
Cash
or
8.00
%
PIK),
02/28/29
(h)
..............
2,092
2,405,465
5.63%
,
06/08/30
............
612
676,480
24,978,188
Malaysia
—
0.4%
Gohl
Capital
Holdings
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.26%),
8.30%
(a)
(c)
(k)
................
USD
4,000
3,795,280
Mauritius
—
2.0%
Flourishing
Trade
&
Investment
Ltd.
(f)
11.04%
,
04/02/28
(b)
..........
8,709
8,948,941
11.04%
,
04/02/28
(c)
..........
5,138
5,278,842
Mercury
Finance
Co.
,
14.50%
,
07/20/29
(c)
................
5,500
5,452,700
19,680,483
Netherlands
—
0.4%
Nouryon
Finance
BV
,
6.13%
,
07/15/31
(c)
EUR
393
459,529
VZ
Secured
Financing
BV
5.00%
,
01/15/32
(b)
...........
USD
696
570,722
5.25%
,
01/15/33
(c)
...........
EUR
1,583
1,665,000
Ziggo
Bond
Co.
BV
3.38%
,
02/28/30
(c)
...........
1,293
1,257,142
5.13%
,
02/28/30
(b)
...........
USD
200
162,500
6.13%
,
11/15/32
(c)
...........
EUR
261
252,578
4,367,471
Norway
—
0.3%
Polardc
Finance
No1
A/S
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
6.00%),
8.28%
,
06/04/30
(a)
(b)
(c)
.........
2,900
3,098,131
Security
Par
(000)
Par
(000)
Value
Philippines
—
0.1%
VLL
International,
Inc.
(c)
7.25%
,
07/20/27
............
USD
500
$
357,000
9.38%
,
07/29/29
............
900
499,950
856,950
Portugal
—
1.2%
Banco
Espirito
Santo
SA
(c)(d)(e)
2.63%
,
05/08/17
............
EUR
6,100
1,547,527
4.75%
,
01/15/18
............
19,300
4,896,275
4.00%
,
01/21/25
............
22,800
5,784,201
12,228,003
Singapore
—
0.4%
(c)
GLP
Pte.
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.74%),
7.87%
(a)
(k)
....
USD
4,000
2,435,000
STMicroelectronics
NV
(i)
Series
A
,
0.00%
,
06/23/31
(j)
.....
600
546,276
Series
B
,
0.63%
,
06/23/33
......
600
535,648
3,516,924
Slovenia
—
0.3%
United
Group
BV
(c)
6.75%
,
02/15/31
............
EUR
2,078
2,464,175
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.53%
,
01/31/33
(a)
...
577
662,458
3,126,633
South
Africa
—
0.0%
Sappi
Papier
Holding
GmbH
,
4.50%
,
03/15/32
(c)
................
425
410,291
South
Korea
—
0.2%
Posco
International
Corp.
,
5.13%
,
06/29/31
(c)
................
USD
2,000
1,970,900
Spain
—
0.4%
(c)
Cirsa
Finance
International
SARL
4.63%
,
07/20/32
............
EUR
1,981
2,278,674
(3-mo.
EURIBOR
+
3.00%),
5.40%
,
10/15/32
(a)
..............
424
491,941
Grifols
SA
7.13%
,
05/01/30
............
615
738,284
7.50%
,
05/01/30
............
190
228,258
Grupo
Antolin
Irausa
SA
(d)(e)
3.50%
,
04/30/28
............
100
54,340
10.38%
,
01/30/30
...........
773
419,523
4,211,020
Sweden
—
0.2%
Heimstaden
AB
(c)
8.38%
,
01/29/30
............
317
382,668
7.36%
,
01/24/31
............
199
232,953
Stena
International
SA
7.25%
,
01/15/31
(c)
...........
USD
953
969,989
7.25%
,
01/15/31
(b)
...........
343
349,115
1,934,725
Switzerland
—
0.2%
gategroup
Finance
Luxembourg
SA
,
3.00%
,
02/28/27
(c)
...........
CHF
1,705
2,109,975
United
Kingdom
—
4.4%
888
Acquisitions
Ltd.
,
8.00%
,
09/30/31
(c)
EUR
1,000
1,188,466
Allwyn
Entertainment
Financing
UK
plc
(c)
7.25%
,
04/30/30
............
432
516,219
7.25%
,
04/30/30
............
119
141,960
4.63%
,
08/15/31
............
656
749,303
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Ardonagh
Finco
Ltd.
,
6.88%
,
02/15/31
(c)
EUR
2,323
$
2,701,901
BCP
V
Modular
Services
Finance
II
plc
(c)
4.75%
,
11/30/28
............
1,598
1,727,695
6.50%
,
07/10/31
............
70
67,676
6.50%
,
07/10/31
............
1,658
1,602,947
BCP
V
Modular
Services
Finance
plc
,
6.75%
,
11/30/29
(c)
...........
984
721,751
Bellis
Acquisition
Co.
plc
,
8.13%
,
05/14/30
(c)
................
GBP
1,395
1,761,687
Boparan
Finance
plc
,
9.38%
,
11/07/29
(c)
1,427
2,021,025
CD&R
Firefly
Bidco
plc
8.63%
,
04/30/29
(c)
...........
1,477
2,050,171
EC
Finance
plc
,
3.25%
,
10/15/26
(c)
(l)
.
EUR
1,279
1,467,926
Edge
Finco
plc
,
8.13%
,
08/15/31
(c)
..
GBP
2,311
3,229,595
Flutter
Treasury
DAC
,
6.38%
,
04/29/29
(b)
................
USD
3,500
3,543,250
Froneri
Lux
FinCo
SARL
,
4.75%
,
08/01/32
(c)
................
EUR
2,167
2,423,816
Intu
Jersey
2
Ltd.
,
2.88%
,
11/01/24
(c)
(d)
(e)
(i)
.......................
GBP
3,817
675,437
Ithaca
Energy
North
Sea
plc
8.13%
,
10/15/29
(b)
...........
USD
800
827,987
5.50%
,
10/01/31
(c)
...........
EUR
1,542
1,783,673
Jerrold
Finco
plc
,
7.88%
,
04/15/30
(c)
.
GBP
1,466
2,003,869
Maison
Finco
plc
,
7.25%
,
04/30/32
(c)
.
532
677,161
Metrocentre
Finance
plc
,
8.75%
,
(
8.75
%
Cash
or
8.75
%
PIK),
01/16/28
(h)
................
711
596,733
Mobico
Group
plc
,
4.88%
,
09/26/31
(c)
EUR
201
196,927
Motion
Finco
SARL
,
7.38%
,
06/15/30
(c)
401
383,078
Neoen
Finco
plc
,
5.50%
,
06/15/31
(c)
.
843
990,322
Ocado
Group
plc
,
6.25%
,
08/06/29
(c)
(i)
GBP
500
646,064
OEG
Finance
plc
,
7.25%
,
09/27/29
(c)
.
EUR
2,237
2,678,802
Pinewood
Finco
plc
,
6.00%
,
03/27/30
(c)
GBP
539
725,562
Thames
Water
Kemble
Finance
plc
,
4.63%
,
05/19/26
(c)
(d)
(e)
.........
432
2,911
Thames
Water
Utilities
Finance
plc
,
4.00%
,
06/19/27
(c)
...........
100
78,345
Virgin
Media
Secured
Finance
plc
(c)
4.25%
,
01/15/30
............
751
863,746
4.13%
,
08/15/30
............
563
638,589
Vmed
O2
UK
Financing
I
plc
4.00%
,
01/31/29
(c)
...........
300
363,960
4.25%
,
01/31/31
(b)
...........
USD
1,420
1,129,793
4.50%
,
07/15/31
(c)
...........
GBP
1,252
1,382,385
5.63%
,
04/15/32
(c)
...........
EUR
1,202
1,202,079
43,762,811
United
States
—
32.9%
1261229
BC
Ltd.
,
10.00%
,
04/15/32
(b)
USD
1,250
1,277,810
AAR
Escrow
Issuer
LLC
,
6.75%
,
03/15/29
(b)
................
1,739
1,776,502
Acadia
Healthcare
Co.,
Inc.
,
5.00%
,
04/15/29
(b)
................
806
789,025
Acrisure
LLC
,
6.75%
,
07/01/32
(b)
....
133
122,200
Aethon
United
BR
LP
,
7.50%
,
10/01/29
(b)
................
852
883,953
Albertsons
Cos.,
Inc.
,
5.63%
,
03/31/32
(b)
................
805
765,718
Alexander
Funding
Trust
II
,
7.47%
,
07/31/28
(b)
................
10,012
10,426,973
Alliant
Holdings
Intermediate
LLC
,
7.38%
,
10/01/32
(b)
...........
819
823,595
Allied
Universal
Holdco
LLC
4.88%
,
06/01/28
(c)
...........
GBP
1,700
2,266,836
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.88%
,
06/15/30
(b)
...........
USD
1,327
$
1,355,937
7.88%
,
02/15/31
(b)
...........
862
894,973
AMC
Global
Media,
Inc.
4.25%
,
02/15/29
(i)
...........
44
50,126
4.25%
,
02/15/29
............
157
137,808
American
Airlines,
Inc.
,
5.75%
,
04/20/29
(b)
................
752
747,533
American
Axle
&
Manufacturing,
Inc.
,
7.75%
,
10/15/33
(b)
...........
819
806,487
Amneal
Pharmaceuticals
LLC
,
6.88%
,
08/01/32
(b)
................
2,000
2,054,990
APLD
ComputeCo
2
LLC
,
6.75%
,
03/15/31
(b)
................
831
812,310
Ardagh
Group
SA
9.50%
,
12/01/30
(c)
...........
3,957
4,193,250
9.50%
,
12/01/30
(b)
...........
872
924,065
11.00%
,
(
11.00
%
Cash
or
7.50
%
PIK),
12/01/30
(c)
(h)
.........
EUR
2,765
2,931,527
11.00%
,
(
11.00
%
Cash
or
6.50
%
PIK),
12/01/30
(a)
(b)
(h)
........
USD
365
334,483
Asbury
Automotive
Group,
Inc.
,
4.63%
,
11/15/29
(b)
................
797
772,960
Ashton
Woods
USA
LLC
(b)
4.63%
,
08/01/29
............
25
24,006
4.63%
,
04/01/30
............
110
104,440
6.88%
,
08/01/33
............
824
822,080
Asurion
LLC
,
8.00%
,
12/31/32
(b)
....
1,666
1,685,369
Avantor
Funding,
Inc.
,
4.63%
,
07/15/28
(b)
................
820
808,736
Avis
Budget
Car
Rental
LLC
,
8.38%
,
06/15/32
(b)
................
827
823,052
Axalta
Coating
Systems
Dutch
Holding
B
BV
,
7.25%
,
02/15/31
(b)
.......
4,000
4,137,004
Azorra
Finance
Ltd.
,
7.75%
,
04/15/30
(b)
848
877,493
Ball
Corp.
,
6.00%
,
06/15/29
.......
842
853,391
Bath
&
Body
Works,
Inc.
,
6.63%
,
10/01/30
(b)
................
835
848,499
Bausch
+
Lomb
Corp.
,
8.38%
,
10/01/28
(b)
................
5,500
5,637,500
Beazer
Homes
USA,
Inc.
,
8.00%
,
01/15/32
(b)
................
44
44,869
Beignet
Investor
LLC
,
6.58%
,
05/30/49
(b)
................
10,000
9,694,634
Big
Sky
Funding
LLC
5.75%
,
07/20/31
(b)
...........
17
16,573
Class
A
,
5.75%
,
(
5.75
%
Cash
or
5.75
%
PIK),
10/20/35
(f)
(h)
.....
417
417,365
Block,
Inc.
,
5.63%
,
08/15/30
(b)
.....
3,827
3,807,421
Bond
US
Bidco
1,
Inc.
,
6.50%
,
06/15/33
(c)
................
EUR
1,900
2,203,875
Builders
FirstSource,
Inc.
,
6.75%
,
05/15/35
(b)
................
USD
830
821,749
CACI
International,
Inc.
,
6.38%
,
06/15/33
(b)
................
856
862,624
Caesars
Entertainment,
Inc.
,
7.00%
,
02/15/30
(b)
................
833
835,756
Carrix,
Inc.
,
6.13%
,
08/01/33
(b)
.....
242
240,882
Carvana
Co.
,
9.00%
,
(
9.00
%
Cash
or
14.00
%
PIK),
06/01/31
(b)
(h)
......
906
996,527
CCO
Holdings
LLC
(b)
7.38%
,
03/01/31
............
826
822,764
4.75%
,
02/01/32
............
749
654,471
7.00%
,
02/01/33
............
2,109
2,021,119
7.38%
,
02/01/36
............
805
765,305
Celanese
US
Holdings
LLC
,
6.75%
,
04/15/33
.................
837
853,212
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Century
Communities,
Inc.
,
6.63%
,
09/15/33
(b)
................
USD
829
$
831,722
Chemours
Co.
(The)
,
7.88%
,
03/15/34
(b)
838
815,456
Chobani
LLC
,
7.63%
,
07/01/29
(b)
...
859
885,819
Churchill
Downs,
Inc.
,
5.75%
,
04/01/30
(b)
................
822
819,568
Cipher
Compute
LLC
,
7.13%
,
11/15/30
(b)
................
26
26,520
Clarios
Global
LP
4.75%
,
06/15/31
(c)
...........
EUR
1,104
1,275,427
6.75%
,
09/15/32
(b)
...........
USD
838
844,294
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
7.88%
,
04/01/30
............
1,853
1,924,383
7.13%
,
02/15/31
............
1,591
1,641,125
Cleveland-Cliffs,
Inc.
,
7.38%
,
05/01/33
(b)
824
832,826
Cloud
Software
Group
LLC
(b)
9.00%
,
09/30/29
............
846
828,870
6.63%
,
08/15/33
............
736
641,681
Clydesdale
Acquisition
Holdings,
Inc.
,
8.75%
,
04/15/30
(b)
...........
851
813,304
Columbus
McKinnon
Corp.
,
7.13%
,
02/01/33
(b)
................
25
25,188
Community
Health
Systems,
Inc.
(b)
10.88%
,
01/15/32
...........
223
235,220
9.75%
,
01/15/34
............
2,507
2,539,746
Comstock
Resources,
Inc.
,
5.88%
,
01/15/30
(b)
................
789
743,326
Cooper-Standard
Automotive,
Inc.
,
9.25%
,
03/01/31
(b)
...........
849
864,165
Core
Scientific,
Inc.
,
0.00%
,
06/15/31
(b)
(i)
(j)
.......................
23
28,801
CoreWeave,
Inc.
9.25%
,
06/01/30
(b)
...........
4,000
3,738,226
9.75%
,
10/01/31
(b)
...........
827
750,389
8.50%
,
07/15/32
(c)
...........
EUR
3,536
3,654,137
Coty,
Inc.
,
5.60%
,
01/15/31
(b)
......
USD
3,000
2,943,953
CRC
Insurance
Group
LLC
,
7.13%
,
06/01/31
(b)
................
813
811,469
Crescent
Energy
Finance
LLC
,
7.38%
,
01/15/33
(b)
................
849
852,834
CSC
Holdings
LLC
(b)
5.50%
,
04/15/27
............
200
123,852
11.25%
,
05/15/28
...........
200
116,160
11.75%
,
01/31/29
...........
200
114,481
CVR
Energy,
Inc.
,
7.50%
,
02/15/31
(b)
.
100
101,307
Darling
Ingredients,
Inc.
,
6.00%
,
06/15/30
(b)
................
819
822,673
DaVita,
Inc.
,
3.75%
,
02/15/31
(b)
....
772
712,101
Delek
Logistics
Partners
LP
,
8.63%
,
03/15/29
(b)
................
532
552,128
DirecTV
Financing
LLC
(b)
8.88%
,
02/01/30
............
850
865,410
9.25%
,
06/01/32
............
300
306,985
Discovery
Communications
LLC
,
5.00%
,
09/20/37
............
676
495,170
Discovery
Global
Holdings,
Inc.
3.76%
,
03/15/27
............
139
137,958
4.05%
,
03/15/29
............
500
491,105
DISH
Network
Corp.
,
3.38%
,
08/15/26
(i)
60
59,400
EchoStar
Corp.
10.75%
,
11/30/29
...........
5,000
5,408,513
6.75%
,
11/30/30
............
4,900
4,969,580
Edgewell
Personal
Care
Co.
,
4.13%
,
04/01/29
(b)
................
797
766,912
ELK
Grove
Village
Property
LLC
,
7.50%
,
06/15/31
(b)
...........
189
182,055
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
EMRLD
Borrower
LP
,
6.63%
,
12/15/30
(b)
................
USD
827
$
840,560
Entegris,
Inc.
,
4.75%
,
04/15/29
(b)
...
812
798,452
EquipmentShare.com,
Inc.
(b)
9.00%
,
05/15/28
............
4,000
4,060,960
8.63%
,
05/15/32
............
845
864,205
Fair
Isaac
Corp.
,
6.25%
,
09/15/34
(b)
.
813
785,400
Fertitta
Entertainment
LLC
,
6.75%
,
01/15/30
(b)
................
813
798,377
Figeac
Aero
North
America,
Inc.
,
(Acquired
07/16/25
,
cost
$
372,336
)
,
7.79%
,
07/23/30
(c)
(f)
(g)
.........
EUR
320
360,263
First
Citizens
BancShares,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.97%),
6.25%
,
03/12/40
(a)
...........
USD
271
262,703
FirstCash,
Inc.
,
4.63%
,
09/01/28
(b)
..
812
796,994
Flash
Compute
LLC
,
7.25%
,
12/31/30
(b)
1,355
1,368,309
FMC
Corp.
,
8.00%
,
06/01/31
(b)
.....
203
209,908
Forestar
Group,
Inc.
,
5.00%
,
03/01/28
(b)
557
552,919
Freedom
Mortgage
Holdings
LLC
,
6.88%
,
05/01/31
(b)
...........
798
769,262
FS
KKR
Capital
Corp.
,
6.13%
,
01/15/31
805
774,631
FTAI
Aviation
Investors
LLC
,
5.50%
,
05/01/28
(b)
................
685
682,724
Full
House
Resorts,
Inc.
,
8.25%
,
02/15/28
(b)
................
30
29,280
Gaia
Purchaser,
Inc.
,
7.63%
,
07/15/33
(b)
66
66,203
Gen
Digital,
Inc.
(b)
6.75%
,
09/30/27
............
4,500
4,506,925
7.13%
,
09/30/30
............
834
846,673
Genesis
Energy
LP
,
8.25%
,
01/15/29
860
886,895
GEO
Group,
Inc.
(The)
,
8.63%
,
04/15/29
.................
719
749,552
GFL
Environmental,
Inc.
,
6.75%
,
01/15/31
(b)
................
853
863,322
Goodyear
Tire
&
Rubber
Co.
(The)
,
5.25%
,
04/30/31
............
746
669,917
Granite
Ridge
Resources,
Inc.
,
8.88%
,
11/05/29
(b)
................
557
544,614
Gray
Media,
Inc.
(b)
10.50%
,
07/15/29
...........
1,800
1,898,208
9.63%
,
07/15/32
............
826
834,877
7.25%
,
08/15/33
............
1,050
1,038,514
Herc
Holdings,
Inc.
(b)
6.63%
,
06/15/29
............
828
842,846
7.00%
,
06/15/30
............
1,722
1,775,845
Hilcorp
Energy
I
LP
,
7.25%
,
02/15/35
(b)
824
817,269
Hilton
Domestic
Operating
Co.,
Inc.
,
3.63%
,
02/15/32
(b)
...........
764
691,306
Hilton
Grand
Vacations
Borrower
LLC
,
5.00%
,
06/01/29
(b)
...........
798
773,787
HUB
International
Ltd.
,
7.25%
,
06/15/30
(b)
................
831
855,655
iHeartCommunications,
Inc.
,
7.75%
,
08/15/30
(b)
................
783
686,761
Ingram
Micro,
Inc.
,
4.75%
,
05/15/29
(b)
802
780,395
ION
Platform
Finance
US,
Inc.
(b)
4.63%
,
05/01/28
............
36
33,634
5.75%
,
05/15/28
............
30
28,375
9.00%
,
08/01/29
............
768
715,867
Iron
Mountain,
Inc.
7.00%
,
02/15/29
(b)
...........
2,500
2,539,630
4.50%
,
02/15/31
(b)
...........
791
748,637
4.75%
,
01/15/34
(c)
...........
EUR
977
1,096,226
ITT
Holdings
LLC
,
6.50%
,
08/01/29
(b)
USD
824
814,741
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Jane
Street
Group
,
4.50%
,
11/15/29
(b)
USD
797
$
773,270
Kinetik
Holdings
LP
,
5.88%
,
06/15/30
(b)
817
817,905
Kronos
International,
Inc.
,
9.50%
,
03/15/29
(c)
................
EUR
1,467
1,628,179
Las
Vegas
Sands
Corp.
5.63%
,
06/15/28
............
USD
4,000
4,036,269
6.00%
,
06/14/30
............
4,810
4,900,370
LCM
Investments
Holdings
II
LLC
,
8.25%
,
08/01/31
(b)
...........
731
761,582
Lessen
LLC
,
(3-mo.
CME
Term
SOFR
+
8.50%),
12.25%
,
01/05/28
(a)
(b)
(d)
(e)
(f)
1,062
788,892
Level
3
Financing,
Inc.
(b)
7.00%
,
03/31/34
............
1,339
1,362,055
8.50%
,
01/15/36
............
889
924,900
7.50%
,
02/15/37
............
58
57,605
LGI
Homes,
Inc.
(b)
8.75%
,
12/15/28
............
77
79,055
7.00%
,
11/15/32
............
888
865,562
LifePoint
Health,
Inc.
,
7.00%
,
05/01/34
(b)
................
793
740,694
Lithia
Motors,
Inc.
,
5.50%
,
10/01/30
(b)
813
801,358
Macy's
Retail
Holdings
LLC
,
5.88%
,
03/15/30
(b)
................
2,250
2,233,787
Maple
Parent
Holdings
Corp.
(b)
4.75%
,
03/26/29
............
3,000
2,988,029
5.05%
,
03/26/31
............
5,000
4,958,170
Marvell
Technology,
Inc.
,
5.30%
,
04/15/36
.................
3,000
2,891,533
Matador
Resources
Co.
,
6.50%
,
04/15/32
(b)
................
826
824,455
Mauser
Packaging
Solutions
Holding
Co.
,
9.25%
,
04/15/30
(b)
........
814
806,799
Medline
Borrower
LP
,
3.88%
,
04/01/29
(b)
................
799
772,871
Meridian
Arc
Holdco
LLC
,
6.25%
,
04/30/31
(b)
................
514
493,868
MGM
Resorts
International
,
6.13%
,
09/15/29
.................
830
835,110
Michaels
Cos.,
Inc.
(The)
,
8.50%
,
03/15/33
(b)
................
820
812,314
Midwest
Gaming
Borrower
LLC
,
4.88%
,
05/01/29
(b)
................
77
74,778
Millrose
Properties,
Inc.
,
6.38%
,
08/01/30
(b)
................
837
843,188
MKS,
Inc.
,
4.25%
,
02/15/34
(c)
......
EUR
858
956,140
Mobius
Merger
Sub,
Inc.
,
9.00%
,
06/01/30
(b)
................
USD
1,350
923,934
Molina
Healthcare,
Inc.
,
4.38%
,
06/15/28
(b)
................
802
784,947
MPT
Operating
Partnership
LP
,
0.99%
,
10/15/26
.................
EUR
1,157
1,319,910
NCL
Corp.
Ltd.
,
6.75%
,
02/01/32
(b)
..
USD
827
810,595
NCR
Atleos
Corp.
,
9.50%
,
04/01/29
(b)
6,750
7,158,679
Neogen
Food
Safety
Corp.
,
8.63%
,
07/20/30
(b)
................
3,434
3,594,395
Neptune
Bidco
US,
Inc.
(b)
9.29%
,
04/15/29
............
2,250
2,292,398
9.50%
,
02/15/33
............
850
865,873
Newell
Brands,
Inc.
,
6.63%
,
05/15/32
471
476,522
Nexstar
Media,
Inc.
(b)
6.50%
,
09/15/33
............
1,250
1,243,594
7.25%
,
04/15/34
............
823
824,844
Nissan
Motor
Acceptance
Co.
LLC
(b)
7.05%
,
09/15/28
............
842
859,180
6.13%
,
09/30/30
............
811
792,028
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Noble
Finance
II
LLC
,
8.00%
,
04/15/30
(b)
................
USD
736
$
760,867
Novelis
Corp.
,
4.75%
,
01/30/30
(b)
...
802
769,659
NRG
Energy,
Inc.
(b)
6.00%
,
02/01/33
............
831
828,502
6.00%
,
01/15/36
............
838
819,878
Oak-Eagle
AcquireCo,
Inc.
(b)
7.25%
,
07/01/33
............
1,433
1,484,836
8.75%
,
07/01/34
............
2,728
2,873,912
Olin
Corp.
,
6.63%
,
04/01/33
(b)
.....
819
801,467
Olympus
Water
US
Holding
Corp.
,
5.38%
,
10/01/29
(c)
...........
EUR
1,000
1,127,169
Owens-Brockway
Glass
Container,
Inc.
,
9.50%
,
06/01/33
(b)
...........
USD
838
824,444
Pacific
Gas
&
Electric
Co.
,
6.10%
,
01/15/29
.................
995
1,021,014
Palomino
Funding
Trust
I
,
7.23%
,
05/17/28
(b)
................
10,850
11,219,931
Paramount
Global
,
6.25%
,
02/28/57
(a)
561
435,635
Park
Intermediate
Holdings
LLC
,
4.88%
,
05/15/29
(b)
...........
907
884,039
PennyMac
Financial
Services,
Inc.
,
6.75%
,
02/15/34
(b)
...........
799
741,092
Pioneer
Opco
LLC
,
7.00%
,
05/15/33
(b)
51
51,493
Post
Holdings,
Inc.
,
4.50%
,
09/15/31
(b)
778
721,041
PR
RNO
Property
Owner
1
LLC
,
6.50%
,
05/01/31
(b)
................
819
771,186
PRA
Group
Europe
Holding
II
SARL
,
6.25%
,
09/30/32
(c)
...........
EUR
899
1,021,803
Prime
Security
Services
Borrower
LLC
,
3.38%
,
08/31/27
(b)
...........
USD
799
784,735
Primo
Water
Holdings,
Inc.
,
4.38%
,
04/30/29
(b)
................
801
776,030
Quikrete
Holdings,
Inc.
,
6.38%
,
03/01/32
(b)
................
839
849,239
QXO
Building
Products,
Inc.
(b)
6.50%
,
07/15/31
............
131
131,531
6.75%
,
04/30/32
............
841
858,880
Radiology
Partners,
Inc.
,
8.50%
,
07/15/32
(b)
................
2,000
2,101,740
Rand
Parent
LLC
,
8.50%
,
02/15/30
(b)
.
2,500
2,562,850
Resorts
World
Las
Vegas
LLC
,
4.63%
,
04/16/29
(c)
................
2,000
1,790,000
Reworld
Holding
Corp.
,
4.88%
,
12/01/29
(b)
................
32
30,369
RHP
Hotel
Properties
LP
,
4.50%
,
02/15/29
(b)
................
809
790,308
RingCentral,
Inc.
,
8.50%
,
08/15/30
(b)
.
7,750
8,084,955
Rocket
Cos.,
Inc.
,
6.50%
,
08/01/29
(b)
.
844
855,086
Schneider
Electric
SE
,
0.25%
,
09/30/34
(c)
(i)
................
EUR
1,300
1,503,829
SCIH
Salt
Holdings,
Inc.
(b)
6.63%
,
08/15/31
............
USD
1,839
1,838,670
8.00%
,
08/15/32
............
849
842,583
SCIL
IV
LLC
,
9.50%
,
07/15/28
(c)
....
EUR
1,000
1,188,536
Seagate
Data
Storage
Technology
Pte.
Ltd.
5.88%
,
07/15/30
(b)
...........
USD
250
253,983
9.63%
,
12/01/32
............
7,150
7,838,188
Select
Medical
Corp.
,
6.25%
,
12/01/32
(b)
................
37
35,539
Service
Properties
Trust
4.38%
,
02/15/30
............
756
684,939
8.88%
,
06/15/32
............
152
156,184
Shift4
Payments
LLC
,
5.50%
,
05/15/33
(c)
................
EUR
2,265
2,559,797
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sinclair
Television
Group,
Inc.
,
8.13%
,
02/15/33
(b)
................
USD
851
$
872,678
Sirius
XM
Radio
LLC
(b)
5.00%
,
08/01/27
............
693
691,996
5.50%
,
07/01/29
............
828
824,225
Six
Flags
Entertainment
Corp.
,
8.63%
,
01/15/32
(b)
................
881
891,055
SM
Energy
Co.
(b)
8.63%
,
11/01/30
............
18
18,895
7.00%
,
08/01/32
............
838
851,388
Smyrna
Ready
Mix
Concrete
LLC
,
8.88%
,
11/15/31
(b)
...........
855
895,265
Solaris
Energy
Infrastructure
LLC
,
6.38%
,
05/15/31
(b)
...........
409
401,769
Sonder
Holdings,
Inc.
,
7.00%
,
(
7.00
%
Cash
or
7.00
%
PIK),
12/10/27
(d)
(e)
(f)
(h)
1,624
—
SS&C
Technologies,
Inc.
,
5.50%
,
09/30/27
(b)
................
821
819,870
Standard
Industries,
Inc.
,
4.38%
,
07/15/30
(b)
................
791
746,772
Starwood
Property
Trust,
Inc.
,
7.25%
,
04/01/29
(b)
................
846
871,720
Stem,
Inc.
,
0.50%
,
12/01/28
(b)
(i)
.....
47
15,510
STL
Holding
Co.
LLC
,
8.75%
,
02/15/29
(b)
................
52
53,941
Sunoco
LP
,
4.50%
,
04/30/30
......
795
766,979
SV
RNO
Property
Owner
1
LLC
,
5.88%
,
03/01/31
(b)
................
221
205,220
Sword
Purchaser
LLC
,
10.50%
,
04/15/34
(b)
................
857
885,958
Talen
Energy
Supply
LLC
,
6.25%
,
02/01/34
(b)
................
837
820,939
Tenet
Healthcare
Corp.
4.63%
,
06/15/28
............
806
797,964
6.13%
,
06/15/30
............
819
823,147
Tenneco,
Inc.
,
8.00%
,
11/17/28
(b)
...
835
837,096
Texas
Capital
Bancshares,
Inc.
,
(1-day
SOFR
+
1.94%),
5.30%
,
02/27/32
(a)
103
100,867
TransDigm,
Inc.
(b)
6.75%
,
08/15/28
............
837
842,240
6.38%
,
03/01/29
............
2,000
2,024,062
7.13%
,
12/01/31
............
839
865,378
6.38%
,
05/31/33
............
823
822,792
UKG,
Inc.
,
6.88%
,
02/01/31
(b)
......
809
792,628
United
Rentals
North
America,
Inc.
,
3.75%
,
01/15/32
............
772
704,906
United
Wholesale
Mortgage
LLC
,
5.50%
,
04/15/29
(b)
...........
776
724,732
Uniti
Group
LP
,
8.63%
,
06/15/32
(b)
...
1,214
1,239,812
Uniti
Services
LLC
,
7.50%
,
10/15/33
(b)
1,000
1,021,885
Univision
Communications,
Inc.
(b)
8.50%
,
07/31/31
............
837
835,147
9.38%
,
08/01/32
............
1,598
1,596,137
8.88%
,
04/15/33
............
57
55,189
USA
Compression
Partners
LP
,
6.25%
,
10/01/33
(b)
................
41
40,348
UWM
Holdings
LLC
,
6.25%
,
03/15/31
(b)
856
763,764
Validus
Energy
II
Midcon
LLC
,
8.00%
,
08/01/31
(b)
................
158
157,286
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%
,
08/15/29
............
791
752,214
3.88%
,
11/01/33
............
245
214,915
Venture
Global
LNG,
Inc.
(b)
7.00%
,
01/15/30
............
848
861,488
8.38%
,
06/01/31
............
843
871,492
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Venture
Global
Plaquemines
LNG
LLC
,
6.13%
,
12/15/30
(b)
...........
USD
830
$
843,149
Vistra
Operations
Co.
LLC
,
5.00%
,
07/31/27
(b)
................
826
825,724
VoltaGrid
LLC
,
7.38%
,
11/01/30
(b)
...
186
186,925
Wayfair
LLC
,
7.75%
,
09/15/30
(b)
....
861
902,239
Weekley
Homes
LLC
,
4.88%
,
09/15/28
(b)
................
149
146,431
WESCO
Distribution,
Inc.
,
6.38%
,
03/15/33
(b)
................
841
855,106
Whirlpool
Corp.
6.13%
,
06/15/30
............
760
690,603
7.50%
,
07/01/31
(b)
...........
33
32,794
Windstream
Services
LLC
,
8.25%
,
10/01/31
(b)
................
862
897,367
Wolfspeed,
Inc.
2.50%
,
06/15/31
(b)
(i)
..........
36
69,975
2.50%
,
06/15/31
(i)
...........
24
46,650
7.00%
,
06/15/31
............
86
74,088
WULF
Compute
LLC
,
7.75%
,
10/15/30
(b)
................
2,359
2,450,923
Wynn
Resorts
Finance
LLC
,
6.25%
,
03/15/33
(b)
................
826
818,767
Xerox
Corp.
,
10.25%
,
10/15/30
(b)
...
3,972
3,584,730
XPLR
Infrastructure
Operating
Partners
LP
,
7.75%
,
04/15/34
(b)
.........
859
899,571
Zayo
Group
Holdings,
Inc.
,
6.25%
,
(
6.25
%
Cash
or
0.50
%
PIK),
03/09/30
(a)
(b)
(h)
..............
2,360
2,353,384
330,195,308
Total
Corporate
Bonds
—
59.8%
(Cost:
$
657,313,206
)
.............................
599,872,662
Fixed
Rate
Loan
Interests
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan
,
6.05
%
,
11/09/29
(f)
.......
GBP
213
1,438
Total
Fixed
Rate
Loan
Interests
—
0.0%
(Cost:
$
69,149
)
................................
1,438
Floating
Rate
Loan
Interests
Austria
—
0.1%
Innio
Group
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.25
%
,
11/03/31
(a)
...........
EUR
1,000
1,149,783
Cayman
Islands
—
0.0%
Flexsys
Cayman
Holdings
LP,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.34
%
,
08/01/29
(a)
(f)
..........
USD
148
14,816
Finland
—
0.2%
Mehilainen
Yhtiot
Oy,
Facility
1st
Lien
Term
Loan
B9
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
5.19
%
,
08/05/31
(a)
...........
EUR
1,867
2,161,534
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
—
1.2%
(a)
Banijay
Entertainment
SAS,
1st
Lien
Term
Loan
B5
,
07/06/33
(m)
......
EUR
2,000
$
2,305,470
Banijay
Entertainment
SAS,
Facility
1st
Lien
Term
Loan
B6
,
07/04/33
(m)
..
1,000
1,152,735
Betclic
Everest
Group,
Facility
1st
Lien
Term
Loan
B2
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.23
%
,
12/09/31
............
1,527
1,762,545
Cooper
Consumer
Health
SAS,
Facility
1st
Lien
Term
Loan
B5
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.04
%
,
05/19/33
............
1,500
1,740,138
Kersia
International
SAS,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.79
%
,
12/23/30
.
1,000
1,159,734
Parts
Europe
SA,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.99
%
,
02/06/31
......
1,000
1,154,107
Septodont
Holding
SAS,
Facility
1st
Lien
Term
Loan
B
,
06/30/33
(m)
...
1,000
1,160,842
Vivalto
Sante
Investissement,
Facility
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.29
%
,
07/21/31
............
1,000
1,150,682
11,586,253
Germany
—
1.6%
(a)
Autodoc
Holding
SE,
1st
Lien
Term
Loan
B
,
07/15/33
(m)
..........
1,000
1,130,087
BASF
Coatings,
1st
Lien
Term
Loan
B2
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.04
%
,
06/29/33
......
1,000
1,157,682
Blitz
26-281
SE,
Facility
1st
Lien
Term
Loan
B
,
05/27/33
(m)
..........
1,000
1,158,339
Foxtrott
Bidco
GmbH,
1st
Lien
Term
Loan
B
,
07/04/33
(m)
..........
1,000
1,151,132
Nidda
Healthcare
Holding
GmbH,
1st
Lien
Term
Loan
,
12/09/32
(m)
.....
1,000
1,145,701
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.39
%
,
10/31/28
......
3,000
3,437,828
Saphira
Holdings
SARL,
Facility
1st
Lien
Term
Loan
B
,
06/10/33
(m)
...
1,000
1,156,759
Schoen
Klinik
SE,
Facility
1st
Lien
Term
Loan
B3
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.05
%
,
01/13/31
.
1,000
1,152,862
Sgb-Smit
Midco
GmbH,
1st
Lien
Term
Loan
B
,
03/10/33
(m)
..........
900
1,040,429
Sgb-Smit
Midco
GmbH,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.94
%
,
03/10/33
............
1,000
1,156,033
Techem
Verwaltungsgesellschaft
675
mbH,
Facility
1st
Lien
Term
Loan
B7
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.98
%
,
07/15/32
......
1,000
1,151,824
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1
,
(3-mo.
Euribor
at
0.00%
Floor
+
3.00%;
6-mo.
Euribor
at
0.00%
Floor
+
3.00%
at
0.00%
Floor
+
3.00%),
5.15
%
,
04/30/30
.
1,000
1,158,397
15,997,073
Security
Par
(000)
Par
(000)
Value
India
—
0.8%
(a)(m)
Endeavour
Trade
And
Investment
Ltd.,
1st
Lien
Term
Loan
,
10/30/26
....
USD
3,000
$
2,995,500
Utopia
(Upswing
Trustee
Co
Ltd),
1st
Lien
Term
Loan
,
04/06/33
......
4,960
4,960,328
7,955,828
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan
,
16.27
%
,
11/10/27
(a)
(f)
.....
GBP
536
72,278
Luxembourg
—
1.0%
(a)
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
5.25%),
9.12
%
,
07/01/32
(f)
...........
USD
131
130,486
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
A
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.12
%
,
09/01/28
(f)
......
184
183,725
Concrete
Investment
II
SCA,
Facility
1st
Lien
Term
Loan
A2
,
(3-mo.
EURIBOR
+
2.00%),
4.45
%
,
10/30/26
(f)
...........
EUR
96
11
Garfunkelux
Holdco
3
SA,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
6.88
%
,
06/01/32
............
2,000
2,242,877
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A
,
6.00
%
,
12/29/28
...
1,929
844,218
Loire
Finco
Luxembourg
SARL,
1st
Lien
Term
Loan
B4
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.94
%
,
01/21/30
............
1,227
1,425,230
Loire
Finco
Luxembourg
SARL,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
01/31/30
......
USD
3,596
3,607,255
NJJ
Continental
S.A., 1st
Lien
Term
Loan
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.52
%
,
01/30/32
.
EUR
1,226
1,409,830
9,843,632
Netherlands
—
0.9%
(a)
Accell
Group
Holdings
BV,
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
+
7.00%),
9.07
%
(
9.07
%
Cash
or
9.53
%
PIK),
02/09/28
(f)
(h)
.......
1,279
421,760
Nobian
Finance
BV,
1st
Lien
Term
Loan
B
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.65%),
6.16
%
,
07/01/29
.....
2,000
2,237,826
Odido
Holding
BV,
1st
Lien Term
Loan
,
(12-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.73
%
,
03/29/32
......
1,500
1,723,239
TMF
Sapphire
Bidco
BV,
Facility
1st
Lien
Term
Loan
B6
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.57
%
,
05/23/33
............
1,000
1,149,310
Ziggo
BV,
Facility
1st
Lien
Term
Loan
P
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.97
%
,
05/31/33
......
3,139
3,409,141
8,941,276
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
Zealand
—
0.3%
FNZ
NZ
Finco
Ltd.,
1st
Lien
Term
Loan
,
(Daily
SONIA
at
0.00%
Floor
+
6.00%),
9.73
%
,
11/05/31
(a)
(f)
.....
GBP
3,000
$
3,032,438
Spain
—
0.3%
(a)
Boluda
Towage
Luxembourg
SARL,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.04
%
,
06/30/33
............
EUR
1,000
1,157,002
Dycom
Industries,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
02/18/33
(m)
.......
1,000
1,154,418
Seashell
Bidco
SL,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.85
%
,
12/15/32
.....
1,000
1,158,431
3,469,851
Sweden
—
0.2%
Verisure
Holding
AB,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.20
%
,
10/25/32
(a)
2,000
2,316,794
United
Kingdom
—
1.8%
(a)
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B
,
07/04/33
(m)
..........
1,000
1,153,150
Belron
Uk
Finance
plc,
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.47
%
,
10/16/31
.
1,000
1,153,877
Boots
Group
Bidco
Ltd.
(The),
1st
Lien
Term
Loan
,
(Daily
SONIA
at
0.00%
Floor
+
4.50%),
8.23
%
,
08/30/32
.
GBP
1,159
1,570,140
CD&R
Firefly
Bidco
plc,
Facility
1st
Lien
Term
Loan
B12
,
(Daily
SONIA
at
0.00%
Floor
+
4.50%),
8.50
%
,
06/30/31
............
1,825
2,469,384
Eagle
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
02/27/32
(m)
..........
EUR
1,000
1,146,946
EG
Finco
Ltd.,
1st
Lien
Term
Loan
,
02/10/31
(m)
................
3,000
3,458,758
Leased
&
Tenanted
Pubs
1
Ltd.,
2nd
Lien
Term
Loan
,
(Daily
SONIA
at
0.00%
Floor
+
9.38%),
13.10
%
,
10/31/29
(f)
..........
GBP
1,652
2,115,188
Market
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.73
%
,
11/04/30
.
EUR
1,000
1,153,992
Stonepeak
Motion
Finco
LLC,
1st
Lien
Term
Loan
,
06/24/33
(m)
........
2,000
2,300,949
Zegona
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B4
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
4.38
%
,
12/24/31
............
1,115
1,280,728
17,803,112
United
States
—
3.8%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.28
%
,
03/11/30
USD
82
80,156
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.28
%
,
03/11/30
77
75,145
Altar
Bidco,
Inc.,
2nd
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
9.11
%
,
02/01/30
.
7,839
7,549,860
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.43
%
-
10.00
%
05/25/29
............
USD
833
$
48,440
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.25%),
5.18
%
-
10.00
%
05/25/29
......
122
7,065
Avaya,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.23
%
08/01/28
......
50
44,513
Champions
Financing,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.42
%
,
02/06/29
............
—
(n)
18
Clarios
Global
LP,
1st
Lien
Term
Loan
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.94
%
,
01/28/32
......
EUR
1,000
1,153,807
ConnectWise
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.49
%
,
09/29/28
.
USD
175
164,223
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
9.62%),
13.28
%
-
13.45
%
,
07/30/28
(f)
..........
716
717,559
CoreWeave
Compute
Acquisition
Co.
III
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.73
%
-
9.84
%
,
05/16/29
(f)
...........
572
574,482
CoreWeave
Compute
Acquisition
Co.
IV
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.25
%
,
09/29/30
(f)
...........
616
603,474
CoreWeave
Financing
DDTL
V
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
11/17/31
(m)
................
496
494,739
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.25
%
,
04/15/27
.....
46
28,693
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.50%),
9.32
%
,
02/17/31
............
148
148,187
Discovery
Global
Holdings,
Inc.,
1st
Lien
Term
Loan
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.69
%
,
06/03/33
....
EUR
2,291
2,641,048
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
06/03/33
USD
473
473,028
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
08/30/30
............
483
483,864
EIS
Group
Ltd.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.64
%
,
07/08/28
(f)
584
537,335
EIS
Group
Ltd.,
Revolving
Loan
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.64
%
,
07/10/28
(f)
..........
58
53,734
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Engineered
Machinery
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.41
%
,
11/26/32
............
EUR
1,500
$
1,729,725
Finastra
USA,
Inc.,
1st
Lien
Term
Loan
,
09/15/32
(m)
................
1,000
1,093,763
Hologic,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.99
%
,
04/07/33
.
USD
150
147,459
Hudson
River
Trading
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17
%
,
03/18/30
............
100
99,547
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.58
%
,
10/25/28
(d)
(e)
(f)
.........
157
78,703
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.23
%
,
04/26/30
............
313
311,637
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.73
%
,
01/28/32
............
102
100,238
Legence
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
5.73
%
,
12/16/31
............
60
59,638
Maverick
Gaming
LLC,
1st
Lien
Term
Loan
,
(US
Prime
Rate
at
1.00%
Floor
+
7.50%),
15.25
%
06/05/28
(d)
(e)
(f)
.......................
202
—
McAfee
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
03/01/29
.
7,412
6,684,405
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.42
%
,
11/01/30
134
15,374
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
7.00%),
10.80
%
,
11/03/31
224
30,558
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
6.00%),
9.25
%
,
02/16/29
(f)
...........
110
104,841
Montage
Hotels
&
Resorts
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
9.73
%
,
02/16/29
(f)
...........
349
332,017
Multi-Color
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.38%),
8.52
%
(
6.02
%
Cash
or
2.50
%
PIK),
05/11/33
(h)
........
128
106,759
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.38
%
,
02/03/33
.
EUR
1,000
1,147,961
Oakeagle
Acquireco,
Inc.,
1st
Lien
Term
Loan
B2
,
03/24/33
(m)
..........
2,000
2,313,611
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.31
%
,
03/07/33
............
1,000
1,153,150
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
03/18/30
(m)
..............
USD
100
100,111
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Redstone
Buyer
LLC,
1st
Lien
Term
Loan
B1
,
12.00
%
,
12/31/30
.....
USD
861
$
260,382
Resilience
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
02/28/33
............
100
99,792
Runitonetime
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
0.00%),
16.14
%
10/15/26
(f)
195
146,778
Sword
Purchaser
LLC,
1st
Lien
Term
Loan
,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.44
%
,
04/11/33
.
EUR
1,000
1,139,024
Tulip
Holdco
De
LLC,
1st
Lien
Term
Loan
B
,
07/21/33
(m)
..........
1,535
1,735,569
Vital
Bidco
AB,
1st
Lien
Term
Loan
B
,
07/22/33
(m)
................
1,000
1,153,150
Xerox
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%;
3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%
at
0.50%
Floor
+
4.00%),
7.73
%
-
7.82
%
,
11/19/29
............
USD
2,503
1,890,664
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
03/11/30
(m)
........
100
100,124
38,014,350
Total
Floating
Rate
Loan
Interests
—
12.2%
(Cost:
$
127,104,548
)
.............................
122,359,018
Foreign
Agency
Obligations
France
—
0.1%
Electricite
de
France
SA
,
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)
(c)
(k)
EUR
400
438,055
Supranational
—
0.0%
European
Bank
for
Reconstruction
&
Development
,
0.00%
,
03/03/28
(j)
..
TRY
6,500
79,101
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$
461,699
)
................................
517,156
Foreign
Government
Obligations
Italy
—
1.2%
Buoni
Poliennali
del
Tesoro
,
2.85%
,
02/01/31
(c)
................
EUR
10,871
12,288,247
Spain
—
0.1%
Bonos
y
Obligaciones
del
Estado
2.60%
,
05/31/31
............
505
569,483
3.40%
,
10/31/36
(b)
(c)
..........
488
551,767
1,121,250
Total
Foreign
Government
Obligations
—
1.3%
(Cost:
$
13,433,223
)
..............................
13,409,497
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(o)
...............
253,748
$
20,167,891
Total
Investment
Companies
—
2.0%
(Cost:
$
20,280,047
)
..............................
20,167,891
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
2
.3
%
United
States
—
2.3%
(a)(b)
425
Trust
Series
2026-LEX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
5.35%,
07/15/43
...
USD
1,417
1,416,369
Series
2026-LEX,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
9.53%,
07/15/43
...
1,260
1,259,477
BIKE
Pass-Through
Trust
Series
2026-BAND,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
5.83%,
07/15/43
...
800
799,558
Series
2026-BAND,
Class
B,
(1-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
7.83%,
07/15/43
...
800
799,564
BX
Trust,
Series
2026-ORBT,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.68%,
07/15/43
.
796
798,490
CEDR
Commercial
Mortgage
Trust,
Series
2022-SNAI,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
02/15/39
.......
500
496,489
CONE
Commercial
Mortgage
Trust,
Series
2026-ACD6,
Class
D,
8.11%,
07/15/43
.................
1,000
983,868
CSMC
Trust,
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
7.12%,
02/15/27
(f)
4,000
3,992,274
DBC
Mortgage
Trust,
Series
2025-DBC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
11/15/42
..................
1,524
1,525,906
EQT
Trust,
Series
2026-IND1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.35%,
07/15/41
.
2,000
2,004,998
LBA
Trust
Series
2026-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.85%,
07/15/43
...
2,000
2,000,000
Series
2026-LBA6,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
6.55%,
07/15/43
...
2,000
2,000,000
NYC
Commercial
Mortgage
Trust,
Series
2025-11X,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.42%,
10/15/40
.......
1,000
1,003,125
SLG
Office
Trust,
Series
2026-OMA,
Class
E,
6.96%,
04/15/41
......
3,000
2,962,116
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2025-AURA,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
6.57%,
10/15/42
.
USD
996
$
994,608
23,036,842
Total
Non-Agency
Mortgage-Backed
Securities
—
2.3%
(Cost:
$
23,104,268
)
..............................
23,036,842
Preferred
Securities
Capital
Trusts
—
3
.6
%
Belgium
—
0.0%
Ageas
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.88
%
(a)
(c)
(k)
.
EUR
400
466,530
France
—
0.3%
(a)(c)(k)
BNP
Paribas
Cardif
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
6.00
%
...................
1,500
1,721,156
Electricite
de
France
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.07%),
4.38
%
...........
600
674,092
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38
%
.................
GBP
200
278,551
Engie
SA
,
(ADSWAP5
+
2.00%),
6.48
%
AUD
470
330,762
RCI
Banque
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.13
%
....
EUR
200
230,509
3,235,070
Germany
—
0.9%
(a)(c)(k)
Aroundtown
Finance
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.13
%
...........
1,325
1,420,598
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.43%),
5.25
%
...........
1,612
1,767,443
Commerzbank
AG
,
(USISSO05
+
4.32%),
7.50
%
.............
USD
1,000
1,037,220
Deutsche
Bank
AG
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.04%),
6.75
%
...........
EUR
800
945,366
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38
%
...........
2,200
2,727,529
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13
%
...........
800
996,322
8,894,478
Greece
—
0.2%
(a)(c)(k)
Eurobank
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.79%),
6.25
%
....
1,425
1,646,768
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.32%),
5.80
%
...................
325
371,303
2,018,071
India
—
0.2%
HDFC
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70
%
(a)
(c)
(k)
...
USD
1,760
1,752,850
Italy
—
0.0%
Enel
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.82%),
4.50
%
(a)
(c)
(k)
.....
EUR
500
556,392
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Japan
—
0.2%
(a)(c)
Rakuten
Group,
Inc.
,
(5-Year
EUR
Swap
Annual
+
4.74%),
4.25
%
(k)
..
EUR
1,274
$
1,450,564
SoftBank
Group
Corp.
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.46%),
6.50
%
,
10/29/62
............
526
538,197
1,988,761
Luxembourg
—
0.1%
Vivion
Investments
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.16%),
8.13
%
(a)
(c)
(k)
........
1,000
1,029,961
Netherlands
—
0.1%
NN
Group
NV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75
%
(a)
(c)
(k)
.
925
1,083,451
Norway
—
0.1%
Var
Energi
ASA
(a)(c)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.31%),
4.95
%
,
04/29/86
....
525
599,412
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86
%
,
11/15/83
.....
673
838,276
1,437,688
Spain
—
0.3%
Telefonica
Emisiones
SA
(a)(c)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.38
%
...........
1,400
1,581,500
(EUAMDB08
+
2.13%),
4.88
%
...
800
902,084
2,483,584
Sweden
—
0.1%
Heimstaden
Bostad
AB
,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63
%
(a)
(c)
(k)
974
1,106,724
United
Kingdom
—
0.4%
Barclays
plc
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.56%),
6.13
%
(a)
(c)
(k)
.
950
1,095,013
Nationwide
Building
Society
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50
%
(a)
(c)
(k)
..............
GBP
1,050
1,458,370
Vodafone
Group
plc
,
(5-Year
USD
Swap
Semi
+
4.87%),
7.00
%
,
04/04/79
(a)
USD
848
870,896
3,424,279
United
States
—
0.7%
(a)
Energy
Transfer
LP
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.68%),
6.50
%
,
02/15/56
............
833
833,093
Humana,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.63
%
,
09/15/56
822
808,824
PG&E
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.23%),
6.85
%
,
09/15/56
.....
826
817,382
Stellantis
NV
(c)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.77%),
6.25
%
...........
EUR
1,150
1,281,685
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.24%),
6.88
%
...........
975
1,081,147
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.08%),
8.25
%
.................
GBP
925
1,205,869
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Venture
Global
LNG,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00
%
(b)
(k)
.................
USD
77
$
76,690
6,104,690
Total
Capital
Trusts
—
3.6%
(Cost:
$
35,257,594
)
..............................
35,582,529
Shares
Shares
Preferred
Stocks
—
0
.5
%
United
States
—
0.5%
Cap
Hill
Brands
,
Class
E
(e)
(f)
.......
506,652
5
CoreWeave,
Inc.
,
10.00
%
,
(
10.00
%
Cash
or
10.00
%
PIK)
(f)
(h)
.......
430,000
331,100
Cosmed
Corp.
,
Series
C
,
Class
E
(e)
(f)
.
31,051
208,042
Dream
Finders
Homes,
Inc.
(Preference)
,
9.00
%
(f)
(k)
........
2,261
2,261,000
HNG
Hospitality
offshore
LP
,
(Acquired
02/16/24
,
cost
$
723,000
)
(e)
(f)
(g)
...
723,000
506,100
Labels
Buyer
LLC
,
12.00
%
.......
43
34,185
Lessen
Holdings,
Inc.
,
Series
B
(e)
(f)
..
16,373
—
RSA
Security
LLC
,
Class
A
(e)
(f)
.....
141,937
2
RSA
Security
LLC
,
Class
B
(e)
(f)
.....
425,813
4
Veritas
Newco
(e)
(f)
..............
17,298
345,957
Veritas
Newco,
Series
G-1
(e)
......
11,940
238,808
Versa
Networks,
Inc.
,
Series
E
,
(Acquired
10/14/22
,
cost
$
567,638
)
,
12.00
%
,
(
12.00
%
Cash
or
12.00
%
PIK)
(f)
(g)
(h)
.................
194,516
1,330,489
5,255,692
Total
Preferred
Stocks
—
0.5%
(Cost:
$
5,489,072
)
..............................
5,255,692
Total
Preferred
Securities
—
4.1%
(Cost:
$
40,746,666
)
..............................
40,838,221
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(
Issued/Exercisable
12/27/22
,
1
Share
for
1
Warrant,
Expires
12/27/27
,
Strike
Price
USD
11.50
)
(e)
..................
5,012
3
Germany
—
0.0%
Tonies
SE
(
Issued/Exercisable
04/30/21
,
1
Share
for
1
Warrant,
Expires
11/26/26
,
Strike
Price
EUR
11.50
)
(e)
..................
109,736
151,850
Luxembourg
—
0.0%
HomeToGo
SE
(
Issued/Exercisable
02/17/21
,
1
Share
for
1
Warrant,
Expires
09/21/26
,
Strike
Price
EUR
11.50
)
(e)
..................
71,516
1
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
—
0.0%
(e)
Aurora
Innovation,
Inc.
(
Issued/
Exercisable
05/04/21
,
1
Share
for
1
Warrant,
Expires
11/03/26
,
Strike
Price
USD
11.50
)
............
529
$
109
Crown
PropTech
Acquisitions
(
Issued/
Exercisable
01/25/21
,
1
Share
for
1
Warrant,
Expires
03/11/27
,
Strike
Price
USD
11.50
)
............
9,692
688
Flagstar
Financial,
Inc.
,
(Acquired
03/07/24
,
cost
$
0
)
(
Issued/
Exercisable
03/11/24
,
1,000
Shares
for
1
Warrant,
Expires
03/11/31
,
Strike
Price
USD
2.50
)
(f)
(g)
......
43
122,329
Offerpad
Solutions,
Inc.
(
Issued/
Exercisable
10/13/20
,
1
Share
for
1
Warrant,
Expires
09/01/26
,
Strike
Price
USD
11.50
)
............
13,726
8
Palladyne
AI
Corp.
(
Issued/Exercisable
01/15/21
,
1
Share
for
1
Warrant,
Expires
06/15/27
,
Strike
Price
USD
69.00
)
...................
5,599
58
Palladyne
AI
Corp.
(
Issued/Exercisable
12/21/20
,
1
Share
for
1
Warrant,
Expires
09/24/26
,
Strike
Price
USD
11.50
)
...................
20,304
209
Service
King
Midas
International
(
Issued/Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
04/26/27
,
Strike
Price
USD
10.00
)
(f)
580
—
Sonder
Enterprises,
Inc.
(
Issued/
Exercisable
04/11/25
,
1
Share
for
1
Warrant,
Expires
04/11/30
,
Strike
Price
USD
1.00
)
(f)
...........
38,747
1
Sonder
Enterprises,
Inc.
(
Issued/
Exercisable
12/30/24
,
1
Share
for
1
Warrant,
Expires
12/30/29
,
Strike
Price
USD
0.01
)
(f)
...........
3,884
—
Versa
Networks,
Inc.
,
Series
E
,
(Acquired
10/14/22
,
cost
$
0
)
(
Issued/
Exercisable
10/14/22
,
1
Share
for
1
Warrant,
Expires
10/07/32
,
Strike
Price
USD
0.01
)
(f)
(g)
..........
23,975
126,109
Volato
Group,
Inc.
,
(Acquired
12/03/23
,
cost
$
11,228
)
(
Issued/Exercisable
12/04/23
,
1
Share
for
1
Warrant,
Expires
12/03/28
,
Strike
Price
USD
11.50
)
(g)
..................
11,228
112
249,623
Total
Warrants
—
0.0
%
(Cost:
$
73,720
)
................................
401,477
Total
Long-Term
Investments
—
96
.2
%
(Cost:
$
1,036,885,682
)
...........................
965,071,733
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
Borrowed
Bond
Agreements
—
3.8%
(p)
Barclays
Bank
plc
,
1.00
%
,
08/06/26
(Purchased
on
07/29/26
to
be
repurchased
at
USD
2,066,289
,
collateralized
by
MGM
China
Holdings
Ltd.
,
7.13
%,
due
at
06/26/31
,
par
and
fair
value
of
USD
2,000,000
and
$
2,047,500
,
respectively)
...............
USD
2,066
$
2,066,117
Barclays
Bank
plc
,
2.50
%
,
08/06/26
(Purchased
on
07/24/26
to
be
repurchased
at
USD
1,312,104
,
collateralized
by
MGM
Resorts
International
,
6.50
%,
due
at
04/15/32
,
par
and
fair
value
of
USD
1,300,000
and
$
1,287,174
,
respectively)
...............
1,311
1,311,375
Barclays
Bank
plc
,
3.35
%
,
08/06/26
(Purchased
on
07/27/26
to
be
repurchased
at
USD
1,492,616
,
collateralized
by
Primero
Agila
Ltd.
,
7.75
%,
due
at
07/16/31
,
par
and
fair
value
of
USD
1,500,000
and
$
1,482,600
,
respectively)
......
1,492
1,491,922
Barclays
Bank
plc
,
3.40
%
,
08/06/26
(Purchased
on
07/24/26
to
be
repurchased
at
USD
1,975,992
,
collateralized
by
Discovery
Global
Holdings,
Inc.
,
4.28
%,
due
at
03/15/32
,
par
and
fair
value
of
USD
2,200,000
and
$
1,954,856
,
respectively)
...............
1,975
1,974,500
Barclays
Bank
plc
,
3.40
%
,
08/06/26
(Purchased
on
07/24/26
to
be
repurchased
at
USD
172,468
,
collateralized
by
Rivian
Holdings
LLC
,
10.00
%,
due
at
01/15/31
,
par
and
fair
value
of
USD
170,000
and
$
170,688
,
respectively)
........
172
172,338
Barclays
Bank
plc
,
3.40
%
,
08/06/26
(Purchased
on
07/24/26
to
be
repurchased
at
USD
1,304,110
,
collateralized
by
CCO
Holdings
LLC
,
4.50
%,
due
at
05/01/32
,
par
and
fair
value
of
USD
1,500,000
and
$
1,293,580
,
respectively)
......
1,303
1,303,125
Barclays
Bank
plc
,
3.40
%
,
08/06/26
(Purchased
on
07/24/26
to
be
repurchased
at
USD
1,209,373
,
collateralized
by
INEOS
Finance
plc
,
7.50
%,
due
at
04/15/29
,
par
and
fair
value
of
USD
1,200,000
and
$
1,178,237
,
respectively)
......
1,208
1,208,460
Barclays
Bank
plc
,
1.98
%
,
Open
(Purchased
on
01/19/26
to
be
repurchased
at
USD
2,269,609
,
collateralized
by
Aegis
Lux
1a
SARL
,
5.63
%,
due
at
10/29/31
,
par
and
fair
value
of
EUR
1,900,000
and
$
2,220,221
,
respectively)
(q)
.....
EUR
1,950
2,248,256
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc
,
3.00
%
,
Open
(Purchased
on
06/12/26
to
be
repurchased
at
USD
4,872,636
,
collateralized
by
Republic
of
Indonesia
,
5.35
%,
due
at
02/11/49
,
par
and
fair
value
of
USD
5,000,000
and
$
4,493,000
,
respectively)
(q)
..
USD
4,852
$
4,852,418
Barclays
Bank
plc
,
3.40
%
,
Open
(Purchased
on
06/04/26
to
be
repurchased
at
USD
3,271,430
,
collateralized
by
Republic
of
Philippines
,
5.50
%,
due
at
01/17/48
,
par
and
fair
value
of
USD
3,333,000
and
$
3,063,227
,
respectively)
(q)
..
3,254
3,253,607
Barclays
Capital,
Inc.
,
3.40
%
,
Open
(Purchased
on
07/24/26
to
be
repurchased
at
USD
1,200,907
,
collateralized
by
Sirius
XM
Radio
LLC
,
5.88
%,
due
at
04/15/32
,
par
and
fair
value
of
USD
1,200,000
and
$
1,177,531
,
respectively)
(q)
.....
1,200
1,200,000
BNP
Paribas
SA
,
1.80
%
,
Open
(Purchased
on
06/15/26
to
be
repurchased
at
USD
1,846,207
,
collateralized
by
Infrastrutture
Wireless
Italiane
SpA
,
1.75
%,
due
at
04/19/31
,
par
and
fair
value
of
EUR
1,750,000
and
$
1,810,067
,
respectively)
(q)
..............
EUR
1,597
1,842,062
BNP
Paribas
SA
,
2.90
%
,
Open
(Purchased
on
07/06/26
to
be
repurchased
at
USD
414,184
,
collateralized
by
Altice
France
Lux
3
,
10.00
%,
due
at
01/15/33
,
par
and
fair
value
of
USD
400,000
and
$
392,549
,
respectively)
(q)
......
USD
413
413,352
BNP
Paribas
SA
,
3.35
%
,
Open
(Purchased
on
07/06/26
to
be
repurchased
at
USD
615,679
,
collateralized
by
Sirius
XM
Radio
LLC
,
4.13
%,
due
at
07/01/30
,
par
and
fair
value
of
USD
650,000
and
$
607,548
,
respectively)
(q)
......
614
614,250
BofA
Securities,
Inc.
,
3.37
%
,
09/14/26
(Purchased
on
07/16/26
to
be
repurchased
at
USD
399,487
,
collateralized
by
JetBlue
Airways
Corp.
,
9.88
%,
due
at
09/20/31
,
par
and
fair
value
of
USD
452,000
and
$
393,305
,
respectively)
........
399
398,890
J.P.
Morgan
Securities
LLC
,
3.40
%
,
09/22/26
(Purchased
on
07/31/26
to
be
repurchased
at
USD
1,209,114
,
collateralized
by
Olympus
Water
US
Holding
Corp.
,
7.25
%,
due
at
02/15/33
,
par
and
fair
value
of
USD
1,200,000
and
$
1,175,483
,
respectively)
...............
1,209
1,209,000
J.P.
Morgan
Securities
LLC
,
3.41
%
,
09/22/26
(Purchased
on
07/31/26
to
be
repurchased
at
USD
1,288,247
,
collateralized
by
Conagra
Brands,
Inc.
,
5.40
%,
due
at
11/01/48
,
par
and
fair
value
of
USD
1,500,000
and
$
1,266,794
,
respectively)
...
1,288
1,288,125
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
LLC
,
3.41
%
,
09/22/26
(Purchased
on
07/31/26
to
be
repurchased
at
USD
1,403,633
,
collateralized
by
OneMain
Finance
Corp.
,
6.50
%,
due
at
03/15/33
,
par
and
fair
value
of
USD
1,400,000
and
$
1,366,751
,
respectively)
...............
USD
1,404
$
1,403,500
J.P.
Morgan
Securities
plc
,
1.75
%
,
Open
(Purchased
on
05/08/26
to
be
repurchased
at
USD
2,713,793
,
collateralized
by
Intrum
Investments
&
Financing
AB
,
8.50
%,
due
at
09/11/30
,
par
and
fair
value
of
EUR
2,500,000
and
$
2,737,542
,
respectively)
(q)
..............
EUR
2,345
2,703,935
J.P.
Morgan
Securities
plc
,
1.95
%
,
Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
843,182
,
collateralized
by
Banco
Santander
SA
,
3.63
%,
par
and
fair
value
of
EUR
800,000
and
$
890,268
,
respectively)
(k)
(q)
.....
729
840,323
J.P.
Morgan
Securities
plc
,
2.00
%
,
Open
(Purchased
on
05/29/26
to
be
repurchased
at
USD
719,743
,
collateralized
by
Discovery
Global
Holdings,
Inc.
,
4.69
%,
due
at
05/17/33
,
par
and
fair
value
of
EUR
660,000
and
$
715,595
,
respectively)
(q)
..............
622
717,317
Morgan
Stanley
&
Co.
LLC
,
3.40
%
,
Open
(Purchased
on
01/30/26
to
be
repurchased
at
USD
2,535,096
,
collateralized
by
McAfee
Corp.
,
7.38
%,
due
at
02/15/30
,
par
and
fair
value
of
USD
2,980,000
and
$
2,526,668
,
respectively)
(q)
.....
USD
2,492
2,492,025
Morgan
Stanley
&
Co.
LLC
,
3.40
%
,
Open
(Purchased
on
05/29/26
to
be
repurchased
at
USD
1,298,919
,
collateralized
by
Discovery
Global
Holdings,
Inc.
,
5.05
%,
due
at
03/15/42
,
par
and
fair
value
of
USD
1,750,000
and
$
1,216,250
,
respectively)
(q)
.....
1,291
1,291,115
Morgan
Stanley
&
Co.
LLC
,
3.40
%
,
Open
(Purchased
on
05/29/26
to
be
repurchased
at
USD
686,339
,
collateralized
by
Discovery
Global
Holdings,
Inc.
,
4.28
%,
due
at
03/15/32
,
par
and
fair
value
of
USD
740,000
and
$
657,542
,
respectively)
(q)
..............
682
682,215
RBC
Capital
Markets
LLC
,
1.65
%
,
Open
(Purchased
on
06/04/26
to
be
repurchased
at
USD
552,841
,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.50
%,
due
at
06/01/29
,
par
and
fair
value
of
USD
550,000
and
$
550,876
,
respectively)
(q)
......
551
551,375
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC
,
3.05
%
,
Open
(Purchased
on
06/04/26
to
be
repurchased
at
USD
3,804
,
collateralized
by
Zayo
Group
Holdings,
Inc.
,
9.00
%,
due
at
09/09/30
,
par
and
fair
value
of
USD
3,833
and
$
3,756
,
respectively)
(q)
.
USD
4
$
3,785
RBC
Capital
Markets
LLC
,
3.05
%
,
Open
(Purchased
on
06/04/26
to
be
repurchased
at
USD
396,941
,
collateralized
by
Zayo
Group
Holdings,
Inc.
,
9.00
%,
due
at
09/09/30
,
par
and
fair
value
of
USD
400,000
and
$
392,000
,
respectively)
(q)
..............
395
395,000
Total
Borrowed
Bond
Agreements
—
3.8%
(Cost:
$
38,002,330
)
..............................
37,928,387
Shares
Shares
Money
Market
Funds
—
4.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.58
%
(o)
(r)
....
49,172,612
49,172,612
Total
Money
Market
Funds
—
4
.9
%
(Cost:
$
49,172,612
)
..............................
49,172,612
Total
Short-Term
Securities
—
8.7%
(Cost:
$
87,174,942
)
..............................
87,100,999
Total
Options
Purchased
—
0
.1
%
(Cost:
$
1,264,299
)
..............................
836,600
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
105.0%
(Cost:
$
1,125,324,923
)
...........................
1,053,009,332
Total
Options
Written
—
(0.0)
%
(Premiums
Received
—
$
(
647,225
)
)
..................
(
459,874
)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
Corporate
Bonds
—
(
2
.9
)
%
Italy
—
(0.2)%
Infrastrutture
Wireless
Italiane
SpA
,
1.75
%
,
04/19/31
............
EUR
(
1,750
)
(
1,810,067
)
Luxembourg
—
(0.4)%
Aegis
Lux
1a
SARL
,
5.63
%
,
(
5.63
%
Cash
or
6.38
%
PIK),
10/29/31
(h)
..
(
1,900
)
(
2,220,221
)
Altice
France
Lux
3
,
10.00
%
,
01/15/33
(b)
USD
(
400
)
(
392,549
)
INEOS
Finance
plc
,
7.50
%
,
04/15/29
(b)
(
1,200
)
(
1,178,237
)
(
3,791,007
)
Macau
—
(0.2)%
MGM
China
Holdings
Ltd.
,
7.13
%
,
06/26/31
............
(
2,000
)
(
2,047,500
)
Philippines
—
(0.1)%
Primero
Agila
Ltd.
,
7.75
%
,
07/16/31
.
(
1,500
)
(
1,482,600
)
Sweden
—
(0.3)%
Intrum
Investments
&
Financing
AB
,
8.50
%
,
09/11/30
(b)
...........
EUR
(
2,500
)
(
2,737,542
)
Security
Par
(000)
Par
(000)
Value
United
States
—
(1.7)%
CCO
Holdings
LLC
,
4.50
%
,
05/01/32
USD
(
1,500
)
$
(
1,293,580
)
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.50
%
,
06/01/29
(b)
...........
(
550
)
(
550,876
)
Conagra
Brands,
Inc.
,
5.40
%
,
11/01/48
(
1,500
)
(
1,266,794
)
Discovery
Global
Holdings,
Inc.:
4.28
%
,
03/15/32
............
(
2,940
)
(
2,612,398
)
4.69
%
,
05/17/33
............
EUR
(
660
)
(
715,595
)
5.05
%
,
03/15/42
............
USD
(
1,750
)
(
1,216,250
)
JetBlue
Airways
Corp.
,
9.88
%
,
09/20/31
(b)
...........
(
452
)
(
393,305
)
McAfee
Corp.
,
7.38
%
,
02/15/30
(b)
...
(
2,980
)
(
2,526,668
)
MGM
Resorts
International
,
6.50
%
,
04/15/32
............
(
1,300
)
(
1,287,174
)
Olympus
Water
US
Holding
Corp.
,
7.25
%
,
02/15/33
(b)
...........
(
1,200
)
(
1,175,483
)
OneMain
Finance
Corp.
,
6.50
%
,
03/15/33
............
(
1,400
)
(
1,366,751
)
Rivian
Holdings
LLC
,
10.00
%
,
01/15/31
(b)
..........
(
170
)
(
170,688
)
Sirius
XM
Radio
LLC
(b)
:
4.13
%
,
07/01/30
............
(
650
)
(
607,548
)
5.88
%
,
04/15/32
............
(
1,200
)
(
1,177,531
)
Zayo
Group
Holdings,
Inc.
,
9.00
%
,
(
9.00
%
Cash
or
1.88
%
PIK),
09/09/30
(a)
(b)
(h)
..........
(
404
)
(
395,756
)
(
16,756,397
)
Foreign
Government
Obligations
—
(
0
.7
)
%
Indonesia
—
(0.4)%
Republic
of
Indonesia
,
5.35
%
,
02/11/49
(
5,000
)
(
4,493,000
)
Philippines
—
(0.3)%
Republic
of
Philippines
,
5.50
%
,
01/17/48
............
(
3,333
)
(
3,063,227
)
Preferred
Securities
—
(
0
.1
)
%
Spain
—
(0.1)%
Banco
Santander
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63
%
(a)
(k)
.................
EUR
(
800
)
(
890,268
)
Total
Borrowed
Bonds
—
(
3
.7
)
%
(Proceeds:
$
(
37,673,991
)
)
.........................
(
37,071,608
)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Investments
Sold
Short
Investment
Companies
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(o)
..........
(
50,000
)
$
(
4,733,000
)
Janus
Henderson
B-BBB
CLO
ETF
..
(
20,000
)
(
945,800
)
(
5,678,800
)
Total
Investment
Companies
—
(0.6)%
(Proceeds:
$
(
5,621,966
)
)
..........................
(
5,678,800
)
Total
Investments
Sold
Short
—
(
0
.6
)
%
(Proceeds:
$
(
5,621,966
)
)
..........................
(
5,678,800
)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
100
.7
%
(Cost:
$
1,081,381,741
)
...........................
1,009,799,050
Liabilities
in
Excess
of
Other
Assets
—
(
0.7
)
%
............
(
6,911,181
)
Net
Assets
—
100.0%
..............................
$
1,002,887,869
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$5,623,669,
representing
0.56%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,599,385.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Convertible
security.
(j)
Zero-coupon
bond.
(k)
Perpetual
security
with
no
stated
maturity
date.
(l)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(m)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(n)
Rounds
to
less
than
1,000.
(o)
Affiliate
of
the
Fund.
(p)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(q)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(r)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
23
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/26
Shares
Held
at
07/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
89,144,689
$
—
$
(
39,972,077
)
(a)
$
—
$
—
$
49,172,612
49,172,612
$
3,667,397
$
—
iShares
Expanded
Tech-
Software
Sector
ETF
(b)
...
—
1,095,269
(
1,098,434
)
3,165
—
—
—
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
—
20,280,047
—
—
(
112,156
)
20,167,891
253,748
93,580
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
................
—
(
8,946,010
)
4,257,900
23,310
(
68,200
)
(
4,733,000
)
(
50,000
)
(
83,613
)
—
$
26,475
$
(
180,356
)
$
64,607,503
$
3,677,364
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
24
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
231
09/08/26
$
30,324
$
(
290,235
)
Euro-OAT
...............................................................
5
09/08/26
675
(
4,500
)
Euro-Schatz
.............................................................
128
09/08/26
15,565
(
54,475
)
Japan
10-Year
Bond
........................................................
1
09/14/26
799
(
2,693
)
U.S.
Treasury
10-Year
Note
...................................................
158
09/21/26
17,099
(
295,806
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
9
09/21/26
990
(
15,969
)
U.S.
Treasury
Long
Bond
.....................................................
26
09/21/26
2,824
(
91,300
)
U.S.
Treasury
Ultra
Bond
.....................................................
18
09/21/26
1,981
(
76,864
)
U.S.
Treasury
2-Year
Note
....................................................
196
09/30/26
40,316
(
40,745
)
U.S.
Treasury
5-Year
Note
....................................................
304
09/30/26
32,260
(
287,255
)
(
1,159,842
)
Short
Contracts
Euro-Bund
..............................................................
8
09/08/26
1,147
6,737
Australia
10-Year
Bond
......................................................
3
09/15/26
228
2,491
EURO
STOXX
50
Index
.....................................................
5
09/18/26
367
(
3,878
)
Russell
2000
E-Mini
Index
....................................................
24
09/18/26
3,526
36,731
U.S.
Treasury
Long
Bond
.....................................................
14
09/21/26
1,521
39,164
U.S.
Treasury
Ultra
Bond
.....................................................
3
09/21/26
330
(
663
)
80,582
$
(
1,079,260
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
2,900,000
USD
3,302,317
Morgan
Stanley
&
Co.
International
plc
09/16/26
$
47,697
EUR
10,724,000
USD
12,232,432
Societe
Generale
SA
09/16/26
155,689
GBP
184,000
USD
247,785
Bank
of
America
NA
09/16/26
195
JPY
166,944,768
USD
1,024,000
HSBC
Bank
plc
09/16/26
28,933
USD
305,677
AUD
433,000
UBS
AG
09/16/26
1,246
USD
2,122,105
CHF
1,669,000
JPMorgan
Chase
Bank
NA
09/16/26
47,656
USD
270,708,653
EUR
232,499,000
BNP
Paribas
SA
09/16/26
2,131,094
USD
5,975,064
EUR
5,139,000
Deutsche
Bank
AG
09/16/26
38,608
USD
442,903
EUR
380,000
HSBC
Bank
plc
09/16/26
3,936
USD
1,024,000
JPY
161,869,824
Morgan
Stanley
&
Co.
International
plc
09/16/26
3,075
USD
256,014
HKD
2,000,000
Deutsche
Bank
AG
09/17/26
585
2,458,714
USD
720,624
AUD
1,025,000
Deutsche
Bank
AG
09/16/26
(
26
)
USD
20,607,990
EUR
18,027,000
BNP
Paribas
SA
09/16/26
(
216,391
)
USD
2,559,518
EUR
2,238,000
Citibank
NA
09/16/26
(
25,768
)
USD
37,589,425
EUR
32,816,000
Deutsche
Bank
AG
09/16/26
(
318,871
)
USD
12,731,258
EUR
11,145,000
Goldman
Sachs
International
09/16/26
(
143,192
)
USD
23,652,075
EUR
20,710,000
HSBC
Bank
plc
09/16/26
(
271,646
)
USD
3,440,468
EUR
3,000,000
JPMorgan
Chase
Bank
NA
09/16/26
(
25,064
)
USD
5,139,424
EUR
4,479,000
Morgan
Stanley
&
Co.
International
plc
09/16/26
(
34,615
)
USD
4,582,787
EUR
4,002,000
UBS
AG
09/16/26
(
40,234
)
USD
3,995,705
GBP
3,027,000
Citibank
NA
09/16/26
(
83,843
)
USD
2,967,894
GBP
2,236,000
Goldman
Sachs
International
09/16/26
(
45,607
)
USD
3,189,349
GBP
2,397,000
JPMorgan
Chase
Bank
NA
09/16/26
(
41,136
)
USD
24,226,256
GBP
18,050,000
UBS
AG
09/16/26
(
100,090
)
USD
77,413
TRY
3,829,000
BNP
Paribas
SA
09/16/26
(
251
)
EUR
783,911
USD
907,858
BNP
Paribas
SA
09/17/26
(
2,265
)
USD
350,195
AUD
500,000
Morgan
Stanley
&
Co.
International
plc
09/17/26
(
1,336
)
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
25
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
3,918,705
EUR
3,414,000
Deutsche
Bank
AG
09/17/26
$
(
25,230
)
(
1,375,565
)
$
1,083,149
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
50
Index
.......................
112
09/18/26
EUR
6,600.00
EUR
7,121
$
57,602
EURO
STOXX
Bank
Index
.....................
294
09/18/26
EUR
310.00
EUR
4,558
187,736
Russell
2000
E-Mini
Index
......................
44
09/18/26
USD
3,300.00
USD
6,464
3,080
Russell
2000
E-Mini
Index
......................
44
09/18/26
USD
2,900.00
USD
6,464
225,500
473,918
Put
EURO
STOXX
50
Index
.......................
69
09/18/26
EUR
6,125.00
EUR
4,387
53,032
$
526,950
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
08/13/26
JPY
162.00
USD
2,635
$
3,409
Put
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
08/13/26
JPY
162.00
USD
2,635
53,527
S&P
500
Index
..........
BNP
Paribas
SA
211
09/18/26
USD
6,950.00
USD
1,580
7,884
S&P
500
Index
..........
BNP
Paribas
SA
336
09/18/26
USD
7,198.61
USD
2,517
21,884
EURO
STOXX
50
Index
....
Goldman
Sachs
International
377
10/16/26
EUR
6,070.26
EUR
2,397
38,572
Nasdaq-100
E-Mini
Index
...
BNP
Paribas
SA
70
10/16/26
USD
27,601.17
USD
1,979
59,902
S&P
500
Index
..........
BNP
Paribas
SA
234
11/20/26
USD
7,198.61
USD
1,753
32,481
S&P
500
Index
..........
BNP
Paribas
SA
210
12/18/26
USD
7,198.61
USD
1,573
34,877
S&P
500
Index
..........
BNP
Paribas
SA
349
12/18/26
USD
7,186.05
USD
2,614
57,108
306,235
$
309,644
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.15%
Annual
Deutsche
Bank
AG
08/07/26
4
.15
%
USD
2,419
$
6
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
50
Index
........................
30
09/18/26
EUR
6,300.00
EUR
1,907
$
(
64,328
)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
26
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Russell
2000
E-Mini
Index
.......................
88
09/18/26
USD
3,100.00
USD
12,927
$
(
74,800
)
(
139,128
)
Put
EURO
STOXX
50
Index
........................
69
09/18/26
EUR
5,700.00
EUR
4,387
(
17,067
)
$
(
156,195
)
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
.......
Goldman
Sachs
International
377
10/16/26
EUR
5,925.00
EUR
2,397
$
(
27,953
)
Nasdaq-100
E-Mini
Index
......
BNP
Paribas
SA
70
10/16/26
USD
27,000.00
USD
1,979
(
47,772
)
S&P
500
Index
.............
BNP
Paribas
SA
234
11/20/26
USD
7,198.61
USD
1,753
(
32,481
)
S&P
500
Index
.............
BNP
Paribas
SA
210
12/18/26
USD
7,198.61
USD
1,573
(
34,878
)
S&P
500
Index
.............
BNP
Paribas
SA
349
12/18/26
USD
7,025.00
USD
2,614
(
46,938
)
$
(
190,022
)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.50%
Annual
BNP
Paribas
SA
10/08/26
4
.50
%
USD
1,537
$
(
8,796
)
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
3.08%
Annual
Morgan
Stanley
&
Co.
International
plc
10/12/26
3
.08
EUR
14,678
(
45,877
)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
3.13%
Annual
Morgan
Stanley
&
Co.
International
plc
10/12/26
3
.13
EUR
6,272
(
37,491
)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.35%
Annual
Citibank
NA
10/21/26
4
.35
USD
2,664
(
11,899
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Annual
Goldman
Sachs
International
11/02/26
4
.50
USD
6,190
(
9,594
)
$
(
113,657
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
44.V3
.....................
5
.00
%
Quarterly
06/20/30
USD
980
$
(
83,113
)
$
(
49,966
)
$
(
33,147
)
iTraxx
Europe
Crossover
Index
Series
44.V1
.
5
.00
Quarterly
12/20/30
EUR
15,825
(
2,001,561
)
(
1,707,553
)
(
294,008
)
Markit
CDX
North
American
High
Yield
Index
Series
45.V3
.....................
5
.00
Quarterly
12/20/30
USD
7,840
(
640,110
)
(
460,605
)
(
179,505
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1
.00
Quarterly
12/20/30
USD
27,160
(
591,157
)
(
546,666
)
(
44,491
)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
45.V1
.....................
1
.00
Quarterly
06/20/31
USD
5,000
(
70,878
)
(
57,187
)
(
13,691
)
iTraxx
Europe
Crossover
Index
Series
45.V1
.
5
.00
Quarterly
06/20/31
EUR
228
(
27,651
)
(
15,641
)
(
12,010
)
iTraxx
Europe
Main
Index
Series
45.V1
.....
1
.00
Quarterly
06/20/31
EUR
728
(
18,494
)
(
10,771
)
(
7,723
)
iTraxx
Europe
Main
Index
Series
45.V1
.....
1
.00
Quarterly
06/20/31
EUR
44,649
(
1,133,978
)
(
1,066,817
)
(
67,161
)
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
27
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Senior
Financials
Index
Series
45.V1
.........................
1
.00
%
Quarterly
06/20/31
EUR
1,937
$
(
47,209
)
$
(
21,843
)
$
(
25,366
)
Markit
CDX
North
American
High
Yield
Index
Series
46.V2
.....................
5
.00
Quarterly
06/20/31
USD
299
(
24,285
)
(
11,295
)
(
12,990
)
Republic
of
the
Philippines
.............
1
.00
Quarterly
06/20/31
USD
5,000
(
75,127
)
(
51,668
)
(
23,459
)
Tencent
Holdings
Ltd.
.................
1
.00
Quarterly
06/20/31
USD
4,000
(
81,220
)
(
75,130
)
(
6,090
)
$
(
4,794,783
)
$
(
4,075,142
)
$
(
719,641
)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Xerox
Corp.
.............
1
.00
%
Quarterly
Barclays
Bank
plc
12/20/26
USD
300
$
14,222
$
29,285
$
(
15,063
)
BorgWarner,
Inc.
..........
1
.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
2,000
(
24,826
)
7,697
(
32,523
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/27
USD
750
(
5,821
)
55,589
(
61,410
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
510
(
3,958
)
36,783
(
40,741
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
450
(
3,493
)
35,159
(
38,652
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
1,500
(
11,642
)
154,761
(
166,403
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
300
(
2,328
)
22,774
(
25,102
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
500
(
3,881
)
36,082
(
39,963
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,000
(
7,762
)
97,760
(
105,522
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
5,250
(
64,334
)
22,690
(
87,024
)
Simon
Property
Group
LP
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
3,650
(
44,727
)
15,805
(
60,532
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
600
(
9,604
)
18,138
(
27,742
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
117
(
1,873
)
2,330
(
4,203
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
775
(
14,094
)
10,064
(
24,158
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
200
(
3,083
)
(
468
)
(
2,615
)
Gap,
Inc.
(The)
...........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,000
(
8,681
)
74,344
(
83,025
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
200
(
3,479
)
1,386
(
4,865
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
750
(
75,990
)
(
48,544
)
(
27,446
)
Simon
Property
Group
LP
....
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
USD
2,000
(
47,970
)
(
8,307
)
(
39,663
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
USD
1,300
(
201,302
)
(
174,366
)
(
26,936
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
1,000
(
154,848
)
(
136,856
)
(
17,992
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
1,500
(
153,725
)
(
192,697
)
38,972
iTraxx
Europe
Main
Index
Series
44.V1
...............
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
26,168
(
228,241
)
(
204,102
)
(
24,139
)
iTraxx
Europe
Main
Index
Series
44.V1
...............
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
13,084
(
114,121
)
(
121,996
)
7,875
American
Airlines
Group,
Inc.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
500
(
18,623
)
11,722
(
30,345
)
American
Airlines
Group,
Inc.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
500
(
18,623
)
11,722
(
30,345
)
Bayerische
Motoren
Werke
AG
1
.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
3,243
(
92,440
)
(
60,934
)
(
31,506
)
CMA
CGM
SA
............
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
EUR
1,658
(
244,032
)
(
123,362
)
(
120,670
)
Constellium
SE
...........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
EUR
1,658
(
315,555
)
(
213,590
)
(
101,965
)
HP,
Inc.
................
1
.00
Quarterly
Citibank
NA
06/20/31
USD
2,000
(
9,644
)
7,758
(
17,402
)
HP,
Inc.
................
1
.00
Quarterly
Citibank
NA
06/20/31
USD
2,000
(
9,644
)
7,758
(
17,402
)
HSBC
Holdings
plc
........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
2,934
(
100,103
)
(
91,422
)
(
8,681
)
International
Consolidated
Airlines
Group
SA
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,000
(
653,044
)
(
561,553
)
(
91,491
)
Lanxess
AG
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
EUR
2,460
115,376
200,159
(
84,783
)
Mercedes-Benz
Group
AG
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,243
(
95,331
)
(
60,934
)
(
34,397
)
Paramount
Global
.........
1
.00
Quarterly
Bank
of
America
NA
06/20/31
USD
1,788
136,238
147,610
(
11,372
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
USD
11,070
(
57,791
)
156,745
(
214,536
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
USD
4,500
(
23,492
)
63,718
(
87,210
)
UniCredit
SpA
............
1
.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
1,348
(
29,903
)
(
9,684
)
(
20,219
)
Volkswagen
International
Finance
NV
...........
1
.00
Quarterly
Citibank
NA
06/20/31
EUR
1,621
(
5,554
)
9,947
(
15,501
)
Volvo
Car
AB
............
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,287
(
532,705
)
(
396,580
)
(
136,125
)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
28
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
UniCredit
SpA
............
1
.00
%
Quarterly
BNP
Paribas
SA
06/20/36
EUR
1,405
$
83,366
$
88,781
$
(
5,415
)
$
–
$
–
$
–
$
(
3,047,065
)
$
(
1,078,828
)
$
(
1,968,237
)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Altice
France
SA
......
5
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
CCC+
EUR
535
$
20,965
$
10,522
$
10,443
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
125
6,712
(
4,744
)
11,456
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
182
9,783
(
6,911
)
16,694
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
248
13,359
(
9,713
)
23,072
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Goldman
Sachs
International
12/20/27
NR
EUR
400
21,530
24,289
(
2,759
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
377
20,270
(
16,348
)
36,618
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
1,060
59,253
15,771
43,482
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
760
42,483
29,549
12,934
CMA
CGM
SA
........
5
.00
Quarterly
Bank
of
America
NA
12/20/27
BB+
EUR
800
63,432
(
5,026
)
68,458
CMA
CGM
SA
........
5
.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
942
74,691
(
6,526
)
81,217
Bellis
Acquisition
Co.
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
890
50,033
5,625
44,408
Worldline
SA
.........
5
.00
Quarterly
BNP
Paribas
SA
06/20/28
BB
EUR
811
(
46,872
)
(
46,375
)
(
497
)
ZF
Europe
Finance
BV
..
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
BB-
EUR
831
72,113
20,679
51,434
iTraxx
Europe
Crossover
Index
Series
40.V4
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/28
BB-
EUR
2,246
213,181
118,228
94,953
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
B-
EUR
1,257
(
176,055
)
90,914
(
266,969
)
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Deutsche
Bank
AG
12/20/28
B-
EUR
695
3,989
44,790
(
40,801
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
NR
EUR
712
78,328
(
9,602
)
87,930
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
B+
EUR
726
71,112
64,614
6,498
Forvia
SE
...........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB-
EUR
695
94,852
69,622
25,230
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
10,861
1,690,413
1,007,970
682,443
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
3,073
478,236
250,154
228,082
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
B
USD
250
(
1,714
)
(
12,571
)
10,857
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
50
746
(
75
)
821
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
110
1,642
(
328
)
1,970
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
50
746
(
90
)
836
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
110
8,698
11,258
(
2,560
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
80
6,326
7,720
(
1,394
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,000
79,077
128,891
(
49,814
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB-
USD
650
51,400
69,612
(
18,212
)
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
29
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Vistra
Operations
Co.
LLC
5
.00
%
Quarterly
Barclays
Bank
plc
06/20/30
NR
USD
3,000
$
467,875
$
343,336
$
124,539
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Citibank
NA
06/20/30
NR
USD
650
101,373
66,853
34,520
Zegona
Finance
plc
....
5
.00
Quarterly
BNP
Paribas
SA
06/20/30
BB
EUR
332
51,412
45,580
5,832
Zegona
Finance
plc
....
5
.00
Quarterly
Deutsche
Bank
AG
06/20/30
BB
EUR
324
50,116
35,128
14,988
Zegona
Finance
plc
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB
EUR
498
77,118
58,572
18,546
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
500
35,012
54,098
(
19,086
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,000
70,023
108,196
(
38,173
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,000
70,023
93,657
(
23,634
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
650
45,515
74,802
(
29,287
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
2,000
140,046
215,557
(
75,511
)
Eutelsat
SA
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
EUR
878
155,132
104,401
50,731
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
3,271
222,936
253,997
(
31,061
)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
6,542
445,872
462,279
(
16,407
)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
6,142
1,299,185
1,346,335
(
47,150
)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
14,114
2,985,459
2,794,325
191,134
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B
USD
1,500
(
27,146
)
(
58,132
)
30,986
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B
USD
500
(
9,049
)
(
18,726
)
9,677
Premier
Foods
Finance
plc
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB+
EUR
680
115,504
94,019
21,485
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
2,000
28,617
392
28,225
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Citibank
NA
12/20/30
BB+
USD
2,000
28,617
4,700
23,917
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB+
USD
2,000
28,617
196
28,421
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
1,000
169,619
154,296
15,323
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
650
110,252
100,292
9,960
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
2,650
449,491
418,315
31,176
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
650
110,252
104,338
5,914
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
500
84,810
80,260
4,550
ZF
Europe
Finance
BV
..
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
EUR
322
40,141
34,214
5,927
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Deutsche
Bank
AG
12/20/30
B-
EUR
624
(
42,102
)
16,288
(
58,390
)
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
B-
EUR
677
(
45,678
)
9,022
(
54,700
)
Albion
Financing
1
SARL
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB-
EUR
1,000
149,469
85,275
64,194
Albion
Financing
1
SARL
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB-
EUR
695
103,881
58,566
45,315
Allwyn
Entertainment
Financing
UK
plc
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
479
77,207
59,979
17,228
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Citibank
NA
06/20/31
NR
USD
4,000
641,209
660,107
(
18,898
)
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Citibank
NA
06/20/31
NR
USD
2,500
400,755
412,567
(
11,812
)
CPI
Property
Group
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
19,911
18,205
1,706
CPI
Property
Group
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
19,911
18,234
1,677
CPI
Property
Group
SA
..
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB
EUR
692
47,676
55,726
(
8,050
)
Discovery
Global
Holdings,
Inc.
.............
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
3,350
(
281,000
)
(
387,979
)
106,979
Discovery
Global
Holdings,
Inc.
.............
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
650
(
54,522
)
(
75,280
)
20,758
Essendi
SA
..........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B+
EUR
433
48,610
36,020
12,590
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
30
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
%
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
433
$
46,080
$
32,734
$
13,346
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
292
31,075
22,822
8,253
Jaguar
Land
Rover
Automotive
plc
.....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
BBB-
EUR
603
64,431
68,639
(
4,208
)
MGM
Resorts
International
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
1,650
192,808
181,603
11,205
MGM
Resorts
International
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
650
75,955
71,540
4,415
Multiversity
SpA
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
B
EUR
686
56,356
21,570
34,786
Multiversity
SpA
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
B
EUR
695
57,095
12,299
44,796
Newell
Brands,
Inc.
....
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
500
(
40,124
)
(
71,588
)
31,464
Newell
Brands,
Inc.
....
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
1,500
(
120,372
)
(
214,763
)
94,391
Nidda
Healthcare
Holding
GmbH
...........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
289
32,026
29,191
2,835
Opal
Bidco
SAS
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
B+
EUR
695
105,324
55,000
50,324
Public
Power
Corp.
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
47,965
39,255
8,710
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
650
98,829
85,027
13,802
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
1,500
228,068
196,217
31,851
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
2,000
304,091
261,623
42,468
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Citibank
NA
06/20/31
BB+
USD
4,000
608,181
523,246
84,935
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B+
USD
1,000
181,703
161,963
19,740
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B+
USD
1,650
299,810
267,240
32,570
Commerzbank
AG
.....
1
.00
Quarterly
BNP
Paribas
SA
06/20/36
NR
EUR
1,405
(
76,292
)
(
78,998
)
2,706
$
13,633,887
$
11,454,529
$
2,179,358
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Equity
Swap
Contracts
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Long
contracts
(a)
AMC
Global
Media,
Inc.
.......
Barclays
Bank
plc
USD
27,036
08/23/26
0.20%
1D
OBFR01
Monthly
$
2,767
AMC
Global
Media,
Inc.
.......
JPMorgan
Chase
Bank
NA
45,577
02/09/27
0.20%
1D
OBFR01
Monthly
5,114
CSG
NV
..................
Merrill
Lynch
International
&
Co.
831,312
02/15/28
0.26%
1D
ESTR
Monthly
168,758
Eagle
Bancorp,
Inc.
..........
JPMorgan
Chase
Bank
NA
19,878
02/09/27
0.20%
1D
OBFR01
Monthly
1,184
Paramount
Skydance
Corp.
.....
JPMorgan
Chase
Bank
NA
233,103
02/09/27
0.20%
1D
OBFR01
Monthly
(
42,795
)
Total
long
positions
of
equity
swaps
135,028
Short
contracts
(b)
Brandywine
Realty
Trust
.......
Merrill
Lynch
International
&
Co.
(
15,700
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
500
Citigroup
Capital
XIII
.........
JPMorgan
Chase
Bank
NA
(
95,001
)
02/09/27
(0.15)%
1D
OBFR01
Monthly
3,445
Community
Financial
System,
Inc.
JPMorgan
Chase
Bank
NA
(
21,748
)
02/09/27
(0.15)%
1D
OBFR01
Monthly
166
CSG
NV
..................
Barclays
Bank
plc
(
466,656
)
07/14/27
(0.26)%
1D
ESTR
Monthly
(
9,595
)
CVB
Financial
Corp.
..........
JPMorgan
Chase
Bank
NA
(
18,601
)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(
168
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
JPMorgan
Chase
Bank
NA
(
2,551,430
)
02/09/27
(1.13)%
1D
OBFR01
Monthly
5,765
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Merrill
Lynch
International
&
Co.
(
644,865
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
2,667
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Citibank
NA
(
422,172
)
02/24/28
(0.92)%
1D
OBFR01
Monthly
213
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
795,897
)
02/09/27
(0.38)%
1D
OBFR01
Monthly
10,497
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
31
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
iShares
Preferred
&
Income
Securities
ETF
...........
Merrill
Lynch
International
&
Co.
USD
(
1,485,070
)
02/15/28
(0.50)%
1D
OBFR01
Monthly
$
7,275
Pagaya
Technologies
Ltd.
......
Barclays
Bank
plc
(
50,293
)
08/23/26
(0.38)%
1D
OBFR01
Monthly
(
7,189
)
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
691,134
)
02/09/27
(0.37)%
1D
OBFR01
Monthly
4,731
Total
short
positions
of
equity
swaps
18,307
Total
long
and
short
position
of
equity
swaps
153,335
Net
dividends
and
financing
fees
6,104
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
159,439
(a)
The
Fund
receives
the
total
return
on
a
reference
entity
and
pays
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
position.
(b)
The
Fund
pays
the
total
return
on
a
reference
entity
and
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
position.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
3
.62
%
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.71
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
—
$
(
4,075,142
)
$
—
$
(
719,641
)
$
—
OTC
Swaps
.....................................................
13,804,871
(
3,429,170
)
3,264,764
(
2,894,204
)
—
Options
Written
...................................................
N/A
N/A
244,561
(
57,210
)
(
459,874
)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
36,731
$
—
$
48,392
$
—
$
85,123
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,458,714
—
—
2,458,714
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
—
779,658
56,936
6
—
836,600
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
16,850,449
219,186
—
—
—
17,069,635
$
—
$
16,850,449
$
1,035,575
$
2,515,650
$
48,398
$
—
$
20,450,072
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
32
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,878
$
—
$
1,160,505
$
—
$
1,164,383
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,375,565
—
—
1,375,565
Options
written
(b)
Options
written
at
value
.....................
—
—
346,217
—
113,657
—
459,874
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
719,641
—
—
—
—
719,641
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
6,263,627
59,747
—
—
—
6,323,374
$
—
$
6,983,268
$
409,842
$
1,375,565
$
1,274,162
$
—
$
10,042,837
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
July
31,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
(
1,304,412
)
$
—
$
(
584,415
)
$
—
$
(
1,888,827
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
10,536,257
—
—
10,536,257
Options
purchased
(a)
.....................
—
(
1,263,953
)
(
4,883,599
)
—
(
531,162
)
—
(
6,678,714
)
Options
written
........................
—
458,649
2,972,275
—
—
—
3,430,924
Swaps
..............................
—
590,909
614,889
—
(
21
)
—
1,205,777
$
—
$
(214,395)
$
(2,600,847)
$
10,536,257
$
(1,115,598)
$
—
$
6,605,417
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
227,489
$
—
$
(
1,095,342
)
$
—
$
(
867,853
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
5,162,022
)
—
—
(
5,162,022
)
Options
purchased
(b)
.....................
—
85,680
(
182,894
)
21,211
94,849
—
18,846
Options
written
........................
—
(
22,562
)
195,560
—
(
46,747
)
—
126,251
Swaps
..............................
—
(
1,221,376
)
302,375
—
13
—
(
918,988
)
$
—
$
(1,158,258)
$
542,530
$
(5,140,811)
$
(1,047,227)
$
—
$
(6,803,766)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
33
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
64,465,498
Average
notional
value
of
contracts
—
short
.................................................................................
11,677,732
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
348,834,009
Average
amounts
sold
—
in
USD
........................................................................................
9,704,703
Options
Average
value
of
option
contracts
purchased
................................................................................
1,108,043
Average
value
of
option
contracts
written
...................................................................................
513,536
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
62,148,994
Average
notional
value
of
swaption
contracts
written
...........................................................................
69,283,029
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
177,953,414
Average
notional
value
—
sell
protection
...................................................................................
145,615,457
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
—
(a)
Average
notional
value
—
receives
fixed
rate
................................................................................
—
(a)
Equity
swaps
Average
notional
value
—
long
..........................................................................................
2,200,196
Average
notional
value
—
short
.........................................................................................
7,268,708
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
37,649
$
230,392
Forward
f
oreign
currency
exchange
contracts
.................................................................
2,458,714
1,375,565
Options
(a)
(b)
........................................................................................
836,600
459,874
Swaps
—
centrally
cleared
..............................................................................
—
141,024
Swaps
—
OTC
(c)
.....................................................................................
17,063,531
6,323,374
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
20,396,494
$
8,530,229
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
564,599
)
(
527,611
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
19,831,895
$
8,002,618
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statement
of
Assets
and
Liabilities.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
34
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
(b)
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
...............................
$
2,325,266
$
(
557,804
)
$
(
1,767,462
)
$
—
$
—
Barclays
Bank
plc
................................
890,874
(
455,377
)
—
(
360,000
)
75,497
BNP
Paribas
SA
.................................
10,130,322
(
1,175,274
)
—
(
7,190,000
)
1,765,048
Citibank
NA
.....................................
2,072,287
(
442,395
)
(
169,892
)
(
1,460,000
)
—
Deutsche
Bank
AG
................................
572,920
(
454,451
)
—
(
118,469
)
—
Goldman
Sachs
International
.........................
518,329
(
518,329
)
—
—
—
HSBC
Bank
plc
..................................
32,869
(
32,869
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
1,939,405
(
1,939,405
)
—
—
—
Merrill
Lynch
International
&
Co.
.......................
179,200
—
—
—
179,200
Morgan
Stanley
&
Co.
International
plc
..................
1,013,488
(
693,995
)
—
(
319,493
)
—
Societe
Generale
SA
..............................
155,689
—
—
—
155,689
UBS
AG
.......................................
1,246
(
1,246
)
—
—
—
$
19,831,895
$
(
6,271,145
)
$
(
1,937,354
)
$
(
9,447,962
)
$
2,175,434
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
...............................
$
557,804
$
(
557,804
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
455,377
(
455,377
)
—
—
—
BNP
Paribas
SA
.................................
1,175,274
(
1,175,274
)
—
—
—
Citibank
NA
.....................................
442,395
(
442,395
)
—
—
—
Deutsche
Bank
AG
................................
454,451
(
454,451
)
—
—
—
Goldman
Sachs
International
.........................
1,389,670
(
518,329
)
—
(
530,000
)
341,341
HSBC
Bank
plc
..................................
271,646
(
32,869
)
—
—
238,777
JPMorgan
Chase
Bank
NA
..........................
2,421,682
(
1,939,405
)
—
(
290,000
)
192,277
Morgan
Stanley
&
Co.
International
plc
..................
693,995
(
693,995
)
—
—
—
UBS
AG
.......................................
140,324
(
1,246
)
—
—
139,078
$
8,002,618
$
(
6,271,145
)
$
—
$
(
820,000
)
$
911,473
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
receivable/payable
on
the
Statement
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
137,488,378
$
—
$
137,488,378
Common
Stocks
Bermuda
.............................................
—
—
47,185
47,185
Canada
.............................................
59,825
—
—
59,825
Chile
...............................................
—
—
3,740
3,740
Germany
............................................
2,613
—
11
2,624
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
35
Level
1
Level
2
Level
3
Total
Luxembourg
..........................................
$
—
$
626,610
$
—
$
626,610
United
Kingdom
........................................
81,137
—
73
81,210
United
States
..........................................
2,181,164
1,631,040
2,345,755
6,157,959
Corporate
Bonds
Angola
..............................................
—
2,972,565
—
2,972,565
Australia
.............................................
—
1,107,545
317,821
1,425,366
Austria
..............................................
—
2,841,989
—
2,841,989
Canada
.............................................
—
7,669,336
2,718,920
10,388,256
Chile
...............................................
—
141,728
—
141,728
China
...............................................
—
13,533,639
—
13,533,639
Czech
Republic
........................................
—
4,333,417
—
4,333,417
Denmark
.............................................
—
5,357,134
—
5,357,134
Finland
..............................................
—
329,433
—
329,433
France
..............................................
—
22,784,591
343,002
23,127,593
Germany
............................................
—
19,901,118
527,157
20,428,275
Hong
Kong
...........................................
—
13,636,280
—
13,636,280
India
...............................................
—
5,230,360
—
5,230,360
Indonesia
............................................
—
1,308,333
—
1,308,333
Ireland
..............................................
—
1,835,983
—
1,835,983
Israel
...............................................
—
1,853,986
—
1,853,986
Italy
................................................
—
9,403,905
—
9,403,905
Japan
...............................................
—
13,892,395
—
13,892,395
Jersey,
Channel
Islands
...................................
—
7,588,932
—
7,588,932
Luxembourg
..........................................
—
24,978,188
—
24,978,188
Malaysia
.............................................
—
3,795,280
—
3,795,280
Mauritius
.............................................
—
5,452,700
14,227,783
19,680,483
Netherlands
...........................................
—
4,367,471
—
4,367,471
Norway
..............................................
—
3,098,131
—
3,098,131
Philippines
...........................................
—
856,950
—
856,950
Portugal
.............................................
—
12,228,003
—
12,228,003
Singapore
............................................
—
3,516,924
—
3,516,924
Slovenia
.............................................
—
3,126,633
—
3,126,633
South
Africa
...........................................
—
410,291
—
410,291
South
Korea
..........................................
—
1,970,900
—
1,970,900
Spain
...............................................
—
4,211,020
—
4,211,020
Sweden
.............................................
—
1,934,725
—
1,934,725
Switzerland
...........................................
—
2,109,975
—
2,109,975
United
Kingdom
........................................
—
43,762,811
—
43,762,811
United
States
..........................................
—
328,628,788
1,566,520
330,195,308
Fixed
Rate
Loan
Interests
..................................
—
—
1,438
1,438
Floating
Rate
Loan
Interests
Austria
..............................................
—
1,149,783
—
1,149,783
Cayman
Islands
........................................
—
—
14,816
14,816
Finland
..............................................
—
2,161,534
—
2,161,534
France
..............................................
—
11,586,253
—
11,586,253
Germany
............................................
—
15,997,073
—
15,997,073
India
...............................................
—
7,955,828
—
7,955,828
Jersey,
Channel
Islands
...................................
—
—
72,278
72,278
Luxembourg
..........................................
—
9,529,410
314,222
9,843,632
Netherlands
...........................................
—
8,519,516
421,760
8,941,276
New
Zealand
..........................................
—
—
3,032,438
3,032,438
Spain
...............................................
—
3,469,851
—
3,469,851
Sweden
.............................................
—
2,316,794
—
2,316,794
United
Kingdom
........................................
—
15,687,924
2,115,188
17,803,112
United
States
..........................................
—
34,865,427
3,148,923
38,014,350
Foreign
Agency
Obligations
.................................
—
517,156
—
517,156
Foreign
Government
Obligations
..............................
—
13,409,497
—
13,409,497
Investment
Companies
....................................
20,167,891
—
—
20,167,891
Non-Agency
Mortgage-Backed
Securities
United
States
..........................................
—
19,044,568
3,992,274
23,036,842
Preferred
Securities
Belgium
.............................................
—
466,530
—
466,530
France
..............................................
—
3,235,070
—
3,235,070
Germany
............................................
—
8,894,478
—
8,894,478
Fair
Value
Hierarchy
as
of Period
End
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
36
Level
1
Level
2
Level
3
Total
Greece
..............................................
$
—
$
2,018,071
$
—
$
2,018,071
India
...............................................
—
1,752,850
—
1,752,850
Italy
................................................
—
556,392
—
556,392
Japan
...............................................
—
1,988,761
—
1,988,761
Luxembourg
..........................................
—
1,029,961
—
1,029,961
Netherlands
...........................................
—
1,083,451
—
1,083,451
Norway
..............................................
—
1,437,688
—
1,437,688
Spain
...............................................
—
2,483,584
—
2,483,584
Sweden
.............................................
—
1,106,724
—
1,106,724
United
Kingdom
........................................
—
3,424,279
—
3,424,279
United
States
..........................................
—
6,377,683
4,982,699
11,360,382
Warrants
..............................................
152,864
174
248,439
401,477
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
37,928,387
—
37,928,387
Money
Market
Funds
......................................
49,172,612
—
—
49,172,612
Options
Purchased
Equity
contracts
..........................................
526,950
252,708
—
779,658
Foreign
currency
exchange
contracts
...........................
—
56,936
—
56,936
Interest
rate
contracts
......................................
—
6
—
6
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
4,860
—
4,860
Liabilities
Borrowed
Bonds
.........................................
—
(
37,071,608
)
—
(
37,071,608
)
Investment
Sold
Short
Investment
Companies
....................................
(
5,678,800
)
—
—
(
5,678,800
)
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
—
(
1,715
)
(
1,715
)
$
66,666,256
$
903,155,086
$
40,440,727
$
1,010,262,069
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
3,045,578
$
—
$
3,045,578
Equity
contracts
...........................................
36,731
219,186
—
255,917
Foreign
currency
exchange
contracts
............................
—
2,458,714
—
2,458,714
Interest
rate
contracts
.......................................
48,392
—
—
48,392
Liabilities
Credit
contracts
...........................................
—
(
3,554,098
)
—
(
3,554,098
)
Equity
contracts
...........................................
(
160,073
)
(
249,769
)
—
(
409,842
)
Foreign
currency
exchange
contracts
............................
—
(
1,375,565
)
—
(
1,375,565
)
Interest
rate
contracts
.......................................
(
1,160,505
)
(
113,657
)
—
(
1,274,162
)
$
(
1,235,455
)
$
430,389
$
—
$
(
805,066
)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
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
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
Schedule
of
Investments
37
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
year
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
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,
as
of
July
31,
2025
...................
$
1,579,556
$
41,673,523
$
—
$
9,709,712
$
3,963,065
$
6,371,701
$
(
358
)
$
410,822
$
63,708,021
Transfers
into
Level
3
(a)
............................
109,445
365,184
2,818
3,287,788
—
—
—
—
3,765,235
Transfers
out
of
Level
3
(b)
(c)
..........................
—
—
—
(
85,468
)
—
(
268,660
)
—
(
1
)
(
354,129
)
Accrued
discounts/premiums
.........................
—
17,902
17,357
72,936
12,619
—
—
—
120,814
Net
realized
gain
(loss)
............................
—
978,067
—
8,790
—
(
471,141
)
—
(
39,602
)
476,114
Net
change
in
unrealized
appreciation
(depreciation)
(d)
(e)
.......
409,370
(
2,387,941
)
(
18,737
)
(
1,273,222
)
16,590
228,857
(
1,357
)
(
122,780
)
(
3,149,220
)
Purchases
.....................................
298,393
12,070,683
—
4,929,644
—
208,043
—
—
17,506,763
Sales
........................................
—
(
33,016,215
)
—
(
7,530,555
)
—
(
1,086,101
)
—
—
(
41,632,871
)
Closing
balance,
as
of
July
31,
2026
....................
$
2,396,764
$
19,701,203
$
1,438
$
9,119,625
$
3,992,274
$
4,982,699
$
(
1,715
)
$
248,439
$
40,440,727
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2026
(e)
........................
$
409,370
$
(
2,391,364
)
$
(
18,737
)
$
(
1,318,617
)
$
16,590
$
(
50,058
)
$
(
1,357
)
$
500
$
(
3,353,673
)
(a)
As
of
July
31,
2025,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
July
31,
2026,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
July
31,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
1
in
the
fair
value
hierarchy.
(c)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
July
31,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(d)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(e)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2026
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Credit
Relative
Value
Fund
38
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end. The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$6,909,940.
See
notes
to
financial
statements.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Common
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
1,567,705
Market
EBITDA
Multiple
9.75x
—
Revenue
Multiple
3.25x
—
Time
to
Exit
5.6
years
—
Volatility
75%
—
Discount
for
Lack
of
Marketability
11%
—
Corporate
Bonds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
19,701,203
Income
Discount
Rate
6%
-
19%
10%
Market
Direct
Profit
Multiple
2.00x
—
Floating
Rate
Loan
Interests
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3,384,431
Income
Discount
Rate
10%
-
17%
13%
Market
EBITDA
Multiple
5.00x
—
Non-Agency
Mortgage-Backed
Securities
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3,992,274
Income
Discount
Rate
8%
—
Preferred
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4,636,736
Income
Discount
Rate
10%
—
Market
Revenue
Multiple
9.75x
—
Time
to
Exit
3.0
years
—
Volatility
90%
—
EBITDA
Multiple
8.50x
-
10.50x
10.50x
Warrants
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
248,438
Market
Time
to
Exit
4.6
years
—
Volatility
43%
—
Revenue
Multiple
7.25x
—
$
33,530,787
(a)
A
significant
change
in
unobservable
input
could
result
in
a
correlated
or
inverse
change
in
value.
Statement
of
Assets
and
Liabilities
July
31,
2026
39
Statement
of
Assets
and
Liabilities
BlackRock
Credit
Relative
Value
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
983,668,829
Investments,
at
value
—
affiliated
(b)
..........................................................................................
69,340,503
Cash
.............................................................................................................
6,795,736
Cash
pledged:
–
Collateral
—
exchange-traded
options
written
.................................................................................
7,386,000
Collateral
—
OTC
derivatives
............................................................................................
2,264,766
Futures
contracts
....................................................................................................
1,858,880
Centrally
cleared
swaps
................................................................................................
2,086,600
Foreign
currency,
at
value
(c)
...............................................................................................
1,239,851
Receivables:
–
Investments
sold
....................................................................................................
14,118,215
Options
written
......................................................................................................
9,595
Swaps
..........................................................................................................
344
Capital
shares
sold
...................................................................................................
5,474,856
Dividends
—
affiliated
.................................................................................................
174,222
Interest
—
unaffiliated
.................................................................................................
12,621,996
From
the
Manager
...................................................................................................
2,117
Due
from
broker
.....................................................................................................
303,953
Variation
margin
on
futures
contracts
.......................................................................................
37,649
Swap
premiums
paid
...................................................................................................
13,804,871
Unrealized
appreciation
on:
–
Forward
foreign
currency
exchange
contracts
.................................................................................
2,458,714
OTC
swaps
........................................................................................................
3,264,764
Unfunded
floating
rate
loan
interests
.......................................................................................
4,860
Prepaid
e
xpenses
.....................................................................................................
93,909
Total
a
ssets
.........................................................................................................
1,127,011,230
LIABILITIES
Investments
sold
short,
at
value
(d)
...........................................................................................
945,800
Investments
sold
short,
at
value
—
affiliated
(e)
...................................................................................
4,733,000
Cash
received:
–
Collateral
—
OTC
derivatives
............................................................................................
9,938,658
Borrowed
bonds,
at
value
(f)
...............................................................................................
37,071,608
Options
written,
at
value
(g)
................................................................................................
459,874
Payables:
–
Investments
purchased
................................................................................................
55,982,565
Administration
fees
...................................................................................................
39,351
Capital
shares
redeemed
...............................................................................................
4,876,106
Interest
expense
....................................................................................................
614,015
Investment
advisory
fees
..............................................................................................
798,142
Trustees'
and
Officer's
fees
.............................................................................................
30,917
Other
affiliate
fees
...................................................................................................
375
Professional
fees
....................................................................................................
127,256
Service
and
distribution
fees
.............................................................................................
45,347
Variation
margin
on
futures
contracts
.......................................................................................
230,392
Variation
margin
on
centrally
cleared
swaps
..................................................................................
141,024
Other
accrued
expenses
...............................................................................................
388,277
Swap
premiums
received
................................................................................................
3,429,170
Unrealized
depreciation
on:
–
Forward
foreign
currency
exchange
contracts
.................................................................................
1,375,565
OTC
swaps
........................................................................................................
2,894,204
Unfunded
floating
rate
loan
interests
.......................................................................................
1,715
Total
li
abilities
........................................................................................................
124,123,361
Commitments
and
contingent
liabilities
$
–
NET
ASSETS
........................................................................................................
$
1,002,887,869
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2026
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
40
See
notes
to
financial
statements.
BlackRock
Credit
Relative
Value
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,616,497,170
Accumulated
loss
.....................................................................................................
(
613,609,301
)
NET
ASSETS
........................................................................................................
$
1,002,887,869
(a)
Investments,
at
cost
—
unaffiliated
.................................................................................
$
1,055,872,264
(b)
Investments,
at
cost
—
affiliated
...................................................................................
$
69,452,659
(c)
Foreign
currency,
at
cost
.......................................................................................
$
1,240,765
(d)
Proceeds
received
from
short
sales
—
unaffiliated
.......................................................................
$
957,166
(e)
Proceeds
received
from
short
sales
—
affiliated
.........................................................................
$
4,664,800
(f)
Proceeds
received
from
borrowed
bonds
.............................................................................
$
37,673,991
(g)
Premiums
received
...........................................................................................
$
647,225
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2026
41
Statement
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Credit
Relative
Value
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
766,206,324
Shares
outstanding
...................................................................................................
83,375,588
Net
asset
value
.....................................................................................................
$
9.19
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
A
Net
assets
.........................................................................................................
$
34,523,672
Shares
outstanding
...................................................................................................
3,748,559
Net
asset
value
.....................................................................................................
$
9.21
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
C
Net
assets
.........................................................................................................
$
1,891,021
Shares
outstanding
...................................................................................................
205,708
Net
asset
value
.....................................................................................................
$
9.19
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Class
K
Net
assets
.........................................................................................................
$
200,266,852
Shares
outstanding
...................................................................................................
21,775,840
Net
asset
value
.....................................................................................................
$
9.20
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Statement
of
Operations
Year
Ended
July
31,
2026
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
42
See
notes
to
financial
statements.
BlackRock
Credit
Relative
Value
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
643,098
Dividends
—
affiliated
.................................................................................................
3,760,977
Interest
—
unaffiliated
.................................................................................................
50,098,583
Payment-in-kind
interest
—
unaffiliated
.....................................................................................
1,967,602
Foreign
taxes
withheld
................................................................................................
(
24,674
)
Total
investment
income
.................................................................................................
56,445,586
EXPENSES
Investment
advisory
..................................................................................................
7,914,930
Transfer
agent
—
class
specific
..........................................................................................
755,656
Administration
.....................................................................................................
345,760
Professional
.......................................................................................................
332,978
Accounting
services
..................................................................................................
198,437
Administration
—
class
specific
..........................................................................................
124,973
Registration
.......................................................................................................
119,615
Service
and
distribution
—
class
specific
....................................................................................
116,095
Printing
and
postage
.................................................................................................
82,262
Custodian
.........................................................................................................
40,925
Trustees
and
Officer
..................................................................................................
15,840
Miscellaneous
......................................................................................................
145,293
Total
expenses
excluding
dividend
expense
and
interest
expense
.....................................................................
10,192,764
Dividends
expense
—
unaffiliated
.........................................................................................
49,646
Dividends
expense
—
affiliated
..........................................................................................
83,613
Interest
expense
....................................................................................................
2,037,194
Total
expenses
.......................................................................................................
12,363,217
Less:
–
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(
90,098
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
78,171
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(
90,806
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
12,104,142
Net
investment
income
..................................................................................................
44,341,444
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
18,313,170
)
Net
realized
gain
(loss)
from:
$
–
Investments
—
unaffiliated
...........................................................................................
(
2,121,472
)
Investments
—
affiliated
.............................................................................................
3,165
Borrowed
bonds
..................................................................................................
68,340
Forward
foreign
currency
exchange
contracts
...............................................................................
10,536,257
Foreign
currency
transactions
.........................................................................................
(
3,486,028
)
Futures
contracts
..................................................................................................
(
1,888,827
)
Options
written
...................................................................................................
3,430,924
Short
sales
—
affiliated
..............................................................................................
23,310
Swaps
.........................................................................................................
1,205,777
A
7,771,446
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(
20,562,050
)
Investments
—
affiliated
.............................................................................................
(
112,156
)
Borrowed
bonds
..................................................................................................
1,510,538
Forward
foreign
currency
exchange
contracts
...............................................................................
(
5,162,022
)
Foreign
currency
translations
..........................................................................................
(
45,006
)
Futures
contracts
..................................................................................................
(
867,853
)
Options
written
...................................................................................................
126,251
Short
sales
—
unaffiliated
............................................................................................
11,366
Short
sales
—
affiliated
..............................................................................................
(
68,200
)
Swaps
.........................................................................................................
(
918,988
)
Unfunded
floating
rate
loan
interests
.....................................................................................
3,503
A
(26,084,617)
Net
realized
and
unrealized
loss
............................................................................................
(18,313,171)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
26,028,273
Statements
of
Changes
in
Net
Assets
43
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Credit
Relative
Value
Fund
Year
Ended
07/31/26
Year
Ended
07/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
44,341,444
$
47,800,852
Net
realized
gain
(loss)
..............................................................................
7,771,446
(
6,618,788
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
26,084,617
)
22,764,619
Net
increase
in
net
assets
resulting
from
operations
.............................................................
26,028,273
63,946,683
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
31,963,599
)
(
39,052,065
)
Investor
A
......................................................................................
(
2,034,137
)
(
3,076,056
)
Investor
C
......................................................................................
(
91,563
)
(
144,960
)
Class
K
.......................................................................................
(
10,959,835
)
(
13,352,684
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(45,049,134
)
(55,625,765
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
203,050,773
(61,492,654
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
184,029,912
(
53,171,736
)
Beginning
of
year
....................................................................................
818,857,957
872,029,693
End
of
year
........................................................................................
$
1,002,887,869
$
818,857,957
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
44
BlackRock
Credit
Relative
Value
Fund
Institutional
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
..........................
$
9.42
$
9.34
$
8.80
$
9.26
$
10.25
Net
investment
income
(a)
................................
0
.49
0
.54
0
.56
0
.43
0
.28
Net
realized
and
unrealized
gain
(loss)
.......................
(
0
.19
)
0
.18
0
.28
(
0
.19
)
(
0
.92
)
Net
increase
(decrease)
from
investment
operations
...............
0.30
0.72
0.84
0.24
(0.64
)
Distributions
from
net
investment
income
(b)
...................
(0.53
)
(0.64
)
(0.30
)
(0.70
)
(0.35
)
Net
asset
value,
end
of
year
..............................
$
9.19
$
9.42
$
9.34
$
8.80
$
9.26
Total
Return
(c)
Based
on
net
asset
value
.................................
3.25
%
8.06
%
9.69
%
(d)
2.88
%
(6.42
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
........................................
1.50
%
1.41
%
1.47
%
1.49
%
1.34
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
1.46
%
1.37
%
1.46
%
1.47
%
1.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
..
1.20
%
1.20
%
1.18
%
1.17
%
1.12
%
Net
investment
income
..................................
5.31
%
5.84
%
6.19
%
4.87
%
2.89
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
766,206
$
588,398
$
617,576
$
783,811
$
1,077,774
Portfolio
turnover
rate
....................................
104
%
(f)
113
%
(f)
110
%
(f)
132
%
(f)
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
underlying
investments
in
equity
swaps.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
45
Financial
Highlights
BlackRock
Credit
Relative
Value
Fund
Investor
A
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
..........................
$
9.44
$
9.35
$
8.81
$
9.24
$
10.24
Net
investment
income
(a)
................................
0
.48
0
.53
0
.54
0
.40
0
.26
Net
realized
and
unrealized
gain
(loss)
.......................
(
0
.21
)
0
.18
0
.27
(
0
.17
)
(
0
.93
)
Net
increase
(decrease)
from
investment
operations
...............
0.27
0.71
0.81
0.23
(0.67
)
Distributions
from
net
investment
income
(b)
...................
(0.50
)
(0.62
)
(0.27
)
(0.66
)
(0.33
)
Net
asset
value,
end
of
year
..............................
$
9.21
$
9.44
$
9.35
$
8.81
$
9.24
Total
Return
(c)
Based
on
net
asset
value
.................................
2.99
%
7.90
%
9.40
%
(d)
2.76
%
(6.75
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
........................................
1.74
%
1.65
%
1.71
%
1.76
%
1.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
1.66
%
1.57
%
1.68
%
1.70
%
1.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
..
1.40
%
1.40
%
1.40
%
1.40
%
1.39
%
Net
investment
income
..................................
5.14
%
5.65
%
5.97
%
4.50
%
2.70
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
34,524
$
41,962
$
49,769
$
65,580
$
136,073
Portfolio
turnover
rate
....................................
104
%
(f)
113
%
(f)
110
%
(f)
132
%
(f)
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
underlying
investments
in
equity
swaps.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
46
BlackRock
Credit
Relative
Value
Fund
Investor
C
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
..........................
$
9.41
$
9.31
$
8.73
$
9.14
$
10.09
Net
investment
income
(a)
................................
0
.41
0
.46
0
.47
0
.34
0
.18
Net
realized
and
unrealized
gain
(loss)
.......................
(
0
.20
)
0
.17
0
.28
(
0
.19
)
(
0
.91
)
Net
increase
(decrease)
from
investment
operations
...............
0.21
0.63
0.75
0.15
(0.73
)
Distributions
from
net
investment
income
(b)
...................
(0.43
)
(0.53
)
(0.17
)
(0.56
)
(0.22
)
Net
asset
value,
end
of
year
..............................
$
9.19
$
9.41
$
9.31
$
8.73
$
9.14
Total
Return
(c)
Based
on
net
asset
value
.................................
2.27
%
7.03
%
8.64
%
(d)
1.84
%
(7.37
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
........................................
2.53
%
2.40
%
2.48
%
2.51
%
2.37
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
2.41
%
2.32
%
2.44
%
2.45
%
2.36
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
..
2.15
%
2.15
%
2.15
%
2.15
%
2.15
%
Net
investment
income
..................................
4.39
%
4.92
%
5.22
%
3.82
%
1.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,891
$
2,002
$
2,961
$
4,735
$
9,827
Portfolio
turnover
rate
....................................
104
%
(f)
113
%
(f)
110
%
(f)
132
%
(f)
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
underlying
investments
in
equity
swaps.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
47
Financial
Highlights
BlackRock
Credit
Relative
Value
Fund
Class
K
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
..........................
$
9.43
$
9.34
$
8.81
$
9.27
$
10.26
Net
investment
income
(a)
................................
0
.50
0
.55
0
.57
0
.44
0
.29
Net
realized
and
unrealized
gain
(loss)
.......................
(
0
.20
)
0
.19
0
.26
(
0
.20
)
(
0
.92
)
Net
increase
(decrease)
from
investment
operations
...............
0.30
0.74
0.83
0.24
(0.63
)
Distributions
from
net
investment
income
(b)
...................
(0.53
)
(0.65
)
(0.30
)
(0.70
)
(0.36
)
Net
asset
value,
end
of
year
..............................
$
9.20
$
9.43
$
9.34
$
8.81
$
9.27
Total
Return
(c)
Based
on
net
asset
value
.................................
3.33
%
8.29
%
9.66
%
(d)
2.98
%
(6.35
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
........................................
1.39
%
1.30
%
1.38
%
1.40
%
1.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
1.38
%
1.29
%
1.37
%
1.38
%
1.26
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees
and
expenses
on
short
sales
..
1.11
%
1.13
%
1.09
%
1.09
%
1.05
%
Net
investment
income
..................................
5.42
%
5.92
%
6.29
%
4.95
%
2.97
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
200,267
$
186,496
$
201,724
$
234,247
$
318,157
Portfolio
turnover
rate
....................................
104
%
(f)
113
%
(f)
110
%
(f)
132
%
(f)
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
underlying
investments
in
equity
swaps.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
48
1.
ORGANIZATION
BlackRock
Funds
IV (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business trust.
BlackRock
Credit
Relative
Value
Fund
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
a diversified fund
under
the
1940
Act.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
Shares
are
generally
sold
with
an
initial
sales
charge,
and
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
Investor
C
Shares
may
be
subject
to
a
1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-
kind
interest
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2026
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Share
Class
Initial
Sales
Charge
CDSC
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
49
Notes
to
Financial
Statements
Cash:
The
Fund
may
maintain
cash
at its
custodian,
which
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
Distributions:
Distributions
from
net
investment
income
are
declared and
paid
at
least
annually.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”), the
trustees
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent
Trustees
as
if
the
Independent
Trustees
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the Trustees’
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
are
distributed
in
accordance
with
the
Plan.
Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the
Statement
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund’s
financial
statements.
Recent
Accounting
Standard:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Tax
Disclosures
(“ASU
2023-09”)
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Fund’s
adoption
of
the
new
standard
did
not
have
a
material
impact
on financial
statement
disclosures
and
did
not
affect
the
Fund’s
financial
position
or
results
of
operations.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities:
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized) traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Fixed-income investments
and
certain
derivative
instruments for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
(including
evaluated
prices) provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
50
Shares
of
underlying
exchange-traded
closed-end
funds
or
other
exchange-traded
funds
(“ETFs”)
are
valued
at
their
most
recent
closing
price.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
net
asset
value
(“NAV”).
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
(except
ETF
options,
equity
index
options
or
those
that
are
customized)
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Customized
exchange-traded
equity
options,
ETF
options,
equity
index
options
and
over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Interest
rate,
credit
default,
inflation
and
currency
swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
market
data
and discounted
cash
flows.
Total
return
and
equity swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
models
that
incorporate
market
trades
and
fair
value
of
the
underlying
reference
instruments.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(vi)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/
or default
rates
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(viii) relevant
market
news
and
other
public
sources.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
a
market
approach to
determine the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure.
Private
Companies
are
not
subject
to
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Notes
to
Financial
Statements
(continued)
51
Notes
to
Financial
Statements
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid.
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury.
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than its
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
52
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option.
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions.
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies.
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Fund
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
the
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statement
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations.
As
of
period
end, the
Fund
had
the
following
unfunded
floating
rate
loan
interests:
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BlackRock
Credit
Relative
Value
Fund
CoreWeave
Financing
DDTL
V
LLC,
Delayed
Draw
1st
Lien
Term
Loan
.........................................
$
648,021
$
641,540
$
646,400
$
4,860
BlackRock
Credit
Relative
Value
Fund
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan
..
35,214
35,214
33,499
(
1,715
)
BlackRock
Credit
Relative
Value
Fund
Seashell
Bidco
SL,
Facility
1st
Lien
Term
Loan
B
............
221,175
232,746
232,746
–
$
3,145
Notes
to
Financial
Statements
(continued)
53
Notes
to
Financial
Statements
Borrowed
Bond
Agreements:
Repurchase
agreements
may
be
referred
to
as
borrowed
bond
agreements
when
entered
into
in
connection
with
short
sales
of
bonds.
In
a
borrowed
bond
agreement,
a
fund
borrows
a
bond
from
a
counterparty
in
exchange
for
cash
collateral.
The
agreement
contains
a
commitment
that
the
security
and
the
cash
will
be
returned
to
the
counterparty
and
a
fund
at
a
mutually
agreed
upon
date.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Earnings
on
cash
collateral
and
compensation
to
the
lender
of
the
bond
are
based
on
agreed
upon
rates
between
a
fund
and
the
counterparty.
The
value
of
the
underlying
cash
collateral
approximates
the
market
value
and
accrued
interest
of
the
borrowed
bond.
To
the
extent
that
a
borrowed
bond
transaction
exceeds
one
business
day,
the
value
of
the
cash
collateral
in
the
possession
of
the
counterparty
is
monitored
on
a
daily
basis
to
ensure
the
adequacy
of
the
collateral.
As
the
market
value
of
the
borrowed
bond
changes,
the
cash
collateral
is
periodically
increased
or
decreased
with
a
frequency
and
in
amounts
prescribed
in
the
borrowed
bond
agreement.
A
fund
may
also
experience
delays
in
gaining
access
to
the
collateral.
Borrowed
bond
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”),
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
borrowed
bond
agreements,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
to
the
extent
that
the
aggregate
market
value
of
the
cash
collateral
and
the
purchased
securities
it
holds
is
less
than
the
repurchase
price.
As
such,
the
receipt
of
any
shortfall
or
any
closeout
amount
owed
to
a
fund
upon
termination
of
the
MRA
could
be
delayed
or
not
received
at
all.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund’s
open
borrowed
bond
agreements
by
counterparty
which
are
subject
to
offset
under
an
MRA
on
a
net
basis:
Short
Sale
Transactions:
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
(borrowed
bond)
and
deliver
the
fixed-income
security
to
the
counterparty
to
which
it
sold
the
security
short.
An
amount
equal
to
the
proceeds
received
by
a
fund
is
reflected
as
an
asset
and
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
is
required
to
repay
the
counterparty
interest
on
the
security
sold
short,
which,
if
applicable,
is
included
in
interest
expense
in
the
Statement
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is
limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Counterparty
Borrowed
Bond
Agreements
(a)
Borrowed
Bonds
at
Value
including
Accrued
Interest
(b)
Exposure
Due
(to)/from
Counterparty
before
Collateral
Non-Cash
Collateral
Received
Cash
Collateral
Received
Non-Cash
Collateral
Pledged
Including
Accrued
Interest
Cash
Collateral
Pledged
Net
Collateral
(Received)/
Pledged
Net
Exposure
Due
(to)/from
Counterparty
(c)
Barclays
Bank
plc
..............
$
19,882,118
$
(
19,464,942
)
$
417,176
$
—
$
—
$
—
$
—
$
—
$
417,176
Barclays
Capital,
Inc.
............
1,200,000
(
1,206,363
)
(
6,363
)
—
—
—
—
—
(
6,363
)
BNP
Paribas
SA
...............
2,869,664
(
2,824,333
)
45,331
—
—
—
—
—
45,331
BofA
Securities,
Inc.
.............
398,890
(
398,362
)
528
—
—
—
—
—
528
J.P.
Morgan
Securities
LLC
........
3,900,625
(
3,892,821
)
7,804
—
—
—
—
—
7,804
J.P.
Morgan
Securities
plc
.........
4,261,575
(
4,385,864
)
(
124,289
)
—
—
—
—
—
(
124,289
)
Morgan
Stanley
&
Co.
LLC
........
4,465,355
(
4,547,166
)
(
81,811
)
—
—
—
—
—
(
81,811
)
RBC
Capital
Markets
LLC
.........
950,160
(
965,754
)
(
15,594
)
—
—
—
—
—
(
15,594
)
$
37,928,387
$
(
37,685,605
)
$
242,782
$
—
$
—
$
—
$
—
$
—
$
242,782
...........................................
(a)
Included
in
Investments
at
value-unaffiliated
in
the
Statement
of
Assets
and
Liabilities.
(b)
Includes
accrued
interest
on
borrowed
bonds
in
the
amount
of
$613,997
which
is
included
in
interest
expense
payable
in
the
Statement
of
Assets
and
Liabilities.
(c)
Net
exposure
represents
the
net
receivable
(payable)
that
would
be
due
from/to
the
counterparty
in
the
event
of
default.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
54
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities. The
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption are
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Interest
rate
caps
and
floors
—
Interest
rate
caps
and
floors
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
(interest
rate
risk
and/or
other
risk).
Caps
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
exceed
a
specified
rate,
or
“cap.”
Floors
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate indexes
fall
below
a
specified
rate,
or
“floor.”
The
maximum
potential
amount
of
future
payments
that
the
Fund
would
be
required
to
make
under
an
interest
rate
cap
would
be
the
notional
amount
times
the
percentage
increase
in
interest
rates
determined
by
the
difference
between
the
interest
rate
index
current
value
and
the
value
at
the
time
the
cap
was
entered
into.
Foreign
currency
options –
The
Fund
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
Notes
to
Financial
Statements
(continued)
55
Notes
to
Financial
Statements
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Equity
swaps
—
Equity
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Equity
swaps
are
designed
to
function
as
direct
economic
investments
in
long
or
short
equity
positions.
This
means
that
a
fund
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid.
Equity
swaps
incur
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
value
of
the
position.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between the
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, 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
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparty
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
56
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
majority-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”)
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
Sub-Adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution
and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Fund.
The
ongoing
service and/or
distribution
fee compensates BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the year
ended
July
31,
2026,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
majority-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.015% of
the
average
daily
net
assets
of
each
respective
class.
For
the
year
ended
July
31,
2026,
the
Fund
paid
the
following
to
the
Manager
in
return
for
these
services,
which
are
included
in
administration —
class
specific
in
the
Statement
of
Operations:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year
ended
July
31,
2026
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.95%
In
excess
of
$1
billion
but
not
exceeding
$3
billion
.................................................................................
0.89
In
excess
of
$3
billion
but
not
exceeding
$5
billion
................................................................................
0.86
In
excess
of
$5
billion
but
not
exceeding
$6.5
billion
................................................................................
0.83
In
excess
of
$6.5
billion
but
not
exceeding
$10
billion
...............................................................................
0.80
Greater
than
$10
billion
...................................................................................................
0.76
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0
.25
%
—
%
Investor
C
.................................................................................................
0
.25
0
.75
Investor
A
Investor
C
Total
Service
and
distribution
-
class
specific
.............................................................
$
95,539
$
20,556
$
116,095
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
In
excess
of
$500
million
but
not
exceeding
$1
billion
..............................................................................
0.0400
In
excess
of
$1
billion
but
not
exceeding
$2
billion
...............................................................................
0.0375
In
excess
of
$2
billion
but
not
exceeding
$4
billion
................................................................................
0.0350
In
excess
of
$4
billion
but
not
exceeding
$13
billion
...............................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
89,823
$
5,732
$
309
$
29,109
$
124,973
Notes
to
Financial
Statements
(continued)
57
Notes
to
Financial
Statements
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the year
ended
July
31,
2026,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
year ended
July
31,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
year
ended
July
31,
2026
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$398
.
For
the year
ended
July
31,
2026,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers,
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
July
31,
2026
,
the
amount
waived
was
$
74,314
.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds that
have
a
contractual
management
fee
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the Manager
in
the
Statement
of
Operations.
For
the
year ended
July
31,
2026, the
Manager
waived
$3,857
in
investment
advisory
fees
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit net
total
annual
operating
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2027,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund. For
the year
ended
July
31,
2026,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
year ended
July
31,
2026,
class
specific
expense
waivers
and/or
reimbursements were as
follows:
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Fund’s
Chief
Compliance
Officer,
which
is
included
in
Trustees
and
Officer
in
the
Statement
of
Operations.
7.
PURCHASES
AND
SALES
For
the year
ended
July
31,
2026,
purchases
and
sales
of
investments,
including
paydowns/payups
and excluding
short-term
securities,
were
as
follows:
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
Amount
....................................................
$
1,007
$
711
$
329
$
363
$
2,410
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
697,077
$
44,048
$
3,042
$
11,489
$
755,656
Fund
Name
Investor
C
BlackRock
Credit
Relative
Value
Fund
............................................................................................
$
33
Institutional
Investor
A
Investor
C
Class
K
Expense
Limitations
................................................
1
.20
%
1
.40
%
2
.15
%
1
.15
%
Share
Class
Administration
Fees
Waived
by
the
Manager
—
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
—
Class
Specific
Institutional
....................................................................................
$
84,072
$
66,370
Investor
A
.....................................................................................
5,718
22,546
Investor
C
.....................................................................................
308
1,890
$
90,098
$
90,806
Other
Securities
Fund
Name
Purchases
Sales
BlackRock
Credit
Relative
Value
Fund
........................................................................
$
1,033,074,019
$
748,225,423
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
58
8.
INCOME
TAX
INFORMATION
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns. No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
July
31,
2026,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund’s
NAV.
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2026,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
amortization
methods
of
premiums
on
fixed
income
securities,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
and
foreign
currency
exchange
contracts,
the
accrual
of
income
on
securities
in
default,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements,
the
deferral
of
compensation
to
Trustees
and
classification
of
investments.
As
of
July
31,
2026, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
BANK
BORROWINGS
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
SOFR
(but
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2027
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
July
31,
2026,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
PRINCIPAL
RISKS
In
the
normal
course
of
business,
the
Fund
invests in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Fund
Name
Year
Ended
07/31/26
Year
Ended
07/31/25
BlackRock
Credit
Relative
Value
Fund
Ordinary
income
......................................................................................
$
45,049,134
$
55,625,765
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Credit
Relative
Value
Fund
...........................................
$
27,195,942
$
(
554,026,416
)
$
(
86,778,827
)
$
(
613,609,301
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Credit
Relative
Value
Fund
...................................
$
1,132,068,983
$
21,939,338
$
(
101,219,293
)
$
(
79,279,955
)
Notes
to
Financial
Statements
(continued)
59
Notes
to
Financial
Statements
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option.
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
60
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund’s
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states. The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be,
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
July
31,
2026
,
BlackRock
HoldCo
2,
Inc.
,
an
affiliate
of
the
Fund,
owned
231,278
Class
K
Shares
of
BlackRock
Credit
Relative
Value
Fund
.
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/26
Year
Ended
07/31/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Credit
Relative
Value
Fund
Institutional
Shares
sold
.............................................
35,117,620
$
322,886,025
13,779,094
$
127,679,874
Shares
issued
in
reinvestment
of
distributions
........................
2,883,880
26,042,311
3,641,188
32,661,455
Shares
redeemed
.........................................
(
17,076,795
)
(
157,709,506
)
(
21,120,671
)
(
195,794,969
)
20,924,705
$
191,218,830
(
3,700,389
)
$
(
35,453,640
)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
714,921
$
6,643,126
882,320
$
8,131,821
Shares
issued
in
reinvestment
of
distributions
........................
204,113
1,849,320
310,981
2,798,827
Shares
redeemed
.........................................
(
1,617,494
)
(
15,047,891
)
(
2,071,934
)
(
19,247,465
)
(
698,460
)
$
(
6,555,445
)
(
878,633
)
$
(
8,316,817
)
Investor
C
Shares
sold
.............................................
72,986
$
679,466
21,509
$
200,259
Shares
issued
in
reinvestment
of
distributions
........................
10,054
91,288
15,972
144,071
Shares
redeemed
and
automatic
conversion
of
shares
..................
(
90,007
)
(
836,044
)
(
142,918
)
(
1,328,431
)
(
6,967
)
$
(
65,290
)
(
105,437
)
$
(
984,101
)
Class
K
Shares
sold
.............................................
5,807,717
$
53,628,871
5,267,859
$
48,898,681
Shares
issued
in
reinvestment
of
distributions
........................
181,737
1,641,381
201,192
1,804,690
Shares
redeemed
.........................................
(
3,997,354
)
(
36,817,574
)
(
7,274,922
)
(
67,441,467
)
1,992,100
$
18,452,678
(
1,805,871
)
$
(
16,738,096
)
22,211,378
$
203,050,773
(
6,490,330
)
$
(
61,492,654
)
Report
of
Independent
Registered
Public
Accounting
Firm
61
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
BlackRock
Funds
IV
and
Shareholders
of
BlackRock
Credit
Relative
Value
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
BlackRock
Credit
Relative
Value
Fund
(one
of
the
funds
constituting
BlackRock
Funds
IV,
referred
to
hereafter
as
the
“Fund”)
as
of
July
31,
2026,
the
related
statement
of
operations
for
the
year
ended
July
31,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2026
by
correspondence
with
the
custodian,
portfolio
companies,
transfer
agent,
agent
banks
and
brokers;
when
replies
were
not
received
from
agent
banks
and
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2026
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
62
The
following
amount,
or maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2026
:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
July
31,
2026:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentage,
or
maximum
percentage
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2026
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
July
31,
2026:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended July
31,
2026:
Fund
Name
Qualified
Dividend
Income
BlackRock
Credit
Relative
Value
Fund
.....................................................................................
$
2,645,547
Fund
Name
Federal
Obligation
Interest
BlackRock
Credit
Relative
Value
Fund
.....................................................................................
$
1,472,995
Fund
Name
Dividends-Received
Deduction
BlackRock
Credit
Relative
Value
Fund
.....................................................................................
1
.60
%
Fund
Name
Interest
Dividends
BlackRock
Credit
Relative
Value
Fund
.....................................................................................
$
43,380,985
Fund
Name
Interest-Related
Dividends
BlackRock
Credit
Relative
Value
Fund
.....................................................................................
$
24,911,454
Additional
Information
63
Additional
Information
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Fund.
General
Information
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
64
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisors
BlackRock
International
Limited
Edinburgh,
EH3
5PP
United
Kingdom
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Westborough,
MA
01581
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Philadelphia,
PA
19103
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
65
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
IV
(the
“Trust”)
met
on
May
7,
2026
(the
“May
Meeting”)
and
June
4-5,
2026
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Credit
Relative
Value
Fund
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
(1)
the
Manager
and
BlackRock
International
Limited
(“BIL”),
with
respect
to
the
Fund
and
(2)
BlackRock
(Singapore)
Limited
(“BSL”
and
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
the
Fund
on
an
annual
basis.
The
Board
Members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
Members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
the
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
during
the
year,
as
well
as
numerous
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
held
the
May
Meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
provided
additional
information
to
the
Board
in
response
to
specific
questions
and
requests
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-
year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
investment
performance
analyses,
and
the
reasons
for
any
material
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
applicable
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
development
and
application
of
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
prepared
and
submitted
questions,
requested
specific
materials,
and
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees,
as
applicable;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting,
and
such
responses
were
reviewed
by
the
Board
Members.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
or
benefits
that
inure
to
BlackRock
or
its
affiliates,
including
relating
to,
as
applicable,
securities
lending
and
cash
management
activities
of
the
Fund.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
66
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
Throughout
the
year,
the
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
the
Fund’s
portfolio
management
team
(including
the
tenure
of
or
changes
in
the
portfolio
management
team);
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
certain
trading,
portfolio
management,
operations
and/or
information
systems
owned
by
BlackRock;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks,
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group,
and
BlackRock’s
policies
and
procedures
for
third-party
vendor
oversight.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information,
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
net
asset
value;
and
services
related
to
the
valuation
and
pricing
of
the
Fund’s
portfolio
holdings;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
also
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisors
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
located
outside
of
the
United
States.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
May
Meeting.
The
Board
was
provided
with
Fund
performance
reporting
and
analysis,
relative
to
applicable
performance
metrics,
by
BlackRock
throughout
the
year
and
at
the
May
Meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
also
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2025,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
the
Fund
throughout
the
year.
The
Board
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Fund
ranked
in
the
second,
first
and
second
quartiles,
respectively,
against
its
Performance
Peers.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Costs
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
also
noted
that
while
it
found
the
expense
comparison
provided
by
Broadridge
generally
useful,
it
recognized
that
the
comparison
is
subject
to
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
67
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Broadridge’s
defined
peer
selection
criteria
and
methodology.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2025
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
the
limitations
of
calculating
and
comparing
profitability
at
the
individual
fund
level.
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
BlackRock’s
technology
business,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
information
for
other
advisors
is
not
publicly
available.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
fourth
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending,
and
cash
management
services.
The
Board
also
noted
the
revenue
received
by
BlackRock
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BlackRock
and/or
its
affiliates.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
Throughout
the
year,
the
Board
also
received
information
and
reporting,
as
applicable,
regarding
BlackRock’s
soft
dollar,
brokerage,
and
trade
execution
practices.
Conclusion
At
the
June
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2027,
and
the
Sub-Advisory
Agreements
between
the
Manager
and
the
Sub-Advisors,
with
respect
to
the
Fund,
for
a
one-year
term
ending
June
30,
2027.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Glossary
of
Terms
Used
in
these
Financial
Statements
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
68
Currency
Abbreviation
AUD
Australian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
TRY
Turkish
Lira
USD
United
States
Dollar
Portfolio
Abbreviation
ABS
Asset-Backed
Security
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESTR
Euro
Short-Term
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
OBFR01
USD
-
1D
Overnight
Bank
Funding
Rate
OTC
Over-the-counter
PIK
Payment-In-Kind
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
Want
to
know
more?
blackrock.com
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800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds IV
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds IV
Date: September 23, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds IV
Date: September 23, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds IV
Date: September 23, 2026