Schedule
of
Investments
(unaudited)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Ireland
—
9.0%
(a)(b)
Arcano
Euro
CLO
I
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.43%,
04/25/39
.
EUR
2,220
$
2,603,599
Arini
European
CLO
V
DAC
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.40%,
01/15/39
....
2,780
3,251,005
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.00%,
01/15/39
....
480
562,748
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
4,352,207
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
2.97%,
01/16/31
.
370
434,723
Aurium
CLO
VIII
DAC,
Series
8X,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.56%,
10/16/38
.
3,710
4,356,400
Avoca
CLO
XIV
DAC,
Series
14X,
Class
SUB,
0.00%,
01/12/31
(c)(d)
..
1,500
567,577
Bridgepoint
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.41%,
10/15/39
.
3,710
4,360,783
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.50%,
10/15/39
............
8,340
9,788,523
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.30%,
10/15/37
.
480
555,426
Contego
CLO
VII
DAC,
Series
7X,
Class
AR,
(3-mo.
EURIBOR
at
1.33%
Floor
+
1.33%),
3.50%,
01/23/38
.................
1,850
2,172,674
CVC
Cordatus
Loan
Fund
XXX
DAC,
Series
30X,
Class
AR,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
3.23%,
05/15/37
............
2,000
2,344,402
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.21%,
02/15/38
............
2,590
3,036,424
Hambridge
Euro
CLO
1
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.37%
Floor
+
1.37%),
3.61%,
10/20/38
.................
3,710
4,360,950
Hambridge
Euro
CLO
2
DAC,
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.46%,
01/20/39
.................
1,500
1,762,853
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
3.12%,
07/25/34
.
1,316
1,544,745
Henley
CLO
Xi
DAC,
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.36%,
04/25/39
.....
2,040
2,390,444
Henley
CLO
XVII
DAC
Series
17X,
Class
A,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
0.00%,
07/15/38
....
2,000
2,347,300
Series
17X,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
0.00%,
07/25/39
....
957
1,123,183
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Otranto
Park
CLO
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.50%,
10/15/39
.................
EUR
2,141
$
2,516,559
Palmer
Square
European
CLO
DAC,
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.54%,
10/15/37
............
1,700
1,997,087
Providus
CLO
XV
DAC,
Series
15X,
Class
A,
(3-mo.
EURIBOR
at
1.31%
Floor
+
1.31%),
0.00%,
07/20/38
.
1,429
1,677,146
Rockford
Tower
Europe
CLO
DAC,
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.22%
Floor
+
1.22%),
3.39%,
10/25/37
............
2,220
2,602,286
Signal
Harmonic
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.60%,
07/15/38
.................
3,710
4,360,750
Sona
Fios
CLO
III
DAC,
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.56%,
04/20/37
.
1,420
1,676,013
Texas
Debt
Capital
Euro
CLO
DAC,
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.18%
Floor
+
1.18%),
3.42%,
04/16/39
............
2,960
3,466,818
Tikehau
CLO
XII
DAC,
Series
12X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.58%,
10/20/38
.
1,700
1,999,674
72,212,299
United
Kingdom
—
0.5%
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
5.67%,
12/15/34
...............
GBP
1,518
1,905,577
Series
B2,  (Sterling
Overnight
Index
Average
at
2.08%
Floor
+
2.20%),
5.95%,
03/15/36
(b)
...
310
383,867
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(b)
....
939
1,318,763
3,608,207
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
3,557,171
Total
Asset-Backed
Securities
—
9.9%
(Cost:
$77,260,172)
..............................
79,377,677
Shares
Shares
Common
Stocks
Bermuda
—
0.0%
Travelport
Technology
Ltd.
(d)(e)
.....
70
76,410
Canada
—
0.0%
Algoma
Steel
Group,
Inc.
........
15,539
72,567
Chile
—
0.0%
WOM
New
Holdco
(d)(e)
...........
440
6,600
Germany
—
0.0%
ADLER
Group
SA
(d)(e)
...........
983,215
12
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Luxembourg
—
0.1%
(d)
Altice
France
Lux
3
............
32,758
$
667,045
New
Topco
(e)
.................
59,462
1
667,046
United
Kingdom
—
0.0%
(d)
Genius
Sports
Ltd.
.............
11,708
51,047
NEW
Look
Retailers
(e)
...........
5,436,112
74
51,121
United
States
—
0.5%
Aimbridge
Topco
LLC
(d)(e)
.........
6,349
253,953
AMC
Global
Media,
Inc.
,
Class
A
(d)
..
1,286
10,918
Avaya
LLC
(d)
.................
1,550
22,281
Caesars
Entertainment,
Inc.
(d)
.....
3,207
89,155
California
Resources
Corp.
.......
590
40,273
Citigroup,
Inc.
................
322
41,210
CoreWeave,
Inc.
,
Class
A
(d)
.......
2,794
311,810
Crown
PropTech
Acquisitions
(d)(e)
...
18,416
14,493
Crown
PropTech
Acquisitions
,
Class
A
(d)
6,461
76,498
EchoStar
Corp.
,
Class
A
(d)
........
932
114,767
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21,
cost
$1,041,005)
(d)(e)(f)
............
15,345
1,342,688
Fifth
Third
Bancorp
............
552
28,020
First
Citizens
BancShares,
Inc.
,
Class
A
80
158,706
First
Horizon
Corp.
.............
1,645
41,059
Flagstar
Bank
NA
..............
14,026
195,943
FreeWire
Technologies,
Inc.
(d)(e)
....
13
—
Latch,
Inc.
(d)
.................
31,344
7,523
New
Kleo
Holdco
(d)(e)
............
251,735
339,766
New
Look
Builders,
Inc.
(d)(e)
.......
11,518,792
115
Palladyne
AI
Corp.
(d)
............
856
5,213
Palladyne
AI
Corp.
(d)
............
35,879
218,504
Paramount
Skydance
Corp.
,
Class
B
8,792
90,030
Playstudios,
Inc.
,
Class
A
(d)
.......
13,275
5,510
RSA
Security
LLC
(d)(e)
...........
13,553
—
Screaming
Eagle
Acquistion
Corp.,
(Acquired
05/14/24,
cost
$203,300)
(d)
(f)
.......................
20,000
246,220
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
..................
5,505
406,489
Sonder
Holdings,
Inc.
,
Class
A
(d)
....
6,302
—
Starz
Entertainment
Corp.
........
356
6,529
Tribune
Resources
LLC
(d)
........
86,655
38,128
Walt
Disney
Co.
(The)
..........
356
36,935
Wolfspeed,
Inc.
(d)
..............
4,652
137,374
4,280,110
Total
Common
Stocks
—
0.6%
(Cost:
$16,042,474)
..............................
5,153,866
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Angola
—
0.1%
Azule
Energy
Finance
plc,
8.63%,
01/22/33
(g)
................
USD
910
941,440
Australia
—
0.1%
Oceana
Australian
Fixed
Income
Trust
(e)
12.50%,
07/31/26
...........
AUD
267
192,957
12.50%,
07/31/27
...........
445
325,183
518,140
Security
Par
(000)
Par
(000)
Value
Canada
—
1.0%
Alexandrite
Lake
Lux
Holdings
SARL,
6.75%,
07/30/30
(b)
...........
EUR
1,052
$
1,213,005
Brookfield
Residential
Properties,
Inc.,
5.00%,
06/15/29
(g)
...........
USD
63
60,680
Mattamy
Group
Corp.,
4.63%,
03/01/30
(g)
................
137
130,837
Open
Text
Corp.,
6.90%,
12/01/27
(g)
.
4,000
4,090,784
Resort
Communities
LoanCo.
LP,
13.00%,
11/30/28
(e)(g)
.........
2,679
2,643,648
Toucan
FinCo.
Ltd.,
9.50%,
05/15/30
(g)
163
142,837
8,281,791
Chile
—
0.0%
(a)(g)(h)
WOM
Chile
Holdco
SpA,
5.00%,
(5.00%
Cash
or
5.00%
PIK),
04/01/32
(i)
.................
149
127,065
WOM
Mobile
SA,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
04/01/31
..
11
10,662
137,727
China
—
0.8%
(b)(c)(d)
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(i)
......
EUR
7,100
6,290,371
Fantasia
Holdings
Group
Co.
Ltd.,
11.75%,
04/17/22
...........
USD
200
2,200
6,292,571
Czech
Republic
—
0.0%
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
(b)
...........
EUR
119
144,832
Denmark
—
0.5%
Genmab
A/S,
6.25%,
12/15/32
(g)
....
USD
2,000
2,052,500
SGL
Group
ApS
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.94%,
04/22/30
....
EUR
538
602,754
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.27%,
02/24/31
(b)(g)
..
445
498,774
TDC
Brands
A/S,
8.00%,
04/30/31
(b)
.
704
827,439
3,981,467
Finland
—
0.1%
Citycon
Treasury
BV,
5.38%,
07/08/31
(b)
400
440,016
France
—
2.1%
Altice
France
SA,
5.63%,
07/15/32
(b)
.
615
708,836
BNP
Paribas
SA,
Series
TMO
,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)(j)
.................
1,163
1,278,445
Clariane
SE
(b)
(6-mo.
EURIBOR
+
9.00%),
1.88%
(a)(i)(j)
..............
1,626
844,280
0.88%,
03/06/27
(i)
...........
910
634,902
6.88%,
04/15/31
............
419
497,894
Egis
SA
,
5.13%,
05/15/31
(b)
.......
820
964,687
Elior
Group
SA,
5.63%,
03/15/30
(b)
..
1,185
1,420,574
Goldstory
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.02%,
02/01/30
(a)
...
383
446,883
6.75%,
02/01/30
............
1,028
1,201,235
IPD
3
BV
(b)
5.50%,
06/15/31
............
199
223,377
5.50%,
06/15/31
............
900
1,010,247
Kapla
Holding
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.65%,
07/31/30
(a)
...
616
722,622
5.00%,
04/30/31
............
448
525,370
5.13%,
04/30/32
............
378
442,699
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(3-mo.
EURIBOR
+
3.00%),
5.20%,
04/30/33
(a)
..............
EUR
731
$
861,619
La
Financiere
Atalian
SAS,
8.50%,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(b)(h)
...............
3,034
594,332
Lune
Holdings
SARL,
5.63%,
11/15/28
(b)
................
2,036
49,774
Maya
SAS,
6.88%,
04/15/31
(b)
.....
700
863,101
New
Immo
Holding
SA
(b)
3.25%,
07/23/27
............
100
116,784
5.88%,
04/17/28
............
200
238,790
4.88%,
12/08/28
............
700
821,262
4.95%,
11/14/30
............
200
232,026
5.50%,
04/23/31
............
200
233,962
Sabena
technics
SAS,
(Acquired
10/28/22,
cost
$294,215),
(3-mo.
EURIBOR
+
5.00%),
7.13%,
09/30/29
(a)(e)(f)
..............
297
349,100
Vinci
SA,
Series
ADP,
0.75%,
03/04/31
(b)(i)
................
1,600
1,779,820
Worldline
SA,
0.00%,
07/30/26
(b)(i)(k)
..
93
111,408
17,174,029
Germany
—
1.8%
Adler
Pelzer
Holding
GmbH,
9.50%,
04/01/27
(b)
................
600
661,588
alstria
SARL
(b)
4.25%,
10/15/29
............
600
683,330
5.50%,
03/20/31
............
600
699,558
BRANICKS
Group
AG,
2.25%,
09/22/26
(b)
................
500
350,320
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
5.00%,
12/31/27
(a)(b)(l)
.
1,762
1,862,090
Dynamo
Newco
II
GmbH,
6.25%,
10/15/31
(b)
................
796
826,670
Envalior
Deutschland
GmbH,
12.00%,
(12.00%
Cash
or
12.00%
PIK),
04/01/31
(e)(h)
...............
594
585,304
Gruenenthal
GmbH,
4.63%,
11/15/31
(b)
466
545,354
IHO
Verwaltungs
GmbH,
8.00%,
(8.00%
Cash
or
8.75%
PIK),
11/15/32
(g)(h)
...............
USD
1,100
1,137,323
MTU
Aero
Engines
AG,
0.00%,
07/15/33
(b)(i)(k)
...............
EUR
700
745,160
Nidda
Healthcare
Holding
GmbH,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%,
10/15/32
(a)(b)
....
1,661
1,952,350
PrestigeBidCo
GmbH
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.95%,
07/01/29
(a)(b)
..
1,222
1,443,430
TAG
Immobilien
AG,
0.63%,
03/11/31
(b)
(i)
.......................
700
886,975
Vonovia
SE,
Series
B,
0.88%,
05/20/32
(b)(i)
................
600
677,097
ZF
Europe
Finance
BV,
5.50%,
02/17/32
(b)
................
600
680,369
ZF
North
America
Capital,
Inc.
(g)
6.88%,
04/14/28
............
USD
150
153,689
7.13%,
04/14/30
............
360
360,958
14,251,565
Ireland
—
0.3%
(b)
Cedacri
SpA
,
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
6.61%,
05/15/28
(a)
................
EUR
401
462,478
eircom
Finance
DAC,
5.00%,
04/30/31
1,076
1,270,839
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC,
7.88%,
03/15/32
..
GBP
369
$
447,226
2,180,543
Israel
—
0.2%
Energean
plc,
5.63%,
05/12/31
(b)
...
EUR
1,275
1,473,653
Italy
—
1.4%
Almaviva-The
Italian
Innovation
Co.
SpA,
5.00%,
10/30/30
(b)
.......
681
766,988
Cesar
Spa,
6.50%,
09/30/31
(b)
.....
800
948,849
Dolcetto
Holdco
SpA
(b)
5.63%,
07/14/32
............
519
608,704
(3-mo.
EURIBOR
+
3.63%),
5.78%,
07/14/32
(a)
..............
171
201,986
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(b)
.......
468
563,729
Fedrigoni
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.13%,
01/15/30
(a)(b)
...............
600
686,377
Fiber
Midco
SpA,
10.75%,
(10.75%
Cash
or
10.75%
PIK),
06/15/29
(b)(h)
772
618,955
Fibercop
SpA
5.38%,
04/15/31
(b)
...........
1,445
1,718,312
Series
2034,
6.00%,
09/30/34
(g)
..
USD
206
197,545
IMA
Industria
Macchine
Automatiche
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.95%,
04/15/29
(a)(b)
EUR
732
865,508
Irca
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.90%,
12/15/29
(a)(b)
431
508,973
Italmatch
Chemicals
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.15%,
02/05/31
(a)(b)
..........
487
565,958
Itelyum
Regeneration
SpA,
5.75%,
04/15/30
(b)
................
409
483,708
Kiko
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.45%,
01/15/32
(a)(b)
671
786,065
Nexi
SpA,
0.00%,
02/24/28
(b)(i)(k)
....
500
548,835
TeamSystem
SpA
(a)(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.70%,
07/31/31
....
366
417,962
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.45%,
07/01/32
....
463
520,001
11,008,455
Japan
—
1.4%
Kioxia
Holdings
Corp.,
6.25%,
07/24/30
(g)
................
USD
5,000
5,149,677
SoftBank
Group
Corp.
(b)
5.38%,
01/08/29
............
EUR
456
537,759
3.38%,
07/06/29
............
330
363,525
5.25%,
10/10/29
............
569
659,822
6.38%,
04/22/30
............
431
510,101
7.00%,
04/22/32
............
1,271
1,509,021
5.75%,
07/08/32
............
1,083
1,221,873
6.38%,
07/10/33
............
696
796,620
7.38%,
04/22/34
............
456
540,078
11,288,476
Jersey,
Channel
Islands
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(g)
..........
USD
200
160,567
10.38%,
03/31/29
(b)
..........
GBP
993
1,080,021
Deepocean
Ltd.,
6.00%,
04/08/31
(b)
..
EUR
579
694,914
1,935,502
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
2.6%
ADLER
Financing
SARL,
8.25%,
(8.25%
Cash
or
8.25%
PIK),
12/31/28
(h)
................
EUR
2,864
$
3,557,234
Breakwater
Energy
Holdings
SARL
9.25%,
11/15/30
(b)
...........
USD
813
865,833
9.25%,
11/15/30
(g)
...........
1,225
1,304,606
Garfunkelux
Holdco
3
SA,
9.00%,
09/01/28
(b)
................
EUR
1,713
2,019,283
Garfunkelux
Holdco
4
SA,
10.50%,
(10.50
%
Cash
or
10.50%
PIK),
05/01/30
(b)(c)(d)(h)
.............
153
90
ION
Platform
Finance
SARL
(b)
7.88%,
05/01/29
............
793
860,092
6.50%,
09/30/30
............
626
612,929
6.88%,
09/30/32
............
482
447,695
Kleopatra
Finco
SARL
,
(1M
EURIBOR
+
2.00%),
6.00%,
01/30/31
(a)
....
2,483
2,361,085
Maxam
Prill
SARL,
6.00%,
07/15/30
(b)
2,364
2,801,860
Summer
BC
Holdco
B
SARL
(b)
5.88%,
02/15/30
............
749
765,260
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.23%,
02/15/30
(a)
...
230
237,781
Titanium
2l
Bondco
SARL,
6.25%,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(h)
................
6,436
1,138,443
Vivion
Investments
SARL
(b)
8.25%,
(8.25%
Cash
or
8.00%
PIK),
02/28/29
(a)(h)
.............
2,092
2,454,296
5.63%,
06/08/30
............
1,458
1,636,118
21,062,605
Mauritius
—
1.1%
Flourishing
Trade
&
Investment
Ltd.,
11.04%,
04/02/28
(e)(g)
.........
USD
8,476
8,751,713
Netherlands
—
0.4%
VZ
Secured
Financing
BV
5.00%,
01/15/32
(g)
...........
696
609,885
5.25%,
01/15/33
(b)
...........
EUR
1,583
1,764,538
Ziggo
Bond
Co.
BV
3.38%,
02/28/30
(b)
...........
293
299,637
5.13%,
02/28/30
(g)
...........
USD
200
175,440
6.13%,
11/15/32
(b)
...........
EUR
261
273,130
3,122,630
Portugal
—
1.5%
Banco
Espirito
Santo
SA
(b)(c)(d)
2.63%,
05/08/17
............
6,100
1,575,038
4.75%,
01/15/22
............
19,300
4,983,318
4.00%,
01/21/25
............
22,800
5,887,029
12,445,385
Slovenia
—
0.2%
United
Group
BV
(b)
5.25%,
02/01/30
............
1,078
1,256,409
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%,
01/31/33
(a)
...
577
674,019
1,930,428
Spain
—
0.3%
(b)
Cirsa
Finance
International
SARL
7.88%,
07/31/28
............
482
582,748
4.88%,
10/15/31
............
289
337,760
(3-mo.
EURIBOR
+
3.00%),
5.15%,
10/15/32
(a)
..............
424
499,134
Grifols
SA
7.13%,
05/01/30
............
615
749,295
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
7.50%,
05/01/30
............
EUR
309
$
376,604
2,545,541
Sweden
—
0.5%
Heimstaden
AB
(b)
8.38%,
01/29/30
............
317
388,513
7.36%,
01/24/31
............
199
236,776
Intrum
Investments
&
Financing
AB,
8.00%,
09/11/27
(b)
...........
1,186
1,398,558
Stena
International
SA
7.25%,
01/15/31
(b)
...........
USD
1,275
1,296,379
7.25%,
01/15/31
(g)
...........
343
348,752
3,668,978
Switzerland
—
0.4%
(b)
Allwyn
Entertainment
Financing
UK
plc
7.25%,
04/30/30
............
EUR
432
526,664
4.63%,
08/15/31
............
321
370,495
gategroup
Finance
Luxembourg
SA,
3.00%,
02/28/27
............
CHF
1,705
2,191,325
3,088,484
United
Kingdom
—
2.9%
Alexandrite
Monnet
UK
Holdco
plc,
6.88%,
05/31/31
(b)
...........
EUR
497
582,762
Ardonagh
Finco
Ltd.,
6.88%,
02/15/31
(b)
1,000
1,174,998
BCP
V
Modular
Services
Finance
II
plc
6.50%,
07/10/31
(b)
...........
1,728
1,777,979
BCP
V
Modular
Services
Finance
plc,
6.75%,
11/30/29
(b)
...........
984
804,446
Bellis
Acquisition
Co.
plc
(b)
8.13%,
05/14/30
............
GBP
595
748,678
8.00%,
07/01/31
............
EUR
800
895,063
Boparan
Finance
plc,
9.38%,
11/07/29
(b)
................
GBP
167
239,749
EC
Finance
plc,
3.25%,
10/15/26
(a)(b)(l)
EUR
279
322,654
Edge
Finco
plc,
8.13%,
08/15/31
(b)
..
GBP
1,311
1,831,574
Flutter
Treasury
DAC,
6.38%,
04/29/29
(g)
................
USD
3,500
3,551,216
Froneri
Lux
FinCo
SARL,
4.75%,
08/01/32
(b)
................
EUR
2,167
2,463,161
Intu
Jersey
2
Ltd.,
2.88%,
11/01/22
(b)(c)(d)
(i)
.......................
GBP
3,817
681,952
Ithaca
Energy
North
Sea
plc,
8.13%,
10/15/29
(g)
................
USD
800
836,049
Maison
Finco
plc,
7.25%,
04/30/32
(b)
.
GBP
532
685,188
Metrocentre
Finance
plc,
8.75%,
(8.75%
Cash
or
8.75%
PIK),
01/16/28
(h)
................
691
536,334
Mobico
Group
plc,
4.88%,
09/26/31
(b)
EUR
201
179,443
Motion
Finco
SARL,
7.38%,
06/15/30
(b)
401
414,767
OEG
Finance
plc,
7.25%,
09/27/29
(b)
.
1,237
1,512,367
Pinewood
Finco
plc,
6.00%,
03/27/30
(b)
GBP
539
725,312
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/16
(b)(c)(d)
.........
432
2,939
Thames
Water
Utilities
Finance
plc,
4.00%,
06/19/27
(b)
...........
100
92,397
Virgin
Media
Secured
Finance
plc,
4.13%,
08/15/30
(b)
...........
300
363,331
Vmed
O2
UK
Financing
I
plc
(b)
4.00%,
01/31/29
............
300
384,574
4.50%,
07/15/31
............
163
190,807
5.63%,
04/15/32
............
EUR
1,202
1,338,598
Zegona
Finance
plc
6.75%,
07/15/29
(b)
...........
553
674,390
23,010,728
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
—
35.3%
1261229
BC
Ltd.,
10.00%,
04/15/32
(g)
USD
1,250
$
1,290,972
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
(g)
................
1,739
1,791,436
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(g)
................
10,012
10,537,160
Allied
Universal
Holdco
LLC,
6.88%,
06/15/30
(g)
................
1,327
1,365,286
AMC
Global
Media,
Inc.
4.25%,
02/15/29
............
157
137,874
4.25%,
02/15/29
(i)
...........
36
35,955
Amneal
Pharmaceuticals
LLC,
6.88%,
08/01/32
(g)
................
2,000
2,077,076
Ardagh
Group
SA
9.50%,
12/01/30
(b)
...........
2,434
2,580,969
12.00%,
(12.00%
Cash
or
7.50%
PIK),
12/01/30
(b)(h)
.........
EUR
2,655
2,668,778
12.00%,
(12.00
%
Cash
or
6.50%
PIK),
12/01/30
(g)(h)
.........
USD
352
305,080
Ashton
Woods
USA
LLC
(g)
4.63%,
08/01/29
............
25
23,929
4.63%,
04/01/30
............
110
104,731
Asurion
LLC,
8.00%,
12/31/32
(g)
....
1,666
1,740,285
Axalta
Coating
Systems
Dutch
Holding
B
BV,
7.25%,
02/15/31
(g)
.......
4,000
4,153,556
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(g)
................
5,500
5,678,750
BCPE
Flavor
Debt
Merger
Sub
LLC
&
BCPE
Flavor
Issuer,
Inc.,
9.50%,
07/01/32
(g)
................
1,000
872,215
Beignet
Investor
LLC,
6.58%,
05/30/49
(g)
................
10,000
10,327,411
Block,
Inc.,
5.63%,
08/15/30
(g)
.....
3,000
3,003,027
British
Airways
Pass-Through
Trust,
Series
2013-1,
Class
A,
8.63%,
12/15/32
(e)
................
15,389
15,965,611
CACI
International,
Inc.,
6.38%,
06/15/33
(g)
................
856
875,734
CCO
Holdings
LLC
(g)
4.75%,
02/01/32
............
9
8,059
7.00%,
02/01/33
............
1,304
1,285,396
Clarios
Global
LP,
4.75%,
06/15/31
(b)
.
EUR
1,104
1,294,764
Clear
Channel
Outdoor
Holdings,
Inc.
(g)
7.88%,
04/01/30
............
USD
1,000
1,041,148
7.13%,
02/15/31
............
1,591
1,654,023
Cloud
Software
Group,
Inc.,
9.00%,
09/30/29
(g)
................
38
37,312
Clydesdale
Acquisition
Holdings,
Inc.,
8.75%,
04/15/30
(g)
...........
38
34,478
Community
Health
Systems,
Inc.
(g)
10.88%,
01/15/32
...........
310
332,936
9.75%,
01/15/34
............
1,650
1,701,827
Core
Scientific,
Inc.,
0.00%,
06/15/31
(g)
(i)(k)
......................
23
28,520
CoreWeave,
Inc.
(g)
9.25%,
06/01/30
............
4,000
4,050,433
9.75%,
10/01/31
............
153
153,886
Coty,
Inc.,
5.60%,
01/15/31
(g)
......
3,000
2,918,539
Crescent
Energy
Finance
LLC,
7.38%,
01/15/33
(g)
................
18
18,422
CSC
Holdings
LLC
(g)
5.50%,
04/15/27
............
200
168,709
11.25%,
05/15/28
...........
200
162,658
11.75%,
01/31/29
...........
200
143,217
Discovery
Global
Holdings,
Inc.
3.76%,
03/15/27
............
139
137,828
4.05%,
03/15/29
............
500
486,615
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DISH
Network
Corp.
3.38%,
08/15/26
(i)
...........
USD
60
$
57,870
11.75%,
11/15/27
(g)
..........
1,500
1,548,450
EchoStar
Corp.
10.75%,
11/30/29
...........
5,000
5,428,762
6.75%,
11/30/30
............
3,250
3,297,505
EquipmentShare.com,
Inc.,
9.00%,
05/15/28
(g)
................
4,000
4,146,976
Figeac
Aero
North
America,
Inc.,
(Acquired
07/16/25,
cost
$372,336),
7.79%,
07/23/30
(b)(e)(f)
.........
EUR
320
369,484
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
266,037
Flash
Compute
LLC,
7.25%,
12/31/30
(g)
1,355
1,382,195
Forestar
Group,
Inc.,
5.00%,
03/01/28
(g)
557
552,676
Frontier
Communications
Holdings
LLC
(g)
6.75%,
05/01/29
............
3,000
3,000,000
6.00%,
01/15/30
............
3,000
3,016,569
8.75%,
05/15/30
............
11,344
11,605,990
Frontier
Florida
LLC,
Series
E,
6.86%,
02/01/28
.................
8,000
8,240,000
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(g)
................
30
28,440
Gen
Digital,
Inc.,
6.75%,
09/30/27
(g)
.
4,500
4,518,558
GoTo
Group,
Inc.
(g)
5.50%,
05/01/28
............
1,048
261,929
5.50%,
05/01/28
............
1,264
966,754
Granite
Ridge
Resources,
Inc.,
8.88%,
11/05/29
(g)
................
557
541,939
Gray
Media,
Inc.
(g)
10.50%,
07/15/29
...........
1,800
1,911,031
7.25%,
08/15/33
............
1,050
1,069,161
Herc
Holdings,
Inc.,
7.00%,
06/15/30
(g)
1,722
1,791,522
Iron
Mountain,
Inc.
7.00%,
02/15/29
(g)
...........
2,500
2,554,865
4.75%,
01/15/34
(b)
...........
EUR
977
1,109,698
Kronos
International,
Inc.,
9.50%,
03/15/29
(b)
................
1,467
1,581,449
Las
Vegas
Sands
Corp.
5.63%,
06/15/28
............
USD
4,000
4,058,579
6.00%,
06/14/30
............
4,810
4,959,437
Lessen
LLC,
(3-mo.
CME
Term
SOFR
+
8.50%),
12.16%,
01/05/28
(a)(c)(d)(e)(g)
1,062
799,296
Level
3
Financing,
Inc.,
7.00%,
03/31/34
(g)
................
1,339
1,388,847
LGI
Homes,
Inc.
(g)
8.75%,
12/15/28
............
77
79,286
7.00%,
11/15/32
............
79
75,711
Macy's
Retail
Holdings
LLC,
5.88%,
03/15/30
(g)
................
2,250
2,243,882
Maple
Parent
Holdings
Corp.
(g)
4.75%,
03/26/29
............
3,000
2,999,413
5.05%,
03/26/31
............
5,000
5,010,355
Marvell
Technology,
Inc.,
5.30%,
04/15/36
.................
3,000
3,001,645
Meridian
Arc
Holdco
LLC,
6.25%,
04/30/31
(g)
................
235
234,946
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(g)
................
77
75,283
MKS,
Inc.,
4.25%,
02/15/34
(b)
......
EUR
858
971,821
Mobius
Merger
Sub,
Inc.,
9.00%,
06/01/30
(g)
................
USD
1,350
916,553
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MPT
Operating
Partnership
LP,
0.99%,
10/15/26
.................
EUR
402
$
460,254
NCR
Atleos
Corp.,
9.50%,
04/01/29
(g)
USD
6,750
7,181,035
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(g)
................
3,434
3,610,260
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(g)
................
2,250
2,275,536
Nexstar
Media,
Inc.,
6.50%,
09/15/33
(g)
1,250
1,259,620
OAK-Eagle
Acquireco,
Inc.
(g)
7.25%,
07/01/33
............
1,330
1,370,453
8.75%,
07/01/34
............
1,858
1,933,485
Pacific
Gas
&
Electric
Co.,
6.10%,
01/15/29
.................
995
1,028,244
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(g)
................
10,850
11,305,264
Park
Intermediate
Holdings
LLC,
4.88%,
05/15/29
(g)
...........
106
103,111
Pitney
Bowes,
Inc.,
6.88%,
03/15/27
(g)
1,150
1,149,387
PRA
Group
Europe
Holding
II
SARL,
6.25%,
09/30/32
(b)
...........
EUR
899
1,035,506
Radiology
Partners,
Inc.,
8.50%,
07/15/32
(g)
................
USD
2,000
1,988,560
Rand
Parent
LLC,
8.50%,
02/15/30
(g)
.
2,500
2,596,872
RD
Michigan
Property
Owner
I
LLC,
7.50%,
03/30/45
(g)
...........
116
115,977
Reworld
Holding
Corp.,
4.88%,
12/01/29
(g)
................
32
30,584
RingCentral,
Inc.,
8.50%,
08/15/30
(g)
.
7,750
8,139,244
Sabre
Financial
Borrower
LLC,
11.13%,
06/15/29
(g)
................
5,100
5,235,242
Sabre
GLBL,
Inc.
(g)
10.75%,
11/15/29
...........
86
74,879
10.75%,
03/15/30
...........
1,107
956,216
Schneider
Electric
SE,
1.25%,
09/23/33
(b)(i)
................
EUR
1,500
1,887,611
Seagate
Data
Storage
Technology
Pte.
Ltd.
(g)
8.25%,
12/15/29
............
USD
7,500
7,838,130
5.88%,
07/15/30
............
250
255,427
8.50%,
07/15/31
............
1,269
1,329,250
9.63%,
12/01/32
............
7,150
7,951,672
Select
Medical
Corp.,
6.25%,
12/01/32
(g)
................
37
35,928
Service
Properties
Trust,
8.88%,
06/15/32
.................
210
215,499
Shift4
Payments
LLC,
5.50%,
05/15/33
(b)
................
EUR
1,265
1,424,101
SM
Energy
Co.
(g)
5.00%,
10/15/26
............
USD
99
98,919
8.63%,
11/01/30
............
18
19,040
Sonder
Holdings,
Inc.,
7.00%,
(7.00%
Cash
or
7.00%
PIK),
12/10/27
(c)(d)(e)(h)
1,624
—
Starz
Capital
Holdings
1,
Inc.,
6.00%,
04/15/30
(a)(g)(l)
..............
12,221
11,548,845
Stem,
Inc.,
0.50%,
12/01/28
(g)(i)
.....
47
18,462
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(g)
................
52
53,959
SUN
Country
Marine,
Inc.,
Series
2022-
1B,
5.75%,
03/15/29
(e)
........
6,663
6,704,552
Texas
Capital
Bancshares,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.15%),
4.00%,
05/06/31
....
179
178,935
(1-day
SOFR
+
1.94%),
5.30%,
02/27/32
...............
103
102,170
TransDigm,
Inc.,
6.38%,
03/01/29
(g)
..
2,000
2,039,910
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Transocean
International
Ltd.,
8.25%,
05/15/29
(g)
................
USD
36
$
37,378
Uniti
Group
LP,
Series
Feb,
8.63%,
06/15/32
(g)
................
1,214
1,270,578
Uniti
Services
LLC,
7.50%,
10/15/33
(g)
1,000
1,052,856
Univision
Communications,
Inc.,
9.38%,
08/01/32
(g)
................
1,598
1,653,687
Venture
Global
LNG,
Inc.,
8.13%,
06/01/28
(g)
................
7,000
7,162,547
Weekley
Homes
LLC,
4.88%,
09/15/28
(g)
................
149
145,682
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
(g)
................
1,250
1,253,130
Wolfspeed,
Inc.
2.50%,
06/15/31
(g)(i)
..........
36
89,258
2.50%,
06/15/31
(i)
...........
24
59,505
7.00%,
06/15/31
............
86
70,416
WULF
Compute
LLC,
7.75%,
10/15/30
(g)
................
1,500
1,576,493
Xerox
Corp.,
10.25%,
10/15/30
(g)
...
4,584
3,827,640
XHR
LP,
4.88%,
06/01/29
(g)
.......
16
15,704
Zayo
Group
Holdings,
Inc.,
6.25%,
(6.25%
Cash
or
0.50%
PIK),
03/09/30
(a)(g)(h)
..............
4,010
4,010,094
283,034,626
Total
Corporate
Bonds
—
55.2%
(Cost:
$495,332,873)
.............................
442,711,325
Fixed
Rate
Loan
Interests
France
—
0.4%
Atos
SE,
1st
Lien
Term
Loan,
9.00% 12/17/29
.............
EUR
2,601
3,111,893
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
6.05%
,
 11/09/29
(e)
.......
GBP
213
1,452
Total
Fixed
Rate
Loan
Interests
—
0.4%
(Cost:
$2,702,370)
..............................
3,113,345
Floating
Rate
Loan
Interests
Austria
—
0.2%
Innio
Group
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%
,
 11/03/31
(a)
...........
EUR
1,000
1,178,180
Cayman
Islands
—
0.0%
Flexsys
Cayman
Holdings
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.17%
,
 08/01/29
(a)
...........
USD
149
8,417
Finland
—
0.3%
Mehilainen
Yhtiot
Oy,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.53%
,
 08/05/31
(a)
...........
EUR
1,867
2,205,177
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
—
0.5%
(a)
Betclic
Everest
Group,
Facility
1st
Lien
Term
Loan
B2,
(EUR0012M
at
0.00%
Floor
+
3.00%),
5.04%
-
5.49%
,
 12/09/31
............
EUR
1,527
$
1,791,028
Kersia
International
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.63%
,
 12/23/30
.
1,000
1,172,922
Parts
Europe
SA,
1st
Lien
Term
Loan
B,
02/06/31
(m)
..............
1,000
1,180,798
4,144,748
Germany
—
0.5%
(a)
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.11%
,
 10/31/28
.......
1,000
1,161,913
Sgb-Smit
Midco
GmbH,
Facility
1st
Lien
Term
Loan
B,
03/10/33
(m)
.......
1,000
1,179,765
Techem
Verwaltungsgesellschaft
675
mbH,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%
,
 07/15/32
.....
1,000
1,179,882
3,521,560
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
16.50%
,
 11/10/27
(a)(e)
.....
GBP
496
67,428
Luxembourg
—
0.8%
(a)
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
A,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.12%
,
 09/01/28
(e)
.....
USD
184
183,725
Euro
Parfums
Fze
Upsize,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
+
5.25%),
9.12%
,
 07/01/32
(e)
....
131
130,486
Garfunkelux
Holdco
3
SA,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 06/01/32
............
EUR
2,000
2,265,145
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A,
6.00%
,
 12/29/28
...
1,929
1,129,785
Loire
Finco
Luxembourg
SARL,
1st
Lien
Term
Loan
B4,
(EUR0012M
at
0.00%
Floor
+
3.75%),
5.76%
-
6.00%
,
 01/21/30
............
1,227
1,442,387
NJJ
Continental
SA,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.61%
,
 01/26/32
............
1,226
1,443,739
6,595,267
Netherlands
—
0.2%
(a)
Accell
Group
Holdings
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
7.00%),
9.08%
(9.08%
Cash
or
9.53%
PIK),
 02/09/28
(e)(h)
.......
1,279
438,263
Ziggo
BV,
Facility
1st
Lien
Term
Loan
H,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.00%
,
 01/31/29
.....
1,139
1,317,685
1,755,948
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
3,357,651
Security
Par
(000)
Par
(000)
Value
Spain
—
0.3%
(a)
Dycom
Industries,
Inc.,
1st
Lien
Term
Loan
B,
02/18/33
(m)
..........
EUR
1,000
$
1,173,815
Seashell
Bidco
SL,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.50%
,
 12/15/32
.....
1,000
1,175,117
2,348,932
United
Kingdom
—
1.4%
(a)
Boots
Group
Bidco
Ltd.
(The),
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
4.50%),
8.23%
,
 08/30/32
.
GBP
1,159
1,584,165
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
2,484,213
Leased
&
Tenanted
Pubs
1
Ltd.,
2nd
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
9.38%),
9.38%
,
 10/31/29
(e)
...........
1,551
2,004,401
Market
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.51%
,
 11/04/30
.
EUR
1,000
1,165,704
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
2,801,901
Zegona
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.39%
,
 07/17/29
............
1,115
1,314,034
11,354,418
United
States
—
4.5%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.28%,
03/11/30
USD
82
80,003
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.61%),
11.28%,
03/11/30
77
75,467
Altar
Bidco,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
9.11%
,
 02/01/30
.
10,777
10,076,757
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.34%
-
10.00% 05/25/29
............
835
153,992
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.25%),
5.18%
-
10.00% 05/25/29
......
121
21,370
Avaya,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.15% 08/01/28
......
50
43,741
Champions
Financing,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.42%
,
 02/06/29
............
—
(n)
17
Concrete
Investment
II
SCA,
Facility
1st
Lien
Term
Loan
A2,
(3-mo.
EURIBOR
+
2.00%),
4.03%
,
 05/29/26
(e)
...........
EUR
94
—
ConnectWise
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.46%
,
 09/29/28
.
USD
176
163,083
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.0%
Floor
+
9.62%;
3-mo.
CME
Term
SOFR
at
0.0%
Floor
+
9.62%
at
0.00%
Floor
+
0.00%),
13.29%
-
13.33%
,
 07/30/28
(e)
..........
USD
817
$
818,052
CoreWeave
Compute
Acquisition
Co.
III
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.67%
-
9.70%
,
 05/16/29
(e)
...........
908
914,032
CoreWeave
Compute
Acquisition
Co.
IV
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
7.88%
-
7.97%
,
 09/29/30
(e)
616
601,934
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.25%
,
 04/15/27
.....
46
40,388
Digital
Room
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.06%
,
 12/21/28
............
232
224,091
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.50%),
9.16%
,
 02/17/31
............
153
153,124
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.65%
,
 08/30/30
............
484
482,205
EIS
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.65%
,
 07/08/28
(e)
584
530,794
EIS
Group
Ltd.,
Revolving
Loan
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.65%
,
 07/10/28
(e)
..........
58
53,079
Finastra
USA,
Inc.,
1st
Lien
Term
Loan,
09/15/32
(m)
................
EUR
1,000
1,108,912
First
Brands
Group
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
1.00%
Floor
+
0.00%),
8.89%
(8.89%
Cash
or
8.89%
PIK),
 03/30/27
(e)(h)
.....
16
9
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.58%
,
 04/30/28
.
USD
1,186
833,399
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.43%
,
 10/25/28
(e)
...........
157
78,703
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.15%
,
 04/26/30
............
314
311,744
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.65%
,
 01/28/32
............
102
100,760
LABL,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
10.41%,
11/03/26
...............
19
18,492
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
10.17%
-
10.46%,
12/02/26
(e)
........
USD
18
$
15,058
LABL,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
8.77%
,
 10/30/28
(c)(d)
(e)
......................
229
114,749
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
—
McAfee
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 03/01/29
.
7,431
6,530,155
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
10.76%
,
 11/01/29
...........
461
31,348
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.00%),
9.85%
,
 02/16/29
(e)
...........
70
66,436
Montage
Hotels
&
Resorts
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
9.85%
,
 02/16/29
(e)
...........
349
329,818
Naked
Juice
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.20%,
01/24/29
527
524,203
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.00%),
4.80%,
01/24/30
572
117,117
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.15%
,
 02/03/33
.
EUR
1,000
1,166,021
Oakeagle
Acquireco,
Inc.,
1st
Lien
Term
Loan
B2,
03/24/33
(m)
..........
2,000
2,345,845
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan,
(EUR0012M
at
0.00%
Floor
+
4.00%),
6.06%
-
6.23%
,
 03/07/33
............
1,000
1,168,521
Redstone
Buyer
LLC,
1st
Lien
Term
Loan
B1,
8.00%
,
 12/31/30
......
USD
852
289,517
Runitonetime
LLC,
1st
Lien
Term
Loan
(e)
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.67%
05/06/26
124
87,442
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
12.50%),
16.17%,
05/06/26
...............
57
56,630
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.67%
05/15/26
6
4,270
StubHub
Holdco
Sub
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.40%
,
 03/15/30
............
316
312,370
VeriFone
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.18% 08/18/28
.............
4,741
4,433,648
Xerox
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%;
6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%
at
0.50%
Floor
+
0.00%),
7.63%
-
7.73%
,
 11/19/29
............
2,503
1,777,128
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.77% 03/11/30
.............
USD
35
$
35,093
36,289,517
Total
Floating
Rate
Loan
Interests
—
9.1%
(Cost:
$77,196,588)
..............................
72,827,243
Foreign
Agency
Obligations
France
—
0.0%
Electricite
de
France
SA,
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)(b)(j)
EUR
400
444,226
Total
Foreign
Agency
Obligations
—
0.0%
(Cost:
$378,246)
................................
444,226
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
+
3.44%),
7.09%,
02/15/27
(a)(e)(g)
...
USD
4,000
3,983,984
Total
Non-Agency
Mortgage-Backed
Securities
—
0.5%
(Cost:
$3,990,025)
..............................
3,983,984
Preferred
Securities
Capital
Trusts
—
4.0%
Belgium
—
0.1%
Ageas
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.88%
(a)(b)(j)
.
EUR
400
467,704
Finland
—
0.1%
(b)
Stora
Enso
OYJ
(a)(j)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.84%),
5.63%
(b)
..........
561
664,416
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.12%),
5.88%
(b)
..........
225
265,956
930,372
France
—
0.3%
(a)(j)
BNP
Paribas
Cardif
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
6.00%
(b)
..................
1,500
1,746,884
Electricite
de
France
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.07%),
4.38%
(b)
..........
600
685,123
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38%
(b)
................
GBP
200
278,686
RCI
Banque
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.13%
(b)
...
EUR
200
237,671
2,948,364
Germany
—
1.0%
(a)(j)
Aroundtown
Finance
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.13%
(b)
..........
1,325
1,458,795
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.43%),
5.25%
(b)
..........
1,612
1,790,900
Deutsche
Bank
AG
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.04%),
6.75%
(b)
..........
800
948,249
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38%
(b)
..........
EUR
1,200
$
1,491,643
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
(b)
..........
800
1,005,546
Grand
City
Properties
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.18%),
1.50%
(b)
..................
1,100
1,286,053
7,981,186
Greece
—
0.3%
(a)(b)(j)
Eurobank
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.79%),
6.25%
....
1,425
1,655,727
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.32%),
5.80%
...................
325
375,218
2,030,945
Italy
—
0.1%
(a)(b)(j)
Enel
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.82%),
4.50%
........
500
561,897
Eni
SpA
,
(5-Year
EUR
Swap
Annual
+
2.40%),
4.88%
.............
350
410,425
972,322
Japan
—
0.3%
(a)(b)
Rakuten
Group,
Inc.
,
(5-Year
EUR
Swap
Annual
+
4.74%),
4.25%
(j)
..
1,274
1,459,771
SoftBank
Group
Corp.
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.46%),
6.50%, 10/29/62
............
526
536,336
1,996,107
Luxembourg
—
0.2%
SES
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.23%),
5.50%, 09/12/54
(a)(b)
770
894,760
Vivion
Investments
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.16%),
8.13%
(a)(b)(j)
........
1,000
1,034,439
1,929,199
Netherlands
—
0.3%
(a)(b)(j)
Cooperatieve
Rabobank
UA,
6.50%
(l)
1,306
1,737,797
NN
Group
NV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75%
....
925
1,080,394
2,818,191
Norway
—
0.2%
(b)
Var
Energi
ASA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.31%),
4.95%, 04/29/86
(b)
...
525
611,545
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%, 11/15/83
(b)
...
673
854,639
1,466,184
Spain
—
0.2%
(b)
Telefonica
Emisiones
SA
(a)(j)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.38%
(b)
..........
400
459,787
(EUAMDB08
+
2.13%),
4.88%
(b)
..
800
910,691
1,370,478
Sweden
—
0.1%
Heimstaden
Bostad
AB
,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(b)(j)
974
1,114,217
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.3%
Barclays
plc
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.56%),
6.13%
(a)(b)(j)
.
EUR
950
$
1,100,208
Nationwide
Building
Society
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(a)(b)(j)
..............
GBP
1,050
1,453,393
2,553,601
United
States
—
0.5%
(a)(b)(j)
Stellantis
NV
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.77%),
6.25%
(b)
..........
EUR
1,150
1,324,075
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.24%),
6.88%
(b)
..........
975
1,122,458
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.08%),
8.25%
(b)
................
GBP
925
1,224,573
Venture
Global
LNG,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(g)
USD
77
76,156
3,747,262
Total
Capital
Trusts
—
4.0%  
(Cost:
$31,520,497)
..............................
32,326,132
Shares
Shares
Preferred
Stocks
—
0.8%
Finland
—
0.1%
Aiven
OY,
Series
D
(d)(e)
..........
6,597
330,444
United
States
—
0.7%
Cap
Hill
Brands,
Class
E
(d)(e)
.......
506,652
5
CoreWeave,
Inc.
(d)(e)
............
430,000
713,800
Dream
Finders
Homes,
Inc.
(Preference),
9.00%
(e)
.........
2,261
2,249,695
HawkEye
360,
Inc.,
Series
D1
(d)(e)
...
34,579
864,475
HNG
Hospitality
offshore
LP,
(Acquired
02/16/24,
cost
$723,000)
(d)(e)(f)
...
723,000
484,410
Lessen
Holdings,
Inc.,
Series
B
(d)(e)
..
16,373
—
RSA
Security
LLC,
Class
A
(d)(e)
.....
141,937
2
RSA
Security
LLC,
Class
B
(d)(e)
.....
425,813
4
Veritas
Newco
(d)
...............
17,298
332,983
Veritas
Newco,
Series
G-1
(a)(d)
.....
11,940
229,853
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$567,638),
12.00%
(e)(f)
................
194,516
1,046,496
5,921,723
Total
Preferred
Stocks
—
0.8%  
(Cost:
$6,373,271)
..............................
6,252,167
Total
Preferred
Securities
—
4.8%
(Cost:
$37,893,768)
..............................
38,578,299
Security
Shares
Shares
Value
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
$
4
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
64,396
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/17/21,
1
Share
for
1
Warrant,
Expires
09/21/26,
Strike
Price
EUR
11.50)
(d)
..................
71,516
1
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
151
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
9,692
485
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
07/01/26,
Strike
Price
USD
11.50)
...................
7,796
97
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)(f)
......
43
124,767
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
108,200
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
42,375
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
267,025
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
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
106
Palladyne
AI
Corp.
(
Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
...................
20,304
814
Palladyne
AI
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
69.00)
...................
5,599
225
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
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
12/30/24,
1
Share
for
1
Warrant,
Expires
12/30/29,
Strike
Price
USD
0.01)
(e)
...........
3,884
—
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
—
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)(f)
23,975
94,222
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)
(f)
..................
11,228
90
638,558
Total
Warrants
—
0.1%
(Cost:
$116,091)
................................
702,959
Total
Long-Term
Investments
—
80.6%
(Cost:
$
710,912,607)
.............................
646,892,924
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
3.8%
(o)
Barclays
Bank
plc,
0.25%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
351,804,
collateralized
by
Newell
Brands,
Inc.,
6.63%,
due
at
05/15/32,
par
and
fair
value
of
USD
350,000
and
$339,774,
respectively)
........
USD
352
351,750
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
1,223,260,
collateralized
by
INEOS
Finance
plc,
7.50%,
due
at
04/15/29,
par
and
fair
value
of
USD
1,200,000
and
$1,185,124,
respectively)
......
1,221
1,220,724
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/30/26
to
be
repurchased
at
USD
128,225,
collateralized
by
UKG,
Inc.,
6.88%,
due
at
02/01/31,
par
and
fair
value
of
USD
130,000
and
$126,531,
respectively)
...............
128
128,213
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
1,394,141
,
collateralized
by
CCO
Holdings
LLC,
4.50%,
due
at
05/01/32,
par
and
fair
value
of
USD
1,500,000
and
$1,317,237,
respectively)
......
1,391
1,391,250
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
171,631,
collateralized
by
Rivian
Holdings
LLC,
10.00%,
due
at
01/15/31,
par
and
fair
value
of
USD
170,000
and
$169,203,
respectively)
........
USD
171
$
171,275
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
2,129,495,
collateralized
by
Banco
Bilbao
Vizcaya
Argentaria
SA,
7.75%,
par
and
fair
value
of
USD
2,000,000
and
$2,116,820,
respectively)
(j)
......
2,125
2,125,080
Barclays
Bank
plc,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
2,019,938,
collateralized
by
Discovery
Global
Holdings,
Inc.,
4.28%,
due
at
03/15/32,
par
and
fair
value
of
USD
2,200,000
and
$1,992,606,
respectively)
...............
2,016
2,015,750
Barclays
Bank
plc,
1.73%, Open
(Purchased
on
01/19/26
to
be
repurchased
at
USD
2,299,222
,
collateralized
by
Aegis
Lux
1a
SARL,
5.63%,
due
at
10/29/31,
par
and
fair
value
of
EUR
1,900,000
and
$2,235,094,
respectively)
(p)
.....
EUR
1,950
2,288,225
Barclays
Capital,
Inc.,
3.40%, 05/06/26
(Purchased
on
04/09/26
to
be
repurchased
at
USD
1,211,512,
collateralized
by
Sirius
XM
Radio
LLC,
5.88%,
due
at
04/15/32,
par
and
fair
value
of
USD
1,200,000
and
$1,179,951,
respectively)
......
USD
1,209
1,209,000
BNP
Paribas
SA,
1.15%, Open
(Purchased
on
03/27/26
to
be
repurchased
at
USD
2,327,988,
collateralized
by
Intralot
Capital
Luxembourg
SA,
6.75%,
due
at
10/15/31,
par
and
fair
value
of
EUR
2,000,000
and
$2,284,791,
respectively)
(p)
..............
EUR
1,982
2,325,611
BNP
Paribas
SA,
1.55%, Open
(Purchased
on
04/10/26
to
be
repurchased
at
USD
956,310,
collateralized
by
Infrastrutture
Wireless
Italiane
SpA,
1.75%,
due
at
04/19/31,
par
and
fair
value
of
EUR
900,000
and
$942,619,
respectively)
(p)
..............
814
955,610
BNP
Paribas
SA,
2.90%, Open
(Purchased
on
04/28/26
to
be
repurchased
at
USD
916,340
,
collateralized
by
Altice
France
Lux
3,
10.00%,
due
at
01/15/33,
par
and
fair
value
of
USD
900,000
and
$890,215,
respectively)
(p)
......
USD
916
916,119
BNP
Paribas
SA,
3.35%, Open
(Purchased
on
01/28/26
to
be
repurchased
at
USD
622,844
,
collateralized
by
Sirius
XM
Radio
LLC,
4.13%,
due
at
07/01/30,
par
and
fair
value
of
USD
650,000
and
$604,818,
respectively)
(p)
......
618
617,500
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
BofA
Securities,
Inc.,
3.37%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
1,091,776,
collateralized
by
JetBlue
Airways
Corp.,
9.88%,
due
at
09/20/31,
par
and
fair
value
of
USD
1,200,000
and
$1,117,642,
respectively)
......
USD
1,088
$
1,087,500
Goldman
Sachs
&
Co.
LLC,
3.35%, Open
(Purchased
on
01/21/26
to
be
repurchased
at
USD
339,118,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
329,000
and
$328,714,
respectively)
(p)
..............
336
335,991
J.P.
Morgan
Securities
LLC,
3.40%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
1,195,724,
collateralized
by
Olympus
Water
US
Holding
Corp.,
7.25%,
due
at
02/15/33,
par
and
fair
value
of
USD
1,200,000
and
$1,172,931,
respectively)
......
1,191
1,191,000
J.P.
Morgan
Securities
LLC,
3.41%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
1,326,506,
collateralized
by
OneMain
Finance
Corp.,
6.50%,
due
at
03/15/33,
par
and
fair
value
of
USD
1,400,000
and
$1,371,198,
respectively)
...............
1,321
1,321,250
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
01/26/26
to
be
repurchased
at
USD
2,477,210,
collateralized
by
Fnac
Darty
SA,
6.00%,
due
at
04/01/29,
par
and
fair
value
of
EUR
2,000,000
and
$2,418,165,
respectively)
(p)
..
EUR
2,101
2,466,379
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
869,026,
collateralized
by
Banco
Santander
SA,
3.63%,
par
and
fair
value
of
EUR
800,000
and
$896,809,
respectively)
(j)(p)
......
729
855,262
J.P.
Morgan
Securities
plc,
1.75%, Open
(Purchased
on
01/05/26
to
be
repurchased
at
USD
752,668,
collateralized
by
Discovery
Global
Holdings,
Inc.,
4.69%,
due
at
05/17/33,
par
and
fair
value
of
EUR
660,000
and
$726,177,
respectively)
(p)
..............
638
748,520
Morgan
Stanley
&
Co.
LLC,
3.40%, 05/07/26
(Purchased
on
04/08/26
to
be
repurchased
at
USD
676,717,
collateralized
by
Discovery
Global
Holdings,
Inc.,
4.28%,
due
at
03/15/32,
par
and
fair
value
of
USD
740,000
and
$670,240,
respectively)
USD
675
675,250
Morgan
Stanley
&
Co.
LLC,
3.40%, 05/07/26
(Purchased
on
04/08/26
to
be
repurchased
at
USD
1,238,622,
collateralized
by
Discovery
Global
Holdings,
Inc.,
5.05%,
due
at
03/15/42,
par
and
fair
value
of
USD
1,750,000
and
$1,248,678,
respectively)
......
1,236
1,235,938
Security
Par
(000)
Par
(000)
Value
Morgan
Stanley
&
Co.
LLC,
3.40%, Open
(Purchased
on
01/30/26
to
be
repurchased
at
USD
2,513,443,
collateralized
by
McAfee
Corp.,
7.38%,
due
at
02/15/30,
par
and
fair
value
of
USD
2,980,000
and
$2,414,558,
respectively)
(p)
.....
USD
2,492
$
2,492,025
Nomura
Securities
International,
Inc.,
2.65%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
1,342,154,
collateralized
by
MGM
Resorts
International,
6.50%,
due
at
04/15/32,
par
and
fair
value
of
USD
1,300,000
and
$1,316,445,
respectively)
(p)
..............
1,339
1,339,000
RBC
Capital
Markets
LLC,
1.65%, Open
(Purchased
on
10/15/25
to
be
repurchased
at
USD
544,168,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%,
due
at
06/01/29,
par
and
fair
value
of
USD
550,000
and
$551,012,
respectively)
(p)
......
539
539,000
RBC
Capital
Markets
LLC,
3.05%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
3,589,
collateralized
by
Zayo
Group
Holdings,
Inc.,
9.00%,
due
at
09/09/30,
par
and
fair
value
of
USD
3,833
and
$3,779,
respectively)
(p)
.
4
3,579
RBC
Capital
Markets
LLC,
3.05%, Open
(Purchased
on
12/02/25
to
be
repurchased
at
USD
364,198,
collateralized
by
Zayo
Group
Holdings,
Inc.,
9.00%,
due
at
09/09/30,
par
and
fair
value
of
USD
400,000
and
$394,400,
respectively)
(p)
..............
360
359,500
Total
Borrowed
Bond
Agreements
—
3.8%
(Cost:
$30,296,119)
..............................
30,366,301
Shares
Shares
Money
Market
Funds
—
16.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
3.54%
(q)(r)
....
135,773,994
135,773,994
Total
Money
Market
Funds
—
16.9%
(Cost:
$135,773,994)
.............................
135,773,994
Total
Short-Term
Securities
—
20.7%
(Cost:
$166,070,113)
.............................
166,140,295
Total
Options
Purchased
—
0.2%
(Cost:
$2,106,120
)
..............................
1,095,464
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
101.5%
(Cost:
$879,088,840)
.............................
814,128,683
Total
Options
Written
—
(0.1)%
(Premiums
Received
—
$(1,512,768))
.................
(541,190)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Borrowed
Bonds
Corporate
Bonds
—
(3.4)%
France
—
(0.3)%
Fnac
Darty
SA,
6.00%
,
 04/01/29
...
EUR
(2,000)
$
(2,418,165)
Greece
—
(0.3)%
Intralot
Capital
Luxembourg
SA,
6.75%
,
 10/15/31
............
(2,000)
(2,284,791)
Italy
—
(0.1)%
Infrastrutture
Wireless
Italiane
SpA,
1.75%
,
 04/19/31
............
(900)
(942,619)
Luxembourg
—
(0.6)%
Aegis
Lux
1a
SARL,
5.63%
,
(5.63%
Cash
or
6.38%
PIK), 10/29/31
(h)
..
(1,900)
(2,235,094)
Altice
France
Lux
3,
10.00%
,
 01/15/33
(g)
..........
USD
(900)
(890,215)
INEOS
Finance
plc,
7.50%
,
 04/15/29
(g)
(1,200)
(1,185,124)
(4,310,433)
United
States
—
(2.1)%
CCO
Holdings
LLC,
4.50%
,
 05/01/32
(1,500)
(1,317,237)
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%
,
 06/01/29
(g)
...........
(550)
(551,012)
Discovery
Global
Holdings,
Inc.:
4.28%
,
 03/15/32
............
(2,940)
(2,662,846)
4.69%
,
 05/17/33
............
EUR
(660)
(726,177)
5.05%
,
 03/15/42
............
USD
(1,750)
(
1,248,678)
JetBlue
Airways
Corp.,
9.88%
,
 09/20/31
(g)
...........
(1,200)
(1,117,642)
McAfee
Corp.,
7.38%
,
 02/15/30
(g)
...
(2,980)
(2,414,558)
MGM
Resorts
International,
6.50%
,
 04/15/32
............
(1,300)
(1,316,445)
Newell
Brands,
Inc.,
6.63%
,
 05/15/32
(350)
(339,774)
Olympus
Water
US
Holding
Corp.,
7.25%
,
 02/15/33
(g)
...........
(1,200)
(1,172,931)
OneMain
Finance
Corp.,
6.50%
,
 03/15/33
............
(1,400)
(1,371,198)
PBF
Holding
Co.
LLC,
6.00%
,
02/15/28
(329)
(328,714)
Rivian
Holdings
LLC,
10.00%
,
 01/15/31
(g)
..........
(170)
(169,203)
Sirius
XM
Radio
LLC
(g)
:
4.13%
,
 07/01/30
............
(650)
(604,818)
5.88%
,
 04/15/32
............
(1,200)
(1,179,951)
UKG,
Inc.,
6.88%
,
 02/01/31
(g)
......
(
130)
(126,531)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zayo
Group
Holdings,
Inc.,
9.00%
,
(9.00%
Cash
or
1.88%
PIK), 09/09/30
(a)(g)(h)
..........
USD
(404)
$
(398,179)
(17,045,894)
Preferred
Securities
—
(0.4)%
Spain
—
(0.4)%
(a)(j)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.75%
.............
(2,000)
(2,116,820)
Banco
Santander
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
...................
EUR
(800)
(896,809)
(3,013,629)
Total
Borrowed
Bonds
—
(3.8)%
(Proceeds:
$(30,037,441))
.........................
(30,015,531)
Shares
Shares
Investments
Sold
Short
Investment
Companies
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(q)
..........
(50,000)
(4,790,000)
Janus
Detroit
Street
Trust
........
(20,000)
(947,400)
(5,737,400)
Total
Investment
Companies
—
(0.7)%
(Proceeds:
$(5,621,966))
..........................
(
5,737,400)
Total
Investments
Sold
Short
—
(0.7)%
(Proceeds:
$(5,621,966)
)
..........................
(5,737,400)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
Investments
Sold
Short
—
96.9%
(Cost:
$841,916,665)
.............................
777,834,562
Other
Assets
Less
Liabilities
—
3.1%
...................
24,493,799
Net
Assets
—
100.0%
..............................
$
802,328,361
(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.
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$4,057,477,
representing
0.51%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,212,722.
(g)
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.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Convertible
security.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Zero-coupon
bond.
(l)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(m)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(n)
Rounds
to
less
than
1,000.
(o)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
15
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(p)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(q)
Affiliate
of
the
Fund.
(r)
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
04/30/26
Shares
Held
at
04/30/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
89,144,689
$
46,629,305
(a)
$
—
$
—
$
—
$
135,773,994
135,773,994
$
2,514,363
$
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
................
—
4,048,110
(8,946,010)
233,100
(125,200)
(4,790,000)
(50,000)
(22,770)
—
$
233,100
$
(125,200)
$
130,983,994
$
2,491,593
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
16
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
U.S.
Treasury
10-Year
Note
...................................................
13
06/18/26
$
1,437
$
(
36,453
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
9
06/18/26
1,015
(
13,769
)
U.S.
Treasury
2-Year
Note
....................................................
125
06/30/26
25,891
(
31,480
)
(
81,702
)
Short
Contracts
Euro-Bobl
...............................................................
54
06/08/26
7,317
(
16,513
)
Russell
2000
E-Mini
Index
....................................................
24
06/18/26
3,369
(
355,600
)
U.S.
Treasury
Long
Bond
.....................................................
15
06/18/26
1,690
12,134
EURO
STOXX
50
Index
.....................................................
5
06/19/26
343
(
18,022
)
(
378,001
)
$
(
459,703
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
3,104,039
USD
3,615,542
Bank
of
America
NA
06/17/26
$
35,128
EUR
1,841,861
USD
2,124,308
JPMorgan
Chase
Bank
NA
06/17/26
41,910
USD
2,725,878
EUR
2,309,000
Barclays
Bank
plc
06/17/26
10,257
87,295
USD
332,229
AUD
470,000
Barclays
Bank
plc
06/17/26
(
5,863
)
USD
2,143,198
CHF
1,669,000
JPMorgan
Chase
Bank
NA
06/17/26
(
3,351
)
USD
268,605,320
EUR
232,811,646
Barclays
Bank
plc
06/17/26
(
5,205,139
)
USD
2,099,063
EUR
1,785,544
BNP
Paribas
SA
06/17/26
(
920
)
USD
56,805
EUR
49,000
Deutsche
Bank
AG
06/17/26
(
824
)
USD
77,381
EUR
67,000
HSBC
Bank
plc
06/17/26
(
1,418
)
USD
26,870,919
GBP
20,229,000
JPMorgan
Chase
Bank
NA
06/17/26
(
653,321
)
USD
289,534
GBP
218,000
State
Street
Bank
and
Trust
Co.
06/17/26
(
7,084
)
(
5,877,920
)
$
(
5,790,625
)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
50
Index
.......................
112
09/18/26
EUR
6,600.00
EUR
6,587
$
35,754
EURO
STOXX
50
Index
.......................
112
09/18/26
EUR
6,000.00
EUR
6,587
252,579
EURO
STOXX
Bank
Index
.....................
294
09/18/26
EUR
310.00
EUR
3,821
37,093
Nasdaq-100
E-Mini
Index
......................
3
09/18/26
USD
29,500.00
USD
8,236
198,506
Nasdaq-100
E-Mini
Index
......................
5
09/18/26
USD
29,500.00
USD
2,785
65,975
Russell
2000
E-Mini
Index
......................
44
09/18/26
USD
3,300.00
USD
6,217
38,500
Russell
2000
E-Mini
Index
......................
44
09/18/26
USD
2,900.00
USD
6,217
259,600
888,007
Put
EURO
STOXX
50
Index
.......................
352
05/15/26
EUR
5,200.00
EUR
20,703
18,797
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
17
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EURO
STOXX
50
Index
.......................
352
05/15/26
EUR
5,600.00
EUR
20,703
$
128,069
146,866
$
1,034,873
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
2,271
$
22,785
S&P
500
Index
..........
BNP
Paribas
SA
211
09/18/26
USD
6,950.00
USD
1,521
37,806
$
60,591
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EURO
STOXX
50
Index
........................
224
09/18/26
EUR
6,300.00
EUR
13,175
$
(
211,238
)
Russell
2000
E-Mini
Index
.......................
88
09/18/26
USD
3,100.00
USD
12,434
(
216,700
)
(
427,938
)
Put
EURO
STOXX
50
Index
........................
704
05/15/26
EUR
5,400.00
EUR
41,406
(
92,127
)
$
(
520,065
)
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
2,271
$
(
5,057
)
S&P
500
Index
.............
BNP
Paribas
SA
211
09/18/26
USD
6,225.00
USD
1,521
(
16,068
)
$
(
21,125
)
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
$
(
81,158
)
$
(
53,205
)
$
(
27,953
)
iTraxx
Europe
Crossover
Index
Series
44.V1
.
5
.00
Quarterly
12/20/30
EUR
15,825
(
1,927,899
)
(
1,804,798
)
(
123,101
)
Markit
CDX
North
American
High
Yield
Index
Series
45.V2
.....................
5
.00
Quarterly
12/20/30
USD
7,920
(
623,816
)
(
487,057
)
(
136,759
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1
.00
Quarterly
12/20/30
USD
27,160
(
601,914
)
(
578,060
)
(
23,854
)
iTraxx
Europe
Crossover
Index
Series
45.V1
.
5
.00
Quarterly
06/20/31
EUR
228
(
25,490
)
(
16,446
)
(
9,044
)
iTraxx
Europe
Main
Index
Series
45.V1
.....
1
.00
Quarterly
06/20/31
EUR
728
(
17,544
)
(
11,326
)
(
6,218
)
iTraxx
Europe
Senior
Financials
Index
Series
45.V1
.........................
1
.00
Quarterly
06/20/31
EUR
1,937
(
43,004
)
(
22,966
)
(
20,038
)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
18
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
46.V1
.....................
5
.00
%
Quarterly
06/20/31
USD
302
$
(
23,284
)
$
(
11,878
)
$
(
11,406
)
$
(
3,344,109
)
$
(
2,985,736
)
$
(
358,373
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
46.V1
.......
1
.00
%
Quarterly
06/20/31
BBB+
USD
100,000
$
2,217,148
$
2,085,944
$
131,204
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
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
200
$
(
2,248
)
$
8,989
$
(
11,237
)
Community
Health
Systems,
Inc.
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
300
(
3,372
)
1,921
(
5,293
)
Xerox
Corp.
.............
1
.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
300
19,515
48,392
(
28,877
)
BorgWarner,
Inc.
..........
1
.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
2,000
(
28,371
)
9,096
(
37,467
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/27
USD
750
(
5,238
)
65,696
(
70,934
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
510
(
3,562
)
43,471
(
47,033
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
450
(
3,143
)
41,551
(
44,694
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
300
(
2,095
)
26,915
(
29,010
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
1,500
(
10,475
)
182,899
(
193,374
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
500
(
3,492
)
42,643
(
46,135
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,000
(
6,984
)
115,535
(
122,519
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
5,250
(
72,723
)
26,816
(
99,539
)
Simon
Property
Group
LP
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
3,650
(
50,560
)
18,679
(
69,239
)
Xerox
Corp.
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
830
284,126
31,868
252,258
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
117
(
1,879
)
2,666
(
4,545
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
600
(
9,634
)
20,828
(
30,462
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
775
(
15,343
)
11,545
(
26,888
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
200
(
3,165
)
(
517
)
(
2,648
)
Gap,
Inc.
(The)
...........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,000
(
10,031
)
82,188
(
92,219
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
200
(
3,465
)
1,507
(
4,972
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
750
(
90,533
)
(
52,781
)
(
37,752
)
Simon
Property
Group
LP
....
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
USD
2,000
(
46,638
)
(
8,846
)
(
37,792
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
USD
1,300
(
204,758
)
(
184,379
)
(
20,379
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
1,000
(
157,507
)
(
144,716
)
(
12,791
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
1,500
(
198,643
)
(
203,763
)
5,120
American
Airlines
Group,
Inc.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
500
2,214
12,326
(
10,112
)
American
Airlines
Group,
Inc.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
500
2,214
12,326
(
10,112
)
Bayerische
Motoren
Werke
AG
1
.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
3,243
(
88,486
)
(
64,062
)
(
24,424
)
CMA
CGM
SA
............
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
EUR
1,658
(
188,402
)
(
129,695
)
(
58,707
)
Constellium
SE
...........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
EUR
1,658
(
307,545
)
(
224,555
)
(
82,990
)
Discovery
Global
Holdings,
Inc.
1
.00
Quarterly
Bank
of
America
NA
06/20/31
USD
705
55,408
82,199
(
26,791
)
HP,
Inc.
................
1
.00
Quarterly
Citibank
NA
06/20/31
USD
2,000
(
6,133
)
8,159
(
14,292
)
HP,
Inc.
................
1
.00
Quarterly
Citibank
NA
06/20/31
USD
2,000
(
6,133
)
8,159
(
14,292
)
International
Consolidated
Airlines
Group
SA
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,000
(
669,785
)
(
590,381
)
(
79,404
)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
19
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
LANXESS
AG
............
1
.00
%
Quarterly
Barclays
Bank
plc
06/20/31
EUR
2,460
$
134,161
$
210,434
$
(
76,273
)
Mercedes-Benz
Group
AG
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,243
(
91,680
)
(
64,062
)
(
27,618
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
USD
4,500
33,695
67,003
(
33,308
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
USD
11,070
82,890
164,829
(
81,939
)
thyssenkrupp
AG
..........
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
EUR
2,788
(
5,759
)
4,514
(
10,273
)
UniCredit
SpA
............
1
.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
1,348
(
25,106
)
(
10,184
)
(
14,922
)
Volkswagen
International
Finance
NV
...........
1
.00
Quarterly
Citibank
NA
06/20/31
EUR
1,621
(
6,537
)
10,458
(
16,995
)
Volvo
Car
AB
............
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
3,287
(
519,081
)
(
416,938
)
(
102,143
)
$
–
$
–
$
–
$
(
2,234,283
)
$
(
731,267
)
$
(
1,503,016
)
$
–
$
–
$
–
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
$
7,501
$
(
584
)
$
8,085
Altice
France
SA
......
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
CCC+
EUR
535
26,207
13,486
12,721
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
182
9,754
(
9,490
)
19,244
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
125
6,691
(
6,514
)
13,205
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
248
13,318
(
13,338
)
26,656
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Goldman
Sachs
International
12/20/27
NR
EUR
400
21,465
28,584
(
7,119
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
377
20,209
(
21,578
)
41,787
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
1,060
69,164
18,624
50,540
Altice
France
SA
......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
760
49,589
34,767
14,822
CMA
CGM
SA
........
5
.00
Quarterly
Bank
of
America
NA
12/20/27
BB+
EUR
800
68,067
(
6,594
)
74,661
CMA
CGM
SA
........
5
.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
942
80,149
(
8,562
)
88,711
Bellis
Acquisition
Co.
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
890
38,243
6,354
31,889
ZF
Europe
Finance
BV
..
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
BB-
EUR
831
70,346
23,511
46,835
iTraxx
Europe
Crossover
Index
Series
40.V4
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/28
BB-
EUR
2,246
208,767
130,420
78,347
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
B-
EUR
1,257
92,745
100,412
(
7,667
)
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Deutsche
Bank
AG
12/20/28
B-
EUR
695
44,431
49,418
(
4,987
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
NR
EUR
712
79,781
(
10,537
)
90,318
Forvia
SE
...........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB-
EUR
695
92,231
74,801
17,430
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
10,861
1,692,081
1,095,604
596,477
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
3,073
478,708
270,181
208,527
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
B+
USD
250
(
3,152
)
(
13,506
)
10,354
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
50
659
(
96
)
755
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
110
1,451
(
352
)
1,803
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
20
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)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
%
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
50
$
659
$
(
80
)
$
739
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
80
8,050
8,220
(
170
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,000
100,619
137,248
(
36,629
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
110
11,068
11,988
(
920
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB-
USD
650
65,403
74,126
(
8,723
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/30
NR
USD
3,000
492,664
365,596
127,068
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Citibank
NA
06/20/30
NR
USD
650
106,744
71,187
35,557
Zegona
Finance
plc
....
5
.00
Quarterly
BNP
Paribas
SA
06/20/30
BB
EUR
332
55,767
48,499
7,268
Zegona
Finance
plc
....
5
.00
Quarterly
Deutsche
Bank
AG
06/20/30
BB
EUR
324
54,361
37,455
16,906
Zegona
Finance
plc
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB
EUR
498
83,650
62,439
21,211
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,000
95,080
114,410
(
19,330
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
500
47,540
57,205
(
9,665
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,000
95,080
99,035
(
3,955
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
650
61,802
79,097
(
17,295
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
2,000
190,160
227,936
(
37,776
)
Eutelsat
SA
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
EUR
878
158,066
110,286
47,780
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
14,114
3,107,128
2,953,499
153,629
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
6,142
1,352,131
1,422,549
(
70,418
)
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
1,500
(
40,597
)
(
61,470
)
20,873
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
500
(
13,532
)
(
19,802
)
6,270
Premier
Foods
Finance
plc
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB+
EUR
680
103,876
99,387
4,489
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
2,000
23,626
414
23,212
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Citibank
NA
12/20/30
BB+
USD
2,000
23,626
4,970
18,656
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB+
USD
2,000
23,626
207
23,419
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
1,000
177,362
163,157
14,205
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
650
115,285
106,052
9,233
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
2,650
470,010
442,338
27,672
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
500
88,681
84,869
3,812
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
650
115,285
110,330
4,955
ZF
Europe
Finance
BV
..
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
EUR
322
30,018
36,116
(
6,098
)
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Deutsche
Bank
AG
12/20/30
B-
EUR
624
5,223
17,210
(
11,987
)
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
B-
EUR
677
5,667
9,529
(
3,862
)
Albion
Financing
1
SARL
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB-
EUR
1,000
123,370
89,680
33,690
Albion
Financing
1
SARL
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB-
EUR
695
85,742
61,587
24,155
Allwyn
Entertainment
Financing
UK
plc
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
479
65,056
63,020
2,036
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Citibank
NA
06/20/31
NR
USD
2,500
458,047
433,843
24,204
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Citibank
NA
06/20/31
NR
USD
4,000
732,875
694,148
38,727
CPI
Property
Group
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
22,281
19,131
3,150
CPI
Property
Group
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
22,281
19,162
3,119
Discovery
Global
Holdings,
Inc.
.............
1
.00
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
3,350
(
263,287
)
(
407,987
)
144,700
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
21
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)
Discovery
Global
Holdings,
Inc.
.............
1
.00
%
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
650
$
(
51,086
)
$
(
79,162
)
$
28,076
Essendi
SA
..........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B+
EUR
433
36,014
37,846
(
1,832
)
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
292
23,292
23,980
(
688
)
IMA
Industria
Macchine
Automatiche
SpA
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
433
34,539
34,394
145
MGM
Resorts
International
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
650
94,919
75,230
19,689
MGM
Resorts
International
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
1,650
240,949
190,968
49,981
Multiversity
SpA
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
B
EUR
695
46,454
12,933
33,521
Multiversity
SpA
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/31
B
EUR
686
45,852
22,676
23,176
Newell
Brands,
Inc.
....
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
1,500
(
182,351
)
(
225,838
)
43,487
Newell
Brands,
Inc.
....
1
.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
500
(
60,784
)
(
75,279
)
14,495
Nidda
Healthcare
Holding
GmbH
...........
5
.00
Quarterly
Bank
of
America
NA
06/20/31
B
EUR
289
30,086
30,675
(
589
)
Opal
Bidco
SAS
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
B+
EUR
695
80,263
57,836
22,427
Public
Power
Corp.
SA
..
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
EUR
289
41,617
41,252
365
Q-Park
Holding
I
BV
....
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB
EUR
289
51,187
50,758
429
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
650
90,709
89,412
1,297
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
2,000
279,105
275,115
3,990
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
1,500
209,329
206,336
2,993
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Citibank
NA
06/20/31
BB+
USD
4,000
558,211
550,229
7,982
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B
USD
1,650
290,677
281,021
9,656
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B
USD
1,000
176,168
170,316
5,852
$
13,664,048
$
11,372,295
$
2,291,753
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Equity
Swap
Contracts
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Long
contracts
(a)
AMC
Global
Media,
Inc.
.......
Barclays
Bank
plc
USD
26,932
08/23/26
0.20%
1D
OBFR01
Monthly
$
(
740
)
AMC
Global
Media,
Inc.
.......
JPMorgan
Chase
Bank
NA
34,171
02/09/27
0.20%
1D
OBFR01
Monthly
4,255
CSG
NV
..................
Merrill
Lynch
International
&
Co.
1,308,344
02/15/28
0.26%
1D
ESTR
Monthly
(
171,390
)
Eagle
Bancorp,
Inc.
..........
JPMorgan
Chase
Bank
NA
20,258
02/09/27
0.20%
1D
OBFR01
Monthly
(
638
)
Paramount
Skydance
Corp.
.....
JPMorgan
Chase
Bank
NA
258,685
02/09/27
0.20%
1D
OBFR01
Monthly
(
13,867
)
Synthomer
plc
..............
Merrill
Lynch
International
&
Co.
150,607
02/15/28
0.25%
1D
SONIA
Monthly
60,475
Total
long
positions
of
equity
swaps
(
121,905
)
Short
contracts
(b)
Brandywine
Realty
Trust
.......
Merrill
Lynch
International
&
Co.
(
14,050
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(
1,100
)
Community
Financial
System,
Inc.
JPMorgan
Chase
Bank
NA
(
20,460
)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(
639
)
CSG
NV
..................
Barclays
Bank
plc
(
595,830
)
07/14/27
(0.26)%
1D
ESTR
Monthly
54,393
CVB
Financial
Corp.
..........
JPMorgan
Chase
Bank
NA
(
17,032
)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(
59
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
JPMorgan
Chase
Bank
NA
(
2,568,405
)
02/09/27
(0.64)%
1D
OBFR01
Monthly
(
6,086
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Merrill
Lynch
International
&
Co.
(
650,117
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
646
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Citibank
NA
(
427,375
)
02/24/28
(0.60)%
1D
OBFR01
Monthly
637
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
809,350
)
02/09/27
(0.39)%
1D
OBFR01
Monthly
4,731
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
22
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
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.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
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.
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
iShares
Preferred
&
Income
Securities
ETF
...........
Merrill
Lynch
International
&
Co.
USD
(
1,520,960
)
02/15/28
(0.50)%
1D
OBFR01
Monthly
$
(
4,365
)
Pagaya
Technologies
Ltd.
......
Barclays
Bank
plc
(
40,289
)
08/23/26
(0.38)%
1D
OBFR01
Monthly
(
1,145
)
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
701,354
)
02/09/27
(0.64)%
1D
OBFR01
Monthly
1,520
      Total
short
positions
of
equity
swaps
48,533
Total
long
and
short
position
of
equity
swaps
(
73,372
)
Net
dividends
and
financing
fees
6,452
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
(
66,920
)
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
79,377,677
$
—
$
79,377,677
Common
Stocks
Bermuda
.............................................
—
—
76,410
76,410
Canada
.............................................
72,567
—
—
72,567
Chile
...............................................
—
—
6,600
6,600
Germany
............................................
—
—
12
12
Luxembourg
..........................................
—
667,045
1
667,046
United
Kingdom
........................................
51,047
—
74
51,121
United
States
..........................................
1,714,431
614,664
1,951,015
4,280,110
Corporate
Bonds
Angola
..............................................
—
941,440
—
941,440
Australia
.............................................
—
—
518,140
518,140
Canada
.............................................
—
5,638,143
2,643,648
8,281,791
Chile
...............................................
—
137,727
—
137,727
China
...............................................
—
6,292,571
—
6,292,571
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
23
Level
1
Level
2
Level
3
Total
Czech
Republic
........................................
$
—
$
144,832
$
—
$
144,832
Denmark
.............................................
—
3,981,467
—
3,981,467
Finland
..............................................
—
440,016
—
440,016
France
..............................................
—
16,824,929
349,100
17,174,029
Germany
............................................
—
13,666,261
585,304
14,251,565
Ireland
..............................................
—
2,180,543
—
2,180,543
Israel
...............................................
—
1,473,653
—
1,473,653
Italy
................................................
—
11,008,455
—
11,008,455
Japan
...............................................
—
11,288,476
—
11,288,476
Jersey,
Channel
Islands
...................................
—
1,935,502
—
1,935,502
Luxembourg
..........................................
—
21,062,605
—
21,062,605
Mauritius
.............................................
—
—
8,751,713
8,751,713
Netherlands
...........................................
—
3,122,630
—
3,122,630
Portugal
.............................................
—
12,445,385
—
12,445,385
Slovenia
.............................................
—
1,930,428
—
1,930,428
Spain
...............................................
—
2,545,541
—
2,545,541
Sweden
.............................................
—
3,668,978
—
3,668,978
Switzerland
...........................................
—
3,088,484
—
3,088,484
United
Kingdom
........................................
—
23,010,728
—
23,010,728
United
States
..........................................
—
259,195,683
23,838,943
283,034,626
Fixed
Rate
Loan
Interests
France
..............................................
—
3,111,893
—
3,111,893
Jersey,
Channel
Islands
...................................
—
—
1,452
1,452
Floating
Rate
Loan
Interests
Austria
..............................................
—
1,178,180
—
1,178,180
Cayman
Islands
........................................
—
8,417
—
8,417
Finland
..............................................
—
2,205,177
—
2,205,177
France
..............................................
—
4,144,748
—
4,144,748
Germany
............................................
—
3,521,560
—
3,521,560
Jersey,
Channel
Islands
...................................
—
—
67,428
67,428
Luxembourg
..........................................
—
6,281,056
314,211
6,595,267
Netherlands
...........................................
—
1,317,685
438,263
1,755,948
New
Zealand
..........................................
—
3,357,651
—
3,357,651
Spain
...............................................
—
2,348,932
—
2,348,932
United
Kingdom
........................................
—
9,350,017
2,004,401
11,354,418
United
States
..........................................
—
32,618,511
3,671,006
36,289,517
Foreign
Agency
Obligations
.................................
—
444,226
—
444,226
Non-Agency
Mortgage-Backed
Securities
........................
—
—
3,983,984
3,983,984
Preferred
Securities
Belgium
.............................................
—
467,704
—
467,704
Finland
..............................................
—
930,372
330,444
1,260,816
France
..............................................
—
2,948,364
—
2,948,364
Germany
............................................
—
7,981,186
—
7,981,186
Greece
..............................................
—
2,030,945
—
2,030,945
Italy
................................................
—
972,322
—
972,322
Japan
...............................................
—
1,996,107
—
1,996,107
Luxembourg
..........................................
—
1,929,199
—
1,929,199
Netherlands
...........................................
—
2,818,191
—
2,818,191
Norway
..............................................
—
1,466,184
—
1,466,184
Spain
...............................................
—
1,370,478
—
1,370,478
Sweden
.............................................
—
1,114,217
—
1,114,217
United
Kingdom
........................................
—
2,553,601
—
2,553,601
United
States
..........................................
—
4,310,098
5,358,887
9,668,985
Warrants
..............................................
66,054
316
636,589
702,959
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
30,366,301
—
30,366,301
Money
Market
Funds
......................................
135,773,994
—
—
135,773,994
Options
Purchased
Equity
contracts
..........................................
836,367
259,097
—
1,095,464
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
26,836
—
26,836
Liabilities
Borrowed
Bonds
.........................................
—
(
30,015,531
)
—
(
30,015,531
)
Investment
Sold
Short
Investment
Companies
....................................
(
5,737,400
)
—
—
(
5,737,400
)
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
24
Level
1
Level
2
Level
3
Total
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
$
—
$
—
$
(
4,132
)
$
(
4,132
)
$
132,777,060
$
590,097,903
$
55,523,493
$
778,398,456
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
2,930,045
$
—
$
2,930,045
Equity
contracts
...........................................
—
133,109
—
133,109
Foreign
currency
exchange
contracts
............................
—
87,295
—
87,295
Interest
rate
contracts
.......................................
12,134
—
—
12,134
Liabilities
Credit
contracts
...........................................
—
(
2,368,477
)
—
(
2,368,477
)
Equity
contracts
...........................................
(
893,687
)
(
221,154
)
—
(
1,114,841
)
Foreign
currency
exchange
contracts
............................
—
(
5,877,920
)
—
(
5,877,920
)
Interest
rate
contracts
.......................................
(
98,215
)
—
—
(
98,215
)
$
(
979,768
)
$
(
5,317,102
)
$
—
$
(
6,296,870
)
(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
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2025
...................
$
1,579,556
$
41,673,523
$
—
$
9,709,712
$
3,963,065
$
6,371,701
$
(
358
)
$
410,822
$
63,708,021
Transfers
into
Level
3
(a)
............................
—
365,184
2,818
3,896,229
—
—
—
—
4,264,231
Transfers
out
of
Level
3
(b)
(c)
..........................
—
—
—
(
144,881
)
—
(
657,861
)
—
(
2
)
(
802,744
)
Accrued
discounts/premiums
.........................
—
21,728
12,064
35,657
9,445
—
—
—
78,894
Net
realized
gain
(loss)
............................
—
92,603
—
(
889,708
)
—
53,606
—
(
24,285
)
(
767,784
)
Net
change
in
unrealized
appreciation
(depreciation)
(d)
........
156,161
(
1,779,622
)
(
13,430
)
(
1,078,887
)
11,474
405,490
(
3,774
)
250,054
(
2,052,534
)
Purchases
.....................................
298,395
3,614,284
—
3,815,093
—
—
—
—
7,727,772
Sales
........................................
—
(
7,300,852
)
—
(
8,847,906
)
—
(
483,605
)
—
—
(
16,632,363
)
Closing
balance,
as
of
April
30,
2026
....................
$
2,034,112
$
36,686,848
$
1,452
$
6,495,309
$
3,983,984
$
5,689,331
$
(
4,132
)
$
636,589
$
55,523,493
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
April
30,
2026
(d)
........................
$
156,161
$
(
1,957,007
)
$
(
13,430
)
$
(
1,118,939
)
$
11,474
$
405,490
$
(
3,774
)
$
229,923
$
(
2,290,102
)
(a)
As
of
July
31,
2025,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
April
30,
2026,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
April
30,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
1
in
the
fair
value
hierarchy.
(c)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
April
30,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(d)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
April
30,
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)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
Credit
Relative
Value
Fund
25
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
$3,316,464.
Value
Valuation  
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Common
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
1,433,590
Market
EBITDA
Multiple
10.00x
—
Revenue
Multiple
3.00x
—
Time
to
Exit
5.8
years
—
Volatility
75%
—
Income
Discount
for
Lack
of
Marketability
12%
—
Corporate
Bonds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
36,686,847
Income
Discount
Rate
5%
-
17%
8%
Market
Direct
Profit
Multiple
2.00x
—
Floating
Rate
Loan
Interests
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3,776,699
Income
Discount
Rate
9%
-
17%
13%
Non-Agency
Mortgage-Backed
Securities
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3,983,984
Income
Discount
Rate
8%
—
Preferred
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5,689,320
Income
Discount
Rate
10%
—
Market
Revenue
Multiple
5.25x
-
13.20x
9.25x
Time
to
Exit
3.0
years
—
Volatility
80%
—
EBITDA
Multiple
10.25x
—
Warrants
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
636,589
Market
Time
to
Exit
4.9
years
—
Volatility
50%
—
Revenue
Multiple
7.25x
-13.20x
12.10x
$
52,207,029
(a)
A
significant
change
in
unobservable
input
could
result
in
a
correlated
or
inverse
change
in
value.
Currency
Abbreviation
AUD
Australian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
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
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate