NPORT-EX 2 brhfgpsdec2023.htm
Schedule of Investments (unaudited)  
December 31, 2023
BlackRock Hedge Fund Guided Portfolio Solution
(Percentages shown are based on Net Assets)
Portfolio Funds(a)(b) First Acquisition
Date 		Cost   Value   % of
Net
Assets
Equity Hedge        
Atlas Enhanced Fund, Ltd. 09/01/22 $  8,300,000   $  8,550,584   8.3%
Kadensa Fund 04/01/21  4,187,500    4,105,583   4.0%
Manticore Fund (Cayman) Ltd. 04/01/21  4,312,500    4,826,491   4.7%
Yaupon Fund (CI) Ltd. 05/01/23  4,300,000    4,467,185   4.3%
Total Equity Hedge   21,100,000    21,949,843   21.3%
Event-Driven        
Carronade Capital Offshore, LP 04/01/23  4,550,000    4,827,709   4.7%
MY Asian Opportunities Unit Trust 05/01/21  4,681,153    4,345,216   4.2%
Nekton Global Fund Ltd. 10/01/21  4,237,242    4,182,761   4.1%
Pentwater Event Fund, Ltd. 04/01/21  7,175,000    9,383,096   9.1%
Total Event-Driven   20,643,395    22,738,782   22.1%
Macro        
Drakewood Prospect Fund Ltd. 06/01/22  4,150,000    3,993,313   3.9%
East One Commodity Fund Limited 05/01/21  3,487,500    4,048,810   3.9%
Stratus Feeder, Ltd. 04/01/21  5,584,500    7,920,627   7.7%
Systematica Alternative Markets Fund Ltd. 05/01/21  3,787,500    4,507,759   4.4%
Total Macro   17,009,500    20,470,509   19.9%
Relative Value        
1798 Adapt Fund Ltd. 11/01/23  4,500,000    4,126,164   4.0%
One William Street Capital Offshore Fund, Ltd. 04/01/21  7,800,000    9,050,227   8.8%
Polar Multi-Strategy Fund 04/01/21  4,301,771    4,614,478   4.5%
Schonfeld Strategic Partners Offshore Fund, Ltd. 01/01/22  4,350,000    4,536,246   4.4%
Voleon Composition International Fund, Ltd. 04/01/21  7,853,483    9,138,554   8.8%
Total Relative Value   28,805,254   31,465,669   30.5%
Total Portfolio Funds   87,558,149   96,624,803   93.8%
Security Shares Cost   Value   % of
Net
Assets
Short-Term Securities            
Money Market Funds            
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(c)(d) 3,451,493   3,451,493    3,451,493   3.4%
Total Short-Term Securities   3,451,493     3,451,493   3.4%
Total Investments   $  91,009,642   100,076,296   97.2%
Other Assets Less Liabilities         2,926,005   2.8%
Net Assets       $  103,002,301   100.0%
(a) Non-income producing security.
(b) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $96,624,803, representing 93.8% of its net assets as of period end, and an original cost of $87,558,149.
(c) Affiliate of the Fund.
(d) Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer Value at
03/31/23 		Purchases
at Cost 		Proceeds
from Sale 		Net
Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Value at
12/31/23 		Shares
Held at
12/31/23 		Income   Capital
Gain
Distributions
from Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class $  8,745,590 $  — $  (5,294,097)(a) $  —   $  —   $  3,451,493 3,451,493 $  155,702   $  —
(a) Represents net amount purchased (sold).
1
Schedule of Investments (unaudited)  (continued)
December 31, 2023
BlackRock Hedge Fund Guided Portfolio Solution
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that the Fund has the ability to access;
•    Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
•    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. There may not be a secondary market, and/or there are 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.
Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
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.
  Level 1   Level 2   Level 3   Total
Assets              
Investments              
Short-Term Securities              
Money Market Funds $  3,451,493   $  —   $  —   $  3,451,493
Investments valued at NAV(a)             96,624,803
              $  100,076,296
(a) Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
2