# EDGAR Filing Document

**Accession Number:** 0001833936
**File Stem:** 0001145549-23-012483
**Filing Date:** 2023-2
**Character Count:** 19986
**Document Hash:** da14f0ac4f4cbc514e0d7151762d2229
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012483.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012483

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Hedge Fund Guided Portfolio Solution
- **CENTRAL INDEX KEY:** 0001833936
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23626
- **FILM NUMBER:** 23679438

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2022

#### BlackRock Hedge Fund Guided Portfolio Solution

#### (Percentages shown are based on Net Assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Portfolio Funds(a)(b)* | *First Acquisition<br> Date* | *Cost* | *Value* | *% of<br> Net<br> Assets* |
| **Equity Hedge** | **Equity Hedge** | **Equity Hedge** |  |  |
| Atlas Enhanced Fund, Ltd. | 09/01/22 | &nbsp;&nbsp;$6000000 | &nbsp;&nbsp;$6211925 | &nbsp;&nbsp;&nbsp;8.1% |
| Kadensa Fund | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 3487500 | &nbsp;&nbsp;&nbsp;&nbsp; 3512448 | &nbsp;&nbsp;&nbsp;4.6% |
| Manticore Fund (Cayman) Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 4012500 | &nbsp;&nbsp;&nbsp;&nbsp; 3567330 | &nbsp;&nbsp;&nbsp;4.7% |
| Schonfeld Strategic Partners Offshore Fund, Ltd. | 01/01/22 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3532038 | &nbsp;&nbsp;&nbsp;4.6% |
| Voleon Composition International Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 3453483 | &nbsp;&nbsp;&nbsp;&nbsp; 3765167 | &nbsp;&nbsp;&nbsp;4.9% |
| **Total Equity Hedge** |  | &nbsp;&nbsp;&nbsp;&nbsp;20403483 | &nbsp;&nbsp;&nbsp;&nbsp;20588908 | 26.9% |
| **Event-Driven** | **Event-Driven** | **Event-Driven** |  |  |
| MY Asian Opportunities Unit Trust | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 3825521 | &nbsp;&nbsp;&nbsp;&nbsp; 3465344 | &nbsp;&nbsp;&nbsp;4.6% |
| Nekton Global Fund Ltd. | 10/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp;&nbsp; 3692072 | &nbsp;&nbsp;&nbsp;4.8% |
| Pentwater Event Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6950398 | &nbsp;&nbsp;&nbsp;9.1% |
| Segantii Asia-Pacific Equity Multi-Strategy Fund | 11/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78512 | &nbsp;&nbsp;&nbsp;0.1% |
| **Total Event-Driven** |  | &nbsp;&nbsp;&nbsp;&nbsp;13900521 | &nbsp;&nbsp;&nbsp;&nbsp;14186326 | 18.6% |
| **Macro** | **Macro** | **Macro** |  |  |
| Crabel Fund SPC, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 2962500 | &nbsp;&nbsp;&nbsp;&nbsp; 3198049 | &nbsp;&nbsp;&nbsp;4.2% |
| Drakewood Prospect Fund Ltd. | 06/01/22 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3077844 | &nbsp;&nbsp;&nbsp;4.0% |
| East One Commodity Fund Limited | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 2787500 | &nbsp;&nbsp;&nbsp;&nbsp; 3550271 | &nbsp;&nbsp;&nbsp;4.7% |
| Stratus Feeder, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 4334500 | &nbsp;&nbsp;&nbsp;&nbsp; 5597113 | &nbsp;&nbsp;&nbsp;7.3% |
| Systematica Alternative Markets Fund Ltd. | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 2887500 | &nbsp;&nbsp;&nbsp;&nbsp; 3538715 | &nbsp;&nbsp;&nbsp;4.6% |
| **Total Macro** |  | &nbsp;&nbsp;&nbsp;&nbsp;16072000 | &nbsp;&nbsp;&nbsp;&nbsp;18961992 | 24.8% |
| **Relative Value** | **Relative Value** | **Relative Value** |  |  |
| One William Street Capital Offshore Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 6722376 | &nbsp;&nbsp;&nbsp;8.8% |
| Parallax Offshore Investors Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 3268187 | &nbsp;&nbsp;&nbsp;&nbsp; 3454420 | &nbsp;&nbsp;&nbsp;4.5% |
| Polar Multi-Strategy Fund | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4945330 | &nbsp;&nbsp;&nbsp;6.5% |
| Rose Grove Offshore Fund I, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp; 2484982 | &nbsp;&nbsp;&nbsp;&nbsp; 2419207 | &nbsp;&nbsp;&nbsp;3.1% |
| **Total Relative Value** |  | &nbsp;&nbsp;&nbsp;&nbsp;16853169 | &nbsp;&nbsp;&nbsp;&nbsp;17541333 | 22.9% |
| **Total Portfolio Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;67229173 | &nbsp;&nbsp;&nbsp;&nbsp;71278559 | 93.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Cost* | *Value* | *% of<br> Net<br> Assets* |
| **Short-Term Securities** |  |  |  |
| **Money Market Funds** |  |  |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%(c)(d) | &nbsp;&nbsp;&nbsp;&nbsp; 4407584 | &nbsp;&nbsp;&nbsp; 4407584 | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| **Total Short-Term Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407584 | &nbsp;&nbsp;&nbsp;&nbsp; 4407584 | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| **Total Investments** | $71636757 | &nbsp;&nbsp;&nbsp;&nbsp;75686143 | &nbsp;&nbsp;&nbsp;99.0% |
| **Other Assets Less Liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp; 753524 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| **Net Assets** |  | $76439667 | 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 $71,278,559, representing 93.2% of its net assets as of period
end, and an original cost of $67,229,173.

(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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 03/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| BlackRock Liquidity Funds, T-Fund, Institutional Class | &nbsp;&nbsp;$4721908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— &nbsp;&nbsp;&nbsp;&nbsp;$(314324)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4407584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$88128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(a)</sup> Represents net amount purchased (sold).

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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") per share 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Level 1* | &nbsp;&nbsp;*Level 2* | &nbsp;&nbsp;*Level 3* | &nbsp;&nbsp;*Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;$4407584 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$4407584 |
| &nbsp;&nbsp;&nbsp;Investments valued at NAV |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71278559 |
|  |  |  |  | &nbsp;&nbsp;$75686143 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Hedge Fund Guided Portfolio Solution

- **b. Investment Company Act file number:** 811-23626

- **c. CIK number of Registrant:** 0001833936

- **d. LEI of Registrant:** 549300OF4HWLLO1I9Y24

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 8008820052

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Hedge Fund Guided Portfolio Solution

- **c. LEI of Series:** 549300OF4HWLLO1I9Y24

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $80356500.57

**Total Liabilities:** $1583890.91

**Net Assets:** $78772609.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.05%                | 0.21%                | 1.01%                |
| Class ID C000000001 | -0.02%               | 0.15%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-110312.76              | $219683.15                                 |
| Month 2  | $-31476.68               | $268932.41                                 |
| Month 3  | $149643.67               | $722548.11                                 |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BLACKROCK LIQUIDITY FUNDS - BLACKROCK LIQUIDITY T-FUND | BLACKROCK LIQUIDITY FUNDS - BLACKROCK LIQUIDITY T-FUND | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   4407584 | OU      | $4407584.22   | 5.60%             |  |  |  | No            | 1                  | On Loan: No      |
| One William Street Capital Offshore Fund, Ltd          | One William Street Capital Offshore Fund, Ltd          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   6250000 | OU      | $6722376.25   | 8.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Parallax Offshore Investors Fund, Ltd                  | Parallax Offshore Investors Fund, Ltd                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3268187 | OU      | $3454420.48   | 4.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MY Asian Opportunities Unit Trust                      | MY Asian Opportunities Unit Trust                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3825521 | OU      | $3465344.49   | 4.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kadensa Fund                                           | Kadensa Fund                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3487500 | OU      | $3512447.95   | 4.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crabel Fund SPC, Ltd Segregated Portfolio AA           | Crabel Fund SPC, Ltd Segregated Portfolio AA           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | VG        |   2962500 | OU      | $3198048.92   | 4.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Drakewood Ltd QA USD Opt Out NV.                       | Drakewood Ltd QA USD Opt Out NV.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | BM        |   3100000 | OU      | $3077843.77   | 3.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Atlas Enhanced Fund, Ltd                               | Atlas Enhanced Fund, Ltd                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   6000000 | OU      | $6211925.43   | 7.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Nekton Global Fund Limited                             | Nekton Global Fund Limited                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3575000 | OU      | $3692072.38   | 4.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| East One Commodity Fund Limited                        | East One Commodity Fund Limited                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   2787500 | OU      | $3550270.69   | 4.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Manticore Fund (Cayman), Ltd                           | Manticore Fund (Cayman), Ltd                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4012500 | OU      | $3567329.79   | 4.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Segantii Asia Pacific Equity Multi-Strategy Fund, The  | Segantii Asia Pacific Equity Multi-Strategy Fund, The  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |     75000 | OU      | $78512.15     | 0.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Schonfeld Strategic Partners Offshore Fund Ltd.        | Schonfeld Strategic Partners Offshore Fund Ltd.        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3450000 | OU      | $3532038.43   | 4.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Voleon Composition International Fund, Ltd             | Voleon Composition International Fund, Ltd             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3453483 | OU      | $3765167.03   | 4.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stratus Feeder, Ltd                                    | Stratus Feeder, Ltd                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | VG        |   4334500 | OU      | $5597112.72   | 7.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Systematica Alternative Markets Fund Limited           | Systematica Alternative Markets Fund Limited           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   2887500 | OU      | $3538714.91   | 4.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rose Grove Offshore Fund I, Ltd                        | Rose Grove Offshore Fund I, Ltd                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   2484982 | OU      | $2419207.19   | 3.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Polar Multi-Strategy Fund                              | Polar Multi-Strategy Fund                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4850000 | OU      | $4945330.46   | 6.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pentwater Event Fund, Ltd                              | Pentwater Event Fund, Ltd                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   6425000 | OU      | $6950397.77   | 8.82%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** BlackRock Hedge Fund Guided Portfolio Solution

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer