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 (formerly, BlackRock Global Long/Short Credit Fund)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2026

Date of reporting period: 01/31/2026

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Credit Relative Value Fund

Institutional Shares | BGCIX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to January 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$72	1.41%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$801,822,826
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	837
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55%

What did the Fund invest in?

(as of January 31, 2026) 

Geographic allocation

Credit quality allocation

Table Summary

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50.1%	3.3%	53.4%
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3	-	10.3
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8	-	6.8
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2	0.4	5.6
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.2	3.5
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4	0.3	3.7
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4	-	1.4
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1	-	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7	1.0	10.7
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	94.8%	5.2%	100.0%

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9

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 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.

©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

Semi-Annual Shareholder Report — January 31, 2026

BGCIX-01/26-SAR

BlackRock Credit Relative Value Fund

Investor A Shares | BGCAX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to January 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$82	1.61%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$801,822,826
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	837
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55%

What did the Fund invest in?

(as of January 31, 2026) 

Geographic allocation

Credit quality allocation

Table Summary

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50.1%	3.3%	53.4%
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3	-	10.3
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8	-	6.8
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2	0.4	5.6
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.2	3.5
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4	0.3	3.7
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4	-	1.4
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1	-	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7	1.0	10.7
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	94.8%	5.2%	100.0%

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9

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 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.

©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

Semi-Annual Shareholder Report — January 31, 2026

BGCAX-01/26-SAR

BlackRock Credit Relative Value Fund

Investor C Shares | BGCCX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to January 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$120	2.36%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$801,822,826
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	837
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55%

What did the Fund invest in?

(as of January 31, 2026) 

Geographic allocation

Credit quality allocation

Table Summary

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50.1%	3.3%	53.4%
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3	-	10.3
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8	-	6.8
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2	0.4	5.6
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.2	3.5
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4	0.3	3.7
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4	-	1.4
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1	-	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7	1.0	10.7
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	94.8%	5.2%	100.0%

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9

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 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.

©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

Semi-Annual Shareholder Report — January 31, 2026

BGCCX-01/26-SAR

BlackRock Credit Relative Value Fund

Class K Shares | BDMKX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Credit Relative Value Fund (the “Fund”) for the period of August 1, 2025 to January 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$67	1.32%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$801,822,826
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	837
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55%

What did the Fund invest in?

(as of January 31, 2026) 

Geographic allocation

Credit quality allocation

Table Summary

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	50.1%	3.3%	53.4%
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3	-	10.3
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8	-	6.8
Luxembourg........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2	0.4	5.6
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	0.2	3.5
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4	0.3	3.7
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4	-	1.4
Mauritius........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1	-	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7	1.0	10.7
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	94.8%	5.2%	100.0%

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(d)
AAA/AaaFootnote Reference(e)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(f)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9

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 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.

©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

Semi-Annual Shareholder Report — January 31, 2026

BDMKX-01/26-SAR

(b) Not Applicable

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

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

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

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the 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.

January

31,

2026

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

IV

BlackRock

Credit

Relative

Value

Fund

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

33

Statement

of

Operations

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

36

Statements

of

Changes

in

Net

Assets

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

37

Financial

Highlights

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

38

Notes

to

Financial

Statements

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

42

Additional

Information

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

55

Glossary

of

Terms

Used

in

these

Financial

Statements

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

57

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

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

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

January

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

Ireland

—

8.8%

(a)(b)

Arcano

Euro

CLO

I

DAC,

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.26%

Floor

+

1.26%),

3.29%,

04/25/39

.

EUR

2,220

$

2,642,945

Arini

European

CLO

V

DAC

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

3.22%,

01/15/39

....

2,780

3,316,099

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

01/15/39

....

480

575,838

Arini

European

CLO

VII

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.40%,

01/15/39

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

3,710

4,410,694

Aurium

CLO

IV

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

2.75%,

01/16/31

.

556

660,826

Aurium

CLO

VIII

DAC,

Series

8X,

Class

AR,

(3-mo.

EURIBOR

at

1.32%

Floor

+

1.32%),

3.33%,

10/16/38

.

3,710

4,416,120

Avoca

CLO

XIV

DAC,

Series

14X,

Class

SUB,

0.00%,

01/12/31

(c)(d)

..

1,500

698,764

Bridgepoint

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.41%,

10/15/39

.

3,710

4,421,654

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

AR,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.32%,

10/15/39

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

8,340

9,927,446

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

10/15/37

.

480

568,877

Contego

CLO

VII

DAC,

Series

7X,

Class

AR,

(3-mo.

EURIBOR

at

1.33%

Floor

+

1.33%),

3.36%,

01/23/38

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

1,850

2,208,699

CVC

Cordatus

Loan

Fund

XXX

DAC,

Series

30X,

Class

AR,

(3-mo.

EURIBOR

at

1.25%

Floor

+

1.25%),

3.30%,

05/15/37

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

2,000

2,376,627

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

AR,

(3-mo.

EURIBOR

at

1.23%

Floor

+

1.23%),

3.29%,

02/15/38

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

2,590

3,074,996

Hambridge

Euro

CLO

DAC,

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.37%

Floor

+

1.37%),

3.41%,

10/20/38

.

3,710

4,414,438

Henley

CLO

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

2.98%,

07/25/34

.

1,500

1,779,397

Henley

CLO

Xi

DAC,

Series

11X,

Class

A,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

3.23%,

04/25/39

.....

2,040

2,415,212

Otranto

Park

CLO

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

3.32%,

10/15/39

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

2,141

2,550,428

Palmer

Square

European

CLO

DAC,

Series

2024-2X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

3.36%,

10/15/37

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

1,700

2,024,529

Rockford

Tower

Europe

CLO

DAC,

Series

2025-1X,

Class

A,

(3-mo.

EURIBOR

at

1.22%

Floor

+

1.22%),

3.25%,

10/25/37

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

2,220

2,639,175

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

RRE

18

Loan

Management

DAC,

Series

18X,

Class

A1,

(3-mo.

EURIBOR

at

1.47%

Floor

+

1.47%),

3.49%,

04/15/39

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

EUR

2,000

$

2,373,156

RRE

19

Loan

Management

DAC,

Series

19X,

Class

A1,

(3-mo.

EURIBOR

at

1.41%

Floor

+

1.41%),

3.43%,

07/15/37

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

936

1,115,287

Signal

Harmonic

CLO

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

3.42%,

07/15/38

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

3,710

4,422,332

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

A,

(3-mo.

EURIBOR

at

1.32%

Floor

+

1.32%),

3.35%,

04/20/37

.

1,420

1,687,671

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

A,

(3-mo.

EURIBOR

at

1.18%

Floor

+

1.18%),

3.20%,

04/16/39

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

2,960

3,517,842

Tikehau

CLO

XII

DAC,

Series

12X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

3.37%,

10/20/38

.

1,700

2,020,048

70,259,100

United

Kingdom

—

0.6%

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

5.66%,

12/15/34

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

GBP

1,518

1,920,326

Series

B2,  (Sterling

Overnight

Index

Average

at

2.08%

Floor

+

2.20%),

5.94%,

03/15/36

(b)

...

310

402,695

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(b)

....

1,867

2,673,526

4,996,547

United

States

—

0.4%

Silver

Point

Euro

CLO

DAC,

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

3.45%,

01/15/39

(a)(b)

EUR

3,020

3,593,185

Total

Asset-Backed

Securities

—

9.8%

(Cost:

$75,174,990)

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

78,848,832

Shares

Shares

Common

Stocks

Bermuda

—

0.0%

Travelport

Technology

Ltd.

(d)(e)

.....

70

167,405

Canada

—

0.0%

Algoma

Steel

Group,

Inc.

........

15,539

64,953

Chile

—

0.0%

WOM

New

Holdco

(d)(e)

...........

440

10,120

Germany

—

0.0%

ADLER

Group

SA

(d)(e)

...........

983,215

12

Luxembourg

—

0.1%

(d)

Altice

France

Lux

3

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

32,758

616,538

New

Topco

(e)(f)

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

59,462

—

616,538

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

Kingdom

—

0.0%

(d)

Genius

Sports

Ltd.

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

11,708

$

101,860

NEW

Look

Retailers

(e)

...........

5,436,112

74

101,934

United

States

—

0.8%

Aimbridge

Topco

LLC

(d)(e)

.........

6,349

384,104

AMC

Networks,

Inc.

,

Class

A

(d)

.....

1,286

9,915

Avaya

LLC

(d)

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

1,550

22,514

Caesars

Entertainment,

Inc.

(d)

.....

3,207

66,385

California

Resources

Corp.

.......

590

31,565

Citigroup,

Inc.

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

322

37,259

Comerica,

Inc.

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

296

26,246

CoreWeave,

Inc.

,

Class

A

(d)

.......

2,794

260,373

Crown

PropTech

Acquisitions

(d)(e)

...

15,186

6,912

Crown

PropTech

Acquisitions

,

Class

A

(d)

6,461

73,526

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

12/15/21,

cost

$1,041,005)

(d)(e)(g)

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

15,345

1,227,600

First

Citizens

BancShares,

Inc.

,

Class

A

80

165,566

First

Horizon

Corp.

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

1,645

40,286

Flagstar

Bank

NA

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

21,679

286,596

FreeWire

Technologies,

Inc.

(d)(e)

....

13

—

Latch,

Inc.

(d)

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

31,344

5,642

Lionsgate

Studios

Corp.

(d)

........

275,348

2,599,285

Lumen

Technologies,

Inc.

(d)

.......

8,166

72,024

New

Knoxville

Local

School

District

(b)(e)

(h)

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

251,735

298,394

New

Look

Builders,

Inc.

(d)(e)

.......

11,518,792

115

Palladyne

AI

Corp.

(d)

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

856

5,581

Palladyne

AI

Corp.

(d)

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

35,879

233,932

Paramount

Skydance

Corp.

,

Class

B

8,792

98,558

Playstudios,

Inc.

,

Class

A

(d)

.......

13,275

8,423

RSA

Security

LLC

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

581,303

—

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$203,300)

(d)

(g)

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

20,000

186,843

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

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

1,214

67,001

Sonder

Holdings,

Inc.

,

Class

A

(d)

....

6,302

1

Starz

Entertainment

Corp.

........

3,902

38,981

Tribune

Resources

LLC

(d)

........

86,655

224,263

Walt

Disney

Co.

(The)

..........

356

40,157

Wolfspeed,

Inc.

(d)

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

4,652

72,850

6,590,897

Total

Common

Stocks

—

0.9%

(Cost:

$18,075,286)

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

7,551,859

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Angola

—

0.2%

Azule

Energy

Finance

plc

(h)

8.25%,

01/22/31

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

USD

770

770,847

8.63%,

01/22/33

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

910

909,763

1,680,610

Australia

—

0.1%

Mineral

Resources

Ltd.

(h)

9.25%,

10/01/28

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

18

18,907

8.50%,

05/01/30

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

18

18,660

Oceana

Australian

Fixed

Income

Trust

(e)

12.50%,

07/31/26

...........

AUD

267

188,027

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

12.50%,

07/31/27

...........

AUD

445

$

318,397

543,991

Brazil

—

0.1%

Azul

Secured

Finance

LLP,

9.88%,

02/15/31

(h)

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

USD

872

882,028

Canada

—

1.0%

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(b)

...........

EUR

1,152

1,380,032

Brookfield

Residential

Properties,

Inc.,

5.00%,

06/15/29

(h)

...........

USD

63

61,005

Mattamy

Group

Corp.,

4.63%,

03/01/30

(h)

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

137

133,773

Open

Text

Corp.,

6.90%,

12/01/27

(h)

.

4,000

4,130,106

Resort

Communities

LoanCo.

LP,

13.00%,

(13.00%

Cash

or

13.00%

PIK),

11/30/28

(a)(e)(h)(i)

..........

2,482

2,525,408

Toucan

FinCo.

Ltd.,

9.50%,

05/15/30

(h)

163

157,305

8,387,629

Chile

—

0.0%

(a)(h)(i)

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

or

5.00%

PIK),

04/01/32

(j)

..

145

127,919

WOM

Mobile

SA,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

04/01/31

..

10

9,085

137,004

China

—

0.8%

(b)(c)(d)

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(j)

......

EUR

7,100

6,736,416

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/24

...........

USD

200

2,250

6,738,666

Czech

Republic

—

0.2%

(b)

Allwyn

Entertainment

Financing

UK

plc,

7.25%,

04/30/30

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

EUR

119

147,332

Czechoslovak

Group

A/S,

5.25%,

01/10/31

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

1,444

1,786,530

1,933,862

Denmark

—

0.4%

Genmab

A/S,

6.25%,

12/15/32

(h)

....

USD

2,000

2,050,076

SGL

Group

ApS

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

6.78%,

04/22/30

....

EUR

538

608,527

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.30%,

02/24/31

(b)(h)

..

445

494,290

3,152,893

Finland

—

0.1%

(b)

Citycon

Treasury

BV,

5.38%,

07/08/31

700

790,915

Mehilainen

Yhtiot

Oy,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.38%),

5.39%,

06/30/32

(a)

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

187

222,607

1,013,522

France

—

1.9%

Altice

France

SA

(b)

5.50%,

10/15/31

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

733

842,367

5.63%,

07/15/32

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

615

709,012

Atos

SE,

1.04%,

12/18/32

(b)(k)

......

1,197

1,051,219

BNP

Paribas

SA,

Series

TMO,

(BFRTMO

at

0.00%

Floor

-

0.25%),

2.82%

(a)(l)

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

1,163

1,302,297

Clariane

SE,

0.88%,

03/06/27

(b)(j)

...

910

623,420

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Exail

Technologies

SA,

(5-Year

EUR

Swap

Annual

+

13.00%),

4.00%

(a)(b)(j)

(l)

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

EUR

900

$

1,388,225

Goldstory

SAS

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.05%,

02/01/30

(a)

...

383

442,370

6.75%,

02/01/30

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

1,328

1,550,325

IPD

3

BV

5.50%,

06/15/31

(b)

...........

1,499

1,770,805

Kapla

Holding

SAS

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.60%,

07/31/30

(a)

...

916

1,093,553

5.00%,

04/30/31

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

448

538,436

La

Financiere

Atalian

SAS,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(b)(i)

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

2,890

428,981

Lune

Holdings

SARL,

5.63%,

11/15/28

(b)

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

2,036

235,317

Maya

SAS,

6.88%,

04/15/31

(b)

.....

700

884,650

New

Immo

Holding

SA

(b)

3.25%,

07/23/27

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

100

118,440

5.88%,

04/17/28

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

200

246,142

4.88%,

12/08/28

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

700

845,534

4.95%,

11/14/30

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

300

360,907

Sabena

Technics

SAS,

(Acquired

10/28/22,

cost

$294,006)

,

(3-mo.

EURIBOR

+

5.00%),

7.02%,

09/30/29

(a)(e)(g)

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

297

352,580

Worldline

SA,

0.00%,

07/30/26

(b)(j)(m)

.

93

110,198

14,894,778

Germany

—

1.8%

Alstria

Office

AG

(b)

4.25%,

10/15/29

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

600

709,931

5.50%,

03/20/31

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

600

731,281

Aroundtown

SA,

(5-Year

EUR

Swap

Annual

+

2.42%),

1.63%

(a)(b)(l)

....

200

233,869

BRANICKS

Group

AG,

2.25%,

09/22/26

(b)

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

500

427,015

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(b)(k)

..

1,762

1,953,779

Envalior

Deutschland

Gmbh,

11.62%,

(11.62%

Cash

or

11.62%

PIK),

04/01/31

(e)(i)

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

559

598,593

Gruenenthal

GmbH,

4.63%,

11/15/31

(b)

766

918,693

IHO

Verwaltungs

GmbH,

8.00%,

(8.00%

Cash

or

8.75%

PIK),

11/15/32

(h)(i)

.

USD

1,300

1,385,436

MTU

Aero

Engines

AG,

0.13%,

07/15/33

(b)(j)

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

EUR

1,100

1,313,210

Nidda

Healthcare

Holding

GmbH

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.28%,

10/15/32

(a)(b)

....

2,061

2,455,396

PrestigeBidCo

GmbH

(a)(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

07/01/29

....

544

649,664

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

07/01/29

....

678

809,691

TAG

Immobilien

AG,

0.63%,

03/11/31

(b)

(j)

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

700

865,743

Vonovia

SE,

Series

B,

0.88%,

05/20/32

(b)(j)

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

900

1,035,247

ZF

North

America

Capital,

Inc.

(h)

6.88%,

04/14/28

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

USD

150

154,874

7.13%,

04/14/30

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

360

368,420

14,610,842

Security

Par

(000)

Par

(000)

Value

Greece

—

0.1%

Danaos

Corp.,

8.50%,

03/01/28

(h)

...

USD

900

$

901,186

Ireland

—

1.0%

Cedacri

SpA,

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

6.69%,

05/15/28

(a)(b)

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

EUR

401

475,449

eircom

Finance

DAC,

5.00%,

04/30/31

(b)

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

1,576

1,900,664

Flutter

Treasury

DAC,

6.38%,

04/29/29

(h)

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

USD

3,500

3,608,307

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(b)

.

GBP

369

495,325

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC,

7.50%,

07/15/33

(b)

EUR

614

724,795

Virgin

Media

O2

Vendor

Financing

Notes

VIII

DAC,

8.88%,

07/15/33

(b)

GBP

351

475,463

7,680,003

Israel

—

0.1%

Energean

plc,

5.63%,

05/12/31

(b)

...

EUR

475

565,509

Italy

—

1.6%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(b)

.......

981

1,152,824

Dolcetto

Holdco

SpA

(b)

5.63%,

07/14/32

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

919

1,108,120

(3-mo.

EURIBOR

+

3.63%),

5.73%,

07/14/32

(a)

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

171

204,728

Duomo

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(a)(b)

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

671

797,460

Engineering

-

Ingegneria

Informatica

-

SpA

(b)

11.13%,

05/15/28

...........

1,168

1,447,826

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.75%),

7.77%,

02/15/30

(a)

...

314

372,549

Fedrigoni

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.02%,

01/15/30

(a)(b)

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

600

693,332

Fiber

Midco

SpA,

10.75%,

(10.75%

Cash

or

10.75%

PIK),

06/15/29

(b)(i)

660

534,166

Fibercop

SpA,

Series

2034,

6.00%,

09/30/34

(h)

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

USD

206

200,045

FIS

Fabbrica

Italiana

Sintetici

SpA,

(3-mo.

EURIBOR

+

3.25%),

5.27%,

02/05/31

(a)(b)

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

EUR

180

213,325

Gruppo

San

Donato

SpA,

6.50%,

10/31/31

(b)

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

500

600,869

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

04/15/29

(a)(b)

1,132

1,346,181

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.85%,

12/15/29

(a)(b)

531

630,732

Italmatch

Chemicals

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.23%,

02/05/31

(a)

...

322

382,171

6.25%,

02/05/31

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

165

196,150

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(b)

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

409

491,912

Multiversity

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.28%,

05/17/31

(a)(b)

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

784

932,001

TeamSystem

SpA

(a)(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%,

07/31/31

....

685

809,774

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%,

07/01/32

....

EUR

569

$

670,313

12,784,478

Japan

—

1.2%

Kioxia

Holdings

Corp.,

6.25%,

07/24/30

(h)

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

USD

3,500

3,615,717

Nissan

Motor

Co.

Ltd.,

6.38%,

07/17/33

(b)

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

EUR

500

613,468

SoftBank

Group

Corp.

(b)

5.38%,

01/08/29

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

456

555,152

3.38%,

07/06/29

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

330

379,419

5.25%,

10/10/29

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

569

687,074

5.88%,

07/10/31

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

829

1,011,514

3.88%,

07/06/32

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

286

317,712

5.75%,

07/08/32

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

1,083

1,302,515

6.38%,

07/10/33

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

696

849,990

9,332,561

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(h)

..........

USD

200

178,508

10.38%,

03/31/29

(b)

..........

GBP

993

1,222,484

Deepocean

Ltd.,

6.00%,

04/08/31

(b)

..

EUR

379

465,810

1,866,802

Luxembourg

—

2.8%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(i)

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

3,196

3,440,984

Altice

Financing

SA,

3.00%,

01/15/28

(b)

468

398,012

Breakwater

Energy

Holdings

SARL

9.25%,

11/15/30

(h)

...........

USD

425

446,159

9.25%,

11/15/30

(b)

...........

813

852,634

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(b)

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

EUR

1,713

1,976,683

Garfunkelux

Holdco

4

SA,

10.50%,

(10.50%

Cash

or

10.50%

PIK),

05/01/30

(b)(i)

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

153

—

INEOS

Finance

plc,

7.25%,

03/31/31

(b)

992

983,067

ION

Platform

Finance

SARL

(b)

7.88%,

05/01/29

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

1,193

1,375,488

6.50%,

09/30/30

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

626

682,255

6.88%,

09/30/32

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

482

515,070

Kleopatra

Finco

SARL,

0.00%,

01/30/31

(e)(m)

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

2,453

2,616,719

Maxam

Prill

SARL,

6.00%,

07/15/30

(b)

1,764

2,170,664

Summer

BC

Holdco

B

SARL

(b)

5.88%,

02/15/30

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

749

825,375

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.31%,

02/15/30

(a)

...

430

478,793

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(i)

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

6,436

1,339,318

Vivion

Investments

SARL

(b)

8.25%,

(8.25%

Cash

or

8.00

%

PIK),

02/28/29

(i)

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

2,074

2,429,381

5.63%,

06/08/30

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

1,458

1,702,517

22,233,119

Mauritius

—

1.1%

Flourishing

Trade

&

Investment

Ltd.,

11.04%,

04/02/28

(e)(h)

.........

USD

8,252

8,581,778

Mexico

—

0.3%

Fomento

Economico

Mexicano

SAB

de

CV,

2.63%,

02/24/26

(b)(j)

.......

EUR

2,200

2,606,971

Security

Par

(000)

Par

(000)

Value

Netherlands

—

0.4%

(b)

Euronext

NV,

1.50%,

05/30/32

(j)

....

EUR

400

$

459,519

Sunrise

FinCo.

I

BV,

4.63%,

05/15/32

810

971,328

VZ

Secured

Financing

BV,

5.25%,

01/15/33

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

1,283

1,475,918

Ziggo

Bond

Co.

BV

3.38%,

02/28/30

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

293

307,434

6.13%,

11/15/32

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

261

289,377

3,503,576

Portugal

—

1.6%

Banco

Espirito

Santo

SA

(b)(c)(d)

2.63%,

05/08/17

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

6,100

1,590,740

4.75%,

01/15/18

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

19,300

5,032,996

4.00%,

01/21/25

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

22,800

5,945,715

12,569,451

Slovenia

—

0.0%

United

Group

BV,

5.25%,

02/01/30

(b)

.

309

367,985

Spain

—

0.4%

(b)

Cirsa

Finance

International

SARL

7.88%,

07/31/28

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

482

594,781

6.50%,

03/15/29

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

403

496,083

4.88%,

10/15/31

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

289

349,895

(3-mo.

EURIBOR

+

3.00%),

5.10%,

10/15/32

(a)

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

424

507,234

Grifols

SA

7.13%,

05/01/30

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

615

762,128

7.50%,

05/01/30

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

309

383,372

3,093,493

Sweden

—

0.4%

Heimstaden

AB,

8.38%,

01/29/30

(b)

..

217

275,287

Intrum

Investments

&

Financing

AB

(b)

8.00%,

09/11/27

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

986

1,182,712

8.50%,

09/11/29

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

247

257,610

Stena

International

SA

7.25%,

01/15/31

(h)

...........

USD

343

352,406

7.25%,

01/15/31

(b)

...........

1,275

1,309,963

3,377,978

Switzerland

—

0.4%

(b)

Allwyn

Entertainment

Financing

UK

plc,

7.25%,

04/30/30

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

EUR

612

758,986

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

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

CHF

1,705

2,205,873

2,964,859

United

Kingdom

—

3.4%

Ardonagh

Finco

Ltd.,

6.88%,

02/15/31

(b)

EUR

1,000

1,217,877

BCP

V

Modular

Services

Finance

II

plc

6.50%,

07/10/31

(b)

...........

2,128

2,380,566

BCP

V

Modular

Services

Finance

plc,

6.75%,

11/30/29

(b)

...........

684

663,062

Bellis

Acquisition

Co.

plc

(b)

8.13%,

05/14/30

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

GBP

595

744,070

8.00%,

07/01/31

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

EUR

209

234,454

Deuce

Finco

plc,

7.00%,

11/20/31

(b)

.

GBP

1,076

1,494,135

EC

Finance

plc,

3.25%,

10/15/26

(b)(k)

.

EUR

279

328,126

Edge

Finco

plc,

8.13%,

08/15/31

(b)

..

GBP

1,311

1,912,809

Froneri

Lux

FinCo

SARL

(b)

Series

JAN,

4.75%,

08/01/32

....

EUR

1,049

1,254,304

4.75%,

08/01/32

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

772

923,092

Howden

UK

Refinance

plc,

Series

FEB.,

8.13%,

02/15/32

(h)

.......

USD

4,000

4,075,748

Intu

Jersey

2

Ltd.,

2.88%,

11/01/24

(b)(c)(d)

(j)

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

GBP

3,817

685,761

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Ithaca

Energy

North

Sea

plc,

8.13%,

10/15/29

(h)

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

USD

800

$

833,846

Metrocentre

Finance

plc,

8.75%,

(8.75%

Cash

or

8.75%

PIK),

01/16/28

(i)

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

GBP

691

483,375

Mobico

Group

plc

(b)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(l)

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

350

310,243

3.63%,

11/20/28

(k)

...........

100

126,701

4.88%,

09/26/31

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

EUR

1,050

1,056,734

Motion

Finco

SARL,

7.38%,

06/15/30

(b)

401

414,795

Ocado

Group

plc,

11.00%,

06/15/30

(b)

GBP

103

144,103

OEG

Finance

plc,

7.25%,

09/27/29

(b)

.

EUR

1,437

1,779,264

Pinewood

Finco

plc,

6.00%,

03/27/30

(b)

GBP

839

1,162,059

Thames

Water

Kemble

Finance

plc,

4.63%,

05/19/26

(b)(c)(d)

.........

432

2,956

Thames

Water

Utilities

Finance

plc,

4.00%,

06/19/27

(b)

...........

100

98,690

Virgin

Media

Secured

Finance

plc,

4.13%,

08/15/30

(b)

...........

300

372,658

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(b)

.......

921

1,257,976

Vmed

O2

UK

Financing

I

plc

(b)

4.00%,

01/31/29

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

300

397,606

4.50%,

07/15/31

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

163

197,861

5.63%,

04/15/32

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

EUR

1,202

1,405,973

Zegona

Finance

plc

(b)

6.75%,

07/15/29

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

630

783,645

6.75%,

07/15/29

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

423

526,161

27,268,650

United

States

—

39.1%

1261229

BC

Ltd.,

10.00%,

04/15/32

(h)

USD

1,250

1,282,821

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(h)

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

1,739

1,799,850

Albertsons

Cos.,

Inc.,

5.50%,

03/31/31

(h)

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

1,394

1,396,466

Alexander

Funding

Trust

II,

7.47%,

07/31/28

(h)

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

10,012

10,659,695

Allegiant

Travel

Co.,

7.25%,

08/15/27

(h)

68

68,770

Allied

Universal

Holdco

LLC,

6.88%,

06/15/30

(h)

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

1,327

1,378,097

AMC

Networks,

Inc.

10.25%,

01/15/29

(h)

..........

125

130,337

4.25%,

02/15/29

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

192

167,772

American

Axle

&

Manufacturing,

Inc.,

6.38%,

10/15/32

(h)

...........

500

510,148

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(h)

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

2,000

2,105,938

Ardagh

Group

SA

9.50%,

12/01/30

(h)

...........

313

337,846

12.00%,

(12.00%

Cash

or

7.50%

PIK),

12/01/30

(a)(b)(i)

.........

EUR

2,859

2,981,706

12.00%,

(12.00%

Cash

or

6.50%

PIK),

12/01/30

(a)(h)(i)

.........

USD

604

537,191

Ardagh

Packaging

Finance

plc,

9.50%,

12/01/30

(b)

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

2,026

2,189,230

Ashton

Woods

USA

LLC

(h)

4.63%,

08/01/29

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

25

23,945

4.63%,

04/01/30

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

110

104,086

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.,

8.00%,

12/31/32

(h)

........

1,666

1,740,644

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(h)

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

1,250

1,212,305

Avnet,

Inc.,

1.75%,

09/01/30

(h)(j)

....

1,497

1,622,000

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(h)

.......

USD

4,000

$

4,209,820

Ball

Corp.,

4.25%,

07/01/32

.......

EUR

875

1,059,686

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(h)

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

USD

5,500

5,733,750

BCPE

Flavor

Debt

Merger

Sub

LLC

&

BCPE

Flavor

Issuer,

Inc.,

9.50%,

07/01/32

(h)(n)

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

2,000

1,906,081

Beignet

Investor

LLC,

6.58%,

05/30/49

(h)

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

16,818

17,511,184

BioMarin

Pharmaceutical,

Inc.,

5.50%,

02/15/34

(h)

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

542

543,501

Block,

Inc.,

5.63%,

08/15/30

(h)

.....

3,000

3,053,529

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

A,

8.63%,

12/15/32

(e)

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

15,958

16,596,826

California

Resources

Corp.,

8.25%,

06/15/29

(h)

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

49

51,537

CCO

Holdings

LLC

(h)

4.75%,

02/01/32

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

9

8,220

7.00%,

02/01/33

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

1,304

1,316,594

Celanese

US

Holdings

LLC,

7.00%,

02/15/31

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

1,196

1,223,357

Clarios

Global

LP,

4.75%,

06/15/31

(b)

.

EUR

1,104

1,329,556

Clear

Channel

Outdoor

Holdings,

Inc.

(h)

7.88%,

04/01/30

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

USD

1,000

1,052,867

7.13%,

02/15/31

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

1,591

1,659,100

Cloud

Software

Group,

Inc.

(h)

6.50%,

03/31/29

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

5,000

4,968,838

9.00%,

09/30/29

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

38

38,371

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

04/15/30

(h)

...........

38

38,027

Community

Health

Systems,

Inc.

(h)

10.88%,

01/15/32

...........

350

376,788

9.75%,

01/15/34

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

1,650

1,720,262

Core

Scientific,

Inc.,

0.00%,

06/15/31

(h)(j)

(m)

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

23

26,824

Coty,

Inc.,

5.60%,

01/15/31

(h)

......

3,000

3,036,550

Crescent

Energy

Finance

LLC,

7.38%,

01/15/33

(h)

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

18

17,420

CSC

Holdings

LLC

(h)

5.50%,

04/15/27

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

200

176,529

11.25%,

05/15/28

...........

200

160,297

11.75%,

01/31/29

...........

200

145,833

DISH

Network

Corp.

3.38%,

08/15/26

(j)

...........

60

57,750

11.75%,

11/15/27

(h)

..........

1,500

1,552,437

EchoStar

Corp.

10.75%,

11/30/29

...........

5,000

5,481,100

6.75%,

(6.75%

Cash

or

6.75%

PIK),

11/30/30

(i)

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

3,250

3,307,649

EQT

Corp.,

6.38%,

04/01/29

......

2,000

2,069,655

EquipmentShare.com,

Inc.,

9.00%,

05/15/28

(h)

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

4,000

4,180,180

Figeac

Aero

North

America,

Inc.,

(Acquired

07/16/25,

cost

$372,336),

7.79%,

07/23/30

(b)(e)(g)

.........

EUR

320

377,415

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

275,658

Flash

Compute

LLC,

7.25%,

12/31/30

(h)

1,355

1,359,598

Forestar

Group,

Inc.,

5.00%,

03/01/28

(h)

557

556,595

Frontier

Communications

Holdings

LLC

(h)

6.75%,

05/01/29

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

3,000

3,010,533

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

6.00%,

01/15/30

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

USD

3,000

$

3,026,305

8.75%,

05/15/30

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

11,344

11,697,813

8.63%,

03/15/31

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

150

156,824

Frontier

Florida

LLC,

Series

E,

6.86%,

02/01/28

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

8,000

8,280,000

Full

House

Resorts,

Inc.,

8.25%,

02/15/28

(h)

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

30

27,337

Gen

Digital,

Inc.,

6.75%,

09/30/27

(h)

.

4,500

4,537,601

GoTo

Group,

Inc.

(h)

5.50%,

05/01/28

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

1,151

391,408

5.50%,

05/01/28

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

1,264

1,055,215

Granite

Ridge

Resources,

Inc.,

8.88%,

11/05/29

(h)

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

552

544,907

Gray

Media,

Inc.

(h)

10.50%,

07/15/29

...........

1,800

1,933,407

7.25%,

08/15/33

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

1,050

1,074,962

Herc

Holdings,

Inc.,

7.00%,

06/15/30

(h)

1,722

1,807,347

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

09/15/33

(h)

...........

1,000

1,018,750

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(h)

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

231

230,951

Iron

Mountain,

Inc.

7.00%,

02/15/29

(h)

...........

2,500

2,568,835

4.75%,

01/15/34

(b)

...........

EUR

977

1,129,962

Kronos

International,

Inc.,

9.50%,

03/15/29

(b)

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

1,467

1,579,924

Las

Vegas

Sands

Corp.

5.63%,

06/15/28

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

USD

4,000

4,095,252

6.00%,

06/14/30

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

4,810

5,017,936

Lessen

LLC,

(3-mo.

CME

Term

SOFR

+

8.50%),

12.76%,

01/05/28

(a)(e)(h)

..

1,062

823,607

Level

3

Financing,

Inc.

(h)

7.00%,

03/31/34

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

1,339

1,386,943

8.50%,

01/15/36

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

871

891,672

LGI

Homes,

Inc.

(h)

8.75%,

12/15/28

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

77

80,244

7.00%,

11/15/32

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

79

77,050

Live

Nation

Entertainment,

Inc.,

2.88%,

10/15/31

(h)(j)

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

1,217

1,214,323

Macy's

Retail

Holdings

LLC,

5.88%,

03/15/30

(h)

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

2,250

2,273,191

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

04/15/30

(h)

........

29

29,544

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(h)

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

77

75,640

MKS,

Inc.,

4.25%,

02/15/34

(b)

......

EUR

1,258

1,491,127

Mobius

Merger

Sub,

Inc.,

9.00%,

06/01/30

(h)

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

USD

1,350

796,737

Molina

Healthcare,

Inc.,

6.50%,

02/15/31

(h)

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

3,100

3,177,029

MPT

Operating

Partnership

LP,

0.99%,

10/15/26

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

EUR

402

460,672

NCR

Atleos

Corp.,

9.50%,

04/01/29

(h)

USD

6,750

7,234,083

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(h)

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

3,434

3,660,860

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(h)

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

2,250

2,310,313

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(h)

4

4,001

Palomino

Funding

Trust

I,

7.23%,

05/17/28

(h)

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

10,850

11,473,174

Park

Intermediate

Holdings

LLC,

4.88%,

05/15/29

(h)

...........

106

103,695

Permian

Resources

Operating

LLC,

8.00%,

04/15/27

(h)

...........

131

132,191

Pitney

Bowes,

Inc.,

6.88%,

03/15/27

(h)

1,150

1,148,405

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

PRA

Group

Europe

Holding

II

SARL,

6.25%,

09/30/32

(b)

...........

EUR

1,164

$

1,338,523

Radiology

Partners,

Inc.,

8.50%,

07/15/32

(h)

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

USD

2,000

2,099,940

Rand

Parent

LLC,

8.50%,

02/15/30

(h)

.

2,500

2,612,526

Reworld

Holding

Corp.,

4.88%,

12/01/29

(h)

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

32

30,978

RingCentral,

Inc.,

8.50%,

08/15/30

(h)

.

7,750

8,136,784

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(h)

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

5,000

5,056,800

Sabre

GLBL,

Inc.

(h)

10.75%,

11/15/29

...........

186

151,809

10.75%,

03/15/30

...........

257

206,243

Schneider

Electric

SE,

Series

SUFP,

1.25%,

09/23/33

(b)(j)

..........

EUR

1,800

2,194,983

Seagate

Data

Storage

Technology

Pte.

Ltd.

(h)

8.25%,

12/15/29

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

USD

7,500

7,922,063

5.88%,

07/15/30

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

250

257,545

8.50%,

07/15/31

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

1,269

1,342,844

9.63%,

12/01/32

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

7,150

8,082,467

Select

Medical

Corp.,

6.25%,

12/01/32

(h)

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

37

35,908

Service

Properties

Trust

8.38%,

06/15/29

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

242

244,900

8.63%,

11/15/31

(h)

...........

2,000

2,100,560

8.88%,

06/15/32

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

210

208,441

Shift4

Payments

LLC,

5.50%,

05/15/33

(b)

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

EUR

1,216

1,467,693

SM

Energy

Co.

(h)

5.00%,

10/15/26

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

USD

99

98,901

8.38%,

07/01/28

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

77

79,256

8.63%,

11/01/30

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

18

19,037

Solaris

Energy

Infrastructure,

Inc.,

4.75%,

05/01/30

(h)(j)

..........

125

289,013

Sonder

Holdings,

Inc.,

7.00%,

(7.00%

Cash

or

7.00%

PIK),

12/10/27

(c)(d)(e)(i)

1,624

—

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(h)

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

17,535

16,395,225

Starz

Capital

Holdings

LLC,

5.50%,

04/15/29

(h)

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

650

529,804

Stem,

Inc.,

0.50%,

12/01/28

(h)(j)

.....

47

18,795

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(h)

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

52

54,682

SUN

Country

Marine,

Inc.,

Series

2022-

1B,

5.75%,

03/15/29

(e)

........

7,773

7,870,055

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(h)

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

4,000

4,220,440

Tenneco,

Inc.,

8.00%,

11/17/28

(h)

...

500

502,975

Texas

Capital

Bancshares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%,

05/06/31

(a)

...........

179

177,726

Transocean

International

Ltd.,

8.25%,

05/15/29

(h)

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

78

79,472

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(h)

...........

62

63,587

Uniti

Group

LP,

Series

Feb,

8.63%,

06/15/32

(h)

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

1,214

1,223,105

Uniti

Services

LLC,

7.50%,

10/15/33

(h)

1,000

1,032,453

Univision

Communications,

Inc.

(h)

8.00%,

08/15/28

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

1,500

1,547,996

9.38%,

08/01/32

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

1,598

1,720,496

Venture

Global

LNG,

Inc.,

8.13%,

06/01/28

(h)

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

6,650

6,807,586

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Warnermedia

Holdings,

Inc.,

3.76%,

03/15/27

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

USD

139

$

137,973

Weekley

Homes

LLC,

4.88%,

09/15/28

(h)

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

149

146,785

WESCO

Distribution,

Inc.,

7.25%,

06/15/28

(h)

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

1,250

1,265,036

William

Carter

Co.

(The),

7.38%,

02/15/31

(h)

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

3,000

3,101,432

Wolfspeed,

Inc.

2.50%,

06/15/31

(h)(j)

..........

36

48,870

2.50%,

06/15/31

(j)

...........

24

32,580

7.00%,

(7.00%

Cash

or

7.00%

PIK),

06/15/31

(i)

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

86

69,984

WULF

Compute

LLC,

7.75%,

10/15/30

(h)

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

1,500

1,564,530

Xerox

Corp.

(h)

10.25%,

10/15/30

...........

4,584

3,779,267

13.50%,

04/15/31

...........

1,433

1,042,507

XHR

LP

,

4.88%,

06/01/29

(h)

.......

16

15,773

Zayo

Group

Holdings,

Inc.,

6.25%,

(6.25%

Cash

or

0.50%

PIK),

03/09/30

(a)(h)(i)

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

4,000

3,891,598

Zoetis,

Inc.,

0.25%,

06/15/29

(h)(j)

....

2,500

2,556,250

313,332,197

Zambia

—

0.4%

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(h)

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

2,647

2,776,041

Total

Corporate

Bonds

—

61.1%

(Cost:

$533,722,914)

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

489,782,462

Fixed

Rate

Loan

Interests

France

—

0.4%

Atos

SE,

1st

Lien

Term

Loan,

9.00%

,

 12/17/29

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

EUR

2,601

3,179,918

United

States

—

0.5%

X

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

,

 10/26/29

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

USD

3,778

3,905,508

Total

Fixed

Rate

Loan

Interests

—

0.9%

(Cost:

$6,411,404)

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

7,085,426

Floating

Rate

Loan

Interests

Austria

—

0.1%

Innio

Group

Hldg

GmbH,

1st

Lien

Term

Loan,

11/03/31

(a)(o)

...........

EUR

1,000

1,185,682

Cayman

Islands

—

0.0%

Flexsys

Cayman

Holdings

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

9.04%

,

 08/01/29

(a)

...........

USD

149

12,068

Finland

—

0.3%

Mehilainen

Yhtiot

Oy,

Facility

1st

Lien

Term

Loan

B7,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%

,

 08/05/31

(a)

...........

EUR

1,867

2,223,375

Security

Par

(000)

Par

(000)

Value

France

—

0.5%

(a)

Atos

SE,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

+

2.60%),

4.66%

,

 12/17/30

(e)

...........

EUR

1,728

$

1,959,009

Betclic

Everest

Group,

1st

Lien

Term

Loan

B,

12/10/31

(o)

...........

1,527

1,809,408

3,768,417

Germany

—

0.3%

(a)

Rain

Carbon,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

7.04%

,

 10/31/28

......

1,000

1,180,312

Techem

Verwaltungsgesellschaft

675

mbH,

Facility

1st

Lien

Term

Loan

B6,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.26%

,

 07/15/32

......

1,000

1,190,708

2,371,020

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

1st

Lien

Term

Loan

(a)

16.50%,

11/10/27

(e)

..........

GBP

496

203,413

6.05%,

11/09/29

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

213

1,460

204,873

Luxembourg

—

2.0%

(a)

Al

Mansart

(Luxembourg)

Bidco

SCS,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

+

5.25%),

9.12%

,

 07/01/32

(e)

...........

USD

131

130,971

Al

Mansart

(Luxembourg)

Bidco

SCS,

1st

Lien

Term

Loan

A,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.12%

,

 01/01/30

(e)

.....

198

198,474

Albion

Financing

3

SARL,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.03%

,

 05/21/31

.

EUR

2,000

2,378,120

Altice

Financing

SA,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

7.02%

,

 10/29/27

.....

1,176

1,058,217

Garfunkelux

Holdco

3

SA,

1st

Lien

Term

Loan

B,

06/01/32

(o)

...........

2,000

2,292,467

Index

HoldCo

SARL,

Facility

1st

Lien

Term

Loan

A,

0.10%

,

 12/29/28

...

1,874

1,238,092

NJJ

Continental

SA,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.52%

,

 01/26/32

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

1,226

1,457,289

Rainbow

Finco

SARL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.56%

,

 02/26/29

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

1,000

1,190,874

Speed

Midco

3

SARL,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

4.85%

,

 10/07/32

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

1,800

2,130,963

Traviata

III

SARL,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

8.00%),

9.97% 01/22/33

(e)

......

3,240

3,677,794

15,753,261

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

—

0.6%

(a)

Accell

Group

Holdings

BV,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

+

7.00%),

9.02%

,

 02/09/28

(e)

.....

EUR

1,250

$

992,731

Median

BV,

Facility

1st

Lien

Term

Loan,

(Daily

SONIA

at

0.00%

Floor

+

5.93%),

9.77%

,

 10/14/27

......

GBP

1,700

2,253,501

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

4.94%

,

 01/31/29

......

EUR

1,139

1,332,994

4,579,226

New

Zealand

—

0.4%

FNZ

NZ

Finco

Ltd.,

1st

Lien

Term

Loan,

(Daily

SONIA

at

0.00%

Floor

+

6.00%),

6.00%

,

 11/05/31

(a)

.....

GBP

3,000

3,287,447

Spain

—

0.3%

(a)

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B,

01/21/33

(o)

...........

EUR

1,000

1,187,898

Seashell

Bidco

SL,

1st

Lien

Term

Loan

B,

(EUR0012M

at

0.00%

Floor

+

4.50%),

6.71%

,

 12/15/32

......

1,000

1,189,795

2,377,693

United

Kingdom

—

2.0%

(a)

Belron

Uk

Finance

plc,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

4.74%

,

 10/16/31

.

1,687

2,001,274

Boots

Group

Bidco

Ltd.

(The),

1st

Lien

Term

Loan,

(Daily

SONIA

at

0.00%

Floor

+

4.75%),

4.75%

,

 08/30/32

.

GBP

1,159

1,594,647

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B10,

(Daily

SONIA

at

0.00%

Floor

+

4.75%),

4.75%

,

 04/30/29

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

1,825

2,502,458

EG

Finco

Ltd.,

1st

Lien

Term

Loan,

(EUR0012

at

0.00%

Floor

+

3.50%),

5.75%

,

 01/29/31

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

EUR

1,000

1,000,000

INEOS

Quattro

Holdings

UK

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.45%

,

 04/03/29

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

1,410

1,195,484

Leased

&

Tenanted

Pubs

1

Ltd.,

2nd

Lien

Term

Loan,

(Daily

SONIA

at

3.00%

Floor

+

9.38%),

9.38%

,

 10/31/29

(e)

...........

GBP

1,551

1,973,162

Market

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.55%

,

 11/04/30

.

EUR

1,800

2,096,782

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.25%),

4.38%

,

 03/25/31

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

2,389

2,831,645

Zegona

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

+

2.25%),

4.39%

,

 07/17/29

......

1,115

1,322,731

16,518,183

United

States

—

5.2%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29%,

03/11/30

USD

82

80,923

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29%,

03/11/30

77

75,655

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

9.11%

,

 02/01/30

.

USD

11,512

$

10,792,387

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

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

818

167,385

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

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

119

24,292

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.17%

,

 08/01/28

......

50

45,555

Champions

Financing,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.57%

,

 02/06/29

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

—

(p)

17

Concrete

Investment

II

SCA,

Facility

1st

Lien

Term

Loan

A2,

(3-mo.

EURIBOR

+

2.00%),

4.03%

,

 04/30/26

(e)

...........

EUR

93

11

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.43%

,

 09/29/28

.

USD

176

169,467

CoreWeave

Acquisition

Co.

IV

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

4.25%

+

0.04%),

5.77%

,

 09/29/30

(e)

.....

563

543,677

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

9.62%),

13.27%

-

13.44%

,

 07/30/28

(e)

..........

976

969,998

CoreWeave

Compute

Acquisition

Co.

III

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.00%),

10.00%

,

 05/16/29

(e)

..........

1,034

1,033,986

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25%

,

 04/15/27

.....

46

40,927

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 12/30/27

(e)

79

78,420

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.07%

,

 12/21/28

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

233

228,509

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93%

,

 08/02/27

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

15

14,771

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.50%),

9.17%

,

 02/17/31

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

158

158,302

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/30/30

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

486

484,723

EIS

Group

Ltd.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

10.67%

,

 07/08/28

(e)

584

560,698

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

EIS

Group

Ltd.,

Revolving

Loan

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

10.72%

,

 07/10/28

(e)

..........

USD

58

$

56,070

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.57%

,

 04/30/28

.

1,189

875,576

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.17%

,

 10/25/28

(e)

...........

157

129,073

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.17%

,

 04/26/30

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

315

311,023

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67%

,

 01/28/32

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

102

101,333

LABL,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

0.00%

,

 10/30/28

(e)

.....

247

127,423

Maverick

Gaming

LLC,

1st

Lien

Term

Loan,

(US

Prime

Rate

at

1.00%

Floor

+

7.50%),

15.25%

,

 06/05/28

(c)

(d)(e)

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

202

111,155

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

03/01/29

(o)

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

7,450

6,574,625

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77%

,

 11/01/29

...........

461

95,275

Montage

Hotels

&

Resorts

LLC,

Revolving

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

0.00%),

9.85%

,

 02/16/29

(e)

...........

70

67,406

Montage

Hotels

&

Resorts

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.00%),

9.85%

,

 02/16/29

(e)

...........

349

334,635

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.17%,

01/24/29

527

523,312

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.77%,

01/24/30

565

105,611

Neptune

BidCo

US,

Inc.,

1st

Lien

Term

Loan

B,

(EUR0012

at

0.00%

Floor

+

5.00%),

7.03%

-

7.24%

,

 02/03/33

.

EUR

1,000

1,185,350

Redstone

Buyer

LLC,

1st

Lien

Term

Loan

B1,

8.00%

,

 12/31/30

......

USD

852

298,032

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.17%

,

 12/31/30

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

3,126

1,562,944

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan

A-1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.17%

,

 12/31/30

(e)

...........

2,000

1,700,000

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92%

,

 12/31/30

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

702

596,728

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Runitonetime

LLC,

1st

Lien

Term

Loan

(e)

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.67%,

04/16/26

USD

6

$

5,778

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.72%,

05/06/26

120

118,311

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

12.50%),

16.17%,

05/06/26

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

71

70,741

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42%

,

 03/15/30

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

316

314,621

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.60%

Floor

+

5.00%),

8.82%

,

 01/22/29

.

281

226,548

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.18%

,

 08/18/28

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

5,720

5,253,957

X

Corp.,

1st

Lien

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.45%

,

 10/26/29

......

487

486,168

xAI

Corp.,

1st

Lien

Term

Loan,

(12-

mo.

CME

Term

SOFR

+

0.00%),

12.50%

,

 06/28/30

...........

2,985

3,228,785

Xerox

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

4.25%

at

0.50%

Floor

+

0.00%),

7.63%

-

7.73%

,

 11/19/29

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

2,503

1,929,085

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.83%

,

 03/11/30

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

60

57,393

41,916,661

Total

Floating

Rate

Loan

Interests

—

11.7%

(Cost:

$96,584,835)

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

94,197,906

Foreign

Agency

Obligations

France

—

0.1%

Electricite

de

France

SA,

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(a)(b)(l)

EUR

400

458,896

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$378,246)

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

458,896

Foreign

Government

Obligations

Spain

—

0.5%

Bonos

y

Obligaciones

del

Estado,

3.20%,

10/31/35

(b)(h)

..........

3,090

3,658,043

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$3,554,678)

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

3,658,043

Shares

Shares

Investment

Companies

Janus

Henderson

AAA

CLO

ETF

...

20,000

1,013,400

Total

Investment

Companies

—

0.1%

(Cost:

$1,014,200)

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

1,013,400

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

0.5%

United

States

—

0.5%

CSMC

Trust,

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

3.44%),

7.12%,

02/15/27

(a)(e)

(h)

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

USD

4,000

$

3,979,069

Total

Non-Agency

Mortgage-Backed

Securities

—

0.5%

(Cost:

$3,986,884)

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

3,979,069

Preferred

Securities

Capital

Trusts

—

3.4%

Belgium

—

0.1%

Ageas

SA/NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.88%

(a)(b)(l)

.

EUR

400

482,763

France

—

0.4%

(a)(l)

BNP

Paribas

Cardif

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

6.00%

(b)

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

1,500

1,802,618

Electricite

de

France

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.07%),

4.38%

(b)

..........

600

711,678

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

(b)

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

GBP

500

716,860

RCI

Banque

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.13%

(b)

...

EUR

200

243,092

3,474,248

Germany

—

1.0%

(a)(l)

Aroundtown

Finance

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.13%

(b)

..........

1,325

1,532,124

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25%

(b)

..........

1,612

1,888,907

Deutsche

Bank

AG

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.04%),

6.75%

(b)

..........

800

987,396

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38%

(b)

..........

1,200

1,551,149

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(b)

..........

800

1,044,251

Grand

City

Properties

SA

,

(5-Year

EUR

Swap

Annual

+

2.18%),

1.50%

(b)

..

1,100

1,296,491

8,300,318

Greece

—

0.2%

Eurobank

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.79%),

6.25%

(a)(b)(l)

.

1,425

1,696,228

Italy

—

0.2%

(a)(b)(l)

Enel

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.82%),

4.50%

........

500

587,904

Eni

SpA

,

(5-Year

EUR

Swap

Annual

+

2.40%),

4.88%

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

350

427,373

1,015,277

Japan

—

0.2%

Rakuten

Group,

Inc.

,

(5-Year

EUR

Swap

Annual

+

4.74%),

4.25%

(a)(b)(l)

1,274

1,483,873

Luxembourg

—

0.1%

(b)

Vivion

Investments

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13%

(a)(b)(l)

........

1,000

1,115,857

Security

Par

(000)

Par

(000)

Value

Netherlands

—

0.3%

(b)(l)

Cooperatieve

Rabobank

UA,

6.50%

(k)

EUR

1,306

$

1,792,894

NN

Group

NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(a)

...

925

1,124,180

2,917,074

Norway

—

0.1%

Var

Energi

ASA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%, 11/15/83

(a)(b)

..........

673

877,443

Spain

—

0.2%

(b)

Telefonica

Emisiones

SA

(a)(l)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.38%

(b)

..........

400

474,841

(EUAMDB08

+

2.13%),

4.88%

(b)

..

800

945,208

1,420,049

Sweden

—

0.2%

(b)

Heimstaden

Bostad

AB

(a)(l)

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(b)

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

974

1,139,001

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.53%),

5.00%

(b)

..........

550

651,655

1,790,656

United

Kingdom

—

0.4%

Barclays

plc

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.56%),

6.13%

(a)(b)(l)

.

950

1,144,663

Nationwide

Building

Society

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

(a)(b)(l)

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

GBP

1,050

1,511,908

2,656,571

United

States

—

0.0%

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

(h)(l)

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

USD

77

67,739

Total

Capital

Trusts

—

3.4%  

(Cost:

$25,492,013)

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

27,298,096

Shares

Shares

Preferred

Stocks

—

0.8%

Finland

—

0.1%

Aiven

OY,

Series

D

(d)(e)

..........

6,597

349,575

United

States

—

0.7%

Cap

Hill

Brands,

Class

E

(d)(e)

.......

506,652

5

CoreWeave,

Inc.,

10.00%,

(10.00%

Cash

or

10.00%

PIK)

(e)(i)

.......

430,000

554,700

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(e)(l)

........

2,261

2,246,869

HawkEye

360,

Inc.,

Series

D1

(d)(e)

...

34,579

734,458

HNG

Hospitality

offshore

LP,

(Acquired

02/16/24,

cost

$723,000)

(d)(e)(g)

...

723,000

513,330

Lessen

Holdings,

Inc.,

Series

B

(d)(e)

..

16,373

—

Veritas

Newco

(d)(e)

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

17,298

371,904

Veritas

Newco,

Series

G-1

(d)

......

11,940

280,600

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$567,638),

12.00%,

(12.00%

Cash

or

12.00%

PIK)

(e)(g)

(i)

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

194,516

$

1,124,302

5,826,168

Total

Preferred

Stocks

—

0.8%  

(Cost:

$6,373,271)

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

6,175,743

Total

Preferred

Securities

—

4.2%

(Cost:

$31,865,284)

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

33,473,839

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)

(d)

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

5,012

149

Germany

—

0.0%

Tonies

SE

(Issued/Exercisable

04/30/21,

1

Share

for

1

Warrant,

Expires

11/26/26,

Strike

Price

EUR

11.50)

(d)

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

109,736

26,015

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/Exercisable

02/17/21,

1

Share

for

1

Warrant,

Expires

02/18/26,

Strike

Price

EUR

11.50)

(d)

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

71,516

85

United

States

—

0.1%

(d)

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21,

1

Share

for

1

Warrant,

Expires

11/03/26,

Strike

Price

USD

11.50)

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

529

154

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

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

9,692

606

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(e)

..........

16,190

2,001

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

07/01/26,

Strike

Price

USD

11.50)

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

7,796

507

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)

(e)(g)

......

43

115,712

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(e)

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

10,681

186,170

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(e)

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

4,328

75,437

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(e)

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

1,695

20,679

Security

Shares

Shares

Value

United

States

(continued)

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

(e)

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

6,894

$

1

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

13,726

275

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

69.00)

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

5,599

627

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

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

20,304

2,274

Service

King

Midas

International

(Issued/Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)

580

—

Sonder

Enterprises,

Inc.

(Issued/

Exercisable

04/11/25,

1

Share

for

1

Warrant,

Expires

04/11/30,

Strike

Price

USD

1.00)

(e)

...........

38,747

—

Sonder

Enterprises,

Inc.

(Issued/

Exercisable

12/30/24,

1

Share

for

1

Warrant,

Expires

12/30/29,

Strike

Price

USD

0.01)

(e)

...........

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)

(e)(g)

..........

23,975

106,689

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

123

511,255

Total

Warrants

—

0.1%

(Cost:

$140,376)

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

537,504

Total

Long-Term

Investments

—

89.9%

(Cost:

$770,909,097)

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

720,587,236

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Borrowed

Bond

Agreements

—

4.9%

(q)

Barclays

Bank

plc,

(0.10)%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

119,245,

collateralized

by

Xerox

Holdings

Corp.,

8.88%,

due

at

11/30/29,

par

and

fair

value

of

USD

300,000

and

$110,119,

respectively)

........

USD

119

119,250

Barclays

Bank

plc,

2.00%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

258,293,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

due

at

06/01/29,

par

and

fair

value

of

USD

261,000

and

$256,722,

respectively)

258

258,064

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Barclays

Bank

plc,

3.25%, 02/13/26

(Purchased

on

01/15/26

to

be

repurchased

at

USD

1,954,559,

collateralized

by

SoftBank

Group

Corp.,

6.88%,

par

and

fair

value

of

USD

2,000,000

and

$1,951,871,

respectively)

(l)

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

USD

1,952

$

1,951,740

Barclays

Bank

plc,

3.40%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

1,344,529,

collateralized

by

CCO

Holdings

LLC,

4.50%,

due

at

05/01/32,

par

and

fair

value

of

USD

1,500,000

and

$1,346,081,

respectively)

......

1,343

1,342,500

Barclays

Bank

plc,

3.40%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

2,162,222,

collateralized

by

Banco

Bilbao

Vizcaya

Argentaria

SA,

7.75%,

par

and

fair

value

of

USD

2,000,000

and

$2,151,556,

respectively)

(l)

.....

2,159

2,158,960

Barclays

Bank

plc,

3.40%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

163,447,

collateralized

by

Rivian

Holdings

LLC,

10.00%,

due

at

01/15/31,

par

and

fair

value

of

USD

170,000

and

$160,478,

respectively)

........

163

163,200

Barclays

Bank

plc,

3.40%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

1,020,616,

collateralized

by

INEOS

Finance

plc,

7.50%,

due

at

04/15/29,

par

and

fair

value

of

USD

1,200,000

and

$1,005,065,

respectively)

......

1,019

1,019,076

Barclays

Bank

plc,

3.40%, 02/13/26

(Purchased

on

01/16/26

to

be

repurchased

at

USD

1,988,500,

collateralized

by

Warnermedia

Holdings,

Inc.,

4.28%,

due

at

03/15/32,

par

and

fair

value

of

USD

2,200,000

and

$1,936,000,

respectively)

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

1,986

1,985,500

Barclays

Bank

plc,

1.73%, Open

(Purchased

on

01/19/26

to

be

repurchased

at

USD

2,312,259,

collateralized

by

Aegis

Lux

1a

SARL,

5.63%,

due

at

10/29/31,

par

and

fair

value

of

EUR

1,900,000

and

$2,280,364,

respectively)

(r)

.....

EUR

1,950

2,311,037

BNP

Paribas

SA,

3.35%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

617,730,

collateralized

by

Sirius

XM

Radio

LLC,

4.13%,

due

at

07/01/30,

par

and

fair

value

of

USD

650,000

and

$612,962,

respectively)

(r)

.......

USD

618

617,500

BofA

Securities,

Inc.,

3.37%, 04/22/26

(Purchased

on

01/30/26

to

be

repurchased

at

USD

1,222,729,

collateralized

by

JetBlue

Airways

Corp.,

9.88%,

due

at

09/20/31,

par

and

fair

value

of

USD

1,200,000

and

$1,205,240,

respectively)

......

1,223

1,222,500

Security

Par

(000)

Par

(000)

Value

Goldman

Sachs

&

Co.

LLC,

3.35%, Open

(Purchased

on

01/21/26

to

be

repurchased

at

USD

336,335,

collateralized

by

PBF

Holding

Co.

LLC,

6.00%,

due

at

02/15/28,

par

and

fair

value

of

USD

329,000

and

$328,515,

respectively)

(r)

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

USD

336

$

335,991

J.P.

Morgan

Securities

LLC,

3.38%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

1,525,099,

collateralized

by

Cloud

Software

Group,

Inc.,

6.63%,

due

at

08/15/33,

par

and

fair

value

of

USD

1,550,000

and

$1,485,809,

respectively)

(r)

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

1,525

1,524,813

J.P.

Morgan

Securities

LLC,

3.40%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

612,116,

collateralized

by

Olympus

Water

US

Holding

Corp.,

7.25%,

due

at

02/15/33,

par

and

fair

value

of

USD

600,000

and

$597,665,

respectively)

(r)

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

612

612,000

J.P.

Morgan

Securities

LLC,

3.41%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

1,442,273,

collateralized

by

OneMain

Finance

Corp.,

6.50%,

due

at

03/15/33,

par

and

fair

value

of

USD

1,400,000

and

$1,407,174,

respectively)

(r)

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

1,442

1,442,000

J.P.

Morgan

Securities

plc,

(2.25)%, Open

(Purchased

on

11/19/25

to

be

repurchased

at

USD

1,067,600,

collateralized

by

LANXESS

AG,

0.63%,

due

at

12/01/29,

par

and

fair

value

of

EUR

1,000,000

and

$1,066,946,

respectively)

(r)

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

EUR

901

1,068,379

J.P.

Morgan

Securities

plc,

1.70%, Open

(Purchased

on

05/27/25

to

be

repurchased

at

USD

874,047,

collateralized

by

Banco

Santander

SA,

3.63%,

par

and

fair

value

of

EUR

800,000

and

$917,868,

respectively)

(l)(r)

......

729

863,788

J.P.

Morgan

Securities

plc,

1.70%, Open

(Purchased

on

01/26/26

to

be

repurchased

at

USD

2,491,436,

collateralized

by

Fnac

Darty

SA,

6.00%,

due

at

04/01/29,

par

and

fair

value

of

EUR

2,000,000

and

$2,451,302,

respectively)

(r)

..

2,101

2,490,965

J.P.

Morgan

Securities

plc,

1.75%, Open

(Purchased

on

01/05/26

to

be

repurchased

at

USD

756,901,

collateralized

by

Warnermedia

Holdings,

Inc.,

4.69%,

due

at

05/17/33,

par

and

fair

value

of

EUR

660,000

and

$732,179,

respectively)

(r)

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

638

755,982

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Morgan

Stanley

&

Co.

International,

0.00%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

1,907,460,

collateralized

by

SoftBank

Group

Corp.,

8.25%,

due

at

10/29/65,

par

and

fair

value

of

USD

2,000,000

and

$1,862,822,

respectively)

(r)

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

USD

1,907

$

1,907,460

Morgan

Stanley

&

Co.

International,

3.00%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

1,016,913,

collateralized

by

SoftBank

Group

Corp.,

8.25%,

due

at

10/29/65,

par

and

fair

value

of

USD

1,067,000

and

$993,815,

respectively)

(r)

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

1,017

1,016,744

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

2,941,111,

collateralized

by

Oracle

Corp.,

4.80%,

due

at

09/26/32,

par

and

fair

value

of

USD

3,000,000

and

$2,904,366,

respectively)

(r)

.....

2,940

2,940,000

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

514,569,

collateralized

by

Venture

Global

LNG,

Inc.,

8.38%,

due

at

06/01/31,

par

and

fair

value

of

USD

500,000

and

$511,408,

respectively)

(r)

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

514

514,375

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

2,492,497

,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

2,980,000

and

$2,370,885,

respectively)

(r)

.....

2,492

2,492,026

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

2,072,845,

collateralized

by

Oracle

Corp.,

5.20%,

due

at

09/26/35,

par

and

fair

value

of

USD

2,150,000

and

$2,048,941,

respectively)

(r)

.....

2,072

2,072,062

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

664,401,

collateralized

by

Warnermedia

Holdings,

Inc.,

4.28%,

due

at

03/15/32,

par

and

fair

value

of

USD

740,000

and

$651,200,

respectively)

(r)

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

664

664,150

Security

Par

(000)

Par

(000)

Value

Morgan

Stanley

&

Co.

LLC,

3.40%, Open

(Purchased

on

01/28/26

to

be

repurchased

at

USD

1,280,171,

collateralized

by

Warnermedia

Holdings,

Inc.,

5.05%,

due

at

03/15/42,

par

and

fair

value

of

USD

1,750,000

and

$1,229,375,

respectively)

(r)

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

USD

1,280

$

1,279,688

Morgan

Stanley

&

Co.

LLC,

3.42%, Open

(Purchased

on

01/30/26

to

be

repurchased

at

USD

315,102,

collateralized

by

ION

Platform

Finance

US,

Inc.,

7.88%,

due

at

09/30/32,

par

and

fair

value

of

USD

350,000

and

$306,955,

respectively)

(r)

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

315

315,042

Nomura

Securities

International,

Inc.,

2.75%, Open

(Purchased

on

01/05/26

to

be

repurchased

at

USD

993,608,

collateralized

by

MGM

Resorts

International,

6.50%,

due

at

04/15/32,

par

and

fair

value

of

USD

950,000

and

$972,525,

respectively)

(r)

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

992

991,563

RBC

Capital

Markets

LLC,

1.65%, Open

(Purchased

on

10/15/25

to

be

repurchased

at

USD

541,970,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

due

at

06/01/29,

par

and

fair

value

of

USD

550,000

and

$544,236,

respectively)

(r)

.......

539

539,000

RBC

Capital

Markets

LLC,

3.15%, Open

(Purchased

on

12/02/25

to

be

repurchased

at

USD

361,458,

collateralized

by

Zayo

Group

Holdings,

Inc.,

9.00%,

due

at

09/09/30,

par

and

fair

value

of

USD

400,000

and

$367,256,

respectively)

(r)

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

360

359,500

RBC

Capital

Markets

LLC,

3.25%, Open

(Purchased

on

11/19/25

to

be

repurchased

at

USD

1,120,110,

collateralized

by

McAfee

Corp.,

7.38%,

due

at

02/15/30,

par

and

fair

value

of

USD

1,250,000

and

$994,499,

respectively)

(r)

.......

1,113

1,112,500

RBC

Capital

Markets

LLC,

3.40%, Open

(Purchased

on

10/22/25

to

be

repurchased

at

USD

721,176,

collateralized

by

Central

Parent,

Inc.,

7.25%,

due

at

06/15/29,

par

and

fair

value

of

USD

850,000

and

$651,349,

respectively)

(r)

....

714

714,000

Total

Borrowed

Bond

Agreements

—

4.9%

(Cost:

$39,042,342)

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

39,161,355

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Money

Market

Funds

—

8.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

3.57%

(s)(t)

....

71,420,290

$

71,420,290

Total

Money

Market

Funds

—

8.9%

(Cost:

$71,420,290)

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

71,420,290

Total

Short-Term

Securities

—

13.8%

(Cost:

$110,462,632)

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

110,581,645

Total

Options

Purchased

—

0.1%

(Cost:

$1,644,768

)

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

1,182,618

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

103.8%

(Cost:

$883,016,497)

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

832,351,499

Total

Options

Written

—

(0.1)%

(Premiums

Received

—

$(735,837))

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

(468,364)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Capital

Trusts

—

(0.3)%

Spain

—

(0.3)%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.75%

(a)(l)

...........

USD

(2,000)

(2,151,556)

Corporate

Bonds

—

(4.5)%

France

—

(0.3)%

Fnac

Darty

SA,

6.00%

,

 04/01/29

...

EUR

(2,000)

(2,451,302)

Germany

—

(0.1)%

LANXESS

AG,

0.63%

,

 12/01/29

....

(1,000)

(1,066,946)

Japan

—

(0.6)%

SoftBank

Group

Corp.

(a)

:

(USISOA05

+

4.85%),

6.88%

(l)

...

USD

(2,000)

(1,951,871)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.55%),

8.25%

,

 10/29/65

....

(3,067)

(2,856,637)

(4,808,508)

Luxembourg

—

(0.4)%

Aegis

Lux

1a

SARL,

5.63%

,

(5.63%

Cash

or

6.38%

PIK), 10/29/31

(i)

..

EUR

(1,900)

(2,280,364)

INEOS

Finance

plc,

7.50%

,

 04/15/29

(h)

USD

(1,200)

(1,005,065)

(3,285,429)

Spain

—

(0.1)%

Banco

Santander

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.76%),

3.63%

(a)(l)

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

EUR

(800)

(917,868)

United

States

—

(3.0)%

CCO

Holdings

LLC,

4.50%

,

 05/01/32

USD

(1,500)

(1,346,081)

Central

Parent,

Inc.,

7.25%

,

06/15/29

(h)

(850)

(651,349)

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%

,

 06/01/29

(h)

...........

(550)

(544,236)

Cloud

Software

Group,

Inc.,

6.63%

,

 08/15/33

(h)

...........

(1,550)

(1,485,809)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%

,

 06/01/29

(h)

...........

USD

(261)

$

(256,722)

ION

Platform

Finance

US,

Inc.,

7.88%

,

 09/30/32

(h)

...........

(350)

(306,955)

JetBlue

Airways

Corp.,

9.88%

,

 09/20/31

(h)

...........

(1,200)

(1,205,240)

McAfee

Corp.,

7.38%

,

 02/15/30

(h)

...

(4,230)

(3,365,384)

MGM

Resorts

International,

6.50%

,

 04/15/32

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

(950)

(972,525)

Olympus

Water

US

Holding

Corp.,

7.25%

,

 02/15/33

(h)

...........

(600)

(597,665)

OneMain

Finance

Corp.,

6.50%

,

 03/15/33

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

(1,400)

(1,407,174)

Oracle

Corp.:

4.80%

,

 09/26/32

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

(3,000)

(2,904,366)

5.20%

,

 09/26/35

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

(2,150)

(2,048,941)

PBF

Holding

Co.

LLC,

6.00%

,

 02/15/28

(329)

(328,515)

Rivian

Holdings

LLC,

10.00%

,

 01/15/31

(h)

..........

(170)

(160,478)

Sirius

XM

Radio

LLC,

4.13%

,

 07/01/30

(h)

...........

(650)

(612,962)

Venture

Global

LNG,

Inc.,

8.38%

,

 06/01/31

(h)

...........

(500)

(511,408)

Warnermedia

Holdings,

Inc.:

4.28%

,

 03/15/32

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

(2,940)

(2,587,200)

4.69%

,

 05/17/33

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

EUR

(660)

(

732,179)

5.05%

,

 03/15/42

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

USD

(1,750)

(1,229,375)

Xerox

Holdings

Corp.,

8.88%

,

 11/30/29

(h)

...........

(300)

(110,119)

Zayo

Group

Holdings,

Inc.,

9.00%

,

(9.00%

Cash

or

1.88%

PIK), 09/09/30

(a)(h)(i)

...........

(400)

(367,256)

(23,731,939)

Total

Borrowed

Bonds

—

(4.8)%

(Proceeds:

$(38,801,550))

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

(38,413,548)

Shares

Shares

Investments

Sold

Short

Investment

Companies

Janus

Detroit

Street

Trust

........

(20,000)

(956,800)

Total

Investment

Companies

—

(0.1)%

(Proceeds:

$(957,166))

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

(956,800)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$(957,166)

)

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

(956,800)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

Investments

Sold

Short

—

98.8%

(Cost:

$842,521,944)

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

792,512,787

Other

Assets

Less

Liabilities

—

1.2%

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

9,310,039

Net

Assets

—

100.0%

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

$

801,822,826

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

18

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(c)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(d)

Non-income

producing

security.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,004,594,

representing

0.50%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,212,513.

(h)

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.

(i)

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.

(j)

Convertible

security.

(k)

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.

(l)

Perpetual

security

with

no

stated

maturity

date.

(m)

Zero-coupon

bond.

(n)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(o)

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.

(p)

Rounds

to

less

than

1,000.

(q)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(r)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(s)

Affiliate

of

the

Fund.

(t)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

89,144,689

$

—

$

(17,724,399)

(a)

$

—

$

—

$

71,420,290

71,420,290

$

1,624,487

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

19

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

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

100

03/06/26

$

13,822

$

(

49,629

)

Euro-BTP

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

25

03/06/26

3,589

22,094

U.S.

Treasury

10-Year

Note

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

49

03/20/26

5,477

(

55,052

)

U.S.

Treasury

10-Year

Ultra

Note

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

2

03/20/26

228

(

2,204

)

U.S.

Treasury

5-Year

Note

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

250

03/31/26

27,227

(

105,965

)

(

190,756

)

Short

Contracts

Euro-OAT

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

25

03/06/26

3,613

(

27,857

)

Russell

2000

E-Mini

Index

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

33

03/20/26

4,331

(

84,782

)

S&P

500

E-Mini

Index

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

1

03/20/26

348

(

3,853

)

(

116,492

)

$

(

307,248

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

1,448,469

USD

1,697,489

JPMorgan

Chase

Bank

NA

03/18/26

$

22,950

USD

1,187,998

EUR

990,044

JPMorgan

Chase

Bank

NA

03/18/26

12,059

USD

169,436

GBP

122,918

Citibank

NA

03/18/26

1,250

USD

782,708

GBP

568,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

5,528

41,787

USD

539,864

EUR

462,103

Deutsche

Bank

AG

02/03/26

(

7,890

)

USD

312,751

AUD

470,000

UBS

AG

03/18/26

(

14,499

)

USD

2,187,446

CHF

1,721,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

49,137

)

USD

1,622,179

EUR

1,393,000

Bank

of

America

NA

03/18/26

(

32,375

)

USD

1,226,873

EUR

1,055,000

Barclays

Bank

plc

03/18/26

(

26,217

)

USD

278,340,161

EUR

235,590,000

BNP

Paribas

SA

03/18/26

(

1,484,995

)

USD

4,988,281

EUR

4,256,129

Deutsche

Bank

AG

03/18/26

(

66,992

)

USD

2,011,680

EUR

1,716,121

JPMorgan

Chase

Bank

NA

03/18/26

(

26,666

)

USD

4,401,065

EUR

3,763,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

68,487

)

USD

1,282,833

EUR

1,086,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

7,078

)

USD

62,476

EUR

53,000

Natwest

Markets

plc

03/18/26

(

475

)

USD

969,629

GBP

724,000

Barclays

Bank

plc

03/18/26

(

21,002

)

USD

770,898

GBP

572,412

BNP

Paribas

SA

03/18/26

(

12,320

)

USD

27,691,902

GBP

20,690,000

Deutsche

Bank

AG

03/18/26

(

617,715

)

USD

187,376

GBP

140,000

HSBC

Bank

plc

03/18/26

(

4,183

)

USD

508,770

GBP

374,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

2,965

)

USD

237,001

SEK

2,189,000

BNP

Paribas

SA

03/18/26

(

9,284

)

(

2,452,280

)

$

(

2,410,493

)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

CBOE

Volatility

Index

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

500

02/18/26

USD

30.00

USD

872

$

32,417

Amkor

Technology,

Inc.

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

250

03/20/26

USD

70.00

USD

1,208

23,125

Lionsgate

Studios

Corp.

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

500

03/20/26

USD

10.00

USD

472

40,000

Newell

Brands,

Inc.

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

500

03/20/26

USD

5.00

USD

213

11,250

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

20

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

U.S.

Treasury

10-Year

Note

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

125

03/27/26

USD

113.00

USD

12,500

$

35,156

U.S.

Treasury

30-Year

Bond

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

75

03/27/26

USD

119.00

USD

7,500

31,641

Sabre

Corp.

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

1,250

04/17/26

USD

2.00

USD

163

18,750

Lionsgate

Studios

Corp.

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

443

06/18/26

USD

12.00

USD

418

33,225

EURO

STOXX

50

Index

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

52

09/18/26

EUR

6,000.00

EUR

3,093

158,318

EURO

STOXX

50

Index

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

52

09/18/26

EUR

6,600.00

EUR

3,093

35,904

EURO

STOXX

Bank

Index

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

122

09/18/26

EUR

310.00

EUR

1,680

44,288

Nasdaq-100

Index

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

3

09/18/26

USD

29,500.00

USD

7,666

122,459

586,533

Put

EURO

STOXX

50

Index

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

142

02/20/26

EUR

5,800.00

EUR

8,446

84,328

EURO

STOXX

50

Index

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

142

02/20/26

EUR

5,400.00

EUR

8,446

20,535

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

3,000

02/20/26

USD

80.00

USD

24,336

42,696

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,000

02/20/26

USD

108.00

USD

11,057

6,966

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

1,000

02/20/26

USD

109.00

USD

11,057

18,312

iShares

Russell

2000

ETF

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

300

02/20/26

USD

250.00

USD

7,790

60,432

Oracle

Corp.

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

350

02/20/26

USD

120.00

USD

5,760

13,125

S&P

500

Index

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

13

02/20/26

USD

6,775.00

USD

9,021

55,360

State

Street

SPDR

S&P

500

ETF

Trust

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

100

02/20/26

USD

650.00

USD

6,920

16,677

Janus

Detroit

Street

Trust

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

500

03/20/26

USD

45.00

USD

2,392

1,446

VanEck

Semiconductor

ETF

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

100

03/20/26

USD

325.00

USD

4,035

30,370

350,247

$

936,780

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

S&P

500

Index

..........

BNP

Paribas

SA

315

06/18/26

USD

6,950.00

USD

2,186

$

76,364

S&P

500

Index

..........

BNP

Paribas

SA

211

09/18/26

USD

6,950.00

USD

1,464

67,395

$

143,759

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

%

iTraxx

Europe

Main

Index

Series

44.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/18/26

EUR

60.00

EUR

24,314

$

6,285

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

44.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/18/26

EUR

65.00

EUR

24,314

13,045

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

45.V1

Quarterly

Goldman

Sachs

International

02/18/26

USD

106.50

USD

5,000

8,457

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

45.V1

Quarterly

Goldman

Sachs

International

02/18/26

USD

106.50

USD

10,000

16,914

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

44.V1

Quarterly

BNP

Paribas

SA

02/18/26

EUR

262.50

EUR

13,890

28,686

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

44.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/18/26

EUR

262.50

EUR

13,893

28,692

$

102,079

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

21

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EURO

STOXX

50

Index

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

104

09/18/26

EUR

6,300.00

EUR

6,186

$

(

161,246

)

Nasdaq-100

Index

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

3

09/18/26

USD

31,000.00

USD

7,666

(

54,868

)

(

216,114

)

Put

EURO

STOXX

50

Index

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

284

02/20/26

EUR

5,600.00

EUR

16,892

(

76,249

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

3,000

02/20/26

USD

77.00

USD

24,336

(

11,572

)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

1,000

02/20/26

USD

105.00

USD

11,057

(

356

)

iShares

Russell

2000

ETF

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

100

02/20/26

USD

215.00

USD

2,597

(

1,291

)

iShares

Russell

2000

ETF

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

200

02/20/26

USD

220.00

USD

5,193

(

3,382

)

S&P

500

Index

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

13

02/20/26

USD

6,575.00

USD

9,021

(

25,117

)

State

Street

SPDR

S&P

500

ETF

Trust

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

100

02/20/26

USD

600.00

USD

6,920

(

4,348

)

(

122,315

)

$

(

338,429

)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

S&P

500

Index

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

BNP

Paribas

SA

315

06/18/26

USD

6,225.00

USD

2,186

$

(

30,498

)

S&P

500

Index

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

BNP

Paribas

SA

211

09/18/26

USD

6,225.00

USD

1,464

(

33,382

)

$

(

63,880

)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5

.00

%

iTraxx

Europe

Crossover

Index

Series

44.V1

Quarterly

BNP

Paribas

SA

02/18/26

BB-

EUR

237.50

EUR

13,890

$

(

16,964

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

5

.00

iTraxx

Europe

Crossover

Index

Series

44.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/18/26

NR

EUR

237.50

EUR

13,893

(

16,968

)

(

33,932

)

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

44.V1

1

.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/18/26

A-

EUR

70.00

EUR

24,314

(

2,967

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

44.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/18/26

A-

EUR

75.00

EUR

24,314

(

8,046

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

44.V1

5

.00

Quarterly

BNP

Paribas

SA

02/18/26

BB-

EUR

300.00

EUR

13,890

(

10,554

)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

22

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

44.V1

5

.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

02/18/26

NR

EUR

300.00

EUR

13,893

$

(

10,556

)

(

32,123

)

$

(

66,055

)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

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.V2

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

5

.00

%

Quarterly

06/20/30

USD

990

$

(

90,896

)

$

(

56,340

)

$

(

34,556

)

iTraxx

Europe

Crossover

Index

Series

44.V1

.

5

.00

Quarterly

12/20/30

EUR

10,610

(

1,426,216

)

(

1,306,033

)

(

120,183

)

iTraxx

Europe

Crossover

Index

Series

44.V1

.

5

.00

Quarterly

12/20/30

EUR

228

(

30,666

)

(

26,343

)

(

4,323

)

iTraxx

Europe

Main

Index

Series

44.V1

.....

1

.00

Quarterly

12/20/30

EUR

728

(

20,306

)

(

17,460

)

(

2,846

)

iTraxx

Europe

Senior

Financials

Index

Series

44.V1

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

1

.00

Quarterly

12/20/30

EUR

1,937

(

51,473

)

(

42,282

)

(

9,191

)

Markit

CDX

North

American

High

Yield

Index

Series

45.V2

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

5

.00

Quarterly

12/20/30

USD

299

(

26,761

)

(

21,428

)

(

5,333

)

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

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

1

.00

Quarterly

12/20/30

USD

27,160

(

642,445

)

(

608,430

)

(

34,015

)

$

(

2,288,763

)

$

(

2,078,316

)

$

(

210,447

)

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)

Community

Health

Systems,

Inc.

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

USD

300

$

(

6,397

)

$

5,339

$

(

11,736

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

200

(

4,265

)

2,746

(

7,011

)

Xerox

Corp.

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

1

.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

300

47,143

66,877

(

19,734

)

BorgWarner,

Inc.

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

2,000

(

31,467

)

10,450

(

41,917

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

750

(

182

)

75,473

(

75,655

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

510

(

124

)

49,941

(

50,065

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

1,500

(

364

)

210,120

(

210,484

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

300

(

73

)

30,921

(

30,994

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

450

(

109

)

47,735

(

47,844

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

500

(

121

)

48,989

(

49,110

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,000

(

242

)

132,730

(

132,972

)

Simon

Property

Group

LP

....

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

5,250

(

83,398

)

30,807

(

114,205

)

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

3,650

(

57,981

)

21,459

(

79,440

)

Xerox

Corp.

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

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

830

311,568

36,612

274,956

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

600

(

11,632

)

23,466

(

35,098

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

117

(

2,268

)

2,995

(

5,263

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

775

(

16,991

)

12,997

(

29,988

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

200

(

3,487

)

(

565

)

(

2,922

)

Gap,

Inc.

(The)

...........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

1,000

(

11,729

)

89,776

(

101,505

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

200

(

3,762

)

1,625

(

5,387

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

750

(

102,432

)

(

56,880

)

(

45,552

)

Honda

Motor

Co.

Ltd.

.......

1

.00

Quarterly

Barclays

Bank

plc

12/20/29

JPY

186,126

(

26,151

)

(

28,416

)

2,265

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

23

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)

Simon

Property

Group

LP

....

1

.00

%

Quarterly

BNP

Paribas

SA

06/20/30

USD

2,000

$

(

48,377

)

$

(

9,367

)

$

(

39,010

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

1,300

(

215,635

)

(

194,066

)

(

21,569

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

1,000

(

165,873

)

(

152,319

)

(

13,554

)

American

Airlines

Group,

Inc.

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

USD

500

(

28,765

)

10,240

(

39,005

)

Avnet,

Inc.

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

1

.00

Quarterly

Bank

of

America

NA

12/20/30

USD

3,000

(

44,711

)

(

19,699

)

(

25,012

)

Avnet,

Inc.

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

1

.00

Quarterly

Goldman

Sachs

Bank

USA

12/20/30

USD

3,000

(

44,711

)

(

27,585

)

(

17,126

)

Bayerische

Motoren

Werke

AG

1

.00

Quarterly

BNP

Paribas

SA

12/20/30

EUR

3,243

(

99,490

)

(

77,400

)

(

22,090

)

CMA

CGM

SA

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

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

1,658

(

186,612

)

(

200,622

)

14,010

Constellium

SE

...........

5

.00

Quarterly

Bank

of

America

NA

12/20/30

EUR

1,658

(

272,588

)

(

237,568

)

(

35,020

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

1,500

(

242,579

)

(

214,469

)

(

28,110

)

Fibercop

SpA

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

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

EUR

1,661

81,389

101,052

(

19,663

)

HP,

Inc.

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

1

.00

Quarterly

BNP

Paribas

SA

12/20/30

USD

2,000

(

14,292

)

(

9,651

)

(

4,641

)

International

Consolidated

Airlines

Group

SA

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

3,000

(

688,294

)

(

659,621

)

(

28,673

)

Lanxess

AG

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

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

EUR

360

14,629

13,474

1,155

Mercedes-Benz

Group

AG

....

1

.00

Quarterly

Barclays

Bank

plc

12/20/30

EUR

3,243

(

101,257

)

(

76,514

)

(

24,743

)

Republic

of

Panama

........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

1,000

10,291

19,403

(

9,112

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Deutsche

Bank

AG

12/20/30

USD

1,000

(

6,760

)

2,616

(

9,376

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

4,500

(

30,419

)

19,444

(

49,863

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

10,070

(

68,072

)

43,512

(

111,584

)

Stellantis

NV

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

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

2,468

(

486,759

)

(

409,359

)

(

77,400

)

Stena

AB

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

5

.00

Quarterly

Bank

of

America

NA

12/20/30

EUR

491

(

65,526

)

(

62,045

)

(

3,481

)

Stena

AB

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

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

EUR

328

(

43,684

)

(

40,687

)

(

2,997

)

Stena

AB

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

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

EUR

1,082

(

144,279

)

(

141,227

)

(

3,052

)

Sudzucker

International

Finance

BV

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

1

.00

Quarterly

BNP

Paribas

SA

12/20/30

EUR

1,647

46,888

24,049

22,839

thyssenkrupp

AG

..........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

EUR

2,788

(

26,514

)

(

40,201

)

13,687

United

Group

BV

..........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

810

(

83,882

)

(

50,783

)

(

33,099

)

United

Group

BV

..........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

964

(

99,829

)

(

60,438

)

(

39,391

)

Volkswagen

International

Finance

NV

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

1,621

(

13,584

)

10,184

(

23,768

)

Volvo

Car

AB

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

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

EUR

1,630

(

295,025

)

(

225,696

)

(

69,329

)

Volvo

Car

AB

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

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

EUR

1,657

(

299,912

)

(

236,100

)

(

63,812

)

Warnermedia

Holdings,

Inc.

...

1

.00

Quarterly

Bank

of

America

NA

12/20/30

USD

705

41,206

30,996

10,210

Whirlpool

Corp.

...........

1

.00

Quarterly

Bank

of

America

NA

12/20/30

USD

3,500

218,531

203,555

14,976

Whirlpool

Corp.

...........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/30

USD

500

31,219

32,211

(

992

)

$

–

$

–

$

–

$

(

3,377,740

)

$

(

1,819,484

)

$

(

1,558,256

)

$

–

$

–

$

–

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)

ADLER

Real

Estate

GmbH

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

712

$

10,884

$

(

3,657

)

$

14,541

Altice

France

SA

......

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

CCC+

EUR

535

22,804

16,392

6,412

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

182

11,700

(

12,018

)

23,718

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

125

8,027

(

8,248

)

16,275

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

248

15,976

(

16,892

)

32,868

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

377

24,241

(

26,706

)

50,947

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

1,060

56,789

21,420

35,369

CMA

CGM

SA

........

5

.00

Quarterly

Bank

of

America

NA

12/20/27

BB+

EUR

800

76,177

(

8,131

)

84,308

CMA

CGM

SA

........

5

.00

Quarterly

BNP

Paribas

SA

12/20/27

BB+

EUR

942

89,698

(

10,559

)

100,257

Bellis

Acquisition

Co.

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

NR

EUR

890

38,221

7,069

31,152

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

24

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)

ZF

Europe

Finance

BV

..

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

BB-

EUR

1,661

$

169,956

$

52,543

$

117,413

iTraxx

Europe

Crossover

Index

Series

40.V4

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/28

BB-

EUR

2,340

240,079

142,373

97,706

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

B-

EUR

1,257

104,732

109,724

(

4,992

)

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Deutsche

Bank

AG

12/20/28

B-

EUR

695

55,058

53,955

1,103

ADLER

Real

Estate

GmbH

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

NR

EUR

712

86,717

(

11,453

)

98,170

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

11,159

1,939,290

1,181,521

757,769

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

3,157

548,646

289,816

258,830

Nissan

Motor

Co.

Ltd.

...

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

NR

JPY

105,403

(

38,005

)

(

12,879

)

(

25,126

)

Pitney

Bowes,

Inc.

.....

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

B+

USD

250

(

5,324

)

(

14,410

)

9,086

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Bank

of

America

NA

12/20/29

BB+

USD

110

1,915

(

376

)

2,291

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Bank

of

America

NA

12/20/29

BB+

USD

50

870

(

85

)

955

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Bank

of

America

NA

12/20/29

BB+

USD

50

870

(

103

)

973

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

1,000

108,146

145,332

(

37,186

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

110

11,896

12,694

(

798

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

80

8,652

8,705

(

53

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/30

BB-

USD

650

70,295

78,492

(

8,197

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Barclays

Bank

plc

06/20/30

NR

USD

3,000

508,139

387,130

121,009

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Citibank

NA

06/20/30

NR

USD

650

110,097

75,380

34,717

Zegona

Finance

plc

....

5

.00

Quarterly

BNP

Paribas

SA

06/20/30

BB

EUR

332

64,856

51,361

13,495

Zegona

Finance

plc

....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/30

BB

EUR

324

63,221

39,737

23,484

Zegona

Finance

plc

....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/30

BB

EUR

498

97,285

66,232

31,053

Amkor

Technology,

Inc.

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

NR

USD

2,500

460,698

430,318

30,380

Amkor

Technology,

Inc.

..

5

.00

Quarterly

Citibank

NA

12/20/30

NR

USD

4,000

737,116

689,529

47,587

Boeing

Co.

(The)

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

BBB-

USD

5,000

99,108

73,065

26,043

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

650

69,569

83,253

(

13,684

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

500

53,515

60,210

(

6,695

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

1,000

107,030

104,238

2,792

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

1,000

107,030

120,421

(

13,391

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

BB-

USD

2,000

214,060

239,911

(

25,851

)

Eutelsat

SA

..........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

EUR

878

198,565

116,057

82,508

iTraxx

Europe

Crossover

Index

Series

44.V1

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/30

BB-

EUR

14,114

3,371,091

3,109,556

261,535

MGM

Resorts

International

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

1,650

229,901

220,306

9,595

MGM

Resorts

International

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

USD

650

90,567

83,133

7,434

Newell

Brands,

Inc.

....

1

.00

Quarterly

Barclays

Bank

plc

12/20/30

B+

USD

1,000

(

116,489

)

(

126,989

)

10,500

Newell

Brands,

Inc.

....

1

.00

Quarterly

Barclays

Bank

plc

12/20/30

B+

USD

500

(

58,245

)

(

62,750

)

4,505

Oracle

Corp.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BBB

USD

1,000

(

22,639

)

(

15,068

)

(

7,571

)

Oracle

Corp.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BBB

USD

1,300

(

29,431

)

(

19,588

)

(

9,843

)

Oracle

Corp.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BBB

USD

1,500

(

33,959

)

(

5,857

)

(

28,102

)

Oracle

Corp.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BBB

USD

3,000

(

67,918

)

(

6,516

)

(

61,402

)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

25

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)

Pitney

Bowes,

Inc.

.....

1

.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

B+

USD

500

$

(

20,412

)

$

(

20,842

)

$

430

Pitney

Bowes,

Inc.

.....

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

B+

USD

1,500

(

61,236

)

(

64,700

)

3,464

Premier

Foods

Finance

plc

5

.00

Quarterly

BNP

Paribas

SA

12/20/30

BB+

EUR

680

99,437

104,650

(

5,213

)

Sirius

XM

Radio

LLC

...

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

1,500

214,187

186,222

27,965

Sirius

XM

Radio

LLC

...

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

650

92,814

82,218

10,596

Sirius

XM

Radio

LLC

...

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

2,000

285,582

262,129

23,453

Sirius

XM

Radio

LLC

...

5

.00

Quarterly

Citibank

NA

12/20/30

BB+

USD

4,000

571,165

509,760

61,405

Tenet

Healthcare

Corp.

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

B

USD

500

92,554

90,335

2,219

Tenet

Healthcare

Corp.

..

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

B

USD

500

92,554

82,838

9,716

Tenet

Healthcare

Corp.

..

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/30

B

USD

1,650

305,428

264,533

40,895

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

2,000

31,390

436

30,954

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Citibank

NA

12/20/30

BB+

USD

2,000

31,390

5,231

26,159

Teva

Pharmaceutical

Finance

Netherlands

III

BV

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

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

BB+

USD

2,000

31,390

218

31,172

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Bank

of

America

NA

12/20/30

NR

USD

650

118,416

111,624

6,792

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Bank

of

America

NA

12/20/30

NR

USD

1,000

182,178

171,729

10,449

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

USD

2,650

482,773

465,578

17,195

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

USD

500

91,089

89,328

1,761

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

USD

650

118,416

116,126

2,290

Warnermedia

Holdings,

Inc.

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB

USD

560

(

32,731

)

(

36,654

)

3,923

Warnermedia

Holdings,

Inc.

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB

USD

650

(

37,991

)

(

20,801

)

(

17,190

)

Warnermedia

Holdings,

Inc.

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB

USD

840

(

49,096

)

(

51,851

)

2,755

Warnermedia

Holdings,

Inc.

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB

USD

650

(

37,991

)

(

23,438

)

(

14,553

)

Warnermedia

Holdings,

Inc.

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB

USD

1,300

(

75,983

)

(

46,359

)

(

29,624

)

ZF

Europe

Finance

BV

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

EUR

322

40,388

37,981

2,407

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Deutsche

Bank

AG

12/20/30

B-

EUR

624

18,140

18,115

25

$

12,495,328

$

10,041,994

$

2,453,334

(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.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

26

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

AMC

Networks,

Inc.

.........

JPMorgan

Chase

Bank

NA

USD

39,738‌

02/09/26

0.20%

1D

OBFR01

Monthly

$

(

4,843‌

)

AMC

Networks,

Inc.

.........

Barclays

Bank

plc

24,495‌

08/23/26

0.20%

1D

OBFR01

Monthly

(

710‌

)

CSG

NV

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

Merrill

Lynch

International

&

Co.

1,549,010‌

02/15/28

0.26%

1D

ESTR

Monthly

352,346‌

Eagle

Bancorp,

Inc.

.........

JPMorgan

Chase

Bank

NA

16,660‌

02/09/26

0.20%

1D

OBFR01

Monthly

3,651‌

Lionsgate

Studios

Corp.

......

JPMorgan

Chase

Bank

NA

495,000‌

02/09/26

0.20%

1D

OBFR01

Monthly

24,200‌

Northern

Data

AG

..........

Barclays

Bank

plc

30,458‌

07/14/27

0.26%

1D

ESTR

Monthly

125‌

Paramount

Skydance

Corp.

....

JPMorgan

Chase

Bank

NA

293,351‌

02/09/26

0.20%

1D

OBFR01

Monthly

(

25,342‌

)

Synthomer

plc

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

Merrill

Lynch

International

&

Co.

195,363‌

02/15/28

0.25%

1D

SONIA

Monthly

(

30,546‌

)

Total

long

positions

of

equity

swaps

318,881‌

Short

contracts

(b)

Atos

SE

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

Merrill

Lynch

International

&

Co.

(

350,729‌

)

02/15/28

0.00%

1D

ESTR

Monthly

10,980‌

Brandywine

Realty

Trust

......

Merrill

Lynch

International

&

Co.

(

15,350‌

)

02/15/28

(0.15)%

1D

OBFR01

Monthly

1,200‌

Community

Financial

System,

Inc.

JPMorgan

Chase

Bank

NA

(

20,493‌

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

(

320‌

)

CVB

Financial

Corp.

.........

JPMorgan

Chase

Bank

NA

(

16,411‌

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

(

126‌

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

JPMorgan

Chase

Bank

NA

(

2,592,427‌

)

02/09/26

(0.88)%

1D

OBFR01

Monthly

(

5,765‌

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

Merrill

Lynch

International

&

Co.

(

654,804‌

)

02/15/28

(0.40)%

1D

OBFR01

Monthly

(

646‌

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

Citibank

NA

(

430,985‌

)

02/24/28

(0.35)%

1D

OBFR01

Monthly

319‌

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

JPMorgan

Chase

Bank

NA

(

814,894‌

)

02/09/26

(2.38)%

1D

OBFR01

Monthly

(

2,439‌

)

iShares

Preferred

&

Income

Securities

ETF

..........

Merrill

Lynch

International

&

Co.

(

1,543,270‌

)

02/15/28

(0.50)%

1D

OBFR01

Monthly

6,305‌

Vanguard

Intermediate-Term

Corporate

Bond

ETF

......

JPMorgan

Chase

Bank

NA

(

707,690‌

)

02/09/26

(0.47)%

1D

OBFR01

Monthly

(

1,436‌

)

      Total

short

positions

of

equity

swaps

8,072‌

Total

long

and

short

position

of

equity

swaps

326,953‌

Net

dividends

and

financing

fees

6,520‌

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

333,473‌

(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.

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)

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

$

—

$

(

2,078,316

)

$

—

$

(

210,447

)

$

—

OTC

Swaps

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

12,080,718

(

3,858,208

)

3,522,549

(

2,293,998

)

—

Options

Written

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

N/A

N/A

272,747

(

5,274

)

(

468,364

)

(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.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

27

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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)

......

$

—

$

—

$

—

$

—

$

22,094

$

—

$

22,094

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

41,787

—

—

41,787

Options

purchased

Investments

at

value

—

unaffiliated

(b)

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

—

102,079

1,013,742

—

66,797

—

1,182,618

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

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

—

15,197,621

405,646

—

—

—

15,603,267

$

—

$

15,299,700

$

1,419,388

$

41,787

$

88,891

$

—

$

16,849,766

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

88,635

$

—

$

240,707

$

—

$

329,342

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

2,452,280

—

—

2,452,280

Options

written

Options

written

at

value

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

—

66,055

402,309

—

—

—

468,364

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

210,447

—

—

—

—

210,447

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

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

—

6,080,033

72,173

—

—

—

6,152,206

$

—

$

6,356,535

$

563,117

$

2,452,280

$

240,707

$

—

$

9,612,639

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

January

31,

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

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

$

—

$

—

$

(

786,371

)

$

—

$

255,866

$

—

$

(

530,505

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

475,642

—

—

475,642

Options

purchased

(a)

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

—

(

807,781

)

(

3,125,861

)

—

(

473,241

)

—

(

4,406,883

)

Options

written

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

—

136,843

1,655,155

—

—

—

1,791,998

Swaps

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

—

(

483,801

)

478,677

—

(

21

)

—

(

5,145

)

$

—

$

(1,154,739)

$

(1,778,400)

$

475,642

$

(217,396)

$

—

$

(2,674,893)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

106,001

$

—

$

(

201,842

)

$

—

$

(

95,841

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

8,655,664

)

—

—

(

8,655,664

)

Options

purchased

(b)

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

—

(

152,650

)

53,268

—

83,777

—

(

15,605

)

Options

written

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

—

120,318

86,055

—

—

—

206,373

Swaps

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

—

(

28,225

)

476,409

—

13

—

448,197

$

—

$

(60,557)

$

721,733

$

(8,655,664)

$

(118,052)

$

—

$

(8,112,540)

(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.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

28

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

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

$

43,342,798

Average

notional

value

of

contracts

—

short

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

13,436,094

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

330,776,102

Average

amounts

sold

—

in

USD

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

7,682,286

Options

Average

value

of

option

contracts

purchased

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

1,250,058

Average

value

of

option

contracts

written

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

583,368

Average

notional

value

of

swaption

contracts

purchased

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

123,088,438

Average

notional

value

of

swaption

contracts

written

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

121,291,477

Credit

default

swaps

Average

notional

value

—

buy

protection

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

164,879,916

Average

notional

value

—

sell

protection

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

115,098,366

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

—

(a)

Average

notional

value

—

receives

fixed

rate

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

—

(a)

Equity

swaps:

Average

notional

value

—

long

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

2,922,440

Average

notional

value

—

short

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

7,225,522

(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

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

$

78,245

$

14,450

Forward

f

oreign

currency

exchange

contracts

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

41,787

2,452,280

Options

(a)

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

1,182,618

468,364

Swaps

—

centrally

cleared

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

16,005

—

Swaps

—

OTC

(b)

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

15,596,747

6,152,206

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

16,915,402

$

9,087,300

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(

1,031,030

)

(

352,879

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

15,884,372

$

8,734,421

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

2,726,408

$

(

902,902

)

$

(

1,817,177

)

$

—

$

6,329

Barclays

Bank

plc

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

682,345

(

457,406

)

—

(

224,939

)

—

BNP

Paribas

SA

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

6,598,652

(

1,817,845

)

—

(

4,780,807

)

—

Citibank

NA

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

1,772,981

(

306,214

)

—

(

1,458,658

)

8,109

Deutsche

Bank

AG

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

171,246

(

171,246

)

—

—

—

Goldman

Sachs

International

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

523,939

(

523,939

)

—

—

—

JPMorgan

Chase

Bank

NA

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

2,164,852

(

2,164,852

)

—

—

—

Merrill

Lynch

International

&

Co.

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

370,831

(

31,192

)

—

—

339,639

Morgan

Stanley

&

Co.

International

plc

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

873,118

(

598,485

)

—

(

274,633

)

—

$

15,884,372

$

(

6,974,081

)

$

(

1,817,177

)

$

(

6,739,037

)

$

354,077

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

29

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.

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

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

$

902,902

$

(

902,902

)

$

—

$

—

$

—

Barclays

Bank

plc

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

457,406

(

457,406

)

—

—

—

BNP

Paribas

SA

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

1,817,845

(

1,817,845

)

—

—

—

Citibank

NA

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

306,214

(

306,214

)

—

—

—

Deutsche

Bank

AG

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

706,452

(

171,246

)

—

—

535,206

Goldman

Sachs

International

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

1,018,299

(

523,939

)

—

(

494,360

)

—

HSBC

Bank

plc

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

4,183

—

—

—

4,183

JPMorgan

Chase

Bank

NA

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

2,876,469

(

2,164,852

)

—

(

711,617

)

—

Merrill

Lynch

International

&

Co.

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

31,192

(

31,192

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

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

598,485

(

598,485

)

—

—

—

Natwest

Markets

plc

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

475

—

—

—

475

UBS

AG

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

14,499

—

—

—

14,499

$

8,734,421

$

(

6,974,081

)

$

—

$

(

1,205,977

)

$

554,363

(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

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

$

—

$

78,848,832

$

—

$

78,848,832

Common

Stocks

Bermuda

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

—

—

167,405

167,405

Canada

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

64,953

—

—

64,953

Chile

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

—

—

10,120

10,120

Germany

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

—

—

12

12

Luxembourg

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

—

616,538

—

616,538

United

Kingdom

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

101,860

—

74

101,934

United

States

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

3,918,628

755,144

1,917,125

6,590,897

Corporate

Bonds

Angola

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

—

1,680,610

—

1,680,610

Australia

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

—

37,567

506,424

543,991

Brazil

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

—

882,028

—

882,028

Canada

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

—

5,862,221

2,525,408

8,387,629

Chile

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

—

137,004

—

137,004

China

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

—

6,738,666

—

6,738,666

Czech

Republic

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

—

1,933,862

—

1,933,862

Denmark

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

—

3,152,893

—

3,152,893

Finland

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

—

1,013,522

—

1,013,522

France

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

—

14,542,198

352,580

14,894,778

Germany

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

—

14,012,249

598,593

14,610,842

Greece

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

—

901,186

—

901,186

Ireland

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

—

7,680,003

—

7,680,003

Israel

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

—

565,509

—

565,509

Italy

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

—

12,784,478

—

12,784,478

Japan

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

—

9,332,561

—

9,332,561

Jersey,

Channel

Islands

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

—

1,866,802

—

1,866,802

Luxembourg

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

—

19,616,400

2,616,719

22,233,119

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

30

Level

1

Level

2

Level

3

Total

Mauritius

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

$

—

$

—

$

8,581,778

$

8,581,778

Mexico

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

—

2,606,971

—

2,606,971

Netherlands

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

—

3,503,576

—

3,503,576

Portugal

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

—

12,569,451

—

12,569,451

Slovenia

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

—

367,985

—

367,985

Spain

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

—

3,093,493

—

3,093,493

Sweden

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

—

3,377,978

—

3,377,978

Switzerland

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

—

2,964,859

—

2,964,859

United

Kingdom

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

—

27,268,650

—

27,268,650

United

States

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

—

287,664,294

25,667,903

313,332,197

Zambia

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

—

2,776,041

—

2,776,041

Fixed

Rate

Loan

Interests

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

—

7,085,426

—

7,085,426

Floating

Rate

Loan

Interests

Austria

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

—

1,185,682

—

1,185,682

Cayman

Islands

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

—

12,068

—

12,068

Finland

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

—

2,223,375

—

2,223,375

France

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

—

1,809,408

1,959,009

3,768,417

Germany

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

—

2,371,020

—

2,371,020

Jersey,

Channel

Islands

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

—

1,460

203,413

204,873

Luxembourg

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

—

11,746,022

4,007,239

15,753,261

Netherlands

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

—

3,586,495

992,731

4,579,226

New

Zealand

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

—

3,287,447

—

3,287,447

Spain

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

—

2,377,693

—

2,377,693

United

Kingdom

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

—

14,545,021

1,973,162

16,518,183

United

States

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

—

36,009,279

5,907,382

41,916,661

Foreign

Agency

Obligations

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

—

458,896

—

458,896

Foreign

Government

Obligations

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

—

3,658,043

—

3,658,043

Investment

Companies

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

1,013,400

—

—

1,013,400

Non-Agency

Mortgage-Backed

Securities

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

—

—

3,979,069

3,979,069

Preferred

Securities

Belgium

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

—

482,763

—

482,763

Finland

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

—

—

349,575

349,575

France

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

—

3,474,248

—

3,474,248

Germany

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

—

8,300,318

—

8,300,318

Greece

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

—

1,696,228

—

1,696,228

Italy

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

—

1,015,277

—

1,015,277

Japan

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

—

1,483,873

—

1,483,873

Luxembourg

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

—

1,115,857

—

1,115,857

Netherlands

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

—

2,917,074

—

2,917,074

Norway

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

—

877,443

—

877,443

Spain

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

—

1,420,049

—

1,420,049

Sweden

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

—

1,790,656

—

1,790,656

United

Kingdom

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

—

2,656,571

—

2,656,571

United

States

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

—

348,339

5,545,568

5,893,907

Warrants

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

30,065

750

506,689

537,504

Short-Term

Securities

Borrowed

Bond

Agreements

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

—

39,161,355

—

39,161,355

Money

Market

Funds

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

71,420,290

—

—

71,420,290

Options

Purchased

Credit

contracts

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

—

102,079

—

102,079

Equity

contracts

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

482,848

530,894

—

1,013,742

Interest

rate

contracts

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

66,797

—

—

66,797

Liabilities

Borrowed

Bonds

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

—

(

38,413,548

)

—

(

38,413,548

)

Investment

Sold

Short

Investment

Companies

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

(

956,800

)

—

—

(

956,800

)

Unfunded

Floating

Rate

Loan

Interests

(a)

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

—

(

4,089

)

—

(

4,089

)

$

76,142,041

$

648,467,043

$

68,367,978

$

792,977,062

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

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

$

—

$

3,116,903

$

—

$

3,116,903

Equity

contracts

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

—

405,646

—

405,646

Foreign

currency

exchange

contracts

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

—

41,787

—

41,787

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

Schedule

of

Investments

31

Level

1

Level

2

Level

3

Total

Interest

rate

contracts

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

$

22,094

$

—

$

—

$

22,094

Liabilities

Credit

contracts

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

—

(

2,498,327

)

—

(

2,498,327

)

Equity

contracts

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

(

326,130

)

(

236,987

)

—

(

563,117

)

Foreign

currency

exchange

contracts

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

—

(

2,452,280

)

—

(

2,452,280

)

Interest

rate

contracts

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

(

240,707

)

—

—

(

240,707

)

$

(

544,743

)

$

(

1,623,258

)

$

—

$

(

2,168,001

)

(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.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

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

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

—

365,184

—

—

—

—

—

365,184

Transfers

out

of

Level

3

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

—

—

(

59,413

)

—

(

268,660

)

—

(

1

)

(

328,074

)

Accrued

discounts/premiums

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

—

15,968

13,359

6,305

—

—

—

35,632

Net

realized

gain

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

—

92,603

17,386

—

53,606

—

—

163,595

Net

change

in

unrealized

appreciation

(depreciation)

(a)

(b)

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

216,787

(

1,940,863

)

(

448,017

)

9,699

222,102

358

95,868

(

1,844,066

)

Purchases

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

298,393

5,244,422

13,052,839

—

—

—

—

18,595,654

Sales

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

—

(

4,601,432

)

(

7,242,930

)

—

(

483,606

)

—

—

(

12,327,968

)

Closing

balance,

as

of

January

31,

2026

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

$

2,094,736

$

40,849,405

$

15,042,936

$

3,979,069

$

5,895,143

$

—

$

506,689

$

68,367,978

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2026

(b)

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

$

216,787

$

(

2,050,497

)

$

(

482,832

)

$

9,699

$

222,102

$

—

$

95,868

$

(

1,988,873

)

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2026

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Credit

Relative

Value

Fund

32

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

$10,955,843.

(a)

A

significant

change

in

unobservable

input

could

result

in

a

correlated

or

inverse

change

in

value.

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

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

1,401,917

Market

EBITDA

Multiple

12.50x

—

Revenue

Multiple

3.38x

—

Time

to

Exit

5.1

years

—

Volatility

75%

—

Income

Discount

for

Lack

of

Marketability

5%

—

Corporate

Bonds

(b)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

38,232,686

Income

Discount

Rate

5%

-

15%

8%

Market

Direct

Profit

Multiple

2.00x

—

Floating

Rate

Loan

Interests

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7,768,541

Income

Discount

Rate

9%

-

21%

12%

Non-Agency

Mortgage-Backed

Securities

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3,979,069

Income

Discount

Rate

8%

—

Preferred

Stocks

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5,523,234

Income

Discount

Rate

10%

—

Market

Revenue

Multiple

6.00x

-

14.00x

10.57x

Time

to

Exit

3.0

-

3.0

years

3.0

years

Volatility

80%

-

80%

80%

EBITDA

Multiple

10.25x

—

Warrants

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

506,688

Market

Time

to

Exit

3.0

-

5.1

years

3.6

years

Volatility

53%

-

80%

72%

Revenue

Multiple

9.75x

-14.00x

12.83x

Discount

for

Lack

of

Marketability

5%

—

$

57,412,135

(b)

For

the

period

end

January

31,

2026,

the

valuation

technique

for

investments

classified

as

Corporate

Bonds

amounting

to

$823,607

changed

to

an

market

approach.

The

investments

were

previously

valued

utilizing

an

income

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2026

33

Statement

of

Assets

and

Liabilities

BlackRock

Credit

Relative

Value

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

760,931,209‌

Investments,

at

value

—

affiliated

(b)

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

71,420,290‌

Cash

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

2,108,180‌

Cash

pledged:

–‌

Collateral

—

exchange-traded

options

written

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

3,811,000‌

Collateral

—

OTC

derivatives

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

2,734,766‌

Futures

contracts

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

997,880‌

Centrally

cleared

swaps

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

865,600‌

Foreign

currency,

at

value

(c)

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

6,869,308‌

Receivables:

–‌

Investments

sold

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

20,615,077‌

Options

written

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

1,403‌

Swaps

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

794‌

Capital

shares

sold

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

5,165,850‌

Dividends

—

unaffiliated

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

3,638‌

Dividends

—

affiliated

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

207,009‌

Interest

—

unaffiliated

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

11,990,811‌

From

the

Manager

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

14,344‌

Variation

margin

on

futures

contracts

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

78,245‌

Variation

margin

on

centrally

cleared

swaps

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

16,005‌

Swap

premiums

paid

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

12,080,718‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

41,787‌

OTC

swaps

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

3,522,549‌

Prepaid

e

xpenses

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

91,677‌

Total

a

ssets

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

903,568,140‌

LIABILITIES

Investments

sold

short,

at

value

(d)

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

956,800‌

Cash

received:

–‌

Collateral

—

OTC

derivatives

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

8,238,658‌

Borrowed

bonds,

at

value

(e)

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

38,413,548‌

Options

written,

at

value

(f)

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

468,364‌

Payables:

–‌

Investments

purchased

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

38,205,450‌

Administration

fees

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

30,472‌

Capital

shares

redeemed

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

5,039,063‌

Interest

expense

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

699,862‌

Investment

advisory

fees

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

636,348‌

Trustees'

and

Officer's

fees

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

33,877‌

Other

affiliate

fees

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

752‌

Service

and

distribution

fees

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

46,015‌

Variation

margin

on

futures

contracts

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

14,450‌

Other

accrued

expenses

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

353,080‌

Swap

premiums

received

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

3,858,208‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

2,452,280‌

OTC

swaps

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

2,293,998‌

Unfunded

floating

rate

loan

interests

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

4,089‌

Total

li

abilities

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

101,745,314‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

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

$

801,822,826‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

34

See

notes

to

financial

statements.

BlackRock

Credit

Relative

Value

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

1,425,438,723‌

Accumulated

loss

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

(

623,615,897‌

)

NET

ASSETS

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

$

801,822,826‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

811,596,207‌

(b)

  Investments,

at

cost

—

affiliated

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

$

71,420,290‌

(c)

  Foreign

currency,

at

cost

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

$

6,870,730‌

(d)

  Proceeds

received

from

short

sales

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

$

957,166‌

(e)

  Proceeds

received

from

borrowed

bonds

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

$

38,801,550‌

(f)

  Premiums

received

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

$

735,837‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

35

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Credit

Relative

Value

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

569,077,311‌

Shares

outstanding

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

62,678,268‌

Net

asset

value

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

$

9.08‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

37,262,741‌

Shares

outstanding

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

4,091,512‌

Net

asset

value

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

$

9.11‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

2,158,248‌

Shares

outstanding

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

236,533‌

Net

asset

value

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

$

9.12‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

193,324,526‌

Shares

outstanding

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

21,287,862‌

Net

asset

value

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

$

9.08‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

36

See

notes

to

financial

statements.

BlackRock

Credit

Relative

Value

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

376,803‌

Dividends

—

affiliated

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

1,624,487‌

Interest

—

unaffiliated

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

25,515,644‌

Payment-in-kind

interest

—

unaffiliated

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

2,372,591‌

Foreign

taxes

withheld

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

(

8,093‌

)

Total

investment

income

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

29,881,432‌

EXPENSES

Investment

advisory

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

3,901,684‌

Transfer

agent

—

class

specific

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

380,524‌

Administration

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

170,583‌

Professional

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

150,006‌

Accounting

services

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

111,782‌

Administration

—

class

specific

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

61,606‌

Service

and

distribution

—

class

specific

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

61,212‌

Registration

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

54,462‌

Printing

and

postage

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

41,357‌

Custodian

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

21,200‌

Trustees

and

Officer

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

9,081‌

Miscellaneous

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

68,978‌

Total

expenses

excluding

dividend

expense

and

interest

expense

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

5,032,475‌

Dividends

expense

—

unaffiliated

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

21,814‌

Interest

expense

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

822,615‌

Total

expenses

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

5,876,904‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

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

(

47,090‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(

31,294‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

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

(

51,341‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

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

5,747,179‌

Net

investment

income

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

24,134,253‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

8,112,578‌

)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

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

(

3,498,159‌

)

Borrowed

bonds

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

(

291,359‌

)

Forward

foreign

currency

exchange

contracts

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

475,642‌

Foreign

currency

transactions

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

(

631,769‌

)

Futures

contracts

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

(

530,505‌

)

Options

written

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

1,791,998‌

Swaps

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

(

5,145‌

)

A

(2,689,297‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

976,387‌

Borrowed

bonds

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

1,296,157‌

Forward

foreign

currency

exchange

contracts

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

(

8,655,664‌

)

Foreign

currency

translations

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

404,477‌

Futures

contracts

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

(

95,841‌

)

Options

written

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

206,373‌

Short

sales

—

unaffiliated

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

366‌

Swaps

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

448,197‌

Unfunded

floating

rate

loan

interests

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

(

3,731‌

)

A

(5,423,279‌)

Net

realized

and

unrealized

loss

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

(8,112,576‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

16,021,677‌

Statements

of

Changes

in

Net

Assets

37

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Credit

Relative

Value

Fund

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

24,134,253

‌

$

47,800,852

‌

Net

realized

loss

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

(

2,689,297

)

(

6,618,788

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(

5,423,279

)

22,764,619

‌

Net

increase

in

net

assets

resulting

from

operations

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

16,021,677

‌

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

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

11,992,326

‌

(61,492,654

)

NET

ASSETS

Total

decrease

in

net

assets

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

(

17,035,131

)

(

53,171,736

)

Beginning

of

period

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

818,857,957

‌

872,029,693

‌

End

of

period

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

$

801,822,826

‌

$

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

Semi-Annual

Financial

Statements

and

Additional

Information

38

BlackRock

Credit

Relative

Value

Fund

Institutional

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.........

$

9.42

‌

$

9.34

‌

$

8.80

‌

$

9.26

‌

$

10.25

‌

$

9.78

‌

Net

investment

income

(a)

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

0

.28

‌

0

.54

‌

0

.56

‌

0

.43

‌

0

.28

‌

0

.38

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.09

)

0

.18

‌

0

.28

‌

(

0

.19

)

(

0

.92

)

0

.48

‌

Net

increase

(decrease)

from

investment

operations

0.19

‌

0.72

‌

0.84

‌

0.24

‌

(0.64

)

0.86

‌

Distributions

from

net

investment

income

(b)

....

(0.53

)

(0.64

)

(0.30

)

(0.70

)

(0.35

)

(0.39

)

Net

asset

value,

end

of

period

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

$

9.08

‌

$

9.42

‌

$

9.34

‌

$

8.80

‌

$

9.26

‌

$

10.25

‌

Total

Return

(c)

Based

on

net

asset

value

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

2.02

%

(d)

8.06

%

9.69

%

(e)

2.88

%

(6.42

)%

8.95

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

1.44

%

(g)

1.41

%

1.47

%

1.49

%

1.34

%

1.46

%

Total

expenses

after

fees

waived

and/or

reimbursed

1.41

%

(g)

1.37

%

1.46

%

1.47

%

1.33

%

1.45

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

......

1.20

%

(g)

1.20

%

1.18

%

1.17

%

1.12

%

1.09

%

Net

investment

income

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

5.87

%

(g)

5.84

%

6.19

%

4.87

%

2.89

%

3.80

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

569,077

‌

$

588,398

‌

$

617,576

‌

$

783,811

‌

$

1,077,774

‌

$

1,202,628

‌

Portfolio

turnover

rate

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

55

%

(h)

113

%

(h)

110

%

(h)

132

%

(h)

149

%

156

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

39

Financial

Highlights

BlackRock

Credit

Relative

Value

Fund

Investor

A

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.........

$

9.44

‌

$

9.35

‌

$

8.81

‌

$

9.24

‌

$

10.24

‌

$

9.76

‌

Net

investment

income

(a)

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

0

.27

‌

0

.53

‌

0

.54

‌

0

.40

‌

0

.26

‌

0

.35

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.10

)

0

.18

‌

0

.27

‌

(

0

.17

)

(

0

.93

)

0

.49

‌

Net

increase

(decrease)

from

investment

operations

0.17

‌

0.71

‌

0.81

‌

0.23

‌

(0.67

)

0.84

‌

Distributions

from

net

investment

income

(b)

....

(0.50

)

(0.62

)

(0.27

)

(0.66

)

(0.33

)

(0.36

)

Net

asset

value,

end

of

period

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

$

9.11

‌

$

9.44

‌

$

9.35

‌

$

8.81

‌

$

9.24

‌

$

10.24

‌

Total

Return

(c)

Based

on

net

asset

value

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

1.88

%

(d)

7.90

%

9.40

%

(e)

2.76

%

(6.75

)%

8.69

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

1.69

%

(g)

1.65

%

1.71

%

1.76

%

1.61

%

1.73

%

Total

expenses

after

fees

waived

and/or

reimbursed

1.61

%

(g)

1.57

%

1.68

%

1.70

%

1.60

%

1.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

......

1.40

%

(g)

1.40

%

1.40

%

1.40

%

1.39

%

1.36

%

Net

investment

income

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

5.66

%

(g)

5.65

%

5.97

%

4.50

%

2.70

%

3.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

37,263

‌

$

41,962

‌

$

49,769

‌

$

65,580

‌

$

136,073

‌

$

86,176

‌

Portfolio

turnover

rate

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

55

%

(h)

113

%

(h)

110

%

(h)

132

%

(h)

149

%

156

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

40

BlackRock

Credit

Relative

Value

Fund

Investor

C

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.........

$

9.41

‌

$

9.31

‌

$

8.73

‌

$

9.14

‌

$

10.09

‌

$

9.58

‌

Net

investment

income

(a)

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

0

.23

‌

0

.46

‌

0

.47

‌

0

.34

‌

0

.18

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.09

)

0

.17

‌

0

.28

‌

(

0

.19

)

(

0

.91

)

0

.47

‌

Net

increase

(decrease)

from

investment

operations

0.14

‌

0.63

‌

0.75

‌

0.15

‌

(0.73

)

0.74

‌

Distributions

from

net

investment

income

(b)

....

(0.43

)

(0.53

)

(0.17

)

(0.56

)

(0.22

)

(0.23

)

Net

asset

value,

end

of

period

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

$

9.12

‌

$

9.41

‌

$

9.31

‌

$

8.73

‌

$

9.14

‌

$

10.09

‌

Total

Return

(c)

Based

on

net

asset

value

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

1.49

%

(d)

7.03

%

8.64

%

(e)

1.84

%

(7.37

)%

7.75

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

2.48

%

(g)

2.40

%

2.48

%

2.51

%

2.37

%

2.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

2.36

%

(g)

2.32

%

2.44

%

2.45

%

2.36

%

2.49

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

......

2.15

%

(g)

2.15

%

2.15

%

2.15

%

2.15

%

2.13

%

Net

investment

income

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

4.93

%

(g)

4.92

%

5.22

%

3.82

%

1.88

%

2.71

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

2,158

‌

$

2,002

‌

$

2,961

‌

$

4,735

‌

$

9,827

‌

$

18,771

‌

Portfolio

turnover

rate

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

55

%

(h)

113

%

(h)

110

%

(h)

132

%

(h)

149

%

156

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

BlackRock

Credit

Relative

Value

Fund

Class

K

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.........

$

9.43

‌

$

9.34

‌

$

8.81

‌

$

9.27

‌

$

10.26

‌

$

9.79

‌

Net

investment

income

(a)

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

0

.28

‌

0

.55

‌

0

.57

‌

0

.44

‌

0

.29

‌

0

.39

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.10

)

0

.19

‌

0

.26

‌

(

0

.20

)

(

0

.92

)

0

.48

‌

Net

increase

(decrease)

from

investment

operations

0.18

‌

0.74

‌

0.83

‌

0.24

‌

(0.63

)

0.87

‌

Distributions

from

net

investment

income

(b)

....

(0.53

)

(0.65

)

(0.30

)

(0.70

)

(0.36

)

(0.40

)

Net

asset

value,

end

of

period

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

$

9.08

‌

$

9.43

‌

$

9.34

‌

$

8.81

‌

$

9.27

‌

$

10.26

‌

Total

Return

(c)

Based

on

net

asset

value

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

1.98

%

(d)

8.29

%

9.66

%

(e)

2.98

%

(6.35

)%

9.02

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

1.33

%

(g)

1.30

%

1.38

%

1.40

%

1.26

%

1.39

%

Total

expenses

after

fees

waived

and/or

reimbursed

1.32

%

(g)

1.29

%

1.37

%

1.38

%

1.26

%

1.38

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

......

1.12

%

(g)

1.13

%

1.09

%

1.09

%

1.05

%

1.02

%

Net

investment

income

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

5.96

%

(g)

5.92

%

6.29

%

4.95

%

2.97

%

3.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

193,325

‌

$

186,496

‌

$

201,724

‌

$

234,247

‌

$

318,157

‌

$

299,722

‌

Portfolio

turnover

rate

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

55

%

(h)

113

%

(h)

110

%

(h)

132

%

(h)

149

%

156

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

42

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

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

(unaudited)

(continued)

43

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. 

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.

Equity

investments

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.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price 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.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds 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.

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”).

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

44

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.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

45

Notes

to

Financial

Statements

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

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

46

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: 

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

:

The

Fund

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement,

the

Fund

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Fund

to

make

future

cash

payments.

An

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Credit

Relative

Value

Fund

CoreWeave

Acquisition

Co.

IV

LLC,

Delayed

Draw

1st

Lien

Term

Loan

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

$

53,152‌

$

52,354‌

$

51,360‌

$

(

994‌

)

BlackRock

Credit

Relative

Value

Fund

Montage

Hotels

&

Resorts

LLC,

Revolving

1st

Lien

Term

Loan

..

75,120‌

75,120‌

72,025‌

(

3,095‌

)

BlackRock

Credit

Relative

Value

Fund

Seashell

Bidco

SL,

Facility

1st

Lien

Term

Loan

B

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

221,175‌

262,170‌

262,170‌

–‌

$

(

4,089‌

)

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

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.

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

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

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

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

$

11,309,327‌

$

(

11,331,552‌

)

$

(

22,225‌

)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(

22,225‌

)

BNP

Paribas

SA

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

617,500‌

(

615,258‌

)

2,242‌

—‌

—‌

—‌

—‌

—‌

2,242‌

BofA

Securities,

Inc.

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

1,222,500‌

(

1,219,394‌

)

3,106‌

—‌

—‌

—‌

—‌

—‌

3,106‌

Goldman

Sachs

&

Co.

LLC

........

335,991‌

(

337,634‌

)

(

1,643‌

)

—‌

—‌

—‌

—‌

—‌

(

1,643‌

)

J.P.

Morgan

Securities

LLC

........

3,578,813‌

(

3,586,593‌

)

(

7,780‌

)

—‌

—‌

—‌

—‌

—‌

(

7,780‌

)

J.P.

Morgan

Securities

plc

.........

5,179,114‌

(

5,247,526‌

)

(

68,412‌

)

—‌

—‌

—‌

—‌

—‌

(

68,412‌

)

Morgan

Stanley

&

Co.

International

...

2,924,204‌

(

2,879,377‌

)

44,827‌

—‌

—‌

—‌

—‌

—‌

44,827‌

Morgan

Stanley

&

Co.

LLC

........

10,277,343‌

(

10,276,960‌

)

383‌

—‌

—‌

—‌

—‌

—‌

383‌

Nomura

Securities

International,

Inc.

..

991,563‌

(

991,021‌

)

542‌

—‌

—‌

—‌

—‌

—‌

542‌

RBC

Capital

Markets

LLC

.........

2,725,000‌

(

2,627,818‌

)

97,182‌

—‌

—‌

—‌

—‌

—‌

97,182‌

$

39,161,355‌

$

(

39,113,133‌

)

$

48,222‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

48,222‌

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

(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

$699,585

which

is

included

in

interest

expense

payable

in

the

Statement

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

48

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

 Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities. 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

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

Notes

to

Financial

Statements

(unaudited)

(continued)

49

Notes

to

Financial

Statements

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(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

50

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 six

months

ended

January

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

six

months

ended

January

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

six

months

 ended 

January

31,

2026

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

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:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

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

0.95%

$1

billion

-

$3

billion

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

0.89

$3

billion

-

$5

billion

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

0.86

$5

billion

-

$6.5

billion

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

0.83

$6.5

billion

-

$10

billion

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

0.80

Greater

than

$10

billion

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

0.76

Share

Class

Service

Fees

Distribution

Fees

Investor

A

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

0

.25‌

%

—‌

%

Investor

C

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

0

.25‌

0

.75‌

Investor

A

Investor

C

Total

Service

and

distribution

-

class

specific

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

$

50,523‌

$

10,689‌

$

61,212‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

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

0.0425%

$500

million

-

$1

billion

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

0.0400

$1

billion

-

$2

billion

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

0.0375

$2

billion

-

$4

billion

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

0.0350

$4

billion

-

$13

billion

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

0.0325

Greater

than

$13

billion

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

0.0300

Institutional

Investor

A

Investor

C

Class

K

Total

Administration

fees

-

class

specific

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

$

43,899‌

$

3,031‌

$

160‌

$

14,516‌

$

61,606‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

Amount

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

$

552‌

$

389‌

$

193‌

$

190‌

$

1,324‌

Notes

to

Financial

Statements

(unaudited)

(continued)

51

Notes

to

Financial

Statements

For

the

six

months ended

January

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

six

months

 ended 

January

31,

2026

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$238

.

For

the six

months

ended

January

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

six

months

ended

January

31,

2026

,

the

amount

waived

was

$

31,294

.

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

six

months ended

January

31,

2026, there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses

(“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 six

months

ended

January

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

six

months ended

January

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 six

months

ended

January

31,

2026,

purchases

and

sales

of

investments,

including

paydowns/payups

and excluding

short-term

securities,

were

as

follows:

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. 

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

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

$

348,466‌

$

24,094‌

$

1,691‌

$

6,273‌

$

380,524‌

Fund

Name

Investor

C

BlackRock

Credit

Relative

Value

Fund

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

$

17‌

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

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

$

43,899‌

$

37,555‌

Investor

A

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

3,031‌

12,694‌

Investor

C

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

160‌

1,092‌

$

47,090‌

$

51,341‌

Other

Securities

Fund

Name

Purchases

Sales

BlackRock

Credit

Relative

Value

Fund

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

$

399,589,183‌

$

380,698,342‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

52

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

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.

As

of

July

31,

2025, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains of

$545,913,759.

As

of

January

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

2026

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

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.

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.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Credit

Relative

Value

Fund

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

$

889,567,071‌

$

29,445,689‌

$

(

87,705,057‌

)

$

(

58,259,368‌

)

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

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

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

54

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

01/31/26

Year

Ended

07/31/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Credit

Relative

Value

Fund

Institutional

Shares

sold

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

7,003,329‌

$

65,290,415‌

13,779,094‌

$

127,679,874‌

Shares

issued

in

reinvestment

of

distributions

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

2,883,880‌

26,041,435‌

3,641,188‌

32,661,455‌

Shares

redeemed

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

(

9,659,824‌

)

(

90,091,252‌

)

(

21,120,671‌

)

(

195,794,969‌

)

227,385‌

$

1,240,598‌

(

3,700,389‌

)

$

(

35,453,640‌

)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

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

382,317‌

$

3,602,491‌

882,320‌

$

8,131,821‌

Shares

issued

in

reinvestment

of

distributions

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

204,113‌

1,849,265‌

310,981‌

2,798,827‌

Shares

redeemed

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

(

941,937‌

)

(

8,865,863‌

)

(

2,071,934‌

)

(

19,247,465‌

)

(

355,507‌

)

$

(

3,414,107‌

)

(

878,633‌

)

$

(

8,316,817‌

)

Investor

C

Shares

sold

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

67,252‌

$

627,174‌

21,509‌

$

200,259‌

Shares

issued

in

reinvestment

of

distributions

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

10,054‌

91,285‌

15,972‌

144,071‌

Shares

redeemed

and

automatic

conversion

of

shares

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

(

53,448‌

)

(

501,919‌

)

(

142,918‌

)

(

1,328,431‌

)

23,858‌

$

216,540‌

(

105,437‌

)

$

(

984,101‌

)

Class

K

Shares

sold

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

2,978,689‌

$

27,820,423‌

5,267,859‌

$

48,898,681‌

Shares

issued

in

reinvestment

of

distributions

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

181,737‌

1,641,086‌

201,192‌

1,804,690‌

Shares

redeemed

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

(

1,656,304‌

)

(

15,512,214‌

)

(

7,274,922‌

)

(

67,441,467‌

)

1,504,122‌

$

13,949,295‌

(

1,805,871‌

)

$

(

16,738,096‌

)

1,399,858‌

$

11,992,326‌

(

6,490,330‌

)

$

(

61,492,654‌

)

Additional

Information

55

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

e-mail

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

Semi-Annual

Financial

Statements

and

Additional

Information

56

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisors

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

57

Glossary

of

Terms

Used

in

these

Financial

Statements

Currency

Abbreviation

AUD

Australian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

SEK

Swedish

Krona

USD

United

States

Dollar

Portfolio

Abbreviation

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

SAB

Special

Assessment

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

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 – Not Applicable

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 – Not Applicable to this semi-annual report.

              (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: March 25, 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: March 25, 2026 

By:     /s/ Trent Walker                                  

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

Date: March 25, 2026