# EDGAR Filing Document

**Accession Number:** 0001752019
**File Stem:** 0001193125-25-196211
**Filing Date:** 2025-9
**Character Count:** 557134
**Document Hash:** c88e3e661e95530738b6726d8079cd15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196211.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196211

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Credit Strategies Fund
- **CENTRAL INDEX KEY:** 0001752019

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23380
- **FILM NUMBER:** 251294140

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (206) 613-6700

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Credit Opportunities Fund
- **DATE OF NAME CHANGE:** 20180905

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number: 811-23380

Name of Fund: BlackRock Credit Strategies Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2025

Date of reporting period: 06/30/2025

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

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![](g33433img1f46a2e41.jpg)

June 30, 2025

2025 Semi-Annual Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Credit Strategies Fund**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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**Table of Contents**

**Page**

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---

| | |
|:---|:---|
| **[Semi-Annual](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_rskderiv-footer-fundbookname-927_1)[Report:](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_rskderiv-footer-fundbookname-927_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_rskderiv-footer-fundbookname-927_1)  | 3 |
| [Derivative Financial Instruments](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_rskderiv-footer-fundbookname-927_1)  | 3 |
| [Fund Summary](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fsm-footer-fundbookname-927_1)  | 4 |
| [About Fund Performance](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_about_c-footer-fundbookname-927_1)  | 6 |
| [Disclosure of Expenses for Continuously Offered Closed-End Funds](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_about_c-footer-fundbookname-927_1)  | 6 |
| [Financial Statements:](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_soi-footer-fundbookname-927_1)  |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Schedules of Investments](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_soi-footer-fundbookname-927_1)  | 8 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fs-footer-fundbookname-927_1)  | 44 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fs-footer-fundbookname-927_4)  | 47 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fs-footer-fundbookname-927_5)  | 48 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Cash Flows](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fs-footer-fundbookname-927_6)  | 49 |
| [Financial Highlights](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_fihi-footer-fundbookname-927_1)  | 51 |
| [Notes to Consolidated Financial Statements](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_ntf-footer-fundbookname-927_1)  | 56 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_iaa-footer-fundbookname-927_1)  | 71 |
| [Additional Information](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_addinfo-footer-fundbookname-927_1)  | 74 |
| [Glossary of Terms Used in this Report](#xx_4266231e-9d55-47a2-b429-524dce9c20d7_terms-footer-fundbookname-927_1)  | 76 |

---

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The Benefits and Risks of Leveraging

The Fund may utilize leverage to seek to enhance the distribution rate on, and net asset value ("NAV") of, its common shares ("Common Shares"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund's shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume the Fund's capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund's financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Fund's financing cost of leverage is significantly lower than the income earned on the Fund's longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares ("Common Shareholders") are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage. Furthermore, the value of the Fund's portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of the Fund's obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund's NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Fund's intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Fund's NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of the Fund's shares than if the Fund were not leveraged. In addition, the Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Fund's ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Fund's investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Fund's investment adviser will be higher than if the Fund did not use leverage.

The Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Consolidated Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. The Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, the Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

The Benefits and Risks of Leveraging

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Fund Summary as of June 30, 2025

**BlackRock Credit Strategies Fund**

**Investment Objective**

**BlackRock Credit Strategies Fund's (the "Fund")** investment objective is to seek to provide high income and attractive risk-adjusted returns. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its managed assets in fixed income securities, with an emphasis on public and private corporate credit.

The Fund's common shares are not listed on any securities exchange. The Fund is designed for long-term investors, and an investment in the common shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid.

No assurance can be given that the Fund's investment objective will be achieved.

**Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Net Asset Value — Institutional | &nbsp;&nbsp; $8.35  | &nbsp;&nbsp;&nbsp;&nbsp; $8.47  | &nbsp;&nbsp;&nbsp;&nbsp; (1.42)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.49  | &nbsp;&nbsp;&nbsp;&nbsp; $8.18  |
| Net Asset Value — Class A | 8.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 |
| Net Asset Value — Class J | 8.36 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| Net Asset Value — Class U | 8.36 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 |
| Net Asset Value — Class W | 8.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  |
|  |  |  |  | 1 Year | 1 Year | 5 Years | 5 Years | Since <br>Inception<sup>(b)</sup> | Since <br>Inception<sup>(b)</sup> |
|  | *Standardized* <br>*30-Day Yields*<br>| &nbsp;&nbsp;&nbsp; *Unsubsidized* <br>*30-Day Yields*<br>| &nbsp;&nbsp;&nbsp; *6-Month* <br>*Total* <br>*Returns*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>|
| Institutional<sup>(c)</sup> | 8.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5.53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Class A<sup>(c)</sup> | 7.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> % <br>|
| Class J<sup>(c)</sup> | 7.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 |
| Class U<sup>(c)</sup> | 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Class W<sup>(c)</sup> | 7.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| **Morningstar LSTA Leveraged Loan** <br> **Index**<sup>(d)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg U.S. Corporate High Yield** <br> **2% Issuer Capped Index**<sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund commenced operations on February 28, 2019.

<sup>(c)</sup> All returns reflect reinvestment of dividends and/or distributions at NAV on the payable date. Performance results reflect the Fund's use of leverage, if any.

<sup>(d)</sup> An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%. 

<sup>(e)</sup> An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. 

N/A — Not applicable as share class and index do not have a sales charge. <br>Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

**The following discussion relates to the Fund's absolute performance based on NAV:**

**What factors influenced performance?**

Contributions to the Fund's performance were led by exposure to private credit, U.S. high yield corporate bonds and opportunistic credit. Exposure to European high yield corporate bonds, capital securities and collateralized loan obligations ("CLOs") also contributed to performance.

There were no material detractors over the period. The Fund's cash position did not have a material impact on the Fund's performance.

2025 BlackRock Semi-Annual Report to Shareholders

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Fund Summary as of June 30, 2025(continued)

**BlackRock Credit Strategies Fund**

**Describe recent portfolio activity.**

The Fund made strategic adjustments to its structured and liquid credit allocations to reflect evolving market dynamics. In this vein, exposure to U.S. high yield corporates was increased tactically, by adding to the Fund's credit default swap index position during market volatility in the second quarter of 2025. Within CLOs, the Fund moved higher up the capital stack. Exposure to European high yield corporates focused on issues rated BB and B due to strong fundamentals and appealing yields. By contrast, the U.S. investment grade corporate bond allocation was trimmed as credit spreads tightened to post-global financial crisis levels. At the same time, the Fund opportunistically increased exposure to corporate issues that had disproportionately sold off during periods of market volatility despite having strong underlying fundamentals.

The Fund uses various derivative positions as part of the investment strategy, including employing leverage, forward contracts to hedge foreign currency exposure of non-U.S. positions back to U.S. dollars, interest rate futures to adjust duration positioning tactically as needed, and credit default swaps to gain access to or hedge broad market exposure.

At the end of the period, the Fund's cash position was approximately 11%, reflecting the use of leverage.

**Describe portfolio positioning at period end.**

At period end, the Fund was strategically positioned with a focus on private debt and opportunistic corporate credit exposure on the basis of attractive relative yield and income, while being prepared to tactically shift exposures on changing spread relationships and volatility stemming from tariffs and other sources of uncertainty.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Floating Rate Loan Interests | 60.5<br> %<br>|
| Corporate Bonds | 23.1 |
| Asset-Backed Securities | 6.5 |
| Preferred Securities | 5.1 |
| Fixed Rate Loan Interests | 2.0 |
| Common Stocks | 1.9 |
| Other\* | 0.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| AAA/Aaa | 0.6<br> %<br>|
| AA/Aa | 1.3 |
| A | 2.7 |
| BBB/Baa | 5.2 |
| BB/Ba | 8.3 |
| B | 23.0 |
| CCC/Caa | 8.9 |
| CC | 0.2 |
| C | 0.2 |
| D | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| N/R | 49.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

<sup>(c)</sup> Rounds to less than 0.1%.

\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Consolidated Schedule of Investments for details.

Fund Summary

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About Fund Performance

**Institutional Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees but are only available through the Fund's distributor or an asset-based fee program sponsored by a registered broker-dealer or registered investment adviser (also known as a "wrap fee" program) that has an agreement with the Fund's distributor.

**Class A Shares** are subject to a maximum initial sales charge (front-end load) of 2.50% and servicing and distribution fee of 0.75% per year. A contingent deferred sales charge of 1.50% is assessed on Fund repurchases of Class A Shares made within 18 months after purchase where no initial sales load was paid at the time of purchase as part of an investment of $250,000 or more. Class A Shares performance shown prior to the Class A Shares inception date of April 1, 2020 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class A Shares fees.

**Class J Shares** are subject to a maximum initial sales charge (front-end load) of 3.00% and servicing and distribution fee of 0.50% per year. These shares are available only through brokerage, transactional-based accounts and to clients of financial intermediaries with which the Fund has a selling agreement to distribute such shares. Class J Shares performance shown prior to the Class J Shares inception date of November 19, 2024 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class J Shares fees.

**Class U Shares** are not subject to any sales charge. These shares are subject to a servicing and distribution fee of 0.75% per year. These shares are available only to clients of financial intermediaries with which the Fund has a selling agreement to distribute such shares. Class U Shares performance shown prior to the Class U Shares inception date of July 12, 2021 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class U Shares fees.

**Class W Shares** are subject to a maximum initial sales charge (front-end load) of 3.50% and servicing and distribution fee of 0.75% per year. These shares are available only through brokerage, transactional-based accounts. Class W Shares performance shown prior to the Class W Shares inception date of July 12, 2021 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class W Shares fees.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), the Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund's expenses. Without such waiver(s) and/or reimbursement(s), the Fund's performance would have been lower. With respect to the Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses for Continuously Offered Closed-End Funds

Shareholders of the Fund may incur the following charges: (a) transactional expenses, including early withdrawal fees; and (b) operating expenses, including investment advisory fees, and other fund expenses. The example below (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

2025 BlackRock Semi-Annual Report to Shareholders

------

Disclosure of Expenses for Continuously Offered Closed-End Funds (continued)

**Expense Example for Continuously Offered Closed-End Funds** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual  | Actual  | Actual  | Actual  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |
|  |  |  | Expenses Paid During the <br> Period  | Expenses Paid During the <br> Period  |  | Including Interest <br>Expense <br>and Fees | Including Interest <br>Expense <br>and Fees | Excluding Interest <br>Expense <br>and Fees | Excluding Interest <br>Expense <br>and Fees | Annualized Expense Ratio  | Annualized Expense Ratio  |
|  | *Beginning* <br>*Account* <br>*Value* <br>*(01/01/25)*<br>| *Ending* <br>*Account* <br>*Value* <br>*(06/30/25)*<br>| *Including* <br>*Interest* <br>*Expense* <br>*and Fees*<sup>(a)</sup> <br>| *Excluding* <br>*Interest* <br>*Expense* <br>*and Fees*<sup>(a)</sup> <br>| *Beginning* <br>*Account* <br>*Value* <br>*(01/01/25)*<br>| *Ending* <br>*Account* <br>*Value* <br>*(06/30/25)*<br>| *Expenses* <br>*Paid* <br>*During* <br>*the* <br>*Period*<sup>(a)</sup> <br>| *Ending* <br>*Account* <br>*Value* <br>*(06/30/25)*<br>| *Expenses* <br>*Paid* <br>*During* <br>*the* <br>*Period*<sup>(a)</sup> <br>| *Including* <br>*Interest* <br>*Expense* <br>*and Fees*<br>| *Excluding* <br>*Interest* <br>*Expense* <br>*and Fees*<br>|
| Institutional | $1000.00  | $1030.70  | $9.42 | $6.86 | $1000.00  | $1015.52  | $9.35  | $1018.04  | $6.81  | 1.87<br> % <br>| 1.36<br> % <br>|
| Class A | 1000.00 | 1026.80 | 12.71 | 10.17 | 1000.00 | 1012.25 | 12.62 | 1014.75 | 10.10 | 2.53 | 2.02 |
| Class J | 1000.00 | 1028.00 | 11.38 | 8.81 | 1000.00 | 1013.58 | 11.29 | 1016.10 | 8.75 | 2.26 | 1.75 |
| Class U | 1000.00 | 1026.90 | 13.38 | 10.77 | 1000.00 | 1011.59 | 13.28 | 1014.17 | 10.69 | 2.66 | 2.14 |
| Class W | 1000.00 | 1026.80 | 12.71 | 10.15 | 1000.00 | 1012.25 | 12.62 | 1014.78 | 10.08 | 2.53 | 2.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

Disclosure of Expenses for Continuously Offered Closed-End Funds

------

Consolidated Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., Series 2022-1A, Class CR, (3-mo. <br> CME Term SOFR + 1.90%), 6.17%, 01/20/38<sup>(a)(b)</sup><br>| USD | 1000 | &nbsp;&nbsp; $1002794  |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., Series 2021-12A, Class B, (3-mo. CME <br> Term SOFR + 1.86%), 6.13%, 07/20/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1001622 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., Series 2020-11A, Class CR2, (3-mo. <br> CME Term SOFR + 1.90%), 6.18%, 07/17/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1002787 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., Series 2019-11A, <br> Class C1R2, (3-mo. CME Term SOFR + 2.40%), <br> 6.67%, 07/22/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1006262 |
| Ballyrock CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BRR, (3-mo. CME Term <br> SOFR + 2.40%), 6.72%, 02/20/36<br>|  | 1000 | &nbsp;&nbsp; 1002831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-22A, Class B, (3-mo. CME Term SOFR <br> + 2.35%), 6.61%, 04/15/37<br>|  | 1500 | &nbsp;&nbsp; 1508927 |
| &nbsp;&nbsp;&nbsp; Battalion CLO X Ltd., Series 2016-10A, Class BR2, <br> (3-mo. CME Term SOFR + 2.31%), 6.59%, <br> 01/25/35<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1002446 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., Series 2024-9A, Class A1, (3-<br> mo. CME Term SOFR + 1.40%), 5.67%, <br> 10/22/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003885 |
| &nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.86%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1509819 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2021-3A, Class B, (3-mo. <br> CME Term SOFR + 1.96%), 6.22%, 07/15/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004019 |
| &nbsp;&nbsp;&nbsp; CarVal CLO IV Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.51%), 7.78%, 07/20/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1009849 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VC Ltd., Series 2021-2A, Class C, (3-mo. <br> CME Term SOFR + 2.46%), 6.72%, 10/15/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003051 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class CRR, (3-mo. CME Term <br> SOFR + 2.16%), 6.43%, 01/22/31<br>|  | 1000 | &nbsp;&nbsp; 1002241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A2RS, (3-mo. CME Term <br> SOFR + 2.01%), 6.27%, 01/15/35<br>|  | 800 | &nbsp;&nbsp; 803232 |
| &nbsp;&nbsp;&nbsp; Cook Park CLO Ltd., Series 2018-1A, Class C, (3-mo. <br> CME Term SOFR + 2.01%), 6.29%, 04/17/30<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250566 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 21 Ltd., Series 2022-8A, Class AR, (3-<br> mo. CME Term SOFR + 1.65%), 5.92%, <br> 10/20/36<sup>(a)(b)</sup><br>|  | 700 | &nbsp;&nbsp; 702590 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br> CME Term SOFR + 2.40%), 6.67%, 04/18/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1006228 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 37 Ltd., Series 2024-13A, Class D1, <br> (3-mo. CME Term SOFR + 2.60%), 6.89%, <br> 01/17/38<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 997370 |
| &nbsp;&nbsp;&nbsp; Galaxy XXIV CLO Ltd., Series 2024-R, Class CR, (3-<br> mo. CME Term SOFR + 2.45%), 6.71%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1106 | &nbsp;&nbsp; 1112951 |
| &nbsp;&nbsp;&nbsp; Generate CLO Ltd., Series 7A, Class A1R, (3-mo. CME <br> Term SOFR + 1.62%), 5.89%, 04/22/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003825 |
| &nbsp;&nbsp;&nbsp; Greywolf CLO V Ltd., Series 2015-1A, Class CR, (3-<br> mo. CME Term SOFR + 3.26%), 7.54%, <br> 01/27/31<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501221 |
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., Series 2021-4A, Class C, (3-mo. <br> CME Term SOFR + 2.41%), 6.68%, 04/20/34<sup>(a)(b)</sup><br>|  | 750 | &nbsp;&nbsp; 752260 |
| &nbsp;&nbsp;&nbsp; NYACK Park CLO Ltd., Series 2021-1A, Class C, (3-<br> mo. CME Term SOFR + 2.21%), 6.48%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 1250 | &nbsp;&nbsp; 1252482 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2024-27A, Class B, (3-mo. <br> CME Term SOFR + 1.65%), 5.92%, 10/22/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1494294 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2019-17A, Class CR2, (3-mo. <br> CME Term SOFR + 2.00%), 6.27%, 07/20/37<sup>(a)(b)</sup><br>| USD | 1000 | &nbsp;&nbsp; $1004043  |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., Series 2019-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.70%), 6.97%, <br> 01/21/38<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003199 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XV Ltd., Series 2017-15R, <br> Class D1R, (3-mo. CME Term SOFR + 3.45%), <br> 7.72%, 04/20/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1519010 |
| OHA Loan Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class D1R3, (3-mo. CME Term <br> SOFR + 3.30%), 7.58%, 04/23/37<br>|  | 750 | &nbsp;&nbsp; 752215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class DR3, (3-mo. CME Term <br> SOFR + 3.46%), 7.73%, 01/19/37<br>|  | 1000 | &nbsp;&nbsp; 1005503 |
| Palmer Square CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class CR, 07/15/38<sup>(c)</sup> |  | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, (3-mo. CME Term SOFR + <br> 3.05%), 7.32%, 04/20/35<br>|  | 1000 | &nbsp;&nbsp; 995706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, (3-mo. CME Term SOFR + <br> 2.21%), 6.47%, 10/15/34<br>|  | 1000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Post CLO Ltd., Series 2022-1A, Class D, (3-mo. CME <br> Term SOFR + 3.20%), 7.47%, 04/20/35<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 993767 |
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd., Series 2021-15A, Class D, (3-mo. CME <br> Term SOFR + 3.31%), 7.58%, 01/20/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 999345 |
| &nbsp;&nbsp;&nbsp; Regatta XII Funding Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.39%), 5.65%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003857 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., Series 2024-5A, Class C, (3-mo. <br> CME Term SOFR + 2.10%), 6.37%, 10/20/37<sup>(a)(b)</sup><br>|  | 1250 | &nbsp;&nbsp; 1255815 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd., Series 2021-19A, Class D, <br> (3-mo. CME Term SOFR + 3.26%), 7.53%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 994561 |
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., Series 2024-5A, Class B, <br> (3-mo. CME Term SOFR + 2.25%), 6.52%, <br> 04/20/36<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1002001 |
| &nbsp;&nbsp;&nbsp; TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, <br> (3-mo. CME Term SOFR + 1.10%), 5.38%, <br> 01/17/32<sup>(a)(b)</sup><br>|  | 92 | &nbsp;&nbsp; 91523 |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 103 | &nbsp;&nbsp; 148551 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO I Ltd., Series 2019-1A, Class BRR, (3-<br> mo. CME Term SOFR + 1.75%), 6.03%, <br> 07/24/36<sup>(a)(b)</sup><br>| USD | 2000 | &nbsp;&nbsp; 1996251 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class CR2, <br> (3-mo. CME Term SOFR + 1.95%), 6.23%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 640 | &nbsp;&nbsp; 642449 |
| **Total Asset-Backed Securities — 6.9%** <br>**(Cost: $41,056,746)** | **Total Asset-Backed Securities — 6.9%** <br>**(Cost: $41,056,746)** | **Total Asset-Backed Securities — 6.9%** <br>**(Cost: $41,056,746)** | &nbsp;&nbsp; 41345348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |  |
| Anika Therapeutics, Inc.<sup>(e)</sup> | 56650 | &nbsp;&nbsp; 599357 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Thrasio LLC, (Acquired 06/18/24, Cost: <br> $1,907,522)<sup>(e)(f)(g)</sup><br>| 20031 | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(e)</sup> | 17 | &nbsp;&nbsp; $187 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Kellermeyer Bergensons Common, Preference <br> Shares<sup>(e)(f)</sup><br>| 45118 | &nbsp;&nbsp; — |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |  |
| SellerX Germany GMBH & Co. KG | 79434 | &nbsp;&nbsp; 794 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pluralsight LLC, (Acquired 08/22/24, Cost: <br> $77,568)<sup>(e)(f)(g)</sup><br>| 208956 | &nbsp;&nbsp; 37201 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, (Acquired 09/06/23, <br> Cost: $3,317)<sup>(e)(f)(g)</sup><br>| 264 | &nbsp;&nbsp; 23496 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(e)(f)</sup> | 840 | &nbsp;&nbsp; 49577 |
| **Ground Transportation**<sup>(e)</sup> **— 0.0%** | **Ground Transportation**<sup>(e)</sup> **— 0.0%** |  |
| Motive Technologies, (Expires 12/31/49)<sup>(f)</sup> | 75000 | &nbsp;&nbsp; 68250 |
| Sirva BGRS Holdings, Inc. | 34 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 68284 |
| **Health Care Providers & Services**<sup>(e)</sup> **— 0.0%** | **Health Care Providers & Services**<sup>(e)</sup> **— 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Envision Healthcare Corp., (Acquired 11/03/23, Cost: <br> $25,078)<sup>(g)</sup><br>| 807 | &nbsp;&nbsp; 12811 |
| INH Buyer, Inc., (Acquired 12/16/24, Cost: $149)<sup>(f)(g)</sup> | 1491738 | &nbsp;&nbsp; 15 |
| Quorum Restructuring Equity | 43661 | &nbsp;&nbsp; 38204 |
|  |  | &nbsp;&nbsp; 51030 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |  |
| Veradigm, Inc.<sup>(e)</sup> | 586444 | &nbsp;&nbsp; 2756287 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** |  |
| Homerenew Buyer, Inc., Series A-1<sup>(e)(f)</sup> | 1568 | &nbsp;&nbsp; 521453 |
| Homerenew Buyer, Inc., Series B-1<sup>(e)(f)</sup> | 2520 | &nbsp;&nbsp; — |
| Homerenew Buyer, Inc., Series C-1<sup>(e)(f)</sup> | 3942 | &nbsp;&nbsp; — |
| Lennar Corp., Class A | 30000 | &nbsp;&nbsp; 3318300 |
| Taylor Morrison Home Corp., Class A<sup>(e)</sup> | 46000 | &nbsp;&nbsp; 2825320 |
|  |  | &nbsp;&nbsp; 6665073 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| SVP Singer<sup>(e)</sup> | 1930 | &nbsp;&nbsp; 9168 |
| **IT Services — 0.0%** | **IT Services — 0.0%** |  |
| Travelport Finance Luxembourg SARL<sup>(e)(f)</sup> | 10 | &nbsp;&nbsp; 26870 |
| **Media — 0.1%** | **Media — 0.1%** |  |
| Altice USA, Inc., Class A<sup>(e)</sup> | 135000 | &nbsp;&nbsp; 288900 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(e)(f)</sup> | 16485 | &nbsp;&nbsp; — |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |  |
| Pennsylvania REIT<sup>(e)</sup> | 70000 | &nbsp;&nbsp; 1656690 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Parent Corp.<sup>(e)(f)</sup> | 543 | &nbsp;&nbsp; 5430 |
| **Total Common Stocks — 2.1%** <br>**(Cost: $15,997,749)** | **Total Common Stocks — 2.1%** <br>**(Cost: $15,997,749)** | &nbsp;&nbsp; 12238344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies**<sup>(b)</sup> **— 0.1%** | **Advertising Agencies**<sup>(b)</sup> **— 0.1%** | **Advertising Agencies**<sup>(b)</sup> **— 0.1%** | **Advertising Agencies**<sup>(b)</sup> **— 0.1%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 | USD | 84 | &nbsp;&nbsp; $83044  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/15/28 |  | 117 | &nbsp;&nbsp; 122595 |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 |  | 83 | &nbsp;&nbsp; 76766 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30 |  | 76 | &nbsp;&nbsp; 78451 |
| CMG Media Corp., 8.88%, 06/18/29 |  | 28 | &nbsp;&nbsp; 26395 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 80 | &nbsp;&nbsp; 77895 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 |  | 4 | &nbsp;&nbsp; 3980 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 |  | 79 | &nbsp;&nbsp; 75454 |
|  |  |  | &nbsp;&nbsp; 544580 |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 |  | 182 | &nbsp;&nbsp; 183096 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 |  | 47 | &nbsp;&nbsp; 50881 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31 |  | 6 | &nbsp;&nbsp; 6298 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32 |  | 19 | &nbsp;&nbsp; 19787 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/33 |  | 16 | &nbsp;&nbsp; 16579 |
| Czechoslovak Group A/S, 01/10/31<sup>(c)(d)</sup> | EUR | 150 | &nbsp;&nbsp; 179398 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> | USD | 23 | &nbsp;&nbsp; 23381 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 85 | &nbsp;&nbsp; 90186 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 |  | 39 | &nbsp;&nbsp; 43011 |
| TransDigm, Inc., 6.38%, 05/31/33<sup>(b)</sup> |  | 180 | &nbsp;&nbsp; 180163 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 81513 |
|  |  |  | &nbsp;&nbsp; 874293 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 15 | &nbsp;&nbsp; 15063 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 7 | &nbsp;&nbsp; 7420 |
|  |  |  | &nbsp;&nbsp; 22483 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/27<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 238038 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 41592 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(d)</sup> | EUR | 140 | &nbsp;&nbsp; 165546 |
| Dana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 | USD | 6 | &nbsp;&nbsp; 5914 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/32 |  | 8 | &nbsp;&nbsp; 7820 |
| Forvia SE, 5.50%, 06/15/31<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 232405 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)</sup><br>| USD | 10 | &nbsp;&nbsp; 10411 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 |  | 13 | &nbsp;&nbsp; 13260 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 |  | 3 | &nbsp;&nbsp; 2881 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), <br> 8.75%, 05/15/28<sup>(d)(h)</sup><br>| EUR | 320 | &nbsp;&nbsp; 394585 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 157 | &nbsp;&nbsp; 187721 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 118530 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 120311 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> | USD | 35 | &nbsp;&nbsp; 34611 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118050 |
|  |  |  | &nbsp;&nbsp; 1691675 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29<sup>(d)</sup> | GBP | 226 | &nbsp;&nbsp; 289029 |
| Carvana Co.<sup>(b)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/01/30 | USD | 43 | &nbsp;&nbsp; 45592 |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.00%, 06/01/31 |  | 77 | &nbsp;&nbsp; 86651 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> | USD | 14 | &nbsp;&nbsp; $14922  |
| LCM Investments Holdings II LLC, 4.88%, 05/01/29<sup>(b)</sup> |  | 55 | &nbsp;&nbsp; 53485 |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 100 | &nbsp;&nbsp; 118841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 200 | &nbsp;&nbsp; 247784 |
| &nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian Automotive <br> LLC, 10.00%, 01/15/31<sup>(b)</sup><br>| USD | 14 | &nbsp;&nbsp; 13756 |
|  |  |  | &nbsp;&nbsp; 870060 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp; Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br> Swap + 2.45%), 4.63%, 12/11/36<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120138 |
| &nbsp;&nbsp;&nbsp; AIB Group PLC, (5-year EURIBOR ICE Swap + <br> 4.39%), 7.13%<sup>(a)(d)(i)</sup><br>|  | 200 | &nbsp;&nbsp; 249136 |
| Banca Monte dei Paschi di Siena SpA, 10/02/35<sup>(a)(c)(d)</sup> |  | 200 | &nbsp;&nbsp; 235630 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (5-year EUR <br> Swap + 4.27%), 6.88%<sup>(a)(d)(i)</sup><br>|  | 200 | &nbsp;&nbsp; 249431 |
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL/Hong Kong, (5-year CMT + 1.90%), <br> 3.73%, 09/25/34<sup>(a)(d)</sup><br>| USD | 200 | &nbsp;&nbsp; 185624 |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT, 3.75%, <br> 03/30/26<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 197450 |
| &nbsp;&nbsp;&nbsp; Bank of East Asia Ltd., (5-year CMT + 2.30%), 4.88%, <br> 04/22/32<sup>(a)(d)</sup><br>|  | 250 | &nbsp;&nbsp; 246640 |
| &nbsp;&nbsp;&nbsp; BPCE SA, (1-day SOFR + 2.61%), 6.92%, <br> 01/14/46<sup>(a)(b)</sup><br>|  | 375 | &nbsp;&nbsp; 391094 |
| &nbsp;&nbsp;&nbsp; Chiyu Banking Corp. Ltd., (5-year CMT + 3.20%), <br> 5.75%, 04/07/32<sup>(a)(d)</sup><br>|  | 250 | &nbsp;&nbsp; 244840 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, <br> 05/25/34<sup>(a)</sup><br>|  | 1030 | &nbsp;&nbsp; 1078234 |
| Deutsche Bank AG<sup>(a)(d)(i)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 4.55%), 4.50% | EUR | 200 | &nbsp;&nbsp; 229408 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.26%), 8.13% |  | 200 | &nbsp;&nbsp; 251527 |
| &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and Holdings SA, (5-year <br> EURIBOR ICE Swap + 2.00%), 4.25%, <br> 04/30/35<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 116851 |
| &nbsp;&nbsp;&nbsp; Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), <br> 3.34%, 10/02/31<sup>(a)(d)</sup><br>| USD | 200 | &nbsp;&nbsp; 194554 |
| Macquarie Bank Ltd., 6.80%, 01/18/33<sup>(b)</sup> |  | 2070 | &nbsp;&nbsp; 2230244 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<sup>(a)(d)</sup><br>| EUR | 150 | &nbsp;&nbsp; 188428 |
| &nbsp;&nbsp;&nbsp; Riyad T1 Sukuk Ltd., (5-year CMT + 1.91%), <br> 5.50%<sup>(a)(d)(i)</sup><br>| USD | 200 | &nbsp;&nbsp; 195438 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, <br> 07/31/84<sup>(a)</sup><br>|  | 1110 | &nbsp;&nbsp; 1139142 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 11 | &nbsp;&nbsp; 11289 |
|  |  |  | &nbsp;&nbsp; 7755098 |
| **Biotechnology**<sup>(d)</sup> **— 0.1%** | **Biotechnology**<sup>(d)</sup> **— 0.1%** | **Biotechnology**<sup>(d)</sup> **— 0.1%** | **Biotechnology**<sup>(d)</sup> **— 0.1%** |
| Biocon Biologics Global PLC, 6.67%, 10/09/29 |  | 400 | &nbsp;&nbsp; 379600 |
| Cidron Aida Finco SARL, 7.00%, 10/27/31 | EUR | 102 | &nbsp;&nbsp; 122646 |
|  |  |  | &nbsp;&nbsp; 502246 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Builders FirstSource, Inc., 6.75%, 05/15/35<sup>(b)</sup> | USD | 13 | &nbsp;&nbsp; 13385 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 12/15/30<sup>(d)</sup> | EUR | 103 | &nbsp;&nbsp; 127442 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31<sup>(b)</sup> | USD | 48 | &nbsp;&nbsp; 49680 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 247945 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 | USD | 9 | &nbsp;&nbsp; 8344 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/32 |  | 22 | &nbsp;&nbsp; 17225 |
| JH North America Holdings, Inc., 6.13%, 07/31/32<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 24399 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 | USD | 36 | &nbsp;&nbsp; $36095  |
| &nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 |  | 20 | &nbsp;&nbsp; 20047 |
| PCF GmbH, 4.75%, 04/15/29<sup>(d)</sup> | EUR | 171 | &nbsp;&nbsp; 166128 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32 | USD | 95 | &nbsp;&nbsp; 97690 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33 |  | 27 | &nbsp;&nbsp; 27859 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(b)</sup> |  | 18 | &nbsp;&nbsp; 18872 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 21517 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 21805 |
|  |  |  | &nbsp;&nbsp; 898433 |
| **Building Products**<sup>(b)</sup> **— 0.0%** | **Building Products**<sup>(b)</sup> **— 0.0%** | **Building Products**<sup>(b)</sup> **— 0.0%** | **Building Products**<sup>(b)</sup> **— 0.0%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 2 | &nbsp;&nbsp; 1834 |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 73 | &nbsp;&nbsp; 75205 |
| White Cap Buyer LLC, 6.88%, 10/15/28 |  | 189 | &nbsp;&nbsp; 188700 |
|  |  |  | &nbsp;&nbsp; 265739 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| Apollo Debt Solutions BDC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.90%, 04/13/29 |  | 485 | &nbsp;&nbsp; 506273 |
| &nbsp;&nbsp;&nbsp; 6.70%, 07/29/31 |  | 15 | &nbsp;&nbsp; 15587 |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/32<sup>(b)</sup> |  | 4 | &nbsp;&nbsp; 4086 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 45 | &nbsp;&nbsp; 44003 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 35 | &nbsp;&nbsp; 35356 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 11 | &nbsp;&nbsp; 11428 |
| Blue Owl Credit Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/16/27 |  | 43 | &nbsp;&nbsp; 45104 |
| &nbsp;&nbsp;&nbsp; 6.65%, 03/15/31 |  | 465 | &nbsp;&nbsp; 478256 |
| Blue Owl Technology Finance Corp., 6.75%, 04/04/29 |  | 3 | &nbsp;&nbsp; 3059 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 40831 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 6 | &nbsp;&nbsp; 6000 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 86 | &nbsp;&nbsp; 83328 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/29 |  | 14 | &nbsp;&nbsp; 13600 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 |  | 3 | &nbsp;&nbsp; 2522 |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/29<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 20790 |
|  |  |  | &nbsp;&nbsp; 1310223 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/30 |  | 2 | &nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/33 |  | 11 | &nbsp;&nbsp; 11114 |
| Chemours Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 |  | 16 | &nbsp;&nbsp; 15857 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/28<sup>(b)</sup> |  | 13 | &nbsp;&nbsp; 12185 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33<sup>(b)</sup> |  | 6 | &nbsp;&nbsp; 5619 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(d)</sup> | EUR | 300 | &nbsp;&nbsp; 356400 |
| INEOS Finance PLC, 6.38%, 04/15/29<sup>(d)</sup> |  | 202 | &nbsp;&nbsp; 241173 |
| INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29<sup>(d)</sup> |  | 104 | &nbsp;&nbsp; 122044 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118803 |
| &nbsp;&nbsp;&nbsp; Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(h)</sup><br>| USD | 28 | &nbsp;&nbsp; 24969 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(d)</sup> | EUR | 102 | &nbsp;&nbsp; 48293 |
| LYB International Finance III LLC, 6.15%, 05/15/35 | USD | 5 | &nbsp;&nbsp; 5190 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 12 | &nbsp;&nbsp; 10873 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 11 | &nbsp;&nbsp; 10968 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.63%, 11/15/28<sup>(d)</sup> | EUR | 427 | &nbsp;&nbsp; 528134 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/28<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 210606 |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/01/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 107783 |
| &nbsp;&nbsp;&nbsp; SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, <br> 07/15/28<sup>(d)</sup><br>|  | 500 | &nbsp;&nbsp; 619123 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Synthomer PLC, 7.38%, 05/02/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $116637  |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 | USD | 4 | &nbsp;&nbsp; 3977 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 |  | 150 | &nbsp;&nbsp; 135778 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 64 | &nbsp;&nbsp; 65537 |
|  |  |  | &nbsp;&nbsp; 2773110 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(d)</sup><br>| EUR | 113 | &nbsp;&nbsp; 136157 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> | USD | 219 | &nbsp;&nbsp; 228788 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 200 | &nbsp;&nbsp; 194514 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/15/30 |  | 49 | &nbsp;&nbsp; 49665 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL, 4.88%, 06/01/28<sup>(d)</sup><br>| GBP | 400 | &nbsp;&nbsp; 526348 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 265 | &nbsp;&nbsp; 326610 |
| APCOA Group GmbH, 04/15/31<sup>(c)(d)</sup> |  | 377 | &nbsp;&nbsp; 446863 |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 118726 |
| BCP V Modular Services Finance II PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/30/28 |  | 100 | &nbsp;&nbsp; 115640 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28 | GBP | 100 | &nbsp;&nbsp; 132624 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(d)</sup><br>| EUR | 129 | &nbsp;&nbsp; 135566 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> |  | 273 | &nbsp;&nbsp; 333590 |
| Clarivate Science Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 | USD | 12 | &nbsp;&nbsp; 11502 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 |  | 108 | &nbsp;&nbsp; 101693 |
| Currenta Group Holdings SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/30 | EUR | 100 | &nbsp;&nbsp; 120104 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.00%), 6.14%, 05/15/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118073 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> | USD | 8 | &nbsp;&nbsp; 8256 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 10 | &nbsp;&nbsp; 10476 |
| &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors <br> LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 |  | 114 | &nbsp;&nbsp; 113386 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/01/31 |  | 96 | &nbsp;&nbsp; 99402 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32 |  | 48 | &nbsp;&nbsp; 49561 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/33 |  | 4 | &nbsp;&nbsp; 3950 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28 |  | 69 | &nbsp;&nbsp; 71385 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 4 | &nbsp;&nbsp; 3904 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 62 | &nbsp;&nbsp; 63625 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 |  | 67 | &nbsp;&nbsp; 68823 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/30 |  | 29 | &nbsp;&nbsp; 30286 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/33 |  | 15 | &nbsp;&nbsp; 15717 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 9 | &nbsp;&nbsp; 9412 |
| Kapla Holding SAS<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/30/31 | EUR | 200 | &nbsp;&nbsp; 238236 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.48%, 07/31/30<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118383 |
| Pachelbel Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 100 | &nbsp;&nbsp; 126853 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118408 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(d)</sup> |  | 102 | &nbsp;&nbsp; 124086 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> | USD | 37 | &nbsp;&nbsp; 37002 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 47 | &nbsp;&nbsp; 47000 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 71661 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc. (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $121848  |
| Verisure Holding AB, 7.13%, 02/01/28<sup>(d)</sup> |  | 139 | &nbsp;&nbsp; 170088 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | USD | 12 | &nbsp;&nbsp; 12990 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 57 | &nbsp;&nbsp; 59903 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 24214 |
| Williams Scotsman, Inc., 6.63%, 04/15/30<sup>(b)</sup> |  | 23 | &nbsp;&nbsp; 23891 |
| Worldline SA, 5.50%, 06/10/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 102266 |
|  |  |  | &nbsp;&nbsp; 5041475 |
| **Communications Equipment**<sup>(b)</sup> **— 0.0%** | **Communications Equipment**<sup>(b)</sup> **— 0.0%** | **Communications Equipment**<sup>(b)</sup> **— 0.0%** | **Communications Equipment**<sup>(b)</sup> **— 0.0%** |
| CommScope LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 | USD | 52 | &nbsp;&nbsp; 50767 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/15/31 |  | 22 | &nbsp;&nbsp; 23038 |
|  |  |  | &nbsp;&nbsp; 73805 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> |  | 126 | &nbsp;&nbsp; 116252 |
| Delhi International Airport Ltd., 6.13%, 10/31/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 201000 |
| Heathrow Finance PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/27<sup>(j)</sup> | GBP | 126 | &nbsp;&nbsp; 167646 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/31 |  | 100 | &nbsp;&nbsp; 136440 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(d)</sup> | USD | 400 | &nbsp;&nbsp; 401125 |
|  |  |  | &nbsp;&nbsp; 1022463 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>|  | 3 | &nbsp;&nbsp; 3021 |
| Muthoot Finance Ltd., 7.13%, 02/14/28<sup>(d)</sup> |  | 250 | &nbsp;&nbsp; 254717 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 07/25/30 |  | 38 | &nbsp;&nbsp; 41915 |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/32 |  | 22 | &nbsp;&nbsp; 22880 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/29 |  | 23 | &nbsp;&nbsp; 23622 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 |  | 98 | &nbsp;&nbsp; 96397 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/31 |  | 8 | &nbsp;&nbsp; 8359 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/31 |  | 9 | &nbsp;&nbsp; 9364 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 |  | 25 | &nbsp;&nbsp; 25470 |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/32 |  | 26 | &nbsp;&nbsp; 26917 |
| SLM Corp., 6.50%, 01/31/30 |  | 5 | &nbsp;&nbsp; 5248 |
|  |  |  | &nbsp;&nbsp; 517910 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| B&M European Value Retail SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 | GBP | 100 | &nbsp;&nbsp; 130059 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/27/31 |  | 300 | &nbsp;&nbsp; 414481 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 08/15/29 | USD | 8 | &nbsp;&nbsp; 8485 |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 |  | 11 | &nbsp;&nbsp; 10505 |
|  |  |  | &nbsp;&nbsp; 563530 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 182575 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc., 2.13%, 08/15/26<sup>(d)</sup><br>| EUR | 142 | &nbsp;&nbsp; 160115 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 | USD | 23 | &nbsp;&nbsp; 23333 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/30 |  | 58 | &nbsp;&nbsp; 59292 |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 |  | 59 | &nbsp;&nbsp; 60347 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/32 |  | 82 | &nbsp;&nbsp; 84154 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(d)(h)</sup> | EUR | 100 | &nbsp;&nbsp; 107369 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 110448 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 | USD | 34 | &nbsp;&nbsp; $29732  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/28 |  | 96 | &nbsp;&nbsp; 88740 |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/31 |  | 20 | &nbsp;&nbsp; 17107 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 |  | 299 | &nbsp;&nbsp; 303901 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 |  | 14 | &nbsp;&nbsp; 13902 |
| OI European Group BV, 5.25%, 06/01/29<sup>(d)</sup> | EUR | 108 | &nbsp;&nbsp; 130972 |
| Sealed Air Corp., 4.00%, 12/01/27<sup>(b)</sup> | USD | 5 | &nbsp;&nbsp; 4880 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(b)</sup> |  | 20 | &nbsp;&nbsp; 21216 |
|  |  |  | &nbsp;&nbsp; 1398083 |
| **Diversified REITs — 1.5%** | **Diversified REITs — 1.5%** | **Diversified REITs — 1.5%** | **Diversified REITs — 1.5%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(b)(k)</sup> |  | 6 | &nbsp;&nbsp; 6308 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., 3.25%, <br> 01/15/32<br>|  | 120 | &nbsp;&nbsp; 105614 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 63 | &nbsp;&nbsp; 60409 |
| Iron Mountain, Inc., 6.25%, 01/15/33<sup>(b)</sup> |  | 34 | &nbsp;&nbsp; 34959 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8040 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital <br> LLC, 6.00%, 01/15/30<sup>(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 936800 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28 |  | 137 | &nbsp;&nbsp; 145226 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 |  | 6000 | &nbsp;&nbsp; 5799173 |
| Uniti Group, Inc., 7.50%, 12/01/27<sup>(b)(k)</sup> |  | 800 | &nbsp;&nbsp; 882400 |
| VICI Properties LP, 5.13%, 05/15/32 |  | 990 | &nbsp;&nbsp; 986356 |
|  |  |  | &nbsp;&nbsp; 8965285 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; (3.88% PIK), 3.88%, 11/30/30<sup>(h)</sup> |  | 1668 | &nbsp;&nbsp; 1964572 |
| &nbsp;&nbsp;&nbsp; (6.75% PIK), 6.75%, 11/30/30<sup>(h)</sup> |  | 135 | &nbsp;&nbsp; 123437 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 2426 | &nbsp;&nbsp; 2498585 |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(c)(d)</sup> | EUR | 200 | &nbsp;&nbsp; 236179 |
| Eutelsat SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 10/13/28 |  | 100 | &nbsp;&nbsp; 107110 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/13/29 |  | 153 | &nbsp;&nbsp; 194275 |
| Fibercop SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30 |  | 128 | &nbsp;&nbsp; 151743 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32 |  | 100 | &nbsp;&nbsp; 117960 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(b)</sup> | USD | 49 | &nbsp;&nbsp; 48979 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8105 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 10 | &nbsp;&nbsp; 10520 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(b)</sup> |  | 15 | &nbsp;&nbsp; 15193 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(b)</sup> |  | 162 | &nbsp;&nbsp; 169431 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(b)</sup> |  | 12 | &nbsp;&nbsp; 12750 |
| &nbsp;&nbsp;&nbsp; Globe Telecom, Inc., (5-year CMT + 5.53%), <br> 4.20%<sup>(a)(d)(i)</sup><br>|  | 200 | &nbsp;&nbsp; 196850 |
| Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/28<sup>(b)</sup> |  | 289 | &nbsp;&nbsp; 294281 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/30<sup>(d)</sup> | EUR | 126 | &nbsp;&nbsp; 152429 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 125599 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(b)</sup> | USD | 314 | &nbsp;&nbsp; 320185 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(d)</sup> | EUR | 150 | &nbsp;&nbsp; 179126 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 | USD | 3 | &nbsp;&nbsp; 2565 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 |  | 54 | &nbsp;&nbsp; 50423 |
| &nbsp;&nbsp;&nbsp; 11.00%, 11/15/29 |  | 109 | &nbsp;&nbsp; 124973 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/30 |  | 23 | &nbsp;&nbsp; 20661 |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/30 |  | 7 | &nbsp;&nbsp; 5639 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Level 3 Financing, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 12/15/30 | USD | 73 | &nbsp;&nbsp; $82262  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/31 |  | 1 | &nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33 |  | 159 | &nbsp;&nbsp; 161786 |
| &nbsp;&nbsp;&nbsp; Ligado Networks LLC, (15.50% PIK), 15.50%, <br> 11/01/23<sup>(b)(e)(h)(l)</sup><br>|  | 3725 | &nbsp;&nbsp; 1247774 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<sup>(d)</sup> | EUR | 294 | &nbsp;&nbsp; 361588 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 | USD | 19 | &nbsp;&nbsp; 18907 |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 |  | 20 | &nbsp;&nbsp; 18982 |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 |  | 15 | &nbsp;&nbsp; 15615 |
| SES SA, 4.88%, 06/24/33<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118937 |
| SoftBank Group Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 |  | 175 | &nbsp;&nbsp; 209390 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 202 | &nbsp;&nbsp; 224472 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 151 | &nbsp;&nbsp; 177649 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 28 | &nbsp;&nbsp; 30171 |
| &nbsp;&nbsp;&nbsp; Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)</sup><br>|  | 108 | &nbsp;&nbsp; 113107 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 |  | 139 | &nbsp;&nbsp; 130351 |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 |  | 34 | &nbsp;&nbsp; 29341 |
|  |  |  | &nbsp;&nbsp; 10072674 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp; A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(a)(d)(i)</sup><br>| EUR | 125 | &nbsp;&nbsp; 152424 |
| Adani Transmission Step-One Ltd., 4.00%, 08/03/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 197000 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 21648 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(d)</sup><br>| EUR | 362 | &nbsp;&nbsp; 438592 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 205750 |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 237355 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 201620 |
| &nbsp;&nbsp;&nbsp; Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(i)</sup><br>|  | 29 | &nbsp;&nbsp; 27304 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(d)</sup> |  | 142 | &nbsp;&nbsp; 129930 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 339 | &nbsp;&nbsp; 330457 |
| &nbsp;&nbsp;&nbsp; Orsted A/S, (5-year EURIBOR ICE Swap + 2.59%), <br> 5.13%, 12/31/99<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 119267 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/34 | USD | 495 | &nbsp;&nbsp; 532863 |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/01/41 |  | 310 | &nbsp;&nbsp; 238403 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 5 | &nbsp;&nbsp; 5438 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120145 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(d)</sup><br>| USD | 137 | &nbsp;&nbsp; 139467 |
| Vistra Operations Co. LLC, 6.88%, 04/15/32<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 25092 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)</sup><br>|  | 51 | &nbsp;&nbsp; 54473 |
|  |  |  | &nbsp;&nbsp; 3177228 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.0%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.0%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.0%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.0%** |
| WESCO Distribution, Inc., 6.38%, 03/15/33 |  | 23 | &nbsp;&nbsp; 23772 |
| Xerox Corp., 10.25%, 10/15/30 |  | 7 | &nbsp;&nbsp; 7329 |
|  |  |  | &nbsp;&nbsp; 31101 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 |  | 119 | &nbsp;&nbsp; 119394 |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/32 |  | 35 | &nbsp;&nbsp; 35659 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(b)</sup> |  | 36 | &nbsp;&nbsp; 37122 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> |  | 33 | &nbsp;&nbsp; 34135 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | EUR | 216 | &nbsp;&nbsp; $265791  |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> | USD | 19 | &nbsp;&nbsp; 17905 |
| Tidewater, Inc., 07/15/30<sup>(b)(c)</sup> |  | 16 | &nbsp;&nbsp; 16462 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)</sup><br>|  | 77 | &nbsp;&nbsp; 78920 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)</sup> |  | 18 | &nbsp;&nbsp; 18553 |
|  |  |  | &nbsp;&nbsp; 623941 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<sup>(d)</sup><br>| EUR | 500 | &nbsp;&nbsp; 625786 |
| Caesars Entertainment, Inc., 7.00%, 02/15/30<sup>(b)</sup> | USD | 91 | &nbsp;&nbsp; 94238 |
| Champion Path Holdings Ltd., 4.50%, 01/27/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 198900 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL, (3-mo. EURIBOR + <br> 4.50%), 6.69%, 07/31/28<sup>(a)(d)</sup><br>| EUR | 54 | &nbsp;&nbsp; 64266 |
| CPUK Finance Ltd., 4.50%, 08/28/27<sup>(d)</sup> | GBP | 116 | &nbsp;&nbsp; 155379 |
| Flutter Treasury DAC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/04/31 | EUR | 128 | &nbsp;&nbsp; 151013 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/04/31 | GBP | 100 | &nbsp;&nbsp; 138239 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>| USD | 28 | &nbsp;&nbsp; 27407 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 26 | &nbsp;&nbsp; 22596 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)</sup> |  | 4 | &nbsp;&nbsp; 3957 |
| Lottomatica Group SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/30 | EUR | 100 | &nbsp;&nbsp; 122581 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/31/31 |  | 107 | &nbsp;&nbsp; 129234 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.25%, 06/01/31<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118313 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>| USD | 15 | &nbsp;&nbsp; 15483 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 220925 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(d)</sup> | GBP | 246 | &nbsp;&nbsp; 333452 |
| &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 | USD | 21 | &nbsp;&nbsp; 12022 |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 |  | 23 | &nbsp;&nbsp; 12592 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 13 | &nbsp;&nbsp; 13017 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(b)</sup><br>|  | 34 | &nbsp;&nbsp; 32764 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> |  | 43 | &nbsp;&nbsp; 44190 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 18 | &nbsp;&nbsp; 18728 |
| Warnermedia Holdings, Inc., 03/15/42<sup>(c)</sup> |  | 28 | &nbsp;&nbsp; 18865 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp., 7.13%, 02/15/31<sup>(b)</sup><br>|  | 75 | &nbsp;&nbsp; 79985 |
|  |  |  | &nbsp;&nbsp; 2653932 |
| **Environmental, Maintenance & Security Service**<sup>(b)</sup> **— 0.0%** | **Environmental, Maintenance & Security Service**<sup>(b)</sup> **— 0.0%** | **Environmental, Maintenance & Security Service**<sup>(b)</sup> **— 0.0%** | **Environmental, Maintenance & Security Service**<sup>(b)</sup> **— 0.0%** |
| Madison IAQ LLC, 5.88%, 06/30/29 |  | 61 | &nbsp;&nbsp; 60010 |
| Waste Pro USA, Inc., 7.00%, 02/01/33 |  | 70 | &nbsp;&nbsp; 72668 |
|  |  |  | &nbsp;&nbsp; 132678 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| Ally Financial, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR Index + 1.96%), 5.74%, 05/15/29 |  | 5 | &nbsp;&nbsp; 5089 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.45%), 6.65%, 01/17/40 |  | 265 | &nbsp;&nbsp; 260521 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/30 |  | 12 | &nbsp;&nbsp; 12458 |
| &nbsp;&nbsp;&nbsp; 01/15/31<sup>(c)</sup> |  | 7 | &nbsp;&nbsp; 7147 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% PIK), 6.75%, <br> 11/01/27<sup>(d)(h)</sup><br>| GBP | 100 | &nbsp;&nbsp; 135778 |
| Far East Horizon Ltd., 5.88%, 03/05/28<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 198854 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29 |  | 26 | &nbsp;&nbsp; 27006 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31 | USD | 20 | &nbsp;&nbsp; $20616  |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32 |  | 10 | &nbsp;&nbsp; 10108 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 28 | &nbsp;&nbsp; 28735 |
| Intrum AB<sup>(d)(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/27 | EUR | 200 | &nbsp;&nbsp; 199156 |
| &nbsp;&nbsp;&nbsp; 9.25%, 03/15/28 |  | 100 | &nbsp;&nbsp; 104838 |
| Manappuram Finance Ltd., 7.38%, 05/12/28<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 202354 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29 |  | 7 | &nbsp;&nbsp; 7150 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32 |  | 42 | &nbsp;&nbsp; 43625 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 21 | &nbsp;&nbsp; 21764 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/32 |  | 26 | &nbsp;&nbsp; 26584 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33 |  | 15 | &nbsp;&nbsp; 15375 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 26 | &nbsp;&nbsp; 26929 |
| Piramal Finance Ltd., 7.80%, 01/29/28<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 201560 |
| ProGroup AG, 5.13%, 04/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119120 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 | USD | 80 | &nbsp;&nbsp; 81522 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33 |  | 74 | &nbsp;&nbsp; 75717 |
| Shriram Finance Ltd., 6.63%, 04/22/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 202000 |
| Stena International SA, 7.25%, 01/15/31<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 401239 |
| &nbsp;&nbsp;&nbsp; Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(h)</sup><br>| EUR | 108 | &nbsp;&nbsp; 37126 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> | USD | 33 | &nbsp;&nbsp; 33034 |
|  |  |  | &nbsp;&nbsp; 2505405 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 7 | &nbsp;&nbsp; 6740 |
| Bellis Acquisition Co. PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 05/14/30 | GBP | 213 | &nbsp;&nbsp; 275197 |
| &nbsp;&nbsp;&nbsp; 07/01/31<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 118054 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 137186 |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(h)</sup><br>| USD | 104 | &nbsp;&nbsp; 111579 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(b)</sup><br>|  | 149 | &nbsp;&nbsp; 155267 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(d)</sup> | EUR | 124 | &nbsp;&nbsp; 147832 |
| Elior Group SA, 5.63%, 03/15/30<sup>(d)</sup> |  | 110 | &nbsp;&nbsp; 132169 |
| ELO SACA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/23/27 |  | 200 | &nbsp;&nbsp; 226862 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28 |  | 100 | &nbsp;&nbsp; 112515 |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/31 | USD | 7 | &nbsp;&nbsp; 7429 |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/32 |  | 6 | &nbsp;&nbsp; 6331 |
| &nbsp;&nbsp;&nbsp; Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, <br> 12/15/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 117954 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>| USD | 9 | &nbsp;&nbsp; 9321 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(d)</sup><br>| EUR | 200 | &nbsp;&nbsp; 236661 |
| Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(d)</sup> | GBP | 300 | &nbsp;&nbsp; 403571 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(d)</sup> |  | 113 | &nbsp;&nbsp; 150865 |
| Tereos Finance Groupe I SA, 7.25%, 04/15/28<sup>(d)</sup> | EUR | 300 | &nbsp;&nbsp; 364238 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> | USD | 18 | &nbsp;&nbsp; 17765 |
|  |  |  | &nbsp;&nbsp; 2737536 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(b)</sup><br>|  | 6 | &nbsp;&nbsp; 6225 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Venture Global Plaque |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/34 | USD | 66 | &nbsp;&nbsp; $66000  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/36 |  | 69 | &nbsp;&nbsp; 69000 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/33 |  | 29 | &nbsp;&nbsp; 31054 |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/35 |  | 25 | &nbsp;&nbsp; 27060 |
|  |  |  | &nbsp;&nbsp; 199339 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Brightline East LLC, 11.00%, 01/31/30<sup>(b)</sup> |  | 1050 | &nbsp;&nbsp; 777000 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 10/01/28<sup>(b)</sup> |  | 126 | &nbsp;&nbsp; 131513 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.87%, 01/15/31<sup>(a)(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118537 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(b)</sup> | USD | 285 | &nbsp;&nbsp; 282778 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 3 | &nbsp;&nbsp; 3082 |
|  |  |  | &nbsp;&nbsp; 535910 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8242 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 63 | &nbsp;&nbsp; 61435 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 |  | 49 | &nbsp;&nbsp; 48264 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 |  | 4 | &nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 180 | &nbsp;&nbsp; 159615 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 16 | &nbsp;&nbsp; 13678 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32 |  | 52 | &nbsp;&nbsp; 55113 |
| Clariane SE, 7.88%, 06/27/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118682 |
| DaVita, Inc., 6.75%, 07/15/33<sup>(b)</sup> | USD | 13 | &nbsp;&nbsp; 13424 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(d)</sup> | EUR | 134 | &nbsp;&nbsp; 169763 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> | USD | 16 | &nbsp;&nbsp; 15863 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30 |  | 31 | &nbsp;&nbsp; 33533 |
| &nbsp;&nbsp;&nbsp; 11.00%, 10/15/30 |  | 94 | &nbsp;&nbsp; 103700 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 29 | &nbsp;&nbsp; 30901 |
| &nbsp;&nbsp;&nbsp; 10.00%, 06/01/32 |  | 18 | &nbsp;&nbsp; 18570 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118295 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> | USD | 6 | &nbsp;&nbsp; 5955 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 92 | &nbsp;&nbsp; 96767 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 118205 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)</sup> |  | 38 | &nbsp;&nbsp; 39195 |
|  |  |  | &nbsp;&nbsp; 1233047 |
| **Health Care REITs — 1.8%** | **Health Care REITs — 1.8%** | **Health Care REITs — 1.8%** | **Health Care REITs — 1.8%** |
| Diversified Healthcare Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/26<sup>(b)(m)</sup> |  | 2745 | &nbsp;&nbsp; 2662381 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 8637 | &nbsp;&nbsp; 7980676 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/32<sup>(d)</sup> | EUR | 123 | &nbsp;&nbsp; 148437 |
| &nbsp;&nbsp;&nbsp; 8.50%, 02/15/32<sup>(b)</sup> | USD | 48 | &nbsp;&nbsp; 50235 |
|  |  |  | &nbsp;&nbsp; 10841729 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<sup>(b)</sup><br>|  | 27 | &nbsp;&nbsp; 27768 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26<sup>(k)</sup> |  | 1 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., 6.50%, <br> 06/15/33<sup>(b)</sup><br>|  | 21 | &nbsp;&nbsp; 21604 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/15/31<sup>(b)</sup> | USD | 153 | &nbsp;&nbsp; $164256  |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 24 | &nbsp;&nbsp; 24678 |
|  |  |  | &nbsp;&nbsp; 239251 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 115439 |
| Carnival Corp., 6.13%, 02/15/33<sup>(b)</sup> | USD | 68 | &nbsp;&nbsp; 69574 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 136057 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | USD | 42 | &nbsp;&nbsp; 40228 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 |  | 6 | &nbsp;&nbsp; 5537 |
| Food Service Project SA, 5.50%, 01/21/27<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 235838 |
| Fortune Star BVI Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/18/26 | USD | 200 | &nbsp;&nbsp; 196250 |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/02/26 | EUR | 200 | &nbsp;&nbsp; 226840 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> | USD | 39 | &nbsp;&nbsp; 40713 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 2 | &nbsp;&nbsp; 2012 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 39277 |
| Melco Resorts Finance Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/17/27 |  | 200 | &nbsp;&nbsp; 199500 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 |  | 200 | &nbsp;&nbsp; 195676 |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/17/32 |  | 200 | &nbsp;&nbsp; 202400 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/29 |  | 13 | &nbsp;&nbsp; 13704 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32 |  | 29 | &nbsp;&nbsp; 29627 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | GBP | 312 | &nbsp;&nbsp; 452678 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27 | USD | 24 | &nbsp;&nbsp; 24570 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 42 | &nbsp;&nbsp; 43157 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 24 | &nbsp;&nbsp; 25104 |
| Sands China Ltd., 3.25%, 08/08/31 |  | 200 | &nbsp;&nbsp; 175925 |
| Station Casinos LLC, 6.63%, 03/15/32<sup>(b)</sup> |  | 39 | &nbsp;&nbsp; 39878 |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 | GBP | 100 | &nbsp;&nbsp; 142302 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.77%, 07/31/29<sup>(a)</sup> | EUR | 100 | &nbsp;&nbsp; 119562 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 200377 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118464 |
| Viking Cruises Ltd., 9.13%, 07/15/31<sup>(b)</sup> | USD | 87 | &nbsp;&nbsp; 93699 |
| Wynn Macau Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 196150 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/28<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 196150 |
|  |  |  | &nbsp;&nbsp; 3576688 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 4 | &nbsp;&nbsp; 4008 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8340 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 5 | &nbsp;&nbsp; 5113 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)</sup> |  | 65 | &nbsp;&nbsp; 70464 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/15/28 |  | 6 | &nbsp;&nbsp; 6237 |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/15/32 |  | 14 | &nbsp;&nbsp; 13325 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(k)</sup> |  | 22 | &nbsp;&nbsp; 21301 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 13 | &nbsp;&nbsp; 13477 |
| Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/28<sup>(b)</sup> |  | 12 | &nbsp;&nbsp; 12603 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/01/46 |  | 650 | &nbsp;&nbsp; 555321 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> | USD | 9 | &nbsp;&nbsp; $9403  |
| Whirlpool Corp., 6.50%, 06/15/33 |  | 16 | &nbsp;&nbsp; 16051 |
|  |  |  | &nbsp;&nbsp; 735643 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 5 | &nbsp;&nbsp; 4540 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(d)</sup> | EUR | 116 | &nbsp;&nbsp; 139541 |
|  |  |  | &nbsp;&nbsp; 144081 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Greenko Dutch BV, 3.85%, 03/29/26<sup>(d)</sup> | USD | 176 | &nbsp;&nbsp; 172568 |
| Greenko Power II Ltd., 4.30%, 12/13/28<sup>(d)</sup> |  | 159 | &nbsp;&nbsp; 149750 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 198370 |
| &nbsp;&nbsp;&nbsp; San Miguel Global Power Holdings Corp., (5-year CMT <br> + 7.73%), 8.75%<sup>(a)(d)(i)</sup><br>|  | 200 | &nbsp;&nbsp; 199740 |
| SK Battery America, Inc., 4.88%, 01/23/27<sup>(d)</sup> |  | 230 | &nbsp;&nbsp; 230764 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(b)(i)</sup> |  | 13 | &nbsp;&nbsp; 13315 |
| XPLR Infrastructure LP<sup>(b)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/25<sup>(m)</sup> |  | 27 | &nbsp;&nbsp; 26257 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/26 |  | 43 | &nbsp;&nbsp; 41065 |
|  |  |  | &nbsp;&nbsp; 1031829 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 12 | &nbsp;&nbsp; 12268 |
| Maxam Prill SARL, 07/15/30<sup>(c)(d)</sup> | EUR | 197 | &nbsp;&nbsp; 230664 |
|  |  |  | &nbsp;&nbsp; 242932 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>| USD | 8 | &nbsp;&nbsp; 8113 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 |  | 139 | &nbsp;&nbsp; 136443 |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 |  | 165 | &nbsp;&nbsp; 164903 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32 |  | 102 | &nbsp;&nbsp; 105143 |
| AmWINS Group, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | 32 | &nbsp;&nbsp; 31098 |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 13 | &nbsp;&nbsp; 13298 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(d)</sup> | EUR | 266 | &nbsp;&nbsp; 321965 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(b)</sup> | USD | 27 | &nbsp;&nbsp; 28931 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/31 |  | 107 | &nbsp;&nbsp; 110800 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/32 |  | 65 | &nbsp;&nbsp; 67601 |
| HUB International Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30 |  | 139 | &nbsp;&nbsp; 145260 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/31/32 |  | 241 | &nbsp;&nbsp; 252165 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., 8.50%, <br> 03/15/30<sup>(b)</sup><br>|  | 43 | &nbsp;&nbsp; 45577 |
| &nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co., (5-year CMT + <br> 2.91%), 6.10%, 06/11/55<sup>(a)(d)</sup><br>|  | 600 | &nbsp;&nbsp; 598837 |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., (5-year CMT + 3.19%), <br> 6.50%, 04/30/55<sup>(a)(b)</sup><br>|  | 900 | &nbsp;&nbsp; 931668 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 199 | &nbsp;&nbsp; 206712 |
| RLGH Finance Bermuda Ltd., 07/02/35<sup>(c)(d)</sup> |  | 275 | &nbsp;&nbsp; 277344 |
| &nbsp;&nbsp;&nbsp; Sumitomo Life Insurance Co., (5-year CMT + 2.84%), <br> 5.88%<sup>(a)(i)</sup><br>|  | 200 | &nbsp;&nbsp; 196554 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123611 |
|  |  |  | &nbsp;&nbsp; 3766023 |
| **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** |
| iliad SA, 5.38%, 02/15/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 247255 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> | USD | 77 | &nbsp;&nbsp; 79012 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Telegram Group, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/22/26 | USD | 3400 | &nbsp;&nbsp; $3391598  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/05/30 |  | 5000 | &nbsp;&nbsp; 5000000 |
| United Group BV, 6.50%, 10/31/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119017 |
|  |  |  | &nbsp;&nbsp; 8836882 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
| eDreams ODIGEO SA, 4.88%, 12/30/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117611 |
| Engineering - Ingegneria Informatica - SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.13%, 05/15/28 |  | 116 | &nbsp;&nbsp; 144349 |
| &nbsp;&nbsp;&nbsp; 8.63%, 02/15/30 |  | 100 | &nbsp;&nbsp; 126021 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(b)</sup> | USD | 20 | &nbsp;&nbsp; 19850 |
| ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 192969 |
| Rakuten Group, Inc., 9.75%, 04/15/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 219076 |
|  |  |  | &nbsp;&nbsp; 819876 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Almaviva-The Italian Innovation Co. SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10/30/30<sup>(c)</sup> | EUR | 112 | &nbsp;&nbsp; 131930 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/30/30 |  | 100 | &nbsp;&nbsp; 118238 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> | USD | 19 | &nbsp;&nbsp; 19554 |
| Atos SE<sup>(d)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 | EUR | 180 | &nbsp;&nbsp; 180177 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 200 | &nbsp;&nbsp; 263481 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 198245 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 26 | &nbsp;&nbsp; 26831 |
| &nbsp;&nbsp;&nbsp; Cedacri Mergeco SpA, (3-mo. EURIBOR + 4.63%), <br> 6.77%, 05/15/28<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 117796 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)</sup> | USD | 68 | &nbsp;&nbsp; 71238 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 79 | &nbsp;&nbsp; 74606 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(d)</sup> | EUR | 116 | &nbsp;&nbsp; 138009 |
|  |  |  | &nbsp;&nbsp; 1340105 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Chart Industries, Inc., 9.50%, 01/01/31<sup>(b)</sup> | USD | 40 | &nbsp;&nbsp; 42696 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 76 | &nbsp;&nbsp; 79462 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(a)(d)</sup><br>| EUR | 200 | &nbsp;&nbsp; 236815 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> | USD | 8 | &nbsp;&nbsp; 8420 |
| TK Elevator Holdco GmbH, 6.63%, 07/15/28<sup>(d)</sup> | EUR | 270 | &nbsp;&nbsp; 318842 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 295 | &nbsp;&nbsp; 294793 |
|  |  |  | &nbsp;&nbsp; 981028 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 306 | &nbsp;&nbsp; 319283 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 |  | 2 | &nbsp;&nbsp; 1780 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 2400 | &nbsp;&nbsp; 2291392 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 |  | 1283 | &nbsp;&nbsp; 1174658 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 |  | 1880 | &nbsp;&nbsp; 1872925 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/15/27 |  | 50 | &nbsp;&nbsp; 49837 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/15/31 |  | 48 | &nbsp;&nbsp; 46600 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 |  | 66 | &nbsp;&nbsp; 59895 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 |  | 55 | &nbsp;&nbsp; 47609 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 98 | &nbsp;&nbsp; 101021 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 |  | 21 | &nbsp;&nbsp; 20991 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/29 |  | 69 | &nbsp;&nbsp; 74125 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 46 | &nbsp;&nbsp; 48681 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)</sup> | USD | 39 | &nbsp;&nbsp; $39398  |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(h)</sup><br>| EUR | 232 | &nbsp;&nbsp; 187325 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 197859 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 |  | 19 | &nbsp;&nbsp; 18948 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28 |  | 66 | &nbsp;&nbsp; 66975 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31 |  | 29 | &nbsp;&nbsp; 29032 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(d)</sup><br>| GBP | 100 | &nbsp;&nbsp; 140121 |
| Virgin Media Secured Finance PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/29 |  | 500 | &nbsp;&nbsp; 661446 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 |  | 100 | &nbsp;&nbsp; 125429 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(d)</sup> | EUR | 196 | &nbsp;&nbsp; 209552 |
|  |  |  | &nbsp;&nbsp; 7784882 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Arsenal AIC Parent LLC, 11.50%, 10/01/31<sup>(b)</sup> | USD | 125 | &nbsp;&nbsp; 140117 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>|  | 169 | &nbsp;&nbsp; 170364 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 |  | 5 | &nbsp;&nbsp; 4996 |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/29<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 24613 |
| JSW Steel Ltd., 3.95%, 04/05/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 192610 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(b)</sup> |  | 139 | &nbsp;&nbsp; 130036 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 22 | &nbsp;&nbsp; 22673 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30 |  | 31 | &nbsp;&nbsp; 32052 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 |  | 114 | &nbsp;&nbsp; 102436 |
| Pembroke Olive Downs Pty. Ltd., 11.50%, 02/18/30 |  | 1100 | &nbsp;&nbsp; 1070344 |
| Periama Holdings LLC, 5.95%, 04/19/26<sup>(d)</sup> |  | 250 | &nbsp;&nbsp; 249853 |
|  |  |  | &nbsp;&nbsp; 2140094 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/27 |  | 10 | &nbsp;&nbsp; 9724 |
| &nbsp;&nbsp;&nbsp; 7.75%, 12/01/29 |  | 2 | &nbsp;&nbsp; 2128 |
| Starwood Property Trust, Inc., 6.50%, 07/01/30 |  | 12 | &nbsp;&nbsp; 12394 |
|  |  |  | &nbsp;&nbsp; 24246 |
| **Office REITs — 1.0%** | **Office REITs — 1.0%** | **Office REITs — 1.0%** | **Office REITs — 1.0%** |
| Alstria Office AG, 5.50%, 03/20/31<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 239878 |
| Office Properties Income Trust, 9.00%, 03/31/29<sup>(b)</sup> | USD | 5700 | &nbsp;&nbsp; 5552848 |
|  |  |  | &nbsp;&nbsp; 5792726 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 21 | &nbsp;&nbsp; 22028 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 |  | 2 | &nbsp;&nbsp; 2445 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/33 |  | 13 | &nbsp;&nbsp; 13188 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 337 | &nbsp;&nbsp; 475542 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> | USD | 5 | &nbsp;&nbsp; 5108 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 68 | &nbsp;&nbsp; 70730 |
| Civitas Resources, Inc., 8.38%, 07/01/28<sup>(b)</sup> |  | 46 | &nbsp;&nbsp; 47100 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 9 | &nbsp;&nbsp; 9319 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(b)</sup> |  | 104 | &nbsp;&nbsp; 104233 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/01/32 |  | 42 | &nbsp;&nbsp; 41009 |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/15/33 |  | 42 | &nbsp;&nbsp; 40144 |
| &nbsp;&nbsp;&nbsp; 01/15/34<sup>(c)</sup> |  | 29 | &nbsp;&nbsp; 29018 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>| USD | 22 | &nbsp;&nbsp; $21897  |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 18 | &nbsp;&nbsp; 18742 |
| Diamondback Energy, Inc., 6.25%, 03/15/33 |  | 885 | &nbsp;&nbsp; 942538 |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/15/53 |  | 530 | &nbsp;&nbsp; 573198 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.97%), 7.20%, 06/27/54<sup>(a)</sup> |  | 15 | &nbsp;&nbsp; 15410 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 3.12%), 7.38%, 03/15/55<sup>(a)</sup> |  | 15 | &nbsp;&nbsp; 15585 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 17 | &nbsp;&nbsp; 18774 |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 |  | 150 | &nbsp;&nbsp; 133578 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.83%), 7.13%, 10/01/54<sup>(a)</sup> |  | 21 | &nbsp;&nbsp; 21535 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 13 | &nbsp;&nbsp; 13704 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 |  | 2 | &nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 |  | 11 | &nbsp;&nbsp; 11503 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/15/30 |  | 22 | &nbsp;&nbsp; 23359 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/32 |  | 25 | &nbsp;&nbsp; 25994 |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/33 |  | 17 | &nbsp;&nbsp; 17774 |
| &nbsp;&nbsp;&nbsp; Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 8 | &nbsp;&nbsp; 8112 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 28 | &nbsp;&nbsp; 29573 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/01/33 |  | 101 | &nbsp;&nbsp; 104796 |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/34 |  | 25 | &nbsp;&nbsp; 23946 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/35 |  | 10 | &nbsp;&nbsp; 9779 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, 7.38%, <br> 07/15/32<sup>(b)</sup><br>|  | 19 | &nbsp;&nbsp; 19982 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> |  | 9 | &nbsp;&nbsp; 8559 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 43 | &nbsp;&nbsp; 44503 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 11 | &nbsp;&nbsp; 11078 |
| MPLX LP, 4.95%, 03/14/52 |  | 400 | &nbsp;&nbsp; 331152 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 68137 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/29 |  | 17 | &nbsp;&nbsp; 17175 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 102 | &nbsp;&nbsp; 102306 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 2 | &nbsp;&nbsp; 2036 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 117031 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 13 | &nbsp;&nbsp; 13463 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 11 | &nbsp;&nbsp; 11458 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 40 | &nbsp;&nbsp; 41883 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 20 | &nbsp;&nbsp; 20334 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/29<sup>(b)</sup><br>|  | 41 | &nbsp;&nbsp; 42139 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 3 | &nbsp;&nbsp; 2907 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 4 | &nbsp;&nbsp; 4161 |
| Transocean, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 |  | 43 | &nbsp;&nbsp; 42360 |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/15/29 |  | 17 | &nbsp;&nbsp; 15717 |
| &nbsp;&nbsp;&nbsp; 8.75%, 02/15/30 |  | 46 | &nbsp;&nbsp; 46892 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/31 |  | 13 | &nbsp;&nbsp; 11604 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 54 | &nbsp;&nbsp; 55403 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/29 |  | 89 | &nbsp;&nbsp; 96955 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/31 |  | 115 | &nbsp;&nbsp; 119443 |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/32 |  | 72 | &nbsp;&nbsp; 77757 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Vital Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/31/29<sup>(b)</sup> | USD | 10 | &nbsp;&nbsp; $8831  |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/30 |  | 35 | &nbsp;&nbsp; 31679 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/32<sup>(b)</sup> |  | 48 | &nbsp;&nbsp; 41041 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 18 | &nbsp;&nbsp; 17881 |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(d)(i)</sup><br>| EUR | 200 | &nbsp;&nbsp; 240596 |
|  |  |  | &nbsp;&nbsp; 4556154 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Fiber Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/31 |  | 100 | &nbsp;&nbsp; 112668 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.00%), 5.98%, 01/15/30<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 114562 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> | USD | 10 | &nbsp;&nbsp; 9429 |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(d)</sup> | EUR | 305 | &nbsp;&nbsp; 352921 |
|  |  |  | &nbsp;&nbsp; 589580 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)</sup> | USD | 17 | &nbsp;&nbsp; 17825 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap + <br> 2.86%), 5.25%, 01/15/55<sup>(a)(d)</sup><br>| EUR | 200 | &nbsp;&nbsp; 233835 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>| USD | 21 | &nbsp;&nbsp; 20431 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(b)</sup> |  | 14 | &nbsp;&nbsp; 14577 |
|  |  |  | &nbsp;&nbsp; 286668 |
| **Personal Care Products — 1.7%** | **Personal Care Products — 1.7%** | **Personal Care Products — 1.7%** | **Personal Care Products — 1.7%** |
| Beauty Health Co.<sup>(b)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/01/26 |  | 4250 | &nbsp;&nbsp; 3842000 |
| &nbsp;&nbsp;&nbsp; 7.95%, 11/15/28 |  | 5772 | &nbsp;&nbsp; 6484900 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120151 |
|  |  |  | &nbsp;&nbsp; 10447051 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 201754 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 103 | &nbsp;&nbsp; 101970 |
| Dolcetto Holdco SpA, 07/14/32<sup>(c)(d)</sup> | EUR | 102 | &nbsp;&nbsp; 121054 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> | USD | 16 | &nbsp;&nbsp; 16937 |
| Grifols SA, 7.13%, 05/01/30<sup>(d)</sup> | EUR | 234 | &nbsp;&nbsp; 286008 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(d)</sup> |  | 226 | &nbsp;&nbsp; 267886 |
| Nidda Healthcare Holding GmbH<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/21/30 |  | 277 | &nbsp;&nbsp; 340587 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.75%), 5.89%, 10/23/30<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118130 |
| Rossini SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 250 | &nbsp;&nbsp; 310870 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29<sup>(a)</sup> |  | 60 | &nbsp;&nbsp; 71654 |
|  |  |  | &nbsp;&nbsp; 1836850 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Adler Financing SARL<sup>(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 |  | 28 | &nbsp;&nbsp; 34714 |
| &nbsp;&nbsp;&nbsp; Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 390 | &nbsp;&nbsp; 480340 |
| &nbsp;&nbsp;&nbsp; Aldar Properties PJSC, (5-year CMT + 2.04%), 6.62%, <br> 04/15/55<sup>(a)(d)</sup><br>| USD | 250 | &nbsp;&nbsp; 254187 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp., 7.00%, 04/15/30<sup>(b)</sup><br>|  | 38 | &nbsp;&nbsp; 35700 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 7 | &nbsp;&nbsp; 7113 |
| &nbsp;&nbsp;&nbsp; Aroundtown Finance SARL, (5-year EURIBOR ICE <br> Swap + 4.51%), 7.13%<sup>(a)(i)</sup><br>| EUR | 388 | &nbsp;&nbsp; 480364 |
| Citycon Treasury BV, 5.38%, 07/08/31<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 363238 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> | USD | 118 | &nbsp;&nbsp; 112558 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 20 | &nbsp;&nbsp; 21477 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br> 12/31/27<sup>(d)(j)</sup><br>| EUR | 90 | &nbsp;&nbsp; $99638  |
| Fantasia Holdings Group Co. Ltd.<sup>(d)(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 | USD | 710 | &nbsp;&nbsp; 19525 |
| &nbsp;&nbsp;&nbsp; 12.25%, 10/18/22 |  | 200 | &nbsp;&nbsp; 5500 |
| &nbsp;&nbsp;&nbsp; Grand City Properties SA, (5-year EUR Swap + 2.18%), <br> 1.50%<sup>(a)(d)(i)</sup><br>| EUR | 100 | &nbsp;&nbsp; 114134 |
| &nbsp;&nbsp;&nbsp; Modern Land China Co. Ltd., (2.00% Cash and 9.00% <br> PIK), 11.00%, 12/30/26<sup>(d)(e)(h)(l)</sup><br>| USD | — <br><sup>(n)</sup><br>| &nbsp;&nbsp; — |
| New Immo Holding SA, Series ., 2.75%, 11/26/26<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 115839 |
| PCPD Capital Ltd., 5.13%, 06/18/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 187640 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(d)(h)</sup><br>| EUR | 147 | &nbsp;&nbsp; 170238 |
|  |  |  | &nbsp;&nbsp; 2502205 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(b)</sup><br>| USD | 14 | &nbsp;&nbsp; 13622 |
| **Semiconductors & Semiconductor Equipment**<sup>(k)</sup> **— 0.0%** | **Semiconductors & Semiconductor Equipment**<sup>(k)</sup> **— 0.0%** | **Semiconductors & Semiconductor Equipment**<sup>(k)</sup> **— 0.0%** | **Semiconductors & Semiconductor Equipment**<sup>(k)</sup> **— 0.0%** |
| MKS, Inc., 1.25%, 06/01/30 |  | 24 | &nbsp;&nbsp; 23652 |
| ON Semiconductor Corp., 0.50%, 03/01/29 |  | 16 | &nbsp;&nbsp; 14787 |
|  |  |  | &nbsp;&nbsp; 38439 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)</sup> |  | 268 | &nbsp;&nbsp; 263783 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 2 | &nbsp;&nbsp; 1969 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 71934 |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 53 | &nbsp;&nbsp; 43071 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 |  | 258 | &nbsp;&nbsp; 260403 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 243 | &nbsp;&nbsp; 251876 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 379 | &nbsp;&nbsp; 403343 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 17 | &nbsp;&nbsp; 17380 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)</sup> |  | 147 | &nbsp;&nbsp; 150675 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 49 | &nbsp;&nbsp; 50112 |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL, 7.88%, 05/01/29<sup>(d)</sup><br>| EUR | 125 | &nbsp;&nbsp; 152324 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> |  | 104 | &nbsp;&nbsp; 124191 |
| Skillz, Inc., 10.25%, 12/15/26<sup>(b)</sup> | USD | 2518 | &nbsp;&nbsp; 2486525 |
| TeamSystem SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 07/01/31<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 117712 |
| &nbsp;&nbsp;&nbsp; 07/01/32<sup>(a)(c)</sup> |  | 100 | &nbsp;&nbsp; 117686 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 117976 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> | USD | 193 | &nbsp;&nbsp; 200252 |
| Veradigm, Inc., 0.88%, 01/01/27<sup>(k)</sup> |  | 2000 | &nbsp;&nbsp; 2165377 |
| West Technology Group LLC, 8.50%, 04/10/27<sup>(b)</sup> |  | 617 | &nbsp;&nbsp; 92550 |
|  |  |  | &nbsp;&nbsp; 7089139 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> | EUR | 244 | &nbsp;&nbsp; 298807 |
| Bubbles Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 100 | &nbsp;&nbsp; 119403 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 118162 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, <br> 07/15/31<sup>(a)(d)</sup><br>|  | 128 | &nbsp;&nbsp; 151532 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(d)</sup> |  | 101 | &nbsp;&nbsp; 120180 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 244665 |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> | USD | 9 | &nbsp;&nbsp; 8518 |
|  |  |  | &nbsp;&nbsp; 1061267 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Beach Acquisition Bidco LLC, 07/15/32<sup>(c)(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118679 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| European TopSoho SARL, 4.00%, 09/21/21<sup>(d)(e)(l)</sup> | EUR | 300 | &nbsp;&nbsp; $185364  |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(d)</sup><br>|  | 200 | &nbsp;&nbsp; 236709 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(b)</sup> | USD | 9 | &nbsp;&nbsp; 9114 |
|  |  |  | &nbsp;&nbsp; 549866 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** |
| BAT Capital Corp., 4.54%, 08/15/47 |  | 67 | &nbsp;&nbsp; 54124 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| Gates Corp/DE, 6.88%, 07/01/29<sup>(b)</sup> |  | 22 | &nbsp;&nbsp; 22844 |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | GBP | 283 | &nbsp;&nbsp; 404612 |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| CHF | 265 | &nbsp;&nbsp; 328567 |
| &nbsp;&nbsp;&nbsp; GMR Hyderabad International Airport Ltd., 4.25%, <br> 10/27/27<br>| USD | 200 | &nbsp;&nbsp; 193226 |
| Mobico Group PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 | EUR | 135 | &nbsp;&nbsp; 128749 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), 4.25%<sup>(a)(i)</sup> | GBP | 200 | &nbsp;&nbsp; 165130 |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.01%, <br> 04/22/30<sup>(a)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118010 |
|  |  |  | &nbsp;&nbsp; 1338294 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| Thames Water Utilities Finance PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/19/27 | GBP | 100 | &nbsp;&nbsp; 95645 |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/18/29 | EUR | 400 | &nbsp;&nbsp; 304154 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(b)(m)</sup> | GBP | 3 | &nbsp;&nbsp; 3751 |
|  |  |  | &nbsp;&nbsp; 403550 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| Altice France SA, 5.13%, 07/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 165305 |
| &nbsp;&nbsp;&nbsp; Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S., (9.00% Cash and 3.00% PIK), <br> 12.00%, 05/25/27<sup>(h)</sup><br>|  | 6866 | &nbsp;&nbsp; 6934676 |
| Odido Holding BV, 3.75%, 01/15/29<sup>(d)</sup> | EUR | 173 | &nbsp;&nbsp; 201493 |
| Vmed O2 U.K. Financing I PLC, 5.63%, 04/15/32<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 241421 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> |  | 237 | &nbsp;&nbsp; 296623 |
|  |  |  | &nbsp;&nbsp; 7839518 |
| **Total Corporate Bonds — 24.5%** <br>**(Cost: $143,244,072)** | **Total Corporate Bonds — 24.5%** <br>**(Cost: $143,244,072)** | **Total Corporate Bonds — 24.5%** <br>**(Cost: $143,244,072)** | &nbsp;&nbsp; 146697468 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp; Terraboost Media, Term Loan, (1.31% PIK), 10.00%, <br> 08/21/26<sup>(f)(h)</sup><br>| USD | 2519 | &nbsp;&nbsp; 2473708 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp; TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br> 12/15/31<sup>(f)</sup><br>|  | 2 | &nbsp;&nbsp; — |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>|  | 570 | &nbsp;&nbsp; 563065 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 50 | &nbsp;&nbsp; 50188 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| X Corp., 2025 Fixed Term Loan, 10.33%, 10/26/29 | USD | 1609 | &nbsp;&nbsp; $1563417  |
| X.AI LLC, Fixed Term Loan, 06/28/30<sup>(a)(o)</sup> |  | 4000 | &nbsp;&nbsp; 4012520 |
|  |  |  | &nbsp;&nbsp; 5575937 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 215 | &nbsp;&nbsp; 216613 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp; Razor Group GmbH, 2023 Term Loan, (Defaulted), <br> 0.00%, 11/30/28<sup>(e)(f)(l)</sup><br>|  | 456 | &nbsp;&nbsp; — |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Ligado Networks LLC, 2025 Fixed DIP Roll-Up Term <br> Loan, 17.50%, 12/31/49<br>|  | 4506 | &nbsp;&nbsp; 3965375 |
| **Total Fixed Rate Loan Interests — 2.2%** <br>**(Cost: $13,479,441)** | **Total Fixed Rate Loan Interests — 2.2%** <br>**(Cost: $13,479,441)** | **Total Fixed Rate Loan Interests — 2.2%** <br>**(Cost: $13,479,441)** | &nbsp;&nbsp; 12844886 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. <br> CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, <br> 06/24/30<br>|  | 2546 | &nbsp;&nbsp; 2556006 |
| &nbsp;&nbsp;&nbsp; Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 10/31/30<br>|  | 54 | &nbsp;&nbsp; 54526 |
| &nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo SARL, USD Term Loan B, <br> (6-mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>|  | 57 | &nbsp;&nbsp; 56739 |
| Cubic Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 174 | &nbsp;&nbsp; 90070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 34 | &nbsp;&nbsp; 17593 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B1, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 114 | &nbsp;&nbsp; 114070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B2, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 43 | &nbsp;&nbsp; 43396 |
| &nbsp;&nbsp;&nbsp; Engineering Research and Consulting LLC, 2024 Term <br> Loan, (6-mo. CME Term SOFR at 0.00% Floor + <br> 5.00%), 9.29%, 08/29/31<sup>(f)</sup><br>|  | 4975 | &nbsp;&nbsp; 4850625 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 01/27/32<br>|  | 26 | &nbsp;&nbsp; 25961 |
| &nbsp;&nbsp;&nbsp; Kaman Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 32 | &nbsp;&nbsp; 32197 |
| Peraton Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.85%), 12.18%, 02/01/29<br>|  | 20 | &nbsp;&nbsp; 13792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.75% <br> Floor + 3.85%), 8.18%, 02/01/28<br>|  | 89 | &nbsp;&nbsp; 78200 |
| &nbsp;&nbsp;&nbsp; Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>|  | 11 | &nbsp;&nbsp; 10881 |
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(f)</sup><br>|  | 16 | &nbsp;&nbsp; 15637 |
| &nbsp;&nbsp;&nbsp; Skydio, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%, 2.75% PIK), 9.82%, <br> 12/04/29<sup>(f)(h)</sup><br>|  | 51 | &nbsp;&nbsp; 50185 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| &nbsp;&nbsp;&nbsp; SMX Group LLC, Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.50%), 8.80%, 02/06/32<br>| USD | 2463 | &nbsp;&nbsp; $2462578  |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan J, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.80%, 02/28/31<br>|  | 243 | &nbsp;&nbsp; 243928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>|  | 87 | &nbsp;&nbsp; 87457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan K, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 03/22/30<br>|  | 13 | &nbsp;&nbsp; 12878 |
|  |  |  | &nbsp;&nbsp; 10816719 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 23 | &nbsp;&nbsp; 21345 |
| Clarios Global LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.83%, 05/06/30<br>|  | 164 | &nbsp;&nbsp; 163249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>|  | 79 | &nbsp;&nbsp; 79050 |
| &nbsp;&nbsp;&nbsp; Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/02/31<sup>(f)</sup><br>|  | 64 | &nbsp;&nbsp; 64109 |
| &nbsp;&nbsp;&nbsp; Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.53%, <br> 01/30/32<sup>(f)</sup><br>|  | 5 | &nbsp;&nbsp; 5006 |
| &nbsp;&nbsp;&nbsp; Gates Corp., 2024 Term Loan B5, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 06/04/31<br>|  | 113 | &nbsp;&nbsp; 113178 |
| &nbsp;&nbsp;&nbsp; RealTruck Group, Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), <br> 9.44%, 01/31/28<br>|  | 21 | &nbsp;&nbsp; 18951 |
| &nbsp;&nbsp;&nbsp; Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 59 | &nbsp;&nbsp; 57466 |
|  |  |  | &nbsp;&nbsp; 522354 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Naked Juice LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>|  | 103 | &nbsp;&nbsp; 101816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>|  | 40 | &nbsp;&nbsp; 31433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>|  | 27 | &nbsp;&nbsp; 12546 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(f)(o)</sup> |  | 52 | &nbsp;&nbsp; 51935 |
|  |  |  | &nbsp;&nbsp; 197730 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| DNAnexus, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 5.25%), 9.57%, 12/18/29<br>|  | 5 | &nbsp;&nbsp; 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% <br> Floor + 5.25%), 9.57%, 12/18/29<br>|  | 25 | &nbsp;&nbsp; 24750 |
| &nbsp;&nbsp;&nbsp; Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 11/15/28<br>|  | 120 | &nbsp;&nbsp; 120152 |
|  |  |  | &nbsp;&nbsp; 149852 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(f)</sup><br>| USD | 24 | &nbsp;&nbsp; $23682  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, 2024 Extended Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.08%, 03/15/30<br>|  | 3164 | &nbsp;&nbsp; 3063982 |
|  |  |  | &nbsp;&nbsp; 3087664 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| &nbsp;&nbsp;&nbsp; Alpine Holding Corp., Term Loan, (3-mo. CME Term <br> SOFR + 6.00%), 10.30%, 08/01/30<sup>(f)</sup><br>|  | 3981 | &nbsp;&nbsp; 3996711 |
| &nbsp;&nbsp;&nbsp; Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>|  | 42 | &nbsp;&nbsp; 41738 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.50%), 6.83%, 05/13/29<br>|  | 15 | &nbsp;&nbsp; 14672 |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.68%, 11/03/28<br>|  | 182 | &nbsp;&nbsp; 182337 |
| &nbsp;&nbsp;&nbsp; CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.50%), 7.83%, <br> 10/02/28<br>|  | 62 | &nbsp;&nbsp; 62383 |
| &nbsp;&nbsp;&nbsp; Porcelain Acquisition Corp., Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.00%), 10.40%, <br> 04/30/27<sup>(f)</sup><br>|  | 1207 | &nbsp;&nbsp; 1041366 |
| &nbsp;&nbsp;&nbsp; Trulite Holding Corp., Term Loan, (3-mo. CME Term <br> SOFR + 6.00%), 10.29%, 03/01/30<sup>(f)</sup><br>|  | 4036 | &nbsp;&nbsp; 3895182 |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 134 | &nbsp;&nbsp; 131769 |
|  |  |  | &nbsp;&nbsp; 9366158 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| &nbsp;&nbsp;&nbsp; AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>|  | 93 | &nbsp;&nbsp; 93233 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.05%, 02/15/31<br>|  | 103 | &nbsp;&nbsp; 101843 |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/09/30<br>|  | 30 | &nbsp;&nbsp; 30593 |
| Astra Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.5% Floor + 9.14%), 14.47%, 10/25/29<sup>(e)(f)(l)</sup><br>|  | 4702 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 New Money Term Loan A, (Defaulted), 0.00%, <br> 02/25/28<br>|  | 1177 | &nbsp;&nbsp; 286892 |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B, (Defaulted), 0.00%, 10/25/28 |  | 3791 | &nbsp;&nbsp; 25288 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>|  | 76 | &nbsp;&nbsp; 75932 |
| &nbsp;&nbsp;&nbsp; Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 04/30/31<br>|  | 30 | &nbsp;&nbsp; 29762 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/25/31<br>|  | 62 | &nbsp;&nbsp; 61907 |
| Beekeeper Buyer, Inc., 06/30/31<sup>(o)</sup> |  | 3009 | &nbsp;&nbsp; 2978975 |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 10/31/31<br>|  | 70 | &nbsp;&nbsp; 69908 |
| &nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC, 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 04/07/28<br>|  | 68 | &nbsp;&nbsp; 67683 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.08%, 09/15/31<br>| USD | 72 | &nbsp;&nbsp; $71434  |
| &nbsp;&nbsp;&nbsp; Foreside Financial, 2024 Incremental Delayed Draw <br> Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.25%), 9.64%, 09/30/27<sup>(f)</sup><br>|  | 337 | &nbsp;&nbsp; 336926 |
| GC Champion Acquisition LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.00%), 9.27%, 08/21/28<br>|  | 48 | &nbsp;&nbsp; 47210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.00%), 9.27%, 08/21/28<br>|  | 171 | &nbsp;&nbsp; 169954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Delayed Draw Term Loan, (3-mo. <br> CME Term SOFR + 5.25%), 9.27%, 08/21/28<br>|  | 2836 | &nbsp;&nbsp; 2810075 |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 12/15/31<br>|  | 110 | &nbsp;&nbsp; 110229 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 10/21/31<br>|  | 36 | &nbsp;&nbsp; 35865 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/17/28<br>|  | 53 | &nbsp;&nbsp; 53546 |
| &nbsp;&nbsp;&nbsp; OVG Business Services LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 06/25/31<sup>(f)</sup><br>|  | 18 | &nbsp;&nbsp; 17632 |
| Pico Quantitative Trade Holding LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at 1.50% <br> Floor + 7.25%), 11.79%, 02/08/27<br>|  | 404 | &nbsp;&nbsp; 404055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.50% Floor <br> + 7.25%), 11.75%, 02/08/27<br>|  | 439 | &nbsp;&nbsp; 441095 |
| &nbsp;&nbsp;&nbsp; Pico Quantitative Trading Holdings LLC, 2024 10th <br> Amendment Term Loan, (3-mo. CME Term SOFR at <br> 1.50% Floor + 7.25%), 11.84%, 02/08/27<sup>(f)</sup><br>|  | 3343 | &nbsp;&nbsp; 3343507 |
| &nbsp;&nbsp;&nbsp; PMA Parent Holdings LLC, Term Loan, (3-mo. CME <br> Term SOFR + 5.50%), 9.80%, 01/31/31<sup>(f)</sup><br>|  | 87 | &nbsp;&nbsp; 87934 |
|  |  |  | &nbsp;&nbsp; 11751478 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Chemours Co., 2023 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 08/18/28<br>|  | 30 | &nbsp;&nbsp; 30045 |
| &nbsp;&nbsp;&nbsp; Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, <br> 11/01/30<br>|  | 76 | &nbsp;&nbsp; 75553 |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>|  | 7 | &nbsp;&nbsp; 6950 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc., 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 12/18/30<br>|  | 70 | &nbsp;&nbsp; 70358 |
| &nbsp;&nbsp;&nbsp; Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>|  | 28 | &nbsp;&nbsp; 27956 |
| &nbsp;&nbsp;&nbsp; H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>|  | 45 | &nbsp;&nbsp; 45450 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 02/18/30<br>|  | 29 | &nbsp;&nbsp; 28275 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.58%, 10/07/31<br>|  | 25 | &nbsp;&nbsp; 22693 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp; Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>| USD | 84 | &nbsp;&nbsp; $76321  |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 11/26/31<br>|  | 60 | &nbsp;&nbsp; 59625 |
| &nbsp;&nbsp;&nbsp; Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 8.33%, 03/29/28<br>|  | 96 | &nbsp;&nbsp; 95891 |
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>|  | 58 | &nbsp;&nbsp; 58140 |
| &nbsp;&nbsp;&nbsp; Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), <br> 7.35%, 04/08/31<br>|  | 73 | &nbsp;&nbsp; 68689 |
| &nbsp;&nbsp;&nbsp; Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>|  | 24 | &nbsp;&nbsp; 23701 |
| &nbsp;&nbsp;&nbsp; Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 06/20/31<br>|  | 109 | &nbsp;&nbsp; 107770 |
| &nbsp;&nbsp;&nbsp; Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, <br> 08/02/30<br>|  | 96 | &nbsp;&nbsp; 94724 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/22/28<br>|  | 69 | &nbsp;&nbsp; 69022 |
|  |  |  | &nbsp;&nbsp; 961163 |
| **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp; Action Environmental Group, Inc., 2023 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br> 8.05%, 10/24/30<sup>(f)</sup><br>|  | 39 | &nbsp;&nbsp; 39136 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 05/12/28<br>|  | 222 | &nbsp;&nbsp; 223076 |
| &nbsp;&nbsp;&nbsp; Alphasense, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 2.00% Floor + 6.25%), 10.55%, 06/27/29<sup>(f)</sup><br>|  | 4167 | &nbsp;&nbsp; 4131250 |
| &nbsp;&nbsp;&nbsp; Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>|  | 30 | &nbsp;&nbsp; 30007 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 06/22/30<br>|  | 118 | &nbsp;&nbsp; 118160 |
| &nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, <br> 09/07/27<br>|  | 60 | &nbsp;&nbsp; 59776 |
| &nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 04/01/32<br>|  | 39 | &nbsp;&nbsp; 38867 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/09/28<br>|  | 57 | &nbsp;&nbsp; 57599 |
| &nbsp;&nbsp;&nbsp; Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, <br> 09/30/31<br>|  | 214 | &nbsp;&nbsp; 211252 |
| Fusion Holding Corp.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Revolver, (Prime + 5.25%), 12.75%, 09/15/27 |  | 17 | &nbsp;&nbsp; 17166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 6.25%), 10.55%, 09/14/29<br>|  | 225 | &nbsp;&nbsp; 219945 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>|  | 78 | &nbsp;&nbsp; 78000 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>| USD | 120 | &nbsp;&nbsp; $119900  |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 06/02/31<br>|  | 23 | &nbsp;&nbsp; 22651 |
| &nbsp;&nbsp;&nbsp; Huckabee Acquisition LLC, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.25%), 9.55%, <br> 01/16/30<sup>(f)</sup><br>|  | 73 | &nbsp;&nbsp; 73266 |
| INH Buyer, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2021 Term Loan, (Defaulted), 0.00%, 06/28/28<sup>(e)(l)</sup> |  | 3118 | &nbsp;&nbsp; 617293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 8th Amendment PIK Term Loan, (3-mo. CME <br> Term SOFR + 8.50%), 12.90%, 06/28/28<br>|  | 101 | &nbsp;&nbsp; 100995 |
| &nbsp;&nbsp;&nbsp; JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, <br> 10/17/30<br>|  | 31 | &nbsp;&nbsp; 30703 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>|  | 78 | &nbsp;&nbsp; 70605 |
| &nbsp;&nbsp;&nbsp; NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.51%), 7.84%, <br> 08/19/26<br>|  | 10 | &nbsp;&nbsp; 9178 |
| &nbsp;&nbsp;&nbsp; Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 03/11/32<br>|  | 125 | &nbsp;&nbsp; 124843 |
| Prime Security Services Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>|  | 39 | &nbsp;&nbsp; 38611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>|  | 85 | &nbsp;&nbsp; 84049 |
| Pueblo Mechanical and Controls LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 9.30%, 08/23/28<br>|  | 489 | &nbsp;&nbsp; 483291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Revolver, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.00%), 9.30%, 08/23/27<br>|  | 39 | &nbsp;&nbsp; 38779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.00%), 9.30%, 08/23/28<br>|  | 705 | &nbsp;&nbsp; 696743 |
| &nbsp;&nbsp;&nbsp; Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, <br> 06/28/30<br>|  | 91 | &nbsp;&nbsp; 91466 |
| &nbsp;&nbsp;&nbsp; Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.83%, 11/14/30<br>|  | 5 | &nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp; Stonebridge Cos. LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 9.30%, 05/16/31<br>|  | 3250 | &nbsp;&nbsp; 3201411 |
| &nbsp;&nbsp;&nbsp; Streamland Media Midco LLC, 2025 Revolver, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.50%), 10.03%, <br> 04/02/29<sup>(f)</sup><br>|  | 2 | &nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> 0.00%, 02/15/29<br>|  | 14 | &nbsp;&nbsp; 14000 |
| &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 08/31/28<br>|  | 94 | &nbsp;&nbsp; 93653 |
| &nbsp;&nbsp;&nbsp; Topsail Debtco LLC, Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.00%), 10.30%, 12/27/30<sup>(f)</sup><br>|  | 97 | &nbsp;&nbsp; 95160 |
| &nbsp;&nbsp;&nbsp; TouchTunes Music Group LLC, 2024 Incremental Term <br> Loan, (3-mo. CME Term SOFR + 4.75%), 9.05%, <br> 04/02/29<br>|  | 3572 | &nbsp;&nbsp; 3431015 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp;&nbsp; TruGreen LP, 2020 Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.10%), 8.43%, 11/02/27<br>| USD | 28 | &nbsp;&nbsp; $26617  |
| &nbsp;&nbsp;&nbsp; Vestis Corp., Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 02/22/31<br>|  | 41 | &nbsp;&nbsp; 38937 |
|  |  |  | &nbsp;&nbsp; 14734024 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 10/24/30<br>|  | 72 | &nbsp;&nbsp; 72118 |
| Viasat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.93%, 05/30/30<br>|  | 13 | &nbsp;&nbsp; 12007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 4.61%), 8.94%, 03/02/29<br>|  | 9 | &nbsp;&nbsp; 8976 |
|  |  |  | &nbsp;&nbsp; 93101 |
| **Construction & Engineering — 2.4%** | **Construction & Engineering — 2.4%** | **Construction & Engineering — 2.4%** | **Construction & Engineering — 2.4%** |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.78%, 08/01/30<br>|  | 179 | &nbsp;&nbsp; 148956 |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 11/03/31<br>|  | 15 | &nbsp;&nbsp; 14962 |
| &nbsp;&nbsp;&nbsp; HP PHRG Borrower LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, <br> 02/20/32<sup>(f)</sup><br>|  | 5000 | &nbsp;&nbsp; 4968750 |
| &nbsp;&nbsp;&nbsp; Legence Holdings LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, <br> 12/18/28<br>|  | 19 | &nbsp;&nbsp; 19602 |
| LJ Avalon Holdings LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR + 5.50%), 9.03%, <br> 02/01/30<br>|  | 350 | &nbsp;&nbsp; 351389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 4.75%), 9.07%, 02/01/30<br>|  | 23 | &nbsp;&nbsp; 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 4.75%), 9.07%, 02/01/30<br>|  | 56 | &nbsp;&nbsp; 56403 |
| Playpower, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.25%), 9.55%, 08/28/30<br>|  | 4311 | &nbsp;&nbsp; 4254817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 9.55%, 08/28/30<br>|  | 633 | &nbsp;&nbsp; 626559 |
| &nbsp;&nbsp;&nbsp; Titan Home Improvement LLC, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.75%), 10.08%, <br> 05/31/30<sup>(f)</sup><br>|  | 3693 | &nbsp;&nbsp; 3729953 |
|  |  |  | &nbsp;&nbsp; 14194481 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp; AHF Parent Holding, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 6.25%), 10.81%, <br> 02/01/28<br>|  | 1754 | &nbsp;&nbsp; 1579717 |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 74 | &nbsp;&nbsp; 74399 |
| Kellermeyer Bergensons Services LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 6th Amendment Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 1.00%, 7.00% PIK), <br> 12.43%, 11/06/28<sup>(h)</sup><br>|  | 164 | &nbsp;&nbsp; 164397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Amendment No. 8 Term Loan, (3-mo. CME <br> Term SOFR + 1.75%), 9.68%, 11/06/28<br>|  | 366 | &nbsp;&nbsp; 366176 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| &nbsp;&nbsp;&nbsp; New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>| USD | 33 | &nbsp;&nbsp; $29928  |
| &nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>|  | 36 | &nbsp;&nbsp; 33151 |
| &nbsp;&nbsp;&nbsp; Potters Borrower LP, 2025 Repriced Term Loan B, (3-<br> mo. CME Term SOFR at 0.75% Floor + 3.00%), <br> 7.33%, 12/14/27<br>|  | 23 | &nbsp;&nbsp; 22770 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 03/19/29<br>|  | 64 | &nbsp;&nbsp; 64299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 02/10/32<br>|  | 35 | &nbsp;&nbsp; 34852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 04/14/31<br>|  | 91 | &nbsp;&nbsp; 91061 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, <br> 09/22/28<br>|  | 20 | &nbsp;&nbsp; 20305 |
| &nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc., 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), <br> 11.73%, 08/31/29<sup>(f)</sup><br>|  | 1388 | &nbsp;&nbsp; 1387806 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>|  | 161 | &nbsp;&nbsp; 159359 |
|  |  |  | &nbsp;&nbsp; 4028220 |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |
| SellerX Germany GMBH & Co. KG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Revolver, (3-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 9.26%, 10/28/26<sup>(f)</sup><br>|  | 78 | &nbsp;&nbsp; 78206 |
| &nbsp;&nbsp;&nbsp; 2025 Revolver, 12/31/28<sup>(o)</sup> |  | 782 | &nbsp;&nbsp; 782063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Tranche A1 Term Loan, (Prime + 8.00%), <br> 15.50%, 12/31/28<sup>(f)</sup><br>|  | 736 | &nbsp;&nbsp; 736059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Tranche A2 Term Loan, (Prime + 8.00%), <br> 15.50%, 12/31/28<sup>(f)</sup><br>|  | 736 | &nbsp;&nbsp; 735630 |
| Thrasio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Out Take Back Term Loan, (1-mo. CME <br> Term SOFR + 10.00%), 14.44%, 06/18/29<br>|  | 433 | &nbsp;&nbsp; 378525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Out Take Back Term Loan, (Defaulted), <br> 0.00%, 06/18/29<sup>(f)</sup><br>|  | 1254 | &nbsp;&nbsp; 957039 |
|  |  |  | &nbsp;&nbsp; 3667522 |
| **Consumer Finance**<sup>(f)</sup> **— 0.2%** | **Consumer Finance**<sup>(f)</sup> **— 0.2%** | **Consumer Finance**<sup>(f)</sup> **— 0.2%** | **Consumer Finance**<sup>(f)</sup> **— 0.2%** |
| Freedom Financial Network Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 9.00%), 13.42%, 09/21/27<br>|  | 357 | &nbsp;&nbsp; 350906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (6-mo. CME Term SOFR <br> at 1.00% Floor + 9.00%), 13.43%, 09/21/27<br>|  | 119 | &nbsp;&nbsp; 116969 |
| Lucky U.S. Buyerco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 7.50%), 11.82%, 03/29/29<br>|  | 8 | &nbsp;&nbsp; 8081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 1.00% <br> Floor + 7.50%), 11.80%, 03/29/29<br>|  | 85 | &nbsp;&nbsp; 83579 |
| &nbsp;&nbsp;&nbsp; Money Transfer Acquisition, Inc., Term Loan, (1-mo. <br> CME Term SOFR + 8.25%), 12.68%, 12/14/27<br>|  | 393 | &nbsp;&nbsp; 384178 |
|  |  |  | &nbsp;&nbsp; 943713 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>| USD | 17 | &nbsp;&nbsp; $16927  |
| &nbsp;&nbsp;&nbsp; JP Intermediate B LLC, Term Loan, (Defaulted), 0.00%, <br> 11/20/27<sup>(e)(f)(l)</sup><br>|  | 1442 | &nbsp;&nbsp; 608792 |
| &nbsp;&nbsp;&nbsp; U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/03/31<br>|  | 28 | &nbsp;&nbsp; 28072 |
|  |  |  | &nbsp;&nbsp; 653791 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., 2024 Term Loan B1, <br> (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.06%, 11/29/30<br>|  | 182 | &nbsp;&nbsp; 182529 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>|  |  | &nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>|  | 85 | &nbsp;&nbsp; 84470 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(o)</sup> |  | 62 | &nbsp;&nbsp; 61550 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.32%, 04/15/27<br>|  | 55 | &nbsp;&nbsp; 54871 |
| &nbsp;&nbsp;&nbsp; Pregis TopCo Corp., 2025 Refinancing Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.33%, 02/01/29<br>|  | 37 | &nbsp;&nbsp; 36734 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>|  | 13 | &nbsp;&nbsp; 13011 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>|  | 51 | &nbsp;&nbsp; 50422 |
|  |  |  | &nbsp;&nbsp; 484045 |
| **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** | **Diversified Consumer Services — 2.2%** |
| &nbsp;&nbsp;&nbsp; Arctera U.S. Holdings LLC, 2024 Priority Term Loan, <br> (3-mo. CME Term SOFR at 2.50% Floor + 8.00%, <br> 4.50% PIK), 16.80%, 12/09/29<sup>(h)</sup><br>|  | 4194 | &nbsp;&nbsp; 4194067 |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>|  | 68 | &nbsp;&nbsp; 68709 |
| &nbsp;&nbsp;&nbsp; BW Holding, Inc., 2021 2nd Lien Term Loan, <br> (Defaulted), 0.00%, 12/14/29<sup>(f)</sup><br>|  | 3079 | &nbsp;&nbsp; 1228497 |
| &nbsp;&nbsp;&nbsp; Employ, Inc., Term Loan, (3-mo. CME Term SOFR + <br> 7.50%), 11.80%, 08/07/28<sup>(f)</sup><br>|  | 250 | &nbsp;&nbsp; 246200 |
| &nbsp;&nbsp;&nbsp; Express Wash Acquisition Co. LLC, 2025 Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), <br> 10.46%, 04/10/31<sup>(f)</sup><br>|  | 4722 | &nbsp;&nbsp; 4698620 |
| &nbsp;&nbsp;&nbsp; KUEHG Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>|  | 36 | &nbsp;&nbsp; 36329 |
| &nbsp;&nbsp;&nbsp; Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.29%, 08/11/28<br>|  | 10 | &nbsp;&nbsp; 9804 |
| MSM Acquisitions, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.00%), 10.33%, <br> 12/09/26<br>|  | 83 | &nbsp;&nbsp; 74561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 6.00%), 10.33%, 12/09/26<br>|  | 357 | &nbsp;&nbsp; 322140 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| MSM Acquisitions, Inc.<sup>(f)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 6.00%), <br> 10.33%, 12/09/26<br>| USD | 138 | &nbsp;&nbsp; $124375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.00%), 10.33%, 12/09/26<br>|  | 1084 | &nbsp;&nbsp; 976679 |
| &nbsp;&nbsp;&nbsp; OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.78%, <br> 07/25/30<br>|  | 30 | &nbsp;&nbsp; 29893 |
| &nbsp;&nbsp;&nbsp; PG Polaris BidCo SARL, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 03/26/31<br>|  | 34 | &nbsp;&nbsp; 33898 |
| &nbsp;&nbsp;&nbsp; Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 02/07/31<br>|  | 22 | &nbsp;&nbsp; 21948 |
| Pluralsight, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Priority Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 3.00%, 1.50% PIK), <br> 8.83%, 08/22/29<sup>(h)</sup><br>|  | 423 | &nbsp;&nbsp; 422770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Priority Term Loan B, (3-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.83%, <br> 08/22/29<br>|  | 688 | &nbsp;&nbsp; 687557 |
| &nbsp;&nbsp;&nbsp; Spring Education Group, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>|  | 68 | &nbsp;&nbsp; 68743 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>|  | 28 | &nbsp;&nbsp; 27936 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>|  | 107 | &nbsp;&nbsp; 106288 |
|  |  |  | &nbsp;&nbsp; 13379014 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Greystone Affordable Housing Initiatives LLC, Delayed <br> Draw Term Loan, (6-mo. CME Term SOFR at 1.25% <br> Floor + 6.00%), 10.69%, 03/02/26<sup>(f)</sup><br>|  | 2800 | &nbsp;&nbsp; 2786000 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/20/30<br>|  | 32 | &nbsp;&nbsp; 31946 |
|  |  |  | &nbsp;&nbsp; 2817946 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(f)</sup><br>|  | 79 | &nbsp;&nbsp; 73256 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.83%, 09/27/29<br>|  | 31 | &nbsp;&nbsp; 29801 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>|  | 149 | &nbsp;&nbsp; 150521 |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 51 | &nbsp;&nbsp; 50020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>|  | 42 | &nbsp;&nbsp; 41071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan A, (1-mo. CME Term SOFR at <br> 2.00% Floor + 6.00%), 10.33%, 06/01/28<br>|  | 10 | &nbsp;&nbsp; 10156 |
| &nbsp;&nbsp;&nbsp; ORBCOMM, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>|  | 29 | &nbsp;&nbsp; 26337 |
| &nbsp;&nbsp;&nbsp; Radiate Holdco LLC, 2025 FLFO Term Loan, <br> 09/25/29<sup>(o)</sup><br>|  | 187 | &nbsp;&nbsp; 162989 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| &nbsp;&nbsp;&nbsp; Telesat LLC, Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.34%, 12/07/26<br>| USD | 13 | &nbsp;&nbsp; $7514  |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.36%), <br> 7.68%, 01/31/29<br>|  | 78 | &nbsp;&nbsp; 77238 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>|  | 231 | &nbsp;&nbsp; 219455 |
|  |  |  | &nbsp;&nbsp; 848358 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>|  | 68 | &nbsp;&nbsp; 68273 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 1st Lien Term Loan B3, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 12/20/30<br>|  | 60 | &nbsp;&nbsp; 59616 |
|  |  |  | &nbsp;&nbsp; 127889 |
| **Electrical Equipment**<sup>(f)</sup> **— 0.0%** | **Electrical Equipment**<sup>(f)</sup> **— 0.0%** | **Electrical Equipment**<sup>(f)</sup> **— 0.0%** | **Electrical Equipment**<sup>(f)</sup> **— 0.0%** |
| Sparkstone Electrical Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 5.25%), 9.55%, <br> 10/15/31<br>|  | 1 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 5.25%), <br> 9.57%, 10/15/31<br>|  | 56 | &nbsp;&nbsp; 52932 |
|  |  |  | &nbsp;&nbsp; 53993 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(f)</sup><br>|  | 20 | &nbsp;&nbsp; 19800 |
| &nbsp;&nbsp;&nbsp; Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, <br> 07/02/29<br>|  | 88 | &nbsp;&nbsp; 88295 |
| &nbsp;&nbsp;&nbsp; ESO Solutions, Inc., Revolver, (3-mo. CME Term SOFR <br> at 1.00% Floor + 6.75%), 11.09%, 05/03/27<sup>(f)</sup><br>|  | 304 | &nbsp;&nbsp; 302162 |
|  |  |  | &nbsp;&nbsp; 410257 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>|  | 20 | &nbsp;&nbsp; 20033 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>|  | 61 | &nbsp;&nbsp; 60629 |
| &nbsp;&nbsp;&nbsp; Creative Artists Agency LLC, 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>|  | 163 | &nbsp;&nbsp; 163786 |
| Delta 2 Lux SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>|  | 81 | &nbsp;&nbsp; 80962 |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B2, 09/30/31<sup>(o)</sup> |  | 41 | &nbsp;&nbsp; 40893 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>|  | 78 | &nbsp;&nbsp; 78332 |
| &nbsp;&nbsp;&nbsp; Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>|  | 64 | &nbsp;&nbsp; 60918 |
| NEP Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 7.00%), 11.59%, 10/19/26<br>|  | 141 | &nbsp;&nbsp; 73984 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| NEP Group, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.51%, 1.76% PIK), 9.34%, <br> 08/19/26<sup>(h)</sup><br>| USD | 26 | &nbsp;&nbsp; $23749  |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., 2021 Term Loan B1, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.86%), 7.19%, <br> 03/13/28<br>|  | 40 | &nbsp;&nbsp; 38726 |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 11/21/31<br>|  | 133 | &nbsp;&nbsp; 133805 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp., 2024 Term Loan J, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/24/31<br>|  | 166 | &nbsp;&nbsp; 165654 |
|  |  |  | &nbsp;&nbsp; 921438 |
| **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** |
| &nbsp;&nbsp;&nbsp; MRO Parent Corp., Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.75%), 9.05%, 06/09/32<br>|  | 4259 | &nbsp;&nbsp; 4195370 |
| **Financial Services — 8.1%** | **Financial Services — 8.1%** | **Financial Services — 8.1%** | **Financial Services — 8.1%** |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>|  | 63 | &nbsp;&nbsp; 63438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>|  | 55 | &nbsp;&nbsp; 54702 |
| Accordion Partners LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 9.56%, 11/17/31<br>|  | 4 | &nbsp;&nbsp; 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.25%), 9.55%, 11/17/31<br>|  | 154 | &nbsp;&nbsp; 153491 |
| &nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc., 2024 Incremental Term <br> Loan, (6-mo. CME Term SOFR at 1.00% Floor + <br> 5.25%), 9.53%, 03/15/30<sup>(f)</sup><br>|  | 597 | &nbsp;&nbsp; 585987 |
| &nbsp;&nbsp;&nbsp; Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 02/27/32<br>|  | 76 | &nbsp;&nbsp; 75668 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>|  | 113 | &nbsp;&nbsp; 113336 |
| ARAS Corp.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.50%), 9.80%, 04/13/27<br>|  | 560 | &nbsp;&nbsp; 560278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.50%), 9.80%, 04/13/29<br>|  | 3583 | &nbsp;&nbsp; 3586954 |
| Arrow Purchaser, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR + 6.75%), <br> 11.19%, 04/15/26<br>|  | 51 | &nbsp;&nbsp; 51170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 6.75%), 11.19%, 04/15/26<br>|  | 842 | &nbsp;&nbsp; 842103 |
| &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 10/16/31<br>|  | 173 | &nbsp;&nbsp; 173318 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.30%, 01/31/31<br>|  | 206 | &nbsp;&nbsp; 206420 |
| CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>|  | 40 | &nbsp;&nbsp; 39950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.33%, 05/19/31<br>|  | 97 | &nbsp;&nbsp; 97049 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Deerfield Dakota Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>| USD | 138 | &nbsp;&nbsp; $133914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, <br> 04/07/28<br>|  | 50 | &nbsp;&nbsp; 47670 |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 169 | &nbsp;&nbsp; 169052 |
| &nbsp;&nbsp;&nbsp; FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>|  | 7 | &nbsp;&nbsp; 6983 |
| &nbsp;&nbsp;&nbsp; Foreside Financial, Incremental Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.25%), 9.73%, <br> 09/30/27<sup>(f)</sup><br>|  | 1940 | &nbsp;&nbsp; 1939635 |
| &nbsp;&nbsp;&nbsp; Foreside Financial Group LLC, 2021 Revolver, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.25%), 9.72%, <br> 09/30/27<sup>(f)</sup><br>|  | 26 | &nbsp;&nbsp; 26441 |
| &nbsp;&nbsp;&nbsp; GC Waves Holdings, Inc., 2024 Replacing Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), <br> 9.18%, 10/04/30<sup>(f)</sup><br>|  | 3858 | &nbsp;&nbsp; 3896414 |
| &nbsp;&nbsp;&nbsp; Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(o)</sup><br>|  | 39 | &nbsp;&nbsp; 38968 |
| &nbsp;&nbsp;&nbsp; Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 01/31/30<br>|  | 15 | &nbsp;&nbsp; 14850 |
| &nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 9 | &nbsp;&nbsp; 9019 |
| &nbsp;&nbsp;&nbsp; HowlCo LLC, 2021 1st Amendment Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 3.00%, 3.50% <br> PIK), 10.93%, 10/22/27<sup>(f)(h)</sup><br>|  | 1152 | &nbsp;&nbsp; 1127134 |
| &nbsp;&nbsp;&nbsp; Hyperion Refinance SARL, 2024 USD 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.33%, 02/15/31<br>|  | 100 | &nbsp;&nbsp; 100533 |
| IT Parent LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at 1.00% <br> Floor + 6.25%), 10.60%, 10/01/26<br>|  | 306 | &nbsp;&nbsp; 306447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.25%), 10.70%, 10/01/26<br>|  | 359 | &nbsp;&nbsp; 358618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.25%), <br> 10.60%, 10/01/26<br>|  | 2404 | &nbsp;&nbsp; 2403637 |
| &nbsp;&nbsp;&nbsp; Nxgen Buyer, Inc., 2024 11th Amendment Incremental <br> Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 4.75%), 9.08%, 11/01/27<sup>(f)</sup><br>|  | 3816 | &nbsp;&nbsp; 3792734 |
| Oak Purchaser, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (6-mo. CME Term <br> SOFR at 0.75% Floor + 5.50%), 9.67%, 04/28/28<br>|  | 64 | &nbsp;&nbsp; 64056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.50%), 9.72%, 04/28/28<br>|  | 262 | &nbsp;&nbsp; 263759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 5.50%), 9.72%, 04/28/28<br>|  | 1439 | &nbsp;&nbsp; 1453545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (6-mo. CME Term SOFR at 0.75% Floor + <br> 5.50%), 9.60%, 04/28/28<br>|  | 58 | &nbsp;&nbsp; 57566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.75% Floor <br> + 5.50%), 9.72%, 04/28/28<br>|  | 2159 | &nbsp;&nbsp; 2180317 |
| &nbsp;&nbsp;&nbsp; Oasis Financial LLC, 2nd Lien Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 8.50%), 12.94%, <br> 07/05/26<sup>(f)</sup><br>|  | 2000 | &nbsp;&nbsp; 1996000 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(o)</sup> |  | 16 | &nbsp;&nbsp; 15857 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp; PREIT Associates, L.P., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 7.00%), 11.31%, <br> 04/01/29<br>| USD | 4435 | &nbsp;&nbsp; $4412422  |
| &nbsp;&nbsp;&nbsp; Rialto Management Group, LLC, 2024 Term Loan, (1-<br> mo. CME Term SOFR at 0.75% Floor + 5.00%), <br> 9.33%, 12/05/30<sup>(f)</sup><br>|  | 48 | &nbsp;&nbsp; 48010 |
| &nbsp;&nbsp;&nbsp; SitusAMC Holdings Corp., 2025 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 5.50%), 9.80%, 05/14/31<sup>(f)</sup><br>|  | 4937 | &nbsp;&nbsp; 4922370 |
| Smarsh, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Revolver, (3-mo. CME Term SOFR at <br> 0.75% Floor + 4.75%), 9.04%, 02/16/29<br>|  | 41 | &nbsp;&nbsp; 40427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.75%), 9.05%, 02/16/29<br>|  | 1714 | &nbsp;&nbsp; 1705543 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>|  | 104 | &nbsp;&nbsp; 104539 |
| Wealth Enhancement Group LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 August Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.00%), 9.30%, <br> 10/02/28<br>|  | 1170 | &nbsp;&nbsp; 1162397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 11th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), <br> 9.29%, 10/02/28<br>|  | 3521 | &nbsp;&nbsp; 3496547 |
| WEX, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 03/31/28<br>|  | 15 | &nbsp;&nbsp; 14916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>|  | 30 | &nbsp;&nbsp; 29832 |
| &nbsp;&nbsp;&nbsp; Wharf Street Rating Acquisition LLC, Term Loan, (1-mo. <br> CME Term SOFR at 0.75% Floor + 5.00%), 9.43%, <br> 12/10/27<sup>(f)</sup><br>|  | 3832 | &nbsp;&nbsp; 3840814 |
| Zilliant, Inc.<sup>(f)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 2.00%, 5.00% PIK), 11.43%, <br> 12/21/27<br>|  | 321 | &nbsp;&nbsp; 308028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 2.00%, 5.00% PIK), 11.43%, 12/21/27<br>|  | 1752 | &nbsp;&nbsp; 1682288 |
|  |  |  | &nbsp;&nbsp; 48779249 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chobani LLC, 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>|  | 232 | &nbsp;&nbsp; 232583 |
| &nbsp;&nbsp;&nbsp; H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. <br> CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, <br> 03/29/30<br>|  | 12 | &nbsp;&nbsp; 11759 |
| &nbsp;&nbsp;&nbsp; Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<br>|  | 31 | &nbsp;&nbsp; 31324 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.55%, <br> 03/31/28<br>|  | 43 | &nbsp;&nbsp; 42874 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp;&nbsp; UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/29/32<br>| USD | 94 | &nbsp;&nbsp; $93769  |
| Wellness Pet LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.95%), 8.28%, <br> 12/31/29<br>|  | 9 | &nbsp;&nbsp; 7577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.01%), 8.08%, <br> 12/31/29<br>|  | 5 | &nbsp;&nbsp; 2775 |
|  |  |  | &nbsp;&nbsp; 422661 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.86%), 6.19%, <br> 08/06/27<br>|  | 30 | &nbsp;&nbsp; 29255 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 04/10/31<br>|  | 215 | &nbsp;&nbsp; 214138 |
| Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.76%), 8.04%, 06/30/28<br>|  | 54 | &nbsp;&nbsp; 45067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan C, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.76%), 8.04%, 06/30/28<br>|  | 11 | &nbsp;&nbsp; 8847 |
| Keep Truckin, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.25%), 11.69%, 04/08/27<br>|  | 500 | &nbsp;&nbsp; 502000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 7.25%), 11.69%, 04/08/27<br>|  | 988 | &nbsp;&nbsp; 992046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan 2, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.25%), 11.69%, <br> 04/08/27<br>|  | 1512 | &nbsp;&nbsp; 1517954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 7.25%), 11.69%, 04/08/27<br>|  | 2000 | &nbsp;&nbsp; 2008000 |
| &nbsp;&nbsp;&nbsp; SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 8.00%), 12.32%, <br> 08/20/29<br>|  | 40 | &nbsp;&nbsp; 15564 |
|  |  |  | &nbsp;&nbsp; 5332871 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Appriss Health LLC, Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 4.75%), 9.22%, 05/06/27<sup>(f)</sup><br>|  | 691 | &nbsp;&nbsp; 690686 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>|  | 39 | &nbsp;&nbsp; 39251 |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B, 06/26/30<sup>(o)</sup> |  | 103 | &nbsp;&nbsp; 103169 |
| &nbsp;&nbsp;&nbsp; Team Public Choices LLC, Second Lien Term Loan, <br> (3-mo. CME Term SOFR + 9.00%), 13.54%, <br> 12/18/28<sup>(f)</sup><br>|  | 2265 | &nbsp;&nbsp; 2253309 |
|  |  |  | &nbsp;&nbsp; 3086415 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Alcami Corp.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.00%), 11.41%, <br> 12/21/28<br>|  | 5 | &nbsp;&nbsp; 5163 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Alcami Corp.<sup>(f)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, (3-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 11.48%, 12/21/28<br>| USD | 69 | &nbsp;&nbsp; $70147  |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.43%, <br> 11/08/27<br>|  | 5 | &nbsp;&nbsp; 5468 |
| Aveanna Healthcare LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 7.00%), 11.48%, 12/10/29<br>|  | 4326 | &nbsp;&nbsp; 4222329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.18%, 07/17/28<br>|  | 4836 | &nbsp;&nbsp; 4722951 |
| BW NHHC Holdco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 1st Lien Second Out Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 5.75%, 2.25% PIK), <br> 12.30%, 01/15/26<sup>(h)</sup><br>|  | 2446 | &nbsp;&nbsp; 2317566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 2nd Lien Third Out Term Loan, (3-mo. CME <br> Term SOFR + 12.00%), 16.30%, 11/15/26<sup>(f)</sup><br>|  | 2089 | &nbsp;&nbsp; 1044389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Super Priority Term Loan, (3-mo. CME Term <br> SOFR at 2.00% Floor + 7.50%), 11.80%, <br> 01/15/26<br>|  | 426 | &nbsp;&nbsp; 426221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 2.00% Floor + 7.50%), 11.80%, 01/15/26<sup>(f)</sup><br>|  | 2240 | &nbsp;&nbsp; 2239500 |
| &nbsp;&nbsp;&nbsp; Carering Health LLC, Delayed Draw Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 6.00%), 10.33%, <br> 05/04/28<sup>(f)</sup><br>|  | 669 | &nbsp;&nbsp; 657433 |
| CBI-Gator Acquisition LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.75%), 10.86%, 10/25/27<br>|  | 234 | &nbsp;&nbsp; 223018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.75%), 10.95%, 10/25/27<br>|  | 2788 | &nbsp;&nbsp; 2662749 |
| &nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 09/29/28<br>|  | 55 | &nbsp;&nbsp; 55275 |
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.78%, <br> 11/08/32<br>|  | 60 | &nbsp;&nbsp; 60413 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/26/31<br>|  | 33 | &nbsp;&nbsp; 32955 |
| &nbsp;&nbsp;&nbsp; Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.75%), 7.07%, 05/01/31<br>|  | 148 | &nbsp;&nbsp; 147607 |
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, <br> 08/01/29<br>|  | 75 | &nbsp;&nbsp; 74932 |
| &nbsp;&nbsp;&nbsp; Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 11/01/28<br>|  | 110 | &nbsp;&nbsp; 109861 |
| EyeCare Partners LLC<sup>(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.10%, 3.71% PIK), <br> 8.84%, 11/30/28<br>|  | 26 | &nbsp;&nbsp; 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Third Out Term Loan C, (3-mo. CME Term <br> SOFR + 6.85%, 10.32% PIK), 10.98%, <br> 11/30/28<sup>(e)(l)</sup><br>|  | 6 | &nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.08%, 07/01/30<br>|  | 8 | &nbsp;&nbsp; 6619 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>|  | 67 | &nbsp;&nbsp; 64073 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 2024 LUX Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| USD | 25 | &nbsp;&nbsp; $25559  |
| &nbsp;&nbsp;&nbsp; Ivyrehab Intermediate II LLC, 2024 2nd Amendment <br> Tranche A Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.25%), 9.65%, <br> 04/23/29<sup>(f)</sup><br>|  | 98 | &nbsp;&nbsp; 97048 |
| &nbsp;&nbsp;&nbsp; IvyRehab Intermediate II LLC, 2025 Incremental <br> Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 5.00%), 9.40%, 04/23/29<sup>(f)</sup><br>|  | 46 | &nbsp;&nbsp; 44957 |
| &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 8.01%, 05/19/31<br>|  | 40 | &nbsp;&nbsp; 39469 |
| Medical Solutions Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 1st Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.60%), 7.88%, 11/01/28<br>|  | — <br><sup>(n)</sup><br>| &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 7.10%), 11.38%, 11/01/29<br>|  | 80 | &nbsp;&nbsp; 33734 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 10/23/28<br>|  | 381 | &nbsp;&nbsp; 381350 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, <br> 10/27/28<br>|  | 65 | &nbsp;&nbsp; 65635 |
| &nbsp;&nbsp;&nbsp; Patriot Home Care, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 6.00%), 10.33%, 05/05/28<sup>(f)</sup><br>|  | 2882 | &nbsp;&nbsp; 2834468 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>|  | 121 | &nbsp;&nbsp; 118177 |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., 2024 US Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>|  | 6 | &nbsp;&nbsp; 6417 |
| PTSH Intermediate Holdings LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 5.50%), 9.95%, 12/17/27<br>|  | 466 | &nbsp;&nbsp; 466334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 5.50%), 9.95%, 12/17/27<br>|  | 2451 | &nbsp;&nbsp; 2450526 |
| &nbsp;&nbsp;&nbsp; Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), <br> 15.56%, 01/28/28<sup>(h)</sup><br>|  | 3586 | &nbsp;&nbsp; 2570009 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/19/31<br>|  | 27 | &nbsp;&nbsp; 26887 |
| &nbsp;&nbsp;&nbsp; RecordXTechnologies LLC, PIK Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 5.25%), 9.58%, <br> 12/23/27<sup>(f)</sup><br>|  | 4527 | &nbsp;&nbsp; 4527143 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 47 | &nbsp;&nbsp; 46800 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 12/19/30<br>|  | 75 | &nbsp;&nbsp; 75491 |
| &nbsp;&nbsp;&nbsp; Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31<br>|  | 22 | &nbsp;&nbsp; 21867 |
|  |  |  | &nbsp;&nbsp; 33002780 |
| **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>|  | 308 | &nbsp;&nbsp; 307505 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| ESO Solutions, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan, (3-mo. CME Term <br> SOFR + 7.00%), 11.09%, 05/03/27<br>| USD | 964 | &nbsp;&nbsp; $958885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.75%), 11.09%, 05/03/27<br>|  | 3696 | &nbsp;&nbsp; 3677838 |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 8.00%), 12.38%, <br> 10/02/28<sup>(f)</sup><br>|  | 994 | &nbsp;&nbsp; 947093 |
| &nbsp;&nbsp;&nbsp; PointClickCare Technologies, Inc., 2024 USD Term <br> Loan B, (6-mo. CME Term SOFR at 0.00% Floor + <br> 3.25%), 7.42%, 11/03/31<br>|  | 47 | &nbsp;&nbsp; 46733 |
| &nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>|  | 22 | &nbsp;&nbsp; 22143 |
|  |  |  | &nbsp;&nbsp; 5960197 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| &nbsp;&nbsp;&nbsp; 1011778 B.C. Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.08%, 09/20/30<br>|  | 104 | &nbsp;&nbsp; 103906 |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.93%, <br> 03/11/30<br>|  | 10 | &nbsp;&nbsp; 9614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Out Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>|  | 11 | &nbsp;&nbsp; 10737 |
| &nbsp;&nbsp;&nbsp; Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 05/31/30<br>|  | 54 | &nbsp;&nbsp; 53637 |
| &nbsp;&nbsp;&nbsp; Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>|  | 83 | &nbsp;&nbsp; 73024 |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 6.58%, 02/06/31<br>|  | 206 | &nbsp;&nbsp; 205201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.25%), 6.58%, 02/06/30<br>|  | 27 | &nbsp;&nbsp; 26924 |
| Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan (2027), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 08/08/27<br>|  | 11 | &nbsp;&nbsp; 10908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan (2028), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 10/18/28<br>|  | 30 | &nbsp;&nbsp; 29972 |
| &nbsp;&nbsp;&nbsp; Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 12/02/31<br>|  | 40 | &nbsp;&nbsp; 39775 |
| &nbsp;&nbsp;&nbsp; DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/04/32<br>|  | 95 | &nbsp;&nbsp; 94407 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 01/27/29<br>|  | 220 | &nbsp;&nbsp; 219530 |
| &nbsp;&nbsp;&nbsp; Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, <br> 11/30/30<br>|  | 170 | &nbsp;&nbsp; 169766 |
| &nbsp;&nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 06/04/32<sup>(f)</sup><br>|  | 29 | &nbsp;&nbsp; 28964 |
| &nbsp;&nbsp;&nbsp; Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/30/29<br>|  | 154 | &nbsp;&nbsp; 154776 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>| USD | 41 | &nbsp;&nbsp; $40056  |
| Gympass<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Amendment Delayed Draw Term Loan, <br> (1-mo. CME Term SOFR + 6.00%), 7.69%, <br> 08/29/29<br>|  | 4809 | &nbsp;&nbsp; 4857519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 3.25%, 3.25% PIK), 10.94%, 07/08/27<sup>(h)</sup><br>|  | 280 | &nbsp;&nbsp; 283078 |
| &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 05/27/32<br>|  | 46 | &nbsp;&nbsp; 46278 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 Term Loan <br> B4, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.07%, 11/08/30<br>|  | 97 | &nbsp;&nbsp; 97568 |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, <br> 12/15/27<br>|  | 84 | &nbsp;&nbsp; 83497 |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>|  | 101 | &nbsp;&nbsp; 101384 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 08/01/30<br>|  | 10 | &nbsp;&nbsp; 9866 |
| &nbsp;&nbsp;&nbsp; Oravel Stays Singapore Pte. Ltd., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 1.00% Floor + 8.00%), <br> 12.30%, 01/08/30<sup>(f)</sup><br>|  | 8980 | &nbsp;&nbsp; 8935100 |
| &nbsp;&nbsp;&nbsp; Packers Holdings LLC, 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.68%, <br> 03/09/28<br>|  | 53 | &nbsp;&nbsp; 28126 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 05/03/29<br>|  | 92 | &nbsp;&nbsp; 91675 |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>|  | 26 | &nbsp;&nbsp; 25771 |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 6.33%, 12/04/31<br>|  | 23 | &nbsp;&nbsp; 23379 |
| &nbsp;&nbsp;&nbsp; Showtime Acquisition LLC, 2024 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 08/13/31<sup>(f)</sup><br>|  | 4987 | &nbsp;&nbsp; 4942613 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/01/31<br>|  | 22 | &nbsp;&nbsp; 21835 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 03/14/31<br>|  | 121 | &nbsp;&nbsp; 121609 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(o)</sup> |  | 60 | &nbsp;&nbsp; 59317 |
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 08/03/28<br>|  | 55 | &nbsp;&nbsp; 54649 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 05/24/30<br>|  | 61 | &nbsp;&nbsp; 61209 |
|  |  |  | &nbsp;&nbsp; 21115670 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| &nbsp;&nbsp;&nbsp; Bad Boy Mowers JV Acquisition LLC, 2023 Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 5.25%), <br> 9.56%, 11/09/29<sup>(f)</sup><br>|  | 68 | &nbsp;&nbsp; 68716 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Homerenew Buyer, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 SP Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR + 9.50%), 13.97%, 04/14/30<br>| USD | 418 | &nbsp;&nbsp; $418325  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Super Priority Term Loan, (3-mo. CME Term <br> SOFR at 2.50% Floor + 9.50%, 13.96% PIK), <br> 13.96%, 04/14/30<sup>(h)</sup><br>|  | 1387 | &nbsp;&nbsp; 1386862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Super Priority Term Loan 1, (3-mo. CME Term <br> SOFR at 2.00% Floor + 8.00%, 12.46% PIK), <br> 12.46%, 04/14/30<sup>(h)</sup><br>|  | 319 | &nbsp;&nbsp; 319304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (3-mo. CME Term SOFR at 2.50% <br> Floor + 6.50%), 10.96%, 04/14/30<br>|  | 737 | &nbsp;&nbsp; 737001 |
| &nbsp;&nbsp;&nbsp; Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 01/20/32<br>|  | 125 | &nbsp;&nbsp; 124256 |
| Hyphen Solutions LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 9.43%, 10/27/26<br>|  | 1455 | &nbsp;&nbsp; 1454738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 9.43%, 10/27/26<br>|  | 1441 | &nbsp;&nbsp; 1440394 |
| &nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>|  | 29 | &nbsp;&nbsp; 28843 |
| Somnigroup International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.57%, 10/24/31<br>|  | 6 | &nbsp;&nbsp; 6010 |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B, 10/24/31<sup>(o)</sup> |  | 23 | &nbsp;&nbsp; 23414 |
| &nbsp;&nbsp;&nbsp; Springs Windows Fashions, LLC, 2024 First Lien <br> Second Out Term Loan A2, (1-mo. CME Term SOFR <br> at 1.00% Floor + 4.11%), 8.44%, 10/06/28<br>|  | 37 | &nbsp;&nbsp; 28087 |
| &nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.83%, 12/19/29<br>|  | 11 | &nbsp;&nbsp; 11068 |
| &nbsp;&nbsp;&nbsp; Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 10/30/27<br>|  | 42 | &nbsp;&nbsp; 41680 |
|  |  |  | &nbsp;&nbsp; 6088698 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.33%, 07/31/30<br>|  | 83 | &nbsp;&nbsp; 83676 |
| &nbsp;&nbsp;&nbsp; Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 37 | &nbsp;&nbsp; 36837 |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC, 2020 Term Loan, (3-<br> mo. CME Term SOFR at 1.00% Floor + 2.25%), <br> 6.58%, 12/15/27<br>|  | 19 | &nbsp;&nbsp; 18986 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.81%, 12/15/31<br>|  | 30 | &nbsp;&nbsp; 29911 |
|  |  |  | &nbsp;&nbsp; 169410 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(f)(o)</sup><br>|  | 16 | &nbsp;&nbsp; 16080 |
| &nbsp;&nbsp;&nbsp; Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, <br> 10/17/31<br>|  | 14 | &nbsp;&nbsp; 14022 |
| EMRLD Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.83%, 08/04/31<br>|  | 83 | &nbsp;&nbsp; 83177 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| EMRLD Borrower LP (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 05/31/30<br>| USD | 106 | &nbsp;&nbsp; $106091  |
| &nbsp;&nbsp;&nbsp; Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-<br> mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29<br>|  | 26 | &nbsp;&nbsp; 21096 |
|  |  |  | &nbsp;&nbsp; 240466 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>|  | 346 | &nbsp;&nbsp; 346050 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, <br> 01/30/32<br>|  | 161 | &nbsp;&nbsp; 161219 |
| &nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc., 2024 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 12/29/31<br>|  | 108 | &nbsp;&nbsp; 108344 |
| &nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 229 | &nbsp;&nbsp; 229405 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.31%, 05/26/31<br>|  | 85 | &nbsp;&nbsp; 84739 |
| Higginbotham Insurance Agency, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 5th Amendment Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 4.50%), 8.83%, 11/24/28<br>|  | 2403 | &nbsp;&nbsp; 2402629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Amendment No 4 Delayed Draw Term Loan, <br> (1-mo. CME Term SOFR at 1.00% Floor + 4.75%), <br> 9.08%, 11/24/28<br>|  | 1300 | &nbsp;&nbsp; 1300342 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, <br> 06/20/30<br>|  | 212 | &nbsp;&nbsp; 212351 |
| &nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition LLC, 2024 Term Loan, <br> (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), <br> 9.33%, 08/25/28<sup>(f)</sup><br>|  | 1511 | &nbsp;&nbsp; 1511412 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.03%, 03/15/30<br>|  | 51 | &nbsp;&nbsp; 51160 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/15/31<br>|  | 132 | &nbsp;&nbsp; 131969 |
| Truist Insurance Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 05/06/31<br>|  | 145 | &nbsp;&nbsp; 144462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>|  | 34 | &nbsp;&nbsp; 34042 |
| USI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan C, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 09/29/30<br>|  | 91 | &nbsp;&nbsp; 90644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan D, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 11/21/29<br>|  | 173 | &nbsp;&nbsp; 172885 |
|  |  |  | &nbsp;&nbsp; 6981653 |
| **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** | **Interactive Media & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 01/31/31<br>|  | 67 | &nbsp;&nbsp; 66444 |
| Kid Distro Holdings LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 4.75%), 9.18%, 10/01/27<br>|  | 355 | &nbsp;&nbsp; 355274 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Kid Distro Holdings LLC<sup>(f)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 4.75%), 9.18%, 10/01/27<br>| USD | 3263 | &nbsp;&nbsp; $3263026  |
| &nbsp;&nbsp;&nbsp; Research Now Group, Inc., 2024 First Lien First Out <br> Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 9.59%, 07/15/28<br>|  | 2770 | &nbsp;&nbsp; 2751507 |
| &nbsp;&nbsp;&nbsp; TL Voltron Purchaser LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.58%, <br> 12/31/30<sup>(f)</sup><br>|  | 81 | &nbsp;&nbsp; 78614 |
|  |  |  | &nbsp;&nbsp; 6514865 |
| **Internet Software & Services — 0.8%** | **Internet Software & Services — 0.8%** | **Internet Software & Services — 0.8%** | **Internet Software & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Research Now Group, Inc., 2024 First Lien Second Out <br> Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.50%), 10.09%, 10/15/28<br>|  | 5722 | &nbsp;&nbsp; 5032997 |
| **IT Services — 6.1%** | **IT Services — 6.1%** | **IT Services — 6.1%** | **IT Services — 6.1%** |
| Acquia, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 7.00%), 11.43%, 10/30/26<br>|  | 36 | &nbsp;&nbsp; 35951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 7.00%), 11.41%, 10/30/26<br>|  | 481 | &nbsp;&nbsp; 480902 |
| Asurion LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/31/28<br>|  | 76 | &nbsp;&nbsp; 72485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.68%, 08/19/28<br>|  | 59 | &nbsp;&nbsp; 58683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>|  | 15 | &nbsp;&nbsp; 14574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B13, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>|  | 127 | &nbsp;&nbsp; 122907 |
| &nbsp;&nbsp;&nbsp; Aventiv Technologies LLC, 2025 5th Amendment <br> Incremental Bridge Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 10.00%), 14.52%, 03/25/26<br>|  | 3000 | &nbsp;&nbsp; 3082500 |
| Bynder Holding BV<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan Tranche A, (6-mo. CME Term SOFR at <br> 1.00% Floor + 6.00%), 10.14%, 01/26/29<br>|  | 15 | &nbsp;&nbsp; 15020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan Tranche B, (6-mo. CME Term SOFR at <br> -5.00% Floor + 6.00%), 10.14%, 01/26/29<br>|  | 54 | &nbsp;&nbsp; 54446 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>|  | 156 | &nbsp;&nbsp; 130093 |
| &nbsp;&nbsp;&nbsp; CivicPlus LLC, 2025 Refinancing Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), 9.83%, <br> 08/23/30<sup>(f)</sup><br>|  | 1852 | &nbsp;&nbsp; 1837183 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, <br> 04/21/32<sup>(f)</sup><br>|  | 46 | &nbsp;&nbsp; 45943 |
| &nbsp;&nbsp;&nbsp; Delivery Hero Finco LLC, 2024 USD Term Loan B, (3-<br> mo. CME Term SOFR + 5.00%), 9.30%, 12/12/29<br>|  | 8049 | &nbsp;&nbsp; 8104927 |
| &nbsp;&nbsp;&nbsp; Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>|  | 61 | &nbsp;&nbsp; 60246 |
| &nbsp;&nbsp;&nbsp; Emburse, Inc., Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 4.25%), 8.55%, 05/28/32<sup>(f)</sup><br>|  | 3684 | &nbsp;&nbsp; 3675000 |
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, <br> 05/30/31<br>|  | 152 | &nbsp;&nbsp; 152464 |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(f)</sup><br>|  | 29 | &nbsp;&nbsp; 28818 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Go Daddy Operating Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B7, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 05/30/31<br>| USD | 32 | &nbsp;&nbsp; $31704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 11/09/29<br>|  | 82 | &nbsp;&nbsp; 82012 |
| Integratecom, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 6.75%), 11.20%, 12/15/27<br>|  | 103 | &nbsp;&nbsp; 99121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.75%), 11.22%, 12/15/27<br>|  | 132 | &nbsp;&nbsp; 127363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.75%), 11.20%, 12/15/27<br>|  | 1616 | &nbsp;&nbsp; 1555664 |
| &nbsp;&nbsp;&nbsp; Intercept Bidco, Inc., Term Loan, (1-day CME Term <br> SOFR at 1.00% Floor + 6.00%), 10.32%, 06/03/30<sup>(f)</sup><br>|  | 3611 | &nbsp;&nbsp; 3553333 |
| &nbsp;&nbsp;&nbsp; Madison Logic Holdings, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 7.50%), 11.43%, 12/30/28<sup>(f)</sup><br>|  | 88 | &nbsp;&nbsp; 83330 |
| Magenta Security Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>|  | 19 | &nbsp;&nbsp; 15566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, <br> 07/27/28<sup>(h)</sup><br>|  | 316 | &nbsp;&nbsp; 145328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Super Priority Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 10.53%, <br> 07/27/28<br>|  | 3385 | &nbsp;&nbsp; 3415834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Third Out Term Loan, (Defaulted), 0.00%, <br> 07/27/28<sup>(e)(l)</sup><br>|  | 1222 | &nbsp;&nbsp; 283057 |
| Mitchell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>|  | 105 | &nbsp;&nbsp; 105037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.25%), 9.58%, 06/17/32<br>|  | 15 | &nbsp;&nbsp; 14696 |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>|  | 30 | &nbsp;&nbsp; 28669 |
| &nbsp;&nbsp;&nbsp; Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan <br> B1, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 11/17/31<br>|  | 76 | &nbsp;&nbsp; 75899 |
| &nbsp;&nbsp;&nbsp; Persado, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 1.80% Floor + 7.50%), 11.82%, 06/10/27<sup>(f)</sup><br>|  | 103 | &nbsp;&nbsp; 107631 |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.55%, 10/26/30<br>|  | 43 | &nbsp;&nbsp; 43077 |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.30%, 07/16/31<br>|  | 77 | &nbsp;&nbsp; 77050 |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., <br> 2023 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.33%, 07/31/31<br>|  | 179 | &nbsp;&nbsp; 179444 |
| &nbsp;&nbsp;&nbsp; Serrano Parent LLC, Term Loan, (6-mo. CME Term <br> SOFR at 1.00% Floor + 6.50%), 10.71%, 05/13/30<sup>(f)</sup><br>|  | 90 | &nbsp;&nbsp; 87840 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(o)</sup> |  | 36 | &nbsp;&nbsp; 36281 |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>|  | 8487 | &nbsp;&nbsp; 8282643 |
| X.AI LLC, 1st Lien Term Loan, 06/28/30<sup>(o)</sup> |  | 34 | &nbsp;&nbsp; 32371 |
|  |  |  | &nbsp;&nbsp; 36435092 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
| &nbsp;&nbsp;&nbsp; Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>|  | 98 | &nbsp;&nbsp; 97582 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>| USD | 114 | &nbsp;&nbsp; $114052  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.79%, <br> 03/15/30<br>|  | 24 | &nbsp;&nbsp; 23743 |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 10/21/28<br>|  | 154 | &nbsp;&nbsp; 154890 |
| &nbsp;&nbsp;&nbsp; Generac Power Systems, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 07/03/31<br>|  | 15 | &nbsp;&nbsp; 14881 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 221 | &nbsp;&nbsp; 221869 |
| &nbsp;&nbsp;&nbsp; Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 11/22/29<br>|  | 36 | &nbsp;&nbsp; 35889 |
| Madison IAQ LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.56%, 05/06/32<br>|  | 77 | &nbsp;&nbsp; 77162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.50% Floor <br> + 2.50%), 6.76%, 06/21/28<br>|  | 189 | &nbsp;&nbsp; 188896 |
| Sonny's Enterprises LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Restatement Date Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.50%), 9.95%, <br> 08/05/28<br>|  | 3777 | &nbsp;&nbsp; 3580466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), <br> 9.93%, 08/05/28<br>|  | 93 | &nbsp;&nbsp; 32196 |
| &nbsp;&nbsp;&nbsp; SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 04/05/29<br>|  | 89 | &nbsp;&nbsp; 88859 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.24%, 04/30/30<br>|  | 125 | &nbsp;&nbsp; 124957 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>|  | 129 | &nbsp;&nbsp; 129139 |
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>|  | 44 | &nbsp;&nbsp; 19021 |
| &nbsp;&nbsp;&nbsp; WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/27/31<br>|  | 83 | &nbsp;&nbsp; 83503 |
| &nbsp;&nbsp;&nbsp; Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 2.11%), 6.44%, 10/04/28<br>|  | 20 | &nbsp;&nbsp; 20382 |
|  |  |  | &nbsp;&nbsp; 5007487 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>|  | 3303 | &nbsp;&nbsp; 2984714 |
| Charter Communications Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.30%, 12/07/30<br>|  | 54 | &nbsp;&nbsp; 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 12/15/31<br>|  | 43 | &nbsp;&nbsp; 42963 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 30 | &nbsp;&nbsp; 30137 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>| USD | 2587 | &nbsp;&nbsp; $2517097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>|  | 18 | &nbsp;&nbsp; 17540 |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>|  | 18 | &nbsp;&nbsp; 17756 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>|  | 31 | &nbsp;&nbsp; 31542 |
| &nbsp;&nbsp;&nbsp; Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.06%, 02/21/31<sup>(f)</sup><br>|  | 18 | &nbsp;&nbsp; 17887 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 06/04/29<br>|  | 15 | &nbsp;&nbsp; 14751 |
| &nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.83%, 06/30/28<br>|  | 41 | &nbsp;&nbsp; 41087 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 USD Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.55%, 12/10/31<br>|  | 115 | &nbsp;&nbsp; 115215 |
| Streamland Media Midco LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment First Out Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.50%), <br> 10.06%, 04/02/29<br>|  | 29 | &nbsp;&nbsp; 28952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment Last Out Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), <br> 11.06%, 04/02/29<br>|  | 27 | &nbsp;&nbsp; 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Restatement Date Initial First Out Term <br> Loan, 04/02/29<sup>(o)</sup><br>|  | 1 | &nbsp;&nbsp; 1003 |
| Suited Connector LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 7.00%), 11.51%, 12/01/27<br>|  | 412 | &nbsp;&nbsp; 268494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 7.00%), 11.51%, 12/01/27<br>|  | 2667 | &nbsp;&nbsp; 1739124 |
| &nbsp;&nbsp;&nbsp; Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 04/30/28<br>|  | 54 | &nbsp;&nbsp; 52629 |
|  |  |  | &nbsp;&nbsp; 8002346 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 11/22/30<br>|  | 15 | &nbsp;&nbsp; 14969 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.52%, 12/21/28<br>|  | 104 | &nbsp;&nbsp; 103714 |
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 10/04/30<br>|  | 11 | &nbsp;&nbsp; 11674 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>|  | 40 | &nbsp;&nbsp; 39900 |
| &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/01/32<br>|  | 30 | &nbsp;&nbsp; 30107 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>|  | 16 | &nbsp;&nbsp; 16111 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., 2025 Incremental Term <br> Loan B, (3-mo. CME Term SOFR at 0.75% Floor + <br> 5.50%), 9.81%, 10/30/28<br>|  | 14 | &nbsp;&nbsp; 7644 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, <br> 02/03/31<br>| USD | 10 | &nbsp;&nbsp; $9661  |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, <br> 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 6.57%, 10/05/28<br>|  | 129 | &nbsp;&nbsp; 129271 |
| &nbsp;&nbsp;&nbsp; Palmdale Oil Co. Inc., Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.75%), 11.06%, 10/02/29<sup>(f)</sup><br>|  | 99 | &nbsp;&nbsp; 98651 |
| &nbsp;&nbsp;&nbsp; Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>|  | 12 | &nbsp;&nbsp; 11983 |
|  |  |  | &nbsp;&nbsp; 473685 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; FSK Pallet Holding Corp., Term Loan, (3-mo. CME <br> Term SOFR + 6.50%), 10.86%, 12/23/26<sup>(f)</sup><br>|  | 94 | &nbsp;&nbsp; 93609 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 2025 Term Loan B, <br> 05/28/32<sup>(o)</sup><br>|  | 33 | &nbsp;&nbsp; 33182 |
| &nbsp;&nbsp;&nbsp; Air Canada, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>|  | 76 | &nbsp;&nbsp; 75766 |
| American Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, 2017 1st Lien Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 5.98%, <br> 01/29/27<br>|  | 36 | &nbsp;&nbsp; 35971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 1st Lien Term Loan, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>|  | 63 | &nbsp;&nbsp; 62677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.50%, 02/15/28<br>|  | 58 | &nbsp;&nbsp; 56998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.52%, 04/20/28<br>|  | 44 | &nbsp;&nbsp; 43395 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 08/27/29<br>|  | 39 | &nbsp;&nbsp; 36177 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>|  | 53 | &nbsp;&nbsp; 53059 |
|  |  |  | &nbsp;&nbsp; 397225 |
| **Personal Care Products**<sup>(f)</sup> **— 0.2%** | **Personal Care Products**<sup>(f)</sup> **— 0.2%** | **Personal Care Products**<sup>(f)</sup> **— 0.2%** | **Personal Care Products**<sup>(f)</sup> **— 0.2%** |
| Supergoop LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR + 5.75%), <br> 10.17%, 12/29/27<br>|  | 147 | &nbsp;&nbsp; 146449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 5.75%), 10.18%, 12/29/28<br>|  | 1158 | &nbsp;&nbsp; 1151399 |
|  |  |  | &nbsp;&nbsp; 1297848 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 5.50%), <br> 9.83%, 05/04/28<br>|  | 3025 | &nbsp;&nbsp; 3071069 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 08/01/27<br>|  | 37 | &nbsp;&nbsp; 37290 |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 05/05/28<br>|  | 99 | &nbsp;&nbsp; 99638 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(o)</sup> |  | 90 | &nbsp;&nbsp; 90310 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp; Organon & Co., 2024 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.57%, <br> 05/19/31<br>| USD | 24 | &nbsp;&nbsp; $23331  |
| &nbsp;&nbsp;&nbsp; Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 04/20/29<br>|  | 28 | &nbsp;&nbsp; 28118 |
| &nbsp;&nbsp;&nbsp; Traack Technologies, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 7.50%), 11.93%, 09/15/25<sup>(f)</sup><br>|  | 400 | &nbsp;&nbsp; 396080 |
|  |  |  | &nbsp;&nbsp; 3745836 |
| **Professional Services — 5.1%** | **Professional Services — 5.1%** | **Professional Services — 5.1%** | **Professional Services — 5.1%** |
| &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 02/04/28<br>|  | 86 | &nbsp;&nbsp; 86358 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>|  | 73 | &nbsp;&nbsp; 72519 |
| Applause App Quality, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 7th Amendment Refinancing Revolver, (3-mo. <br> CME Term SOFR at 1.50% Floor + 6.00%), <br> 10.21%, 10/24/29<br>|  | 2 | &nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 7th Amendment Refinancing Term Loan, (3-mo. <br> CME Term SOFR at 1.50% Floor + 6.00%), <br> 10.30%, 10/24/29<br>|  | 81 | &nbsp;&nbsp; 79919 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Emissions- und Handelsgesellschaft mbH, <br> 2024 11th Amendment Term Loan A, (1-mo. CME <br> Term SOFR at 1.00% Floor + 5.75%), 10.18%, <br> 09/30/27<sup>(f)</sup><br>|  | 626 | &nbsp;&nbsp; 622626 |
| Bullhorn, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 9.33%, 10/01/29<br>|  | 4064 | &nbsp;&nbsp; 4033511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 8th Amendment Delayed Draw Term Loan, <br> (1-mo. CME Term SOFR + 5.00%), 9.33%, <br> 10/01/29<br>|  | 544 | &nbsp;&nbsp; 539483 |
| &nbsp;&nbsp;&nbsp; Chronicle Bidco, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.00%), 9.26%, <br> 04/15/31<sup>(f)</sup><br>|  | 5131 | &nbsp;&nbsp; 5105517 |
| &nbsp;&nbsp;&nbsp; Compsych Investments Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.75%), 9.02%, <br> 07/22/31<sup>(f)</sup><br>|  | 3300 | &nbsp;&nbsp; 3332793 |
| CoreLogic, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.61%), 10.94%, 06/04/29<br>|  | 30 | &nbsp;&nbsp; 29070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.61%), 7.94%, 06/02/28<br>|  | 93 | &nbsp;&nbsp; 92129 |
| &nbsp;&nbsp;&nbsp; Corpay Technologies Operating Co. LLC, Term Loan <br> B5, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.08%, 04/28/28<br>|  | 145 | &nbsp;&nbsp; 145002 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(f)</sup><br>|  | 120 | &nbsp;&nbsp; 119828 |
| &nbsp;&nbsp;&nbsp; DTI Holdco, Inc., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.00%), 8.33%, 04/26/29<br>|  | 4875 | &nbsp;&nbsp; 4810154 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/18/29<br>|  | 232 | &nbsp;&nbsp; 231909 |
| &nbsp;&nbsp;&nbsp; Element Materials Technology Group U.S. Holdings, <br> Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>|  | 32 | &nbsp;&nbsp; 31611 |
| &nbsp;&nbsp;&nbsp; Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 29 | &nbsp;&nbsp; 27247 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| HSI Halo Acquisition, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 9.28%, 06/30/31<br>| USD | 71 | &nbsp;&nbsp; $71344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (2-mo. CME Term SOFR at 0.75% <br> Floor + 5.00%), 9.28%, 06/30/31<br>|  | 2300 | &nbsp;&nbsp; 2304968 |
| Job & Talent USA, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3rd Incremental Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 7.00%), 11.33%, 08/17/25<br>|  | 1969 | &nbsp;&nbsp; 1994250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 7.00%), 11.33%, 08/17/25<br>|  | 492 | &nbsp;&nbsp; 498562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 11.33%, 08/17/25<br>|  | 1476 | &nbsp;&nbsp; 1495687 |
| &nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc., Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.00%), 9.26%, <br> 12/22/31<sup>(f)</sup><br>|  | 60 | &nbsp;&nbsp; 58244 |
| &nbsp;&nbsp;&nbsp; Secretariat Advisors LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 02/28/32<sup>(f)</sup><br>|  | 1270 | &nbsp;&nbsp; 1269658 |
| Security Services Acquisition Sub Corp.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 12th Amendment Term Loan A, (1-mo. CME <br> Term SOFR at 1.00% Floor + 5.75%), 10.18%, <br> 09/30/27<br>|  | 1123 | &nbsp;&nbsp; 1115980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.75%), 10.18%, 09/30/27<br>|  | 2227 | &nbsp;&nbsp; 2213845 |
| &nbsp;&nbsp;&nbsp; Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.08%, 05/12/28<br>|  | 43 | &nbsp;&nbsp; 42198 |
| Trans Union LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 57 | &nbsp;&nbsp; 56617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 132 | &nbsp;&nbsp; 132338 |
| Vensure Employer Services, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 9.05%, 09/29/31<br>|  | — <br><sup>(n)</sup><br>| &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 4.75%), 9.05%, 09/29/31<br>|  | 89 | &nbsp;&nbsp; 88047 |
| &nbsp;&nbsp;&nbsp; Zelis Payments Buyer, Inc., 5th Amendment Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 11/26/31<br>|  | 102 | &nbsp;&nbsp; 101095 |
|  |  |  | &nbsp;&nbsp; 30804373 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; 1475 Holdings LLC, Term Loan, (1-mo. CME Term <br> SOFR + 5.25%), 9.58%, 01/18/30<sup>(f)</sup><br>|  | 79 | &nbsp;&nbsp; 78485 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, <br> 2024 Tranche 2 Incremental Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.58%, <br> 01/31/30<br>|  | 23 | &nbsp;&nbsp; 22825 |
| &nbsp;&nbsp;&nbsp; Greystone Affordable Housing Initiatives LLC, <br> 2022 Term Loan, (1-mo. CME Term SOFR + 6.50%), <br> 10.94%, 03/08/27<sup>(f)</sup><br>|  | 1636 | &nbsp;&nbsp; 1625564 |
|  |  |  | &nbsp;&nbsp; 1726874 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Emerald Electronics Manufacturing Services, Term <br> Loan, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.40%), 10.73%, 12/29/27<sup>(f)</sup><br>|  | 1362 | &nbsp;&nbsp; 939325 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| &nbsp;&nbsp;&nbsp; Emerald Technologies (U.S.) Acquisition., Inc., <br> Revolver, (1-mo. CME Term SOFR + 6.00%), <br> 10.58%, 12/29/26<sup>(f)</sup><br>| USD | 516 | &nbsp;&nbsp; $352393  |
| &nbsp;&nbsp;&nbsp; Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29<br>|  | 33 | &nbsp;&nbsp; 33140 |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>|  | 118 | &nbsp;&nbsp; 118046 |
|  |  |  | &nbsp;&nbsp; 1442904 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| &nbsp;&nbsp;&nbsp; Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>|  | 174 | &nbsp;&nbsp; 174208 |
| &nbsp;&nbsp;&nbsp; Barracuda Networks, Inc., 2022 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/15/29<br>|  | 57 | &nbsp;&nbsp; 46897 |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>|  | 163 | &nbsp;&nbsp; 161464 |
| &nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 06/17/30<br>|  | 64 | &nbsp;&nbsp; 63487 |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.33%, <br> 01/23/32<br>|  | 153 | &nbsp;&nbsp; 153121 |
| Clever Devices Ltd.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR + 6.00%), <br> 10.33%, 06/12/30<br>|  | 148 | &nbsp;&nbsp; 147446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 6.00%), 10.32%, 06/12/30<br>|  | 2637 | &nbsp;&nbsp; 2634126 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 244 | &nbsp;&nbsp; 244146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 132 | &nbsp;&nbsp; 132262 |
| Cloudera, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, <br> 10/08/29<br>|  | 31 | &nbsp;&nbsp; 27997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 80 | &nbsp;&nbsp; 76669 |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>|  | 214 | &nbsp;&nbsp; 214066 |
| Docupace Technologies LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan B, (3-mo. CME Term <br> SOFR + 5.75%), 10.05%, 07/15/30<br>|  | 54 | &nbsp;&nbsp; 53080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR + 6.13%), 10.42%, 07/15/30<br>|  | 97 | &nbsp;&nbsp; 95908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 5.75%), <br> 10.05%, 07/15/30<br>|  | 2064 | &nbsp;&nbsp; 2034750 |
| &nbsp;&nbsp;&nbsp; DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.25%), 8.55%, <br> 06/26/31<sup>(f)</sup><br>|  | 37 | &nbsp;&nbsp; 36538 |
| &nbsp;&nbsp;&nbsp; Elastic Path Software, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 12.02%, <br> 01/05/26<sup>(f)</sup><br>|  | 1342 | &nbsp;&nbsp; 1342496 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Ellucian Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>| USD | 137 | &nbsp;&nbsp; $137594  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(f)</sup><br>|  | 26 | &nbsp;&nbsp; 26520 |
| Firstup, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Term Loan, (3-mo. CME Term <br> SOFR + 6.75%), 11.05%, 07/13/27<br>|  | 430 | &nbsp;&nbsp; 427467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.75%), <br> 11.05%, 07/13/27<br>|  | 4183 | &nbsp;&nbsp; 4157592 |
| G-3 Apollo Acquisition Corp.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.00%), 9.31%, 03/10/31<br>|  | 2 | &nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 9.31%, 03/10/31<br>|  | 67 | &nbsp;&nbsp; 65867 |
| Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.08%, 09/12/29<br>|  | 157 | &nbsp;&nbsp; 157016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.08%, 04/16/32<br>|  | 26 | &nbsp;&nbsp; 25942 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>|  | 245 | &nbsp;&nbsp; 244933 |
| &nbsp;&nbsp;&nbsp; Honey Intermediate, Inc., Term Loan, (1-mo. CME Term <br> SOFR + 2.88%, 3.38% PIK), 10.58%, 09/30/31<sup>(f)(h)</sup><br>|  | 90 | &nbsp;&nbsp; 89162 |
| &nbsp;&nbsp;&nbsp; Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>|  | 60 | &nbsp;&nbsp; 60259 |
| &nbsp;&nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 03/20/32<br>|  | 145 | &nbsp;&nbsp; 145135 |
| Lightspeed Solution LLC<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment Incremental Term Loan, (1-<br> mo. CME Term SOFR + 6.50%), 10.83%, <br> 03/01/28<br>|  | 92 | &nbsp;&nbsp; 91155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 6.50%), 10.83%, 03/01/28<br>|  | 28 | &nbsp;&nbsp; 27413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 6.50%), 10.83%, 03/01/28<br>|  | 417 | &nbsp;&nbsp; 414352 |
| &nbsp;&nbsp;&nbsp; LogicMonitor, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.50%), 9.78%, 11/11/31<sup>(f)</sup><br>|  | 81 | &nbsp;&nbsp; 80230 |
| &nbsp;&nbsp;&nbsp; McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>|  | 124 | &nbsp;&nbsp; 120258 |
| MH Sub I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 31 | &nbsp;&nbsp; 29100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>|  | 30 | &nbsp;&nbsp; 25714 |
| &nbsp;&nbsp;&nbsp; Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>|  | 18 | &nbsp;&nbsp; 17344 |
| &nbsp;&nbsp;&nbsp; Pluralsight, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 3.00%), 7.33%, 08/22/29<sup>(f)</sup><br>|  | 226 | &nbsp;&nbsp; 226415 |
| Proofpoint, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.33%, 08/31/28<br>|  | 152 | &nbsp;&nbsp; 152180 |
| &nbsp;&nbsp;&nbsp; 2025 Fungible Term Loan, 08/31/28<sup>(o)</sup> |  | 16 | &nbsp;&nbsp; 16002 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.30%, 04/30/32<br>| USD | 23 | &nbsp;&nbsp; $22802  |
| &nbsp;&nbsp;&nbsp; RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.26%), 7.56%, 04/24/28<br>|  | 94 | &nbsp;&nbsp; 93441 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 10 | &nbsp;&nbsp; 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 6 | &nbsp;&nbsp; 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>|  | 2 | &nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 45 | &nbsp;&nbsp; 44930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 14 | &nbsp;&nbsp; 13345 |
| &nbsp;&nbsp;&nbsp; Spartan Bidco Pty. Ltd., Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 6.50%, 0.00% PIK), 10.93%, <br> 01/24/28<sup>(f)(h)</sup><br>|  | 2139 | &nbsp;&nbsp; 2131169 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/09/31<br>|  | 167 | &nbsp;&nbsp; 167344 |
| Thunder Purchaser, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Delayed Draw Term Loan, (3-mo. <br> CME Term SOFR + 5.75%), 9.70%, 06/30/28<br>|  | 690 | &nbsp;&nbsp; 679821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.25%), 9.70%, 06/30/28<br>|  | 387 | &nbsp;&nbsp; 380700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.50%), 9.95%, 06/30/28<br>|  | 3057 | &nbsp;&nbsp; 3029802 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>|  | 251 | &nbsp;&nbsp; 252166 |
| &nbsp;&nbsp;&nbsp; Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, <br> 07/20/28<br>|  | 14 | &nbsp;&nbsp; 14084 |
| &nbsp;&nbsp;&nbsp; VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, <br> 04/12/31<br>|  | 180 | &nbsp;&nbsp; 181107 |
| &nbsp;&nbsp;&nbsp; West Technology Group LLC, 2023 Term Loan B3, (3-<br> mo. CME Term SOFR + 4.00%), 8.53%, 04/10/27<br>|  | 1010 | &nbsp;&nbsp; 531271 |
|  |  |  | &nbsp;&nbsp; 21937703 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| &nbsp;&nbsp;&nbsp; Cart.Com, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 1.50% Floor + 7.75%), 12.08%, 05/30/29<sup>(f)</sup><br>|  | 5000 | &nbsp;&nbsp; 4975000 |
| &nbsp;&nbsp;&nbsp; Fender Musical Instruments Corp., 2021 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), <br> 8.43%, 12/01/28<br>|  | 7 | &nbsp;&nbsp; 5974 |
| &nbsp;&nbsp;&nbsp; Hanna Andersson LLC, Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 10.63%, 07/02/26<sup>(f)</sup><br>|  | 2944 | &nbsp;&nbsp; 2944375 |
| &nbsp;&nbsp;&nbsp; LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 04/23/31<br>|  | 49 | &nbsp;&nbsp; 48666 |
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., <br> 2025 Repriced Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 3.00%), 7.33%, 05/04/28<br>|  | 156 | &nbsp;&nbsp; 156221 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 37 | &nbsp;&nbsp; 36635 |
| Razor Group GmbH<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Delayed Draw Term Loan, (Defaulted), 0.00%, <br> 11/30/28<sup>(e)(l)</sup><br>|  | 4335 | &nbsp;&nbsp; 884394 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Razor Group GmbH<sup>(f)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.83%, 09/15/27<br>| USD | 93 | &nbsp;&nbsp; $141865  |
| &nbsp;&nbsp;&nbsp; Restoration Hardware, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 10/20/28<br>|  | 40 | &nbsp;&nbsp; 38668 |
| &nbsp;&nbsp;&nbsp; Syndigo LLC, 2020 2nd Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 8.00%), 12.54%, <br> 12/15/28<sup>(f)</sup><br>|  | 2000 | &nbsp;&nbsp; 1960000 |
|  |  |  | &nbsp;&nbsp; 11191798 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Sumup Holdings Luxembourg, 2024 Delayed Draw <br> Term Loan A, (3-mo. CME Term SOFR at 1.50% <br> Floor + 6.50%), 10.83%, 04/22/31<sup>(f)</sup><br>|  | 4000 | &nbsp;&nbsp; 4032000 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
| James Perse Enterprises, Inc.<sup>(f)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (6-mo. CME Term SOFR + 6.25%), <br> 10.28%, 09/02/27<br>|  | 173 | &nbsp;&nbsp; 173333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.25%), 10.31%, 09/02/27<br>|  | 4000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp; WH Borrower LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 02/20/32<br>|  | 5000 | &nbsp;&nbsp; 4992700 |
|  |  |  | &nbsp;&nbsp; 9166033 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Core & Main LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan D, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 07/27/28<br>|  | 120 | &nbsp;&nbsp; 120350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan E, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 02/09/31<br>|  | 35 | &nbsp;&nbsp; 34578 |
| &nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., 2024 Term Loan <br> B2, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 8.28%, 01/29/31<br>|  | 113 | &nbsp;&nbsp; 110115 |
| &nbsp;&nbsp;&nbsp; Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>|  | 24 | &nbsp;&nbsp; 24259 |
| &nbsp;&nbsp;&nbsp; GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 05/12/30<br>|  | 30 | &nbsp;&nbsp; 29889 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>|  | 15 | &nbsp;&nbsp; 15044 |
| &nbsp;&nbsp;&nbsp; PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>|  | 38 | &nbsp;&nbsp; 29002 |
| &nbsp;&nbsp;&nbsp; TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 2.00%, 3.25% <br> PIK), 9.58%, 06/30/29<sup>(f)(h)</sup><br>|  | 42 | &nbsp;&nbsp; 25203 |
|  |  |  | &nbsp;&nbsp; 388440 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>|  | 155 | &nbsp;&nbsp; 154792 |
| Brown Group Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>|  | 62 | &nbsp;&nbsp; 62649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.50%), 6.83%, 07/01/31<br>|  | 98 | &nbsp;&nbsp; 97993 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| &nbsp;&nbsp;&nbsp; OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>| USD | 109 | &nbsp;&nbsp; $108216  |
| &nbsp;&nbsp;&nbsp; Rand Parent LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 03/18/30<br>|  | 15 | &nbsp;&nbsp; 14546 |
|  |  |  | &nbsp;&nbsp; 438196 |
| **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; GOGO Intermediate Holdings LLC, Term Loan B, (1-<br> mo. CME Term SOFR at 0.75% Floor + 3.86%), <br> 8.19%, 04/30/28<br>|  | 44 | &nbsp;&nbsp; 43088 |
| &nbsp;&nbsp;&nbsp; Ligado Networks LLC, 2025 New Money DIP Term <br> Loan, 12/31/49<sup>(o)</sup><br>|  | 2725 | &nbsp;&nbsp; 2382773 |
| &nbsp;&nbsp;&nbsp; OpenMarket, Inc., 2025 Refinancing Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.75%), 10.05%, <br> 06/11/29<br>|  | 4913 | &nbsp;&nbsp; 4906502 |
| &nbsp;&nbsp;&nbsp; SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>|  | 92 | &nbsp;&nbsp; 92440 |
|  |  |  | &nbsp;&nbsp; 7424803 |
| **Total Floating Rate Loan Interests — 64.2%** <br>**(Cost: $405,506,359)** | **Total Floating Rate Loan Interests — 64.2%** <br>**(Cost: $405,506,359)** | **Total Floating Rate Loan Interests — 64.2%** <br>**(Cost: $405,506,359)** | &nbsp;&nbsp; 385160497 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Mongolia Government International Bonds, 3.50%, <br> 07/07/27<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 186962 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Pakistan Government International Bonds, 6.00%, <br> 04/08/26<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 295350 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |  |
| Sri Lanka Government International Bonds<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/28 |  | 89 | &nbsp;&nbsp; 83668 |
| &nbsp;&nbsp;&nbsp; 3.35%, 01/15/30<sup>(j)</sup> |  | 94 | &nbsp;&nbsp; 83944 |
| &nbsp;&nbsp;&nbsp; 3.60%, 03/15/33<sup>(j)</sup> |  | 185 | &nbsp;&nbsp; 149309 |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/35<sup>(j)</sup> |  | 125 | &nbsp;&nbsp; 85165 |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/15/36<sup>(j)</sup> |  | 87 | &nbsp;&nbsp; 70403 |
| &nbsp;&nbsp;&nbsp; 3.85%, 02/15/38<sup>(j)</sup> |  | 173 | &nbsp;&nbsp; 141234 |
|  |  |  | &nbsp;&nbsp; 613723 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Sharjah Sukuk Program Ltd., 6.09%, 03/19/34<sup>(d)</sup> |  | 250 | &nbsp;&nbsp; 260781 |
| **Total Foreign Agency Obligations — 0.2%** <br>**(Cost: $1,293,736)** | **Total Foreign Agency Obligations — 0.2%** <br>**(Cost: $1,293,736)** | **Total Foreign Agency Obligations — 0.2%** <br>**(Cost: $1,293,736)** | &nbsp;&nbsp; 1356816 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity**<sup>(e)</sup> **— 0.3%** | **Equity**<sup>(e)</sup> **— 0.3%** |  |
| Hearthside Equity | 671 | &nbsp;&nbsp; 12816 |
| &nbsp;&nbsp;&nbsp; Igloo Parent Holdings LLC, (Acquired 05/09/25, Cost: <br> $1,902,849)<sup>(f)(g)(p)</sup><br>| 21 | &nbsp;&nbsp; 1632335 |
|  |  | &nbsp;&nbsp; 1645151 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Fixed Income — 0.4%** | **Fixed Income — 0.4%** |  |
| Invesco Senior Loan ETF | 51000 | &nbsp;&nbsp; $1066920  |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(p)</sup><br>| 18476 | &nbsp;&nbsp; 1711247 |
|  |  | &nbsp;&nbsp; 2778167 |
| **Total Investment Companies — 0.7%** <br>**(Cost: $4,986,432)** | **Total Investment Companies — 0.7%** <br>**(Cost: $4,986,432)** | &nbsp;&nbsp; 4423318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 4.2%** | **Capital Trusts — 4.2%** | **Capital Trusts — 4.2%** | **Capital Trusts — 4.2%** |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |
| Volkswagen International Finance NV, 5.99%<sup>(a)(d)(i)</sup> | EUR | 100 | &nbsp;&nbsp; 118918 |
| **Banks**<sup>(a)(i)</sup> **— 0.5%** | **Banks**<sup>(a)(i)</sup> **— 0.5%** | **Banks**<sup>(a)(i)</sup> **— 0.5%** |  |
| Axis Bank Ltd., 4.10%<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 194000 |
| BPER Banca SpA, 6.50%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 241490 |
| Cooperatieve Rabobank UA, 4.38%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 234881 |
| HDFC Bank Ltd., 3.70%<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 193530 |
| Industrial & Commercial Bank of China Ltd., 3.20%<sup>(d)</sup> |  | 400 | &nbsp;&nbsp; 392592 |
| ING Groep NV, 8.00%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 212514 |
| Krung Thai Bank PCL/Cayman Islands, 4.40%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 196900 |
| PNC Financial Services Group, Inc., Series W, 6.25% |  | 600 | &nbsp;&nbsp; 616936 |
| Standard Chartered PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63% |  | 200 | &nbsp;&nbsp; 202010 |
| &nbsp;&nbsp;&nbsp; 7.88% |  | 400 | &nbsp;&nbsp; 416236 |
| Wells Fargo & Co., 6.85% |  | 16 | &nbsp;&nbsp; 16813 |
|  |  |  | &nbsp;&nbsp; 2917902 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |  |
| Nationwide Building Society, 7.50%<sup>(a)(d)(i)</sup> | GBP | 200 | &nbsp;&nbsp; 277083 |
| **Capital Markets**<sup>(a)</sup> **— 0.1%** | **Capital Markets**<sup>(a)</sup> **— 0.1%** | **Capital Markets**<sup>(a)</sup> **— 0.1%** |  |
| Brookfield Finance, Inc., 6.30%, 01/15/55 | USD | 45 | &nbsp;&nbsp; 43063 |
| Nomura Holdings, Inc., <sup>(c)(i)</sup> |  | 200 | &nbsp;&nbsp; 202550 |
|  |  |  | &nbsp;&nbsp; 245613 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |  |
| American Express Co., 3.55%<sup>(a)(i)</sup> |  | 440 | &nbsp;&nbsp; 429724 |
| **Diversified Telecommunication Services**<sup>(a)(d)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(a)(d)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(a)(d)</sup> **— 0.1%** |  |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/03/54 | EUR | 116 | &nbsp;&nbsp; 142088 |
| &nbsp;&nbsp;&nbsp; 8.38%, 12/20/83 | GBP | 107 | &nbsp;&nbsp; 157390 |
| Telefonica Europe BV, 6.75%<sup>(i)</sup> | EUR | 300 | &nbsp;&nbsp; 388282 |
|  |  |  | &nbsp;&nbsp; 687760 |
| **Electric Utilities**<sup>(a)</sup> **— 0.1%** | **Electric Utilities**<sup>(a)</sup> **— 0.1%** | **Electric Utilities**<sup>(a)</sup> **— 0.1%** |  |
| AES Corp., 7.60%, 01/15/55 | USD | 19 | &nbsp;&nbsp; 19562 |
| CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 9 | &nbsp;&nbsp; 9311 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/55 |  | 10 | &nbsp;&nbsp; 10149 |
| &nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/01/54 |  | 355 | &nbsp;&nbsp; 380891 |
|  |  |  | &nbsp;&nbsp; 419913 |
| **Financial Services**<sup>(a)(i)</sup> **— 2.8%** | **Financial Services**<sup>(a)(i)</sup> **— 2.8%** | **Financial Services**<sup>(a)(i)</sup> **— 2.8%** |  |
| Bank of America Corp., 6.63% |  | 90 | &nbsp;&nbsp; 93209 |
| Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% |  | 4150 | &nbsp;&nbsp; 4353047 |
| &nbsp;&nbsp;&nbsp; 9.63% |  | 1240 | &nbsp;&nbsp; 1377278 |
| Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series BB, 7.20% |  | 1250 | &nbsp;&nbsp; 1288853 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |  |
| Citigroup, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; Series CC, 7.13% | USD | 60 | &nbsp;&nbsp; $61843  |
| &nbsp;&nbsp;&nbsp; Series DD, 7.00% |  | 15 | &nbsp;&nbsp; 15767 |
| &nbsp;&nbsp;&nbsp; Series EE, 6.75% |  | 1229 | &nbsp;&nbsp; 1238050 |
| &nbsp;&nbsp;&nbsp; Series FF, 6.95% |  | 15 | &nbsp;&nbsp; 15320 |
| Credit Agricole SA, 5.88%<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 116766 |
| Deutsche Bank AG, 7.38%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 245229 |
| Goldman Sachs Group, Inc., 6.85% | USD | 1155 | &nbsp;&nbsp; 1191946 |
| HSBC Holdings PLC, 7.05% |  | 400 | &nbsp;&nbsp; 404622 |
| Mitsubishi UFJ Financial Group, Inc., 8.20% |  | 425 | &nbsp;&nbsp; 459293 |
| NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% | GBP | 200 | &nbsp;&nbsp; 272444 |
| &nbsp;&nbsp;&nbsp; 8.13% | USD | 2210 | &nbsp;&nbsp; 2383825 |
| Royal Capital BV, 5.00%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199000 |
| Sumitomo Mitsui Financial Group, Inc., 6.45% |  | 300 | &nbsp;&nbsp; 293942 |
| UBS Group AG<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.85% |  | 200 | &nbsp;&nbsp; 200878 |
| &nbsp;&nbsp;&nbsp; 7.75% |  | 960 | &nbsp;&nbsp; 1010652 |
| &nbsp;&nbsp;&nbsp; Series NC10, 9.25% |  | 1301 | &nbsp;&nbsp; 1504491 |
|  |  |  | &nbsp;&nbsp; 16726455 |
| **Independent Power and Renewable Electricity Producers**<sup>(a)(b)(i)</sup> **—** <br> **0.0%** | **Independent Power and Renewable Electricity Producers**<sup>(a)(b)(i)</sup> **—** <br> **0.0%** | **Independent Power and Renewable Electricity Producers**<sup>(a)(b)(i)</sup> **—** <br> **0.0%** |  |
| NRG Energy, Inc., 10.25% |  | 93 | &nbsp;&nbsp; 103270 |
| Vistra Corp., 7.00% |  | 67 | &nbsp;&nbsp; 67806 |
|  |  |  | &nbsp;&nbsp; 171076 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| NN Group NV, 5.75%<sup>(a)(d)(i)</sup> | EUR | 200 | &nbsp;&nbsp; 233425 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Prysmian SpA, Series ., 5.25%<sup>(a)(d)(i)</sup> |  | 175 | &nbsp;&nbsp; 211559 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |  |
| AltaGas Ltd., 7.20%, 10/15/54<sup>(a)(b)</sup> | USD | 16 | &nbsp;&nbsp; 16004 |
| **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.1%** |  |
| Eni SpA, 4.50%<sup>(d)(i)</sup> | EUR | 100 | &nbsp;&nbsp; 118679 |
| Var Energi ASA, 7.86%, 11/15/83<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 387840 |
| Venture Global LNG, Inc., 9.00%<sup>(b)(i)</sup> | USD | 215 | &nbsp;&nbsp; 209023 |
|  |  |  | &nbsp;&nbsp; 715542 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |  |
| Air France-KLM, Series ., 5.75%<sup>(a)(d)(i)</sup> | EUR | 100 | &nbsp;&nbsp; 116981 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |  |
| Bayer AG, 5.38%, 03/25/82<sup>(a)(d)</sup> |  | 400 | &nbsp;&nbsp; 473663 |
| **Real Estate Management & Development**<sup>(d)(i)</sup> **— 0.0%** | **Real Estate Management & Development**<sup>(d)(i)</sup> **— 0.0%** | **Real Estate Management & Development**<sup>(d)(i)</sup> **— 0.0%** |  |
| Heimstaden Bostad AB, 2.63%<sup>(a)</sup> |  | 116 | &nbsp;&nbsp; 129810 |
| NWD Finance BVI Ltd.<sup>(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% | USD | 200 | &nbsp;&nbsp; 53100 |
| &nbsp;&nbsp;&nbsp; 5.25% |  | 200 | &nbsp;&nbsp; 57500 |
|  |  |  | &nbsp;&nbsp; 240410 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |
| La Poste SA, 5.00%<sup>(a)(d)(i)</sup> | EUR | 100 | &nbsp;&nbsp; 121094 |
| **Utilities**<sup>(a)(d)(i)</sup> **— 0.2%** | **Utilities**<sup>(a)(d)(i)</sup> **— 0.2%** | **Utilities**<sup>(a)(d)(i)</sup> **— 0.2%** |  |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 241495 |
| &nbsp;&nbsp;&nbsp; 6.00% | GBP | 500 | &nbsp;&nbsp; 685544 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |  |
| Electricite de France SA (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 100 | &nbsp;&nbsp; $138616  |
| Enel SpA, 4.25% | EUR | 100 | &nbsp;&nbsp; 118902 |
|  |  |  | &nbsp;&nbsp; 1184557 |
|  |  |  | &nbsp;&nbsp; 25307679 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.2%** | **Preferred Stocks — 1.2%** | **Preferred Stocks — 1.2%** |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |  |
| StubHub, Series K, 12/31/49<sup>(e)(f)</sup> | 3000 | &nbsp;&nbsp; 3215027 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| Kellermeyer Bergensons Pref<sup>(e)(f)</sup> | 45118 | &nbsp;&nbsp; 1412 |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |  |
| SellerX Germany GMBH & Co. KG, Series Z<sup>(e)(f)</sup> | 4707471 | &nbsp;&nbsp; 1388704 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |  |
| WorldRemit Ltd., Series X<sup>(e)(f)</sup> | 136 | &nbsp;&nbsp; 15174 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30<sup>(e)</sup> | 8 | &nbsp;&nbsp; 1376 |
| **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Alliant Cali, Inc., (Acquired 09/24/24, Cost: $83,725), <br> 12/31/79<sup>(f)(g)</sup><br>| 85 | &nbsp;&nbsp; 89040 |
| **Interactive Media & Services**<sup>(e)(f)(g)</sup> **— 0.3%** | **Interactive Media & Services**<sup>(e)(f)(g)</sup> **— 0.3%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $681,004)<br>| 6215 | &nbsp;&nbsp; 1442129 |
| &nbsp;&nbsp;&nbsp; Streamland Media Holdings LLC, (Acquired 03/31/25, <br> Cost: $42,479)<br>| 264 | &nbsp;&nbsp; 12711 |
|  |  | &nbsp;&nbsp; 1454840 |
| **IT Services**<sup>(e)(f)</sup> **— 0.0%** | **IT Services**<sup>(e)(f)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| &nbsp;&nbsp;&nbsp; Series G | 219 | &nbsp;&nbsp; 4928 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 161 | &nbsp;&nbsp; 3623 |
|  |  | &nbsp;&nbsp; 8551 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Job and Talent Holding Ltd., (Acquired 02/12/25, Cost: <br> $213,159), 0.00%<sup>(e)(f)(g)</sup><br>| 18083 | &nbsp;&nbsp; 948050 |
| **Specialty Retail**<sup>(e)(f)</sup> **— 0.0%** | **Specialty Retail**<sup>(e)(f)</sup> **— 0.0%** |  |
| Razor Group GmbH |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 09/30/28<sup>(l)</sup> | 3182164 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Common Unit, 09/30/28 | 31821 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 7122206 |
| **Total Preferred Securities — 5.4%** <br>**(Cost: $33,052,628)** | **Total Preferred Securities — 5.4%** <br>**(Cost: $33,052,628)** | &nbsp;&nbsp; 32429885 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Rights** | **Rights** | **Rights** |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc., (Expires 01/23/27, Strike Price <br> USD 5.02)<br>| 328331 | &nbsp;&nbsp; $21342 |
| **Total Rights — 0.0%** <br>**(Cost: $78,799)** | **Total Rights — 0.0%** <br>**(Cost: $78,799)** | &nbsp;&nbsp; 21342 |
| **Warrants** | **Warrants** | **Warrants** |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pico Quantitative Trade Holding LLC, (Issued 02/07/20, <br> Expires 02/07/30)<sup>(e)(f)(q)</sup><br>| 142 | &nbsp;&nbsp; 25864 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; WorldRemit Ltd., Series D, (Issued/Exercisable <br> 02/11/21, 1,596 Shares for 1 Warrant, Expires <br> 02/11/31, Strike Price USD 37.59)<sup>(e)(f)</sup><br>| 1596 | &nbsp;&nbsp; 1348 |
| **Consumer Staples Distribution & Retail**<sup>(e)(f)</sup> **— 0.0%** | **Consumer Staples Distribution & Retail**<sup>(e)(f)</sup> **— 0.0%** |  |
| &nbsp;&nbsp;&nbsp; SellerX restructure - Elevate common shares, <br> (Exercisable 07/25/23, 1 Shares for 1 Warrant, <br> Expires 12/31/49, Strike Price USD 1.00)<br>| 373 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; SellerX restructure - Elevate super senior warrants, <br> (Exercisable 07/25/23, 1 Shares for 1 Warrant, <br> Expires 12/31/49, Strike Price USD 1.00)<br>| 1527 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; SellerX restructure - SellerX common warrants, <br> (Exercisable 07/25/23, 1 Shares for 1 Warrant, <br> Expires 12/31/49, Strike Price USD 1.00)<br>| 527 | &nbsp;&nbsp; — |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Service King (Carnelian Point), (Exercisable 01/14/23, <br> 1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br> USD 10.00)<sup>(e)</sup><br>| 129 | &nbsp;&nbsp; — |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Research Now, Inc., (Issued 07/15/24, Exercisable <br> 07/15/29, Expires 07/15/29, Strike Price USD <br> 37.72)<sup>(e)</sup><br>| 2857 | &nbsp;&nbsp; 357 |
| **Media — 0.0%**  | **Media — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp; Suited Connector LLC, (Issued/Exercisable 03/06/23, <br> 1 Share for 1 Warrant, Expires 03/06/33, Strike Price <br> USD 33.71)<sup>(e)(f)</sup><br>| 20348 | &nbsp;&nbsp; — |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Grey Orange, (Issued/Exercisable 05/06/22, 1 Share <br> for 1 Warrant, Expires 05/06/32, Strike Price USD <br> 28.93)<sup>(e)(f)</sup><br>| 460 | &nbsp;&nbsp; 92 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialty Retail**<sup>(e)(f)</sup> **— 0.0%** | **Specialty Retail**<sup>(e)(f)</sup> **— 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Razor Group GmbH, (Issued/Exercisable 03/24/23, <br> 568 Shares for 1 Warrant, Expires 04/28/30, Strike <br> Price EUR 6,306.84)<br>| 14 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Razor Group GmbH, (Issued/Exercisable 04/30/21, <br> 1,854 Shares for 1 Warrant, Expires 04/30/28, Strike <br> Price EUR 911.97)<br>| 46 | &nbsp;&nbsp; — |
| **Total Warrants — 0.0%** <br>**(Cost: $30)** | **Total Warrants — 0.0%** <br>**(Cost: $30)** | &nbsp;&nbsp; 27661 |
| **Total Long-Term Investments — 106.2%** <br>**(Cost: $658,695,992)** | **Total Long-Term Investments — 106.2%** <br>**(Cost: $658,695,992)** | &nbsp;&nbsp; 636545565 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 6.4%** | **Money Market Funds — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(p)(r)</sup><br>| 38552736 | &nbsp;&nbsp; 38552736 |
| **Total Short-Term Securities — 6.4%** <br>**(Cost: $38,552,736)** | **Total Short-Term Securities — 6.4%** <br>**(Cost: $38,552,736)** | &nbsp;&nbsp; 38552736 |
| **Total Investments — 112.6%** <br>**(Cost: $697,248,728)** | **Total Investments — 112.6%** <br>**(Cost: $697,248,728)** | &nbsp;&nbsp; 675098301 |
| **Liabilities in Excess of Other Assets — (12.6)%** | **Liabilities in Excess of Other Assets — (12.6)%** | &nbsp;&nbsp; (75421132)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $599677169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,197,788, representing 0.7% of its net assets as of period end, and an original cost of $4,936,850. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Perpetual security with no stated maturity date.

<sup>(j)</sup> 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. 

<sup>(k)</sup> Convertible security.

<sup>(l)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(m)</sup> Zero-coupon bond.

<sup>(n)</sup> Rounds to less than 1,000.

<sup>(o)</sup> 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. 

<sup>(p)</sup> Affiliate of the Fund.

<sup>(q)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary. 

<sup>(r)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $73339862 | $— | $(34787126 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— | $— | $38552736 | 38552736 | $422234 | $— |
| Igloo Parent Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1902849 |  | &nbsp;&nbsp;&nbsp; — | (270514)<br>| 1632335 | 21 |  |  |
| iShares JP Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp; 1645104 |  |  | &nbsp;&nbsp;&nbsp; — | 66143 | 1711247 | 18476 | 37581 |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $— | $(204371)<br>| $41896318 |  | $459815 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $1143 | &nbsp;&nbsp;&nbsp;&nbsp; $32954 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp; 31051 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; $9362 | &nbsp;&nbsp;&nbsp;&nbsp; $37255 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 56797 | &nbsp;&nbsp;&nbsp;&nbsp; 622583 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 723843 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48887 | &nbsp;&nbsp;&nbsp;&nbsp; (1065254)<br>|
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp;&nbsp; (103050)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1168304)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(444461)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 60000 | USD | 69154 | Barclays Bank PLC | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1593 |
| GBP | 220000 | USD | 299437 | Morgan Stanley & Co. International PLC | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2566 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| USD | 330693 | CHF | 270000 | Morgan Stanley & Co. International PLC | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10233)<br>|
| USD | 32936818 | EUR | 28370000 | Deutsche Bank AG | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514700)<br>|
| USD | 127840 | EUR | 110000 | Morgan Stanley & Co. International PLC | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1863)<br>|
| USD | 40633 | GBP | 30000 | Goldman Sachs International | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549)<br>|
| USD | 8396194 | GBP | 6170000 | State Street Bank and Trust Co. | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73618)<br>|
| USD | 424512 | EUR | 370000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13547)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614510)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(610351)<br>|

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| Quarterly | 06/20/30<br> B | USD | 34025 | &nbsp;&nbsp;&nbsp; $2614242 | &nbsp;&nbsp;&nbsp; $995392 | &nbsp;&nbsp;&nbsp; $1618850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> 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 Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Faurecia SE | 5.00<br> % <br>| Quarterly | Goldman Sachs International | 06/20/29 | BB- | EUR | 49 | $3890  | $4630  | $(740 )<br>|
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 75 | (13996)<br>| (12904)<br>| (1092)<br>|
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 80 | 4928 | 5236 | (308)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 114 | 17483 | 14606 | 2877 |
| SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 27 | (1123)<br>| (1962)<br>| 839 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 28 | (1165)<br>| (1840)<br>| 675 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 39 | (2172)<br>| (2372)<br>| 200 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 40 | 6087 | 5563 | 524 |
|  |  |  |  |  |  |  |  | $13932 | $10957 | $2975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $995392  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1618850  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| OTC Swaps | &nbsp;&nbsp; 30035 | &nbsp;&nbsp;&nbsp;&nbsp; (19078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5115 | &nbsp;&nbsp;&nbsp;&nbsp; (2140)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $723843  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $723843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1618850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1618850 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 35150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35150 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1654000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4159 | &nbsp;&nbsp; $723843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2382002 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1168304  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1168304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 614510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 614510 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 21218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21218 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21218 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $614510 | &nbsp;&nbsp; $1168304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1804032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(32281 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1075535  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1043254  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4226131)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4226131)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (126963)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (853641)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (980604)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 445839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 490641 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (862534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (862534)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(862534)<br>| &nbsp;&nbsp; $(114442)<br>| &nbsp;&nbsp; $(4226131)<br>| &nbsp;&nbsp; $667733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4535374)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1563531 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1563531 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1101872)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1101872)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 495099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 495099 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Options written | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(257651 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(257651 )<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 3108156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3108156 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3108156 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1101872)<br>| &nbsp;&nbsp; $(1326083)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $680201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — long | &nbsp;&nbsp; $69372180 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 67879805 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 40505272 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 2968321 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 65866 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 37638 |
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 9900000 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 31692776 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; $92539  | &nbsp;&nbsp;&nbsp;&nbsp; $158747  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 4159 | &nbsp;&nbsp;&nbsp;&nbsp; 614510 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; 122452 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 35150 | &nbsp;&nbsp;&nbsp;&nbsp; 21218 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 254300 | &nbsp;&nbsp;&nbsp;&nbsp; 794475 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (214991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158747)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $39309 | &nbsp;&nbsp;&nbsp;&nbsp; $635728 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.

The following table presents the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $839 | &nbsp;&nbsp; $(839 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 2468 | &nbsp;&nbsp; (2468)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 17483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17483 |
| Deutsche Bank AG | &nbsp;&nbsp; 6087 | &nbsp;&nbsp; (6087)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 9866 | &nbsp;&nbsp; (1597)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8269 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 2566 | &nbsp;&nbsp; (2566)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $39309 | &nbsp;&nbsp; $(13557)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25752 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1962  | &nbsp;&nbsp; $(839 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1123  |
| Barclays Bank PLC | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; (2468)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1744 |
| Deutsche Bank AG | &nbsp;&nbsp; 528696 | &nbsp;&nbsp; (6087)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 522609 |
| Goldman Sachs International | &nbsp;&nbsp; 1597 | &nbsp;&nbsp; (1597)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 13547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13547 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 12096 | &nbsp;&nbsp; (2566)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9530 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 73618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73618 |
|  | &nbsp;&nbsp; $635728 | &nbsp;&nbsp; $(13557)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $622171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $41345348  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $41345348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 599357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37201 | &nbsp;&nbsp;&nbsp;&nbsp; 37201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23496 | &nbsp;&nbsp;&nbsp;&nbsp; 23496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49577 | &nbsp;&nbsp;&nbsp;&nbsp; 49577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 68250 | &nbsp;&nbsp;&nbsp;&nbsp; 68284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51015 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 51030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 2756287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2756287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp; 6143620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 521453 | &nbsp;&nbsp;&nbsp;&nbsp; 6665073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26870 | &nbsp;&nbsp;&nbsp;&nbsp; 26870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 288900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 288900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1656690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1656690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146697468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146697468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10371178 | &nbsp;&nbsp;&nbsp;&nbsp; 2473708 | &nbsp;&nbsp;&nbsp;&nbsp; 12844886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132809954 | &nbsp;&nbsp;&nbsp;&nbsp; 252350543 | &nbsp;&nbsp;&nbsp;&nbsp; 385160497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1356816 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1356816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12816 | &nbsp;&nbsp;&nbsp;&nbsp; 1632335 | &nbsp;&nbsp;&nbsp;&nbsp; 1645151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | &nbsp;&nbsp; 2778167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2778167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25307679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25307679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 7120830 | &nbsp;&nbsp;&nbsp;&nbsp; 7122206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; 21342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 27304 | &nbsp;&nbsp;&nbsp;&nbsp; 27661 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &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; $38552736  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $38552736  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 63650 | &nbsp;&nbsp;&nbsp;&nbsp; 63666 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72189)<br>|
|  | &nbsp;&nbsp; $51140596 | &nbsp;&nbsp;&nbsp;&nbsp; $359615918 | &nbsp;&nbsp;&nbsp;&nbsp; $264333264 | &nbsp;&nbsp;&nbsp;&nbsp; $675089778 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1623965  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1623965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 723843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723843 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2140)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (614510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (614510)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (1168304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1168304)<br>|
|  | &nbsp;&nbsp; $(444461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1011474 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $567013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $67,500,000 are categorized as Level 2 within the fair value hierarchy.

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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Investment* <br>*Companies*<br>| *Preferred* <br>*Stocks*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $1000000  | $1352233  | $85458  | $3646756  | $258529849  | $—  | $5491882  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | 687 | 1527513 |  |  |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1000000)<br>|  | (85458)<br>| (744541)<br>| (1898505)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (5036)<br>| 422802 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | 504192 |  | 42341 | (8424894)<br>|  | 45637 |
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | (353920)<br>|  | 45536 | 2296044 | (270514)<br>| 520461 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | 614570 |  | 48760 | 50703322 | 1902849 | 1644344 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (1384783)<br>|  | (560795)<br>| (50805588)<br>|  | (581494)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $732292 | $— | $2473708 | $252350543 | $1632335 | $7120830 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at June 30, <br> 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | $(229677)<br>| $— | $4633 | $(4528298)<br>| $(270514)<br>| $520461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded* <br>*Floating* <br>*Rate Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets/Liabilities** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $(88115 )<br>| 27419 | $270045482  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 |  | 1528201 |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | (286)<br>| (3728790)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 417766 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (7832724)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84366 | 171 | 2322144 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Credit Strategies Fund**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded*<br> *Floating*<br> *Rate Loan*<br> *Interests*<br>| *Warrants* | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $—  |  | $54913845  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (53332660)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(3748)<br>| 27304 | $264333264 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $50168 | 171 | $(4453056)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2025, 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 disclosure hierarchy. 

<sup>(b)</sup> As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, 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 disclosure hierarchy. 

<sup>(c)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

<sup>(d)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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 $53,840,285.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; $200294149 | Income | Discount Rate | 8% - 20% | 10% |
|  |  | Market | Revenue Multiple | 0.20x -1.40x | 0.67x |
|  |  |  | EBITDA | 4.00x - 11.25x | 6.18x |
| Common Stocks | &nbsp;&nbsp; 585539 | Market | EBITDA | 12.75x |  |
|  |  |  | Revenue Multiple | 0.20x -1.40x | 0.43x |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 2473708 | Income | Discount Rate | 12% |  |
| Preferred Stocks | &nbsp;&nbsp; 7112279 | Income | Discount Rate | 10% - 16% | 16% |
|  |  | Market | Revenue Multiple | 0.50x - 3.10x | 1.11x |
|  |  |  | Time to Exit | 2.0 years |  |
|  |  |  | Volatility | 45% |  |
|  |  |  | EBITDA | 4.00x - 11.25x | 4.01x |
|  |  |  | Discount for lack of marketability | 15% |  |
| Warrants | &nbsp;&nbsp; 27304 | Market | Revenue Multiple | 3.10x - 5.00x | 4.91x |
|  |  |  | Time to Exit | 1.0 - 2.0 years | 1.9 years |
|  |  |  | Volatility | 45% -60% | 46% |
|  |  |  | Discount for lack of marketability | 10%-15% | 10% |
|  | &nbsp;&nbsp; $210492979 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to consolidated financial statements.*

Consolidated Schedule of Investments

------

Consolidated Statement of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock Credit <br>Strategies Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $633201983 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41896318 |
| Cash pledged: |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1810000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp; 2783000 |
| Foreign currency, at value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1269453 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4114790 |
| &nbsp;&nbsp;&nbsp; Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1855438 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3725 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109889 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8469113 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92539 |
| &nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122452 |
| Swap premiums paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30035 |
| Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159 |
| &nbsp;&nbsp;&nbsp; OTC swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5115 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63666 |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36571 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213122 |
| Total assets | &nbsp;&nbsp; 696081368 |
| **LIABILITIES** |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp; 2335962 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 21016161 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63531 |
| &nbsp;&nbsp;&nbsp; Bank borrowings | &nbsp;&nbsp;&nbsp;&nbsp; 67500000 |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90664 |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6983 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3110939 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287904 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539624 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59883 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; Recoupment of past waived fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18424 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161317 |
| &nbsp;&nbsp;&nbsp; Service and distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93016 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64833 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158747 |
| Swap premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19078 |
| Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614510 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
|  | BlackRock Credit<br> Strategies Fund<br>|
| &nbsp;&nbsp;&nbsp; OTC swaps | $2140 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72189 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 96404199 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $599677169 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $691313750 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (91636581) |
| NET ASSETS | $599677169 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $654794937 |
| <sup>(b)</sup> Investments, at cost—affiliated | $42453791 |
| <sup>(c)</sup> Foreign currency, at cost | $1263996 |

---

Consolidated Financial Statements

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock Credit <br>Strategies Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $442588719 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 53026501 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.35 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class A** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $107105970 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 12784262 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.38 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class J** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $484325 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57937 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.36 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class U** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $49298860 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 5899464 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.36 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class W** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $199295 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23787 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.38 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Statement of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock Credit <br>Strategies Fund<br>|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $397709 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 459815 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 24422523 |
| &nbsp;&nbsp;&nbsp; Non-cash dividends — unaffiliated | &nbsp;&nbsp; 320595 |
| &nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 4684527 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; 1006420 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (2641)<br>|
| Total investment income | &nbsp;&nbsp; 31288948 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 3161185 |
| &nbsp;&nbsp;&nbsp; Service and distribution — class specific | &nbsp;&nbsp; 593482 |
| &nbsp;&nbsp;&nbsp; Transfer agent — class specific | &nbsp;&nbsp; 267468 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 234744 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 81387 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 72717 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 63018 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 49488 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; 46613 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 32479 |
| &nbsp;&nbsp;&nbsp; Recoupment of past waived and/or reimbursed fees — class specific | &nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 70771 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 4686173 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees — unaffiliated | &nbsp;&nbsp; 1484591 |
| Total expenses | &nbsp;&nbsp; 6170764 |
| &nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (15797)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (2286)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 6152681 |
| Net investment income | &nbsp;&nbsp; 25136267 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (8812663)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (4226131)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 1079345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 1043254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 490641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate | &nbsp;&nbsp; 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; (862534)<br>|
|  | &nbsp;&nbsp; (11278598)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 3190741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (204371)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (1101872)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (1563531)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (257651)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 3108156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp; 79519 |
|  | &nbsp;&nbsp; 3279536 |
| Net realized and unrealized loss | &nbsp;&nbsp; (7999062)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $17137205 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock Credit <br>Strategies Fund | BlackRock Credit <br>Strategies Fund |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $25136267 | &nbsp;&nbsp;&nbsp;&nbsp; $50666326 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (11278598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2836896)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3279536 | &nbsp;&nbsp;&nbsp;&nbsp; (6656436)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17137205 | &nbsp;&nbsp;&nbsp;&nbsp; 41172994 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp; (19571221 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (38557760)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (4493925 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (9133532)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class J | &nbsp;&nbsp; (20302 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (6794)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp; (1955822 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4139338)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W | &nbsp;&nbsp; (8101 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18311)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (26049371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51855735)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold and issued | &nbsp;&nbsp; 62660463 | &nbsp;&nbsp;&nbsp;&nbsp; 219162300 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; 6746378 | &nbsp;&nbsp;&nbsp;&nbsp; 14491229 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (67135379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78363818)<br>|
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 2271462 | &nbsp;&nbsp;&nbsp;&nbsp; 155289711 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (6640704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 144606970 |
| Beginning of period | &nbsp;&nbsp; 606317873 | &nbsp;&nbsp;&nbsp;&nbsp; 461710903 |
| End of period | &nbsp;&nbsp; $599677169 | &nbsp;&nbsp;&nbsp;&nbsp; $606317873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Statement of Cash Flows (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock Credit <br>Strategies Fund<br>|
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $17137205 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 155348733 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (183145003)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of short-term securities | &nbsp;&nbsp; 15877755 |
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (2034826)<br>|
| &nbsp;&nbsp;&nbsp; Paid-in-kind income, including non-cash dividends | &nbsp;&nbsp; (5005122)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (26133)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 70935 |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and options written | &nbsp;&nbsp; 8458977 |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | &nbsp;&nbsp; (1770098)<br>|
| (Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 84227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (2393)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 478209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 88149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; (122452)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums paid | &nbsp;&nbsp; (17735)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 101035 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp; 101352 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; 46613 |
| Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp; Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; 24228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 32907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp; 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 68665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (4320)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; (141)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoupment of past waived fees | &nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (8392)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (33528)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | &nbsp;&nbsp; (4623)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 34733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 97239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; (18093)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums received | &nbsp;&nbsp; (2310)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 5875597 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (19735875)<br>|
| Payments for offering costs | &nbsp;&nbsp; (28769)<br>|
| Payments for bank borrowings | &nbsp;&nbsp; (61000000)<br>|
| Net payments on redemption of capital shares | &nbsp;&nbsp; (67122067)<br>|
| Proceeds from bank borrowings | &nbsp;&nbsp; 78500000 |
| Increase in bank overdraft | &nbsp;&nbsp; 2335962 |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; 62583267 |
| Net cash used for financing activities | &nbsp;&nbsp; (4467482)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 6001 |

---

Consolidated Financial Statements

------

Consolidated Statement of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock Credit<br> Strategies Fund<br>|
| **CASH AND FOREIGN CURRENCY** |  |
| Net increase in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $1414116 |
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 4448337 |
| Restricted and unrestricted cash and foreign currency at end of period  | &nbsp;&nbsp; $5862453 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $1415926 |
| **NON-CASH FINANCING ACTIVITIES** |  |
| Reinvestment of distributions | &nbsp;&nbsp; $6746378 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE CONSOLIDATED** <br> **STATEMENT OF ASSETS AND LIABILITIES**<br>|  |
| Cash pledged |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; $1810000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp; 2783000 |
| Foreign currency at value | &nbsp;&nbsp; 1269453 |
|  | &nbsp;&nbsp; $5862453 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Credit Strategies Fund | BlackRock Credit Strategies Fund | BlackRock Credit Strategies Fund | BlackRock Credit Strategies Fund | BlackRock Credit Strategies Fund | BlackRock Credit Strategies Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp; $10.24 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net increase (decrease) from investment operations | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.37 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.35 | &nbsp;&nbsp;&nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.07 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.09<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses<sup>(j)</sup> | 1.88 %<sup>(k)(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 %<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.87 %<sup>(k)(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 %<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<br>| 1.36 %<sup>(k)(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| Net investment income | 8.63 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $442589 | &nbsp;&nbsp;&nbsp;&nbsp; $445710 | &nbsp;&nbsp;&nbsp;&nbsp; $321744 | &nbsp;&nbsp;&nbsp;&nbsp; $293515 | &nbsp;&nbsp;&nbsp;&nbsp; $285729 | &nbsp;&nbsp;&nbsp;&nbsp; $128769 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 | &nbsp;&nbsp;&nbsp;&nbsp; $39500 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $9884 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 | &nbsp;&nbsp;&nbsp;&nbsp; $5432 |
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(e)</sup> Amount is greater than $(0.005) per share.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists 

<sup>(g)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(h)</sup> Not annualized.

<sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(j)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/20 |
| Expense ratios | 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> Annualized.

<sup>(l)</sup> Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 1.89%, 1.88% and 1.37% respectively. 

<sup>(m)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/orreimbursed and excluding interest expense and fees would have been 2.18%, 2.18% and 1.55%, respectively. 

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) |
|  | Class A | Class A | Class A | Class A | Class A | Class A |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Period from <br>04/01/20<sup>(b)</sup> <br>to 12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Period from <br>04/01/20<sup>(b)</sup> <br>to 12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Net increase (decrease) from investment operations | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.34 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.38 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.42 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.68 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.09 %<sup>(i)</sup><br>|
| **Ratios to Average Net Assets**<sup>(j)</sup> <br>|  |  |  |  |  |  |
| Total expenses<sup>(k)</sup> | 2.54 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35 %<sup>(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.53 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25 %<sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees<br>| 2.02 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38 %<sup>(l)</sup><br>|
| Net investment income | 7.94 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45 %<sup>(l)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $107106 | &nbsp;&nbsp;&nbsp;&nbsp; $112309 | &nbsp;&nbsp;&nbsp;&nbsp; $95592 | &nbsp;&nbsp;&nbsp;&nbsp; $97062 | &nbsp;&nbsp;&nbsp;&nbsp; $116182 | &nbsp;&nbsp;&nbsp;&nbsp; $46313 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 | &nbsp;&nbsp;&nbsp;&nbsp; $39500 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $9884 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 | &nbsp;&nbsp;&nbsp;&nbsp; $5432 |
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(f)</sup> Amount is greater than $(0.005) per share.

<sup>(g)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(h)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(i)</sup> Not annualized.

<sup>(j)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(k)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Period from <br>04/01/20<sup>(b)</sup> <br>to 12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp;&nbsp; Period from <br>04/01/20<sup>(b)</sup> <br>to 12/31/20 |
| Expense ratios | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> Annualized.

<sup>(m)</sup> Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.55%, 2.54% and 2.03% respectively. 

<sup>(n)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.85%, 2.85% and 2.23%, respectively. 

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) |
|  | Class J | Class J |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Period from <br>11/19/24<sup>(b)</sup> <br>to 12/31/24 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Period from <br>11/19/24<sup>(b)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| Distributions from net investment income | &nbsp;&nbsp; (0.35 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | 2.80 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40 )%<sup>(h)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |
| Total expenses | 2.27 %<sup>(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71 %<sup>(j)(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.26 %<sup>(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.75 %<sup>(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(j)</sup><br>|
| Net investment income | 8.23 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br> %<br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $484 | &nbsp;&nbsp;&nbsp;&nbsp; $491 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $9884 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 |
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(m)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(f)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(g)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(h)</sup> Not annualized.

<sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(j)</sup> Annualized.

<sup>(k)</sup> Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.28%, 2.27% and 1.76% respectively. 

<sup>(l)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.69%, 2.68% and 2.05%, respectively. 

<sup>(m)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) |
|  | Class U | Class U | Class U | Class U | Class U |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net increase (decrease) from investment operations | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.34 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.69 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.74 )%<sup>(i)</sup><br>|
| **Ratios to Average Net Assets**<sup>(j)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(k)</sup> | 2.66 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80 %<sup>(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.66 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80 %<sup>(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 2.14 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47 %<sup>(l)</sup><br>|
| Net investment income | 7.85 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23 %<sup>(l)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $49299 | &nbsp;&nbsp;&nbsp;&nbsp; $47606 | &nbsp;&nbsp;&nbsp;&nbsp; $44169 | &nbsp;&nbsp;&nbsp;&nbsp; $39203 | &nbsp;&nbsp;&nbsp;&nbsp; $26076 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $9884 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55 %<sup>(o)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(f)</sup> Amount is greater than $(0.005) per share.

<sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists 

<sup>(h)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(i)</sup> Not annualized.

<sup>(j)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(k)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| Expense ratios | 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> Annualized.

<sup>(m)</sup> Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.67%, 2.66% and 2.15% respectively. 

<sup>(n)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.87%, 2.86% and 2.23%, respectively. 

<sup>(o)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) | BlackRock Credit Strategies Fund (continued) |
|  | Class W | Class W | Class W | Class W | Class W |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25<sup>(a)</sup> <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net increase (decrease) from investment operations | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.34 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.38 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 |
| **Total Return**<sup>(g)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.68 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.74 )%<sup>(i)</sup><br>|
| **Ratios to Average Net Assets**<sup>(j)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(k)</sup> | 2.54 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.53 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(l)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 2.02 %<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 %<sup>(l)</sup><br>|
| Net investment income | 7.97 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64 %<sup>(l)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $199 | &nbsp;&nbsp;&nbsp;&nbsp; $202 | &nbsp;&nbsp;&nbsp;&nbsp; $206 | &nbsp;&nbsp;&nbsp;&nbsp; $202 | &nbsp;&nbsp;&nbsp;&nbsp; $237 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $9884 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55 %<sup>(o)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(f)</sup> Amount is greater than $(0.005) per share.

<sup>(g)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(h)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(i)</sup> Not annualized.

<sup>(j)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(k)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| Expense ratios | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> Annualized.

<sup>(m)</sup> Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.55%, 2.54% and 2.02% respectively. 

<sup>(n)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expense, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.86, 2.85% and 2.24%, respectively. 

<sup>(o)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

Financial Highlights

------

Notes to Consolidated Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Credit Strategies Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is registered as a diversified, closed-end management investment company that has elected to operate as an interval fund. The Fund is organized as a Delaware statutory trust. The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value ("NAV"), reduced by any applicable repurchase fee. The Fund determines and makes available for publication the NAV of its shares on a daily basis. The Fund's shares are offered for sale daily through its Distributor (defined below) at the then-current NAV plus any applicable sales load. The price of the shares during the Fund's continuous offering will fluctuate over time with the NAV of the shares. The sales load payable by each investor depends upon the amount invested in each share class by the investor in the Fund but may range from 0.00% to 3.50%.

The Fund offers five classes of shares designated as Institutional Shares, Class A Shares, Class J Shares, Class U Shares and Class W Shares. Each class of shares have identical voting, dividend, liquidation and other rights and will be subject to the same terms and conditions, except that Class A, Class U and Class W Shares bear expenses related to the shareholder servicing and distribution of such shares.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the account of CREDX Subsidiary, LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold investments that may produce non-qualifying income for tax purposes and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. The Fund may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $25,864, which is less than 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to the Fund.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. The Fund has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Board of Trustees of the Fund (the "Board"), the trustees who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Consolidated Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Consolidated Statement of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Offering Costs:** Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund' s investments are valued at fair value (also referred to as "market value" within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Stripped Mortgage-Backed Securities:** Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Consolidated Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(depreciation) is included in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock Credit Strategies Fund | 1475 Holdings LLC | &nbsp;&nbsp; $21429 | $21103 | &nbsp;&nbsp; $21405 | $302 |
|  | Accordion Partners LLC | &nbsp;&nbsp; 21629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21630 | &nbsp;&nbsp; 21543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87) |
|  | Accordion Partners LLC | &nbsp;&nbsp; 17166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17080 | &nbsp;&nbsp; 17097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  | Accuserve Solutions, Inc. | &nbsp;&nbsp; 504332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504332 | &nbsp;&nbsp; 495254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9078) |
|  | Alcami Corp. | &nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Alphasense, Inc. | &nbsp;&nbsp; 833333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833333 | &nbsp;&nbsp; 826250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7083) |
|  | Applause App Quality, Inc. | &nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6353 | &nbsp;&nbsp; 6394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
|  | Appriss Health LLC | &nbsp;&nbsp; 94478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94478 | &nbsp;&nbsp; 94478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | ARAS Corp. | &nbsp;&nbsp; 901317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901317 | &nbsp;&nbsp; 901317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Arrow Purchaser, Inc. | &nbsp;&nbsp; 51169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51017 | &nbsp;&nbsp; 51169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
|  | Beekeeper Buyer, Inc. | &nbsp;&nbsp; 752266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744744 | &nbsp;&nbsp; 744744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Bullhorn, Inc. | &nbsp;&nbsp; 279360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278904 | &nbsp;&nbsp; 270280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8624) |
|  | Bullhorn, Inc. | &nbsp;&nbsp; 113090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113016 | &nbsp;&nbsp; 112241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (775) |
|  | Bynder Holding BV | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Bynder Holding BV | &nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | CBI-Gator Acquisition LLC | &nbsp;&nbsp; 14788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14788 | &nbsp;&nbsp; 14123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (665) |
|  | Chronicle Bidco, Inc. | &nbsp;&nbsp; 1620370 | &nbsp;&nbsp;&nbsp; 1612269 | &nbsp;&nbsp; 1612269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Chronicle Bidco, Inc. | &nbsp;&nbsp; 540123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534722 | &nbsp;&nbsp; 537423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2701 |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; 2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2499 | &nbsp;&nbsp; 2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  | Civicplus LLC | &nbsp;&nbsp; 136795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136795 | &nbsp;&nbsp; 136795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Clever Devices Ltd. | &nbsp;&nbsp; 959360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959359 | &nbsp;&nbsp; 958400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (959) |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
|  | ComPsych Investment Corp. | &nbsp;&nbsp; 946970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944602 | &nbsp;&nbsp; 956439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11837 |
|  | DNAnexus, Inc. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69300 | &nbsp;&nbsp; 69300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Docupace Technologies LLC | &nbsp;&nbsp; 157545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157545 | &nbsp;&nbsp; 155339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2206) |
|  | Docupace Technologies LLC | &nbsp;&nbsp; 394784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394784 | &nbsp;&nbsp; 389257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5527) |
|  | Douglas Holdings, Inc. | &nbsp;&nbsp; 179447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177126 | &nbsp;&nbsp; 176935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191) |
|  | Emburse, Inc. | &nbsp;&nbsp; 657895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657072 | &nbsp;&nbsp; 656250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (822) |
|  | Emburse, Inc. | &nbsp;&nbsp; 657895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656250 | &nbsp;&nbsp; 656250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Emerald Technologies (U.S.) Acquisition., Inc. | &nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182) |
|  | Express Wash Acquisition Co. LLC | &nbsp;&nbsp; 277769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274991 | &nbsp;&nbsp; 276380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389 |
|  | Firstup, Inc. | &nbsp;&nbsp; 386200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386200 | &nbsp;&nbsp; 383883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2317) |
|  | Foreside Financial | &nbsp;&nbsp; 2545887 | &nbsp;&nbsp;&nbsp; 2545887 | &nbsp;&nbsp; 2545887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Foreside Financial Group LLC | &nbsp;&nbsp; 75254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75254 | &nbsp;&nbsp; 75254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Fusion Holding Corp. | &nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) |
|  | G-3 Apollo Acquisition Corp. | &nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14285 | &nbsp;&nbsp; 14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171) |
|  | G-3 Apollo Acquisition Corp. | &nbsp;&nbsp; 12762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12762 | &nbsp;&nbsp; 12609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153) |
|  | GC Champion Acquisition LLC | &nbsp;&nbsp; 1344481 | &nbsp;&nbsp;&nbsp; 1328642 | &nbsp;&nbsp; 1332381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3739 |
|  | Higginbotham Insurance Agency, Inc. | &nbsp;&nbsp; 1250679 | &nbsp;&nbsp;&nbsp; 1250679 | &nbsp;&nbsp; 1250679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Honey Intermediate, Inc. | &nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11614 | &nbsp;&nbsp; 11588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) |
|  | HSI Halo Acquisition, Inc. | &nbsp;&nbsp; 275229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272477 | &nbsp;&nbsp; 275229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2752 |
|  | HSI Halo Acquisition, Inc. | &nbsp;&nbsp; 341284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339578 | &nbsp;&nbsp; 341967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2389 |
|  | Huckabee Acquisition LLC | &nbsp;&nbsp; 9677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9677 | &nbsp;&nbsp; 9677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Huckabee Acquisition LLC | &nbsp;&nbsp; 16129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16129 | &nbsp;&nbsp; 16129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | INH Buyer, Inc. | &nbsp;&nbsp; 105977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105977 | &nbsp;&nbsp; 104387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1590) |
|  | Integratecom, Inc. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) |
|  | Integrity Marketing Acquisition LLC | &nbsp;&nbsp; 684910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684910 | &nbsp;&nbsp; 684910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Integrity Marketing Acquisition LLC | &nbsp;&nbsp; 220046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220046 | &nbsp;&nbsp; 220046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Intercept Bidco, Inc. | &nbsp;&nbsp; 555556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546398 | &nbsp;&nbsp; 546667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
|  | Intercept Bidco, Inc. | &nbsp;&nbsp; 833333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5000) |
|  | Ivyrehab Intermediate II LLC | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
|  | IvyRehab Intermediate II LLC | &nbsp;&nbsp; 4854267 | &nbsp;&nbsp;&nbsp; 4784705 | &nbsp;&nbsp; 4783880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (825) |
|  | James Perse Enterprises, Inc. | &nbsp;&nbsp; 326667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326667 | &nbsp;&nbsp; 326667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Kaman Corp. | &nbsp;&nbsp; 3042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038 | &nbsp;&nbsp; 3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | Kid Distro Holdings LLC | &nbsp;&nbsp; 301347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300363 | &nbsp;&nbsp; 301347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984 |
|  | Kroll Bond Rating Agency, Inc. | &nbsp;&nbsp; 397059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397059 | &nbsp;&nbsp; 398012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953 |
|  | Lighthouse Parent Holdings, Inc. | &nbsp;&nbsp; 28846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28847 | &nbsp;&nbsp; 28486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (361) |
|  | Lighthouse Parent Holdings, Inc. | &nbsp;&nbsp; 11538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11394 | &nbsp;&nbsp; 11394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | LJ Avalon Holdings LLC | &nbsp;&nbsp; 9310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9310 | &nbsp;&nbsp; 9310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | LJ Avalon Holdings LLC | &nbsp;&nbsp; 411476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411476 | &nbsp;&nbsp; 413533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2057 |
|  | LogicMonitor, Inc. | &nbsp;&nbsp; 10150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10023 | &nbsp;&nbsp; 10029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment*<br> *Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| BlackRock Credit Strategies Fund (continued) | Lucky U.S. Buyerco LLC | &nbsp;&nbsp; $2890 | $2890 | &nbsp;&nbsp; $2839 | $(51) |
|  | Madison Logic Holdings, Inc. | &nbsp;&nbsp; 3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3349 | &nbsp;&nbsp; 3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184) |
|  | MRO Parent Corp. | &nbsp;&nbsp; 370370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367593 | &nbsp;&nbsp; 364815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2778) |
|  | MRO Parent Corp. | &nbsp;&nbsp; 370370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364815 | &nbsp;&nbsp; 364815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | MSM Acquisitions, Inc. | &nbsp;&nbsp; 10725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10725 | &nbsp;&nbsp; 9663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1062) |
|  | Nxgen Buyer, Inc. | &nbsp;&nbsp; 84110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84110 | &nbsp;&nbsp; 83605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (505) |
|  | Oak Purchaser, Inc. | &nbsp;&nbsp; 230265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227962 | &nbsp;&nbsp; 230265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2303 |
|  | Playpower, Inc. | &nbsp;&nbsp; 656566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656565 | &nbsp;&nbsp; 648030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8535) |
|  | Pluralsight, Inc. | &nbsp;&nbsp; 279766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279766 | &nbsp;&nbsp; 279766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Pluralsight, Inc. | &nbsp;&nbsp; 105609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105609 | &nbsp;&nbsp; 105609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | PMA Parent Holdings LLC | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Pueblo Mechanical and Controls LLC | &nbsp;&nbsp; 78333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78334 | &nbsp;&nbsp; 77558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (776) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp; 1973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
|  | Rialto Management Group LLC | &nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Secretariat Advisors LLC | &nbsp;&nbsp; 153354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153354 | &nbsp;&nbsp; 153354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | SellerX Germany GMBH & Co. KG  | &nbsp;&nbsp; 52138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51921 | &nbsp;&nbsp; 52138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  | SellerX Germany GMBH & Co. KG  | &nbsp;&nbsp; 355056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355056 | &nbsp;&nbsp; 355056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Serrano Parent LLC | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (216) |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
|  | Skydio, Inc. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24750 | &nbsp;&nbsp; 24750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Skydio, Inc. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24750 | &nbsp;&nbsp; 24750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Smarsh, Inc. | &nbsp;&nbsp; 190476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188571 | &nbsp;&nbsp; 188571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Smarsh, Inc. | &nbsp;&nbsp; 54603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54603 | &nbsp;&nbsp; 54325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (278) |
|  | Sparkstone Electrical Group | &nbsp;&nbsp; 10086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9935 | &nbsp;&nbsp; 9552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (383) |
|  | Sparkstone Electrical Group | &nbsp;&nbsp; 22414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22078 | &nbsp;&nbsp; 21226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (852) |
|  | Spartan Bidco Pty. Ltd. | &nbsp;&nbsp; 230769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230769 | &nbsp;&nbsp; 229892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (877) |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 14813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14813 | &nbsp;&nbsp; 14757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) |
|  | Stonebridge Cos. LLC | &nbsp;&nbsp; 928618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914689 | &nbsp;&nbsp; 914689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Stonebridge Cos. LLC | &nbsp;&nbsp; 619079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609793 | &nbsp;&nbsp; 609793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Streamland Media Midco LLC | &nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Sumup Holdings Luxembourg | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 |
|  | Supergoop LLC | &nbsp;&nbsp; 128877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128239 | &nbsp;&nbsp; 128142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) |
|  | Thunder Purchaser, Inc. | &nbsp;&nbsp; 204439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204440 | &nbsp;&nbsp; 203172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1268) |
|  | Thunder Purchaser, Inc. | &nbsp;&nbsp; 231285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231285 | &nbsp;&nbsp; 227746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3539) |
|  | Titan Home Improvement LLC | &nbsp;&nbsp; 697674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690698 | &nbsp;&nbsp; 704651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13953 |
|  | Titan Home Improvement LLC | &nbsp;&nbsp; 581395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571826 | &nbsp;&nbsp; 581395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9569 |
|  | Vensure Employer Services, Inc. | &nbsp;&nbsp; 8870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8825 | &nbsp;&nbsp; 8788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) |
|  | Wealth Enhancement Group LLC | &nbsp;&nbsp; 282352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282352 | &nbsp;&nbsp; 280404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1948) |
|  | Zilliant, Inc. | &nbsp;&nbsp; 148148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148148 | &nbsp;&nbsp; 146222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1926) |
|  |  |  |  |  | $(8523) |

---

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Consolidated Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Consolidated Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Consolidated Statement of Assets and Liabilities.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Fund entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 1.00% of the average daily value of the Fund's managed assets. For purposes of calculating this fee,"managed assets" are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund's net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

The Manager entered into sub-advisory agreements with BlackRock Capital Investment Advisors, LLC ("BCIA"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL"), each an affiliate of the Manager. The Manager pays BCIA, BIL and BSL for services they provide for that portion of the Fund for which BCIA, BIL and BSL, respectively, acts as sub-adviser a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Service and Distribution Fees:** The Fund has entered into a Distribution Agreement (the "Distribution Agreement") with BlackRock Investments, LLC (the "Distributor"), an affiliate of the Manager, to provide for distribution of the common shares. The Distribution Agreement provides that the Distributor will sell, and will appoint financial intermediaries to sell, common shares on behalf of the Fund on a reasonable efforts basis. The Fund has adopted a distribution and servicing plan (the "Distribution and Servicing Plan") with respect to certain classes of the common shares and in doing so has voluntarily complied with Rule 12b-1 under the 1940 Act, as if the Fund were an open-end investment company, and will be subject to an ongoing distribution fee and shareholder servicing fee (together, the "Distribution and Servicing Fee") in respect of the classes of common shares paying such Distribution and Servicing Fee. The maximum annual rates at which the Distribution and Servicing Fees may be paid under the Distribution and Servicing Plan (calculated as a percentage of the Fund's average daily net assets attributable to the classes of common shares paying such Distribution and Servicing Fee) is 0.75% for Class A Shares, Class W Shares and Class U Shares and 0.50% for Class J Shares. 0.25% of such fee is a shareholder service fee and the remaining portion is a distribution fee. Institutional Shares are not subject to a distribution fee or shareholder servicing fee.

For the six months ended June 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Class A* | *Class J* | *Class U* | *Class W* | *Total* |
| Service and distribution fees — class specific | &nbsp;&nbsp; $412339  | &nbsp;&nbsp;&nbsp; $1204  | &nbsp;&nbsp;&nbsp; $179195  | &nbsp;&nbsp;&nbsp; $744 | &nbsp;&nbsp;&nbsp; $593482  |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

For the six months ended June 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Class A* | *Class U* | *Class W* | *Total* |
| Transfer agent fees — class specific | &nbsp;&nbsp; $224252  | &nbsp;&nbsp;&nbsp; $10954  | &nbsp;&nbsp;&nbsp; $32247  | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $267468  |

---

**Other Fees:** For the six months ended June 30, 2025, affiliates received CDSCs of $11,824 for Class A Shares.

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to the Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended June 30, 2025, the amount waived was $7,530.

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of the Fund' s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Fund's Independent Trustees. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended June 30, 2025, the Manager waived $8,267 in investment advisory fees pursuant to these arrangements.

The Manager contractually agreed to waive and/or reimburse certain operating and other expenses of the Fund in order to limit certain expenses to 0.50% of the Fund's average daily value of the net assets of each share class ("expense limitation"). Expenses excluded from the expense limitation are limited to the investment advisory fee, service and distribution fees, interest expense, portfolio transaction and other investment-related costs (including acquired fund fees and expenses, commitment fees on leverage, prime broker fees and dividend expense) and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business. The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027. For the six months ended June 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Administrator – class specific in the Consolidated Statement of Operations. For the six months ended June 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Institutional* | *Class U* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; $2128  | &nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp; $2286  |

---

With respect to the contractual expense limitation, if during the Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Manager or an affiliate continues to serve as the Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective March 1, 2026, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

For the six months ended June 30, 2025, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Class U* |
| BlackRock Credit Strategies Fund | &nbsp;&nbsp; $11873  | &nbsp;&nbsp; 948 |

---

As of June 30, 2025, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

---

| | |
|:---|:---|
|  | *Expiring* |
| *Fund Name/Fund Level/Share Class* | *03/01/26* |
| BlackRock Credit Strategies Fund |  |
| &nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp; 2,128 |
| &nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp; 158 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statement of Operations.

**Other Transactions:** During the six months ended June 30, 2025, the Fund received a reimbursement of $9,490 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, including paydowns/payups, and excluding short-term securities, were $194,706,471 and $157,721,845, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund' s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of December 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| BlackRock Credit Strategies Fund | &nbsp;&nbsp; $(54811807)<br>|

---

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BlackRock Credit Strategies Fund | &nbsp;&nbsp; $700614034 | &nbsp;&nbsp;&nbsp;&nbsp; $19062368 | &nbsp;&nbsp;&nbsp;&nbsp; $(44011088) | &nbsp;&nbsp;&nbsp;&nbsp; $(24948720) |

---

***9.*** ***BANK BORROWINGS*** 

The Fund has entered into a credit agreement with Société Générale (the "Lender") that established a revolving credit facility with a commitment of $200 million (the "the Facility"). The Facility may be increased to a maximum of $450 million. The Facility has the following terms: an unused commitment fee of 0.25% per annum when amounts borrowed is greater than $100 million or 0.30% per annum when amounts borrowed is less than $100 million and interest at a rate equal to Daily Simple SOFR on the date the loan is made plus 1.75% per annum on amounts borrowed. The agreement expires on September 30, 2026 unless extended or renewed. The Fund's borrowings, if any, are secured by eligible securities held in its portfolio of investments. During the period, the Fund paid the commitment fee based on the daily unused portion of the Facility and an extension fee. The fees associated with the agreement are included in the Consolidated Statement of Operations as interest expense and fees, if any. Advances to the Fund as of period end, if any, are shown in the Consolidated Statement of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value. For the six months ended June 30, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Maximum* <br>*Amount Borrowed*<br>| &nbsp;&nbsp; *Average Amount* <br>*Outstanding*<br>| &nbsp;&nbsp; *Daily Weighted Average* <br>*Interest Rate*<br>|
| BlackRock Credit Strategies Fund | &nbsp;&nbsp; $67500000  | &nbsp;&nbsp;&nbsp; $37527624  | &nbsp;&nbsp;&nbsp;&nbsp; 6.15<br> % <br>|

---

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund' s prospectus provides details of the risks to which the Fund is subject.

**Illiquidity Risk:** The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

The Fund is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for the Fund's Common Shares is $0.001.

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Credit Strategies Fund  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 6346674 | &nbsp;&nbsp;&nbsp;&nbsp; $53245433 | &nbsp;&nbsp;&nbsp;&nbsp; 21156045 | &nbsp;&nbsp;&nbsp;&nbsp; $181764460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 345115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2889155 | &nbsp;&nbsp;&nbsp;&nbsp; 674700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6287558) | &nbsp;&nbsp;&nbsp;&nbsp; (52677724) | &nbsp;&nbsp;&nbsp;&nbsp; (6510122) | &nbsp;&nbsp;&nbsp;&nbsp; (55737987) |
|  | &nbsp;&nbsp;&nbsp; 404231 | &nbsp;&nbsp;&nbsp;&nbsp; $3456864 | &nbsp;&nbsp;&nbsp;&nbsp; 15320623 | &nbsp;&nbsp;&nbsp;&nbsp; $131805290 |
| &nbsp;&nbsp;&nbsp; Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 623739 | &nbsp;&nbsp;&nbsp;&nbsp; $5249170 | &nbsp;&nbsp;&nbsp;&nbsp; 2922603 | &nbsp;&nbsp;&nbsp;&nbsp; $25157316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 328863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2761292 | &nbsp;&nbsp;&nbsp;&nbsp; 732355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6292600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1386334) | &nbsp;&nbsp;&nbsp;&nbsp; (11598811) | &nbsp;&nbsp;&nbsp;&nbsp; (1485768) | &nbsp;&nbsp;&nbsp;&nbsp; (12782087) |
|  | &nbsp;&nbsp; (433732) | &nbsp;&nbsp;&nbsp;&nbsp; $(3588349) | &nbsp;&nbsp;&nbsp;&nbsp; 2169190 | &nbsp;&nbsp;&nbsp;&nbsp; $18667829 |
| &nbsp;&nbsp;&nbsp; Class J<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 57937 | &nbsp;&nbsp;&nbsp;&nbsp; $500000 |
| &nbsp;&nbsp;&nbsp; Class U |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 496418 | &nbsp;&nbsp;&nbsp;&nbsp; $4165860 | &nbsp;&nbsp;&nbsp;&nbsp; 1369167 | &nbsp;&nbsp;&nbsp;&nbsp; $11740524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp; 130774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095931 | &nbsp;&nbsp;&nbsp;&nbsp; 282007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (341487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2858844) | &nbsp;&nbsp;&nbsp;&nbsp; (1147522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9843744) |
|  | &nbsp;&nbsp;&nbsp; 285705 | &nbsp;&nbsp;&nbsp;&nbsp; $2402947 | &nbsp;&nbsp;&nbsp;&nbsp; 503652 | &nbsp;&nbsp;&nbsp;&nbsp; $4316592 |
|  | &nbsp;&nbsp;&nbsp; 256204 | &nbsp;&nbsp;&nbsp;&nbsp; $2271462 | &nbsp;&nbsp;&nbsp;&nbsp; 18051402 | &nbsp;&nbsp;&nbsp;&nbsp; $155289711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The share class commenced operation on November 19, 2024.

The Fund will make offers to purchase between 5% and 25% of its outstanding shares at approximate 3 month intervals.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

Repurchase offer results for the periods shown were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of* <br>*Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Number of* <br>*Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*Purchased* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Purchase* <br>*Price*<br>| &nbsp;&nbsp; *Total* <br>*Amount of* <br>*Purchases*<br>|
| Institutional | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3273284 | &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3273284 | &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.45  | &nbsp;&nbsp;&nbsp;&nbsp; $27659253  |
| Class A | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 361019 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp; 361019 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp; 3057829 |
| Class J | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140613 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp; 140613 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp; 1189587 |
| Class W | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3014274 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp; 3014274 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp; 25018471 |
| Class A | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1021896 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1021896 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp; 8512396 |
| Class J | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200874 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp; 200874 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1669257 |
| Class W | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Repurchase offers results for the year ended December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of* <br>*Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Number of* <br>*Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*Purchased* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Purchase* <br>*Price*<br>| &nbsp;&nbsp; *Total* <br>*Amount of* <br>*Purchases*<br>|
| Institutional | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1251004 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1251004 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.60  | &nbsp;&nbsp;&nbsp;&nbsp; $10758638  |
| Class A | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 354469 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp; 354469 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp; 3055525 |
| Class U | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 152926 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 152926 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1316692 |
| Class W | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1768913 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp; 1768913 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp; 15141892 |
| Class A | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 116792 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; 116792 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp; 1003245 |
| Class U | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 314981 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp; 314981 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp; 2702537 |
| Class W | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1981220 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1981220 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp; 16860182 |
| Class A | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 354125 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp; 354125 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;&nbsp; 3024227 |
| Class U | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 375171 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp; 375171 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp; 3200205 |
| Class W | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1508985 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1508985 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp; 12977275 |
| Class A | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 660381 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp; 660381 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp; 5699090 |
| Class U | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 304444 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp; 304444 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2624310 |
| Class W | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the repurchase offer period began.

The amount of the repurchase offers is shown as redemptions of shares resulting from repurchase offers in the Consolidated Statements of Changes in Net Assets.

As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Class A* | *Class J* | *Class U* | *Class W* |
| BlackRock Credit Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9,800,000 | &nbsp;&nbsp;&nbsp;&nbsp; 58,962 | &nbsp;&nbsp;&nbsp;&nbsp; 57,937 | &nbsp;&nbsp;&nbsp;&nbsp; 23,787 | &nbsp;&nbsp;&nbsp;&nbsp; 23,787 |

---

***12.*** ***SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Fund's consolidated financial statements was completed through the date the consolidated financial statements were issued and the following item was noted:

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund conducted a quarterly repurchase offer for up to 5% of its issued and outstanding common shares. The results of the Fund's repurchase offer were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Commencement* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of* <br>*Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Number of* <br>*Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*Purchased* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Purchase* <br>*Price*<br>| &nbsp;&nbsp; *Total* <br>*Amount of* <br>*Purchases*<br>|
| Institutional | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3976856 | &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3976856 | &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.35  | &nbsp;&nbsp;&nbsp;&nbsp; $33206745  |
| Class A | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 867663 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp; 867663 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;&nbsp; 7271012 |
| Class J | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 234915 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp; 234915 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1963890 |
| Class W | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Credit Strategies Fund (the "Fund") met on May 8, 2025 (the "May Meeting") and June 4, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Fund and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager, BlackRock International Limited ("BIL") and the Fund, (2) the Manager, BlackRock (Singapore) Limited ("BSL") and the Fund and (3) the Manager, BlackRock Capital Investment Advisors, LLC ("BCIA" and collectively with BIL and BSL, the "Sub-Advisors") and the Fund. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements on an annual basis. The Board Members who are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to the Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (h) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (i) BlackRock's implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions (k) BlackRock's implementation of the Fund's valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (m) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (n) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and statement of additional information, and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and, in light of the Fund's outcome-oriented investment objective, certain performance metrics ("Outcome-Oriented Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered the Fund's performance relative to the Fund's Outcome-Oriented Performance Metrics including a total return target. The Board noted that for the one-, three- and five-year periods reported, the Fund outperformed, underperformed and underperformed its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's underperformance relative to its total return target during the applicable periods.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it

2025 BlackRock Semi-Annual Report to Shareholders

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts.

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. The Board also noted, as an additional point of reference, BlackRock provided the Board with a supplemental peer group consisting of funds that BlackRock believes are generally similar to the Fund. The Board noted that the Fund's management fee rate and total expense ratio each ranked in the first quartile relative to the supplemental peer group. In addition, the Board noted that the Fund is party to an expense limitation agreement pursuant to which BlackRock has contractually agreed to waive and/or reimburse certain operating and other expenses to a specified amount of the Fund's average daily net assets.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors, and the Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Additional Information

**General Information**

The Fund's Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.

The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the Fund.

Except if noted otherwise herein, there were no changes to the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, the Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at **sec.gov**. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Trustees of the Fund has delegated the voting of proxies for the Fund's securities to BlackRock Advisors, LLC (the "Adviser") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Fund Updates**

BlackRock will update performance and certain other data for the Fund on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Fund. This reference to BlackRock's website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Sub-Adviser**

BlackRock Capital Investment Advisors, LLC <br>Wilmington, DE 19809

2025 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom

BlackRock (Singapore) Limited <br>079912 Singapore

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc. <br>Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC <br>New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway <br>Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| DIP | Debtor-In-Possession |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| PIK | Payment-in-Kind |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

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2025 BlackRock Semi-Annual Report to Shareholders

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Want to know more?

blackrock.com \| 877-275-1255

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when repurchased by the Fund in connection with any applicable repurchase offer, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

CRST-06/25-SAR

![](g33433imgf5f180c92.jpg)

![](g33433img1f46a2e41.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable to this semi-annual report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d33433dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d33433dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Credit Strategies Fund

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Credit Strategies Fund |

---

Date: August 27, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Credit Strategies Fund |

---

Date: August 27, 2025

---

| | |
|:---|:---|
| By: | /s/ Lindsey Lorenz  |
|  | Lindsey Lorenz |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Credit Strategies Fund |

---

Date: August 27, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Credit Strategies Fund, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Credit Strategies Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 27, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Credit Strategies Fund

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Lindsey Lorenz, Chief Financial Officer (principal financial officer) of BlackRock Credit Strategies Fund, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Credit Strategies Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 27, 2025

<u>/s/ Lindsey Lorenz</u> 

Lindsey Lorenz

Chief Financial Officer (principal financial officer) of

BlackRock Credit Strategies Fund

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Credit Strategies Fund (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 27, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Credit Strategies Fund

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Credit Strategies Fund (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 27, 2025

<u>/s/ Lindsey Lorenz</u> 

Lindsey Lorenz

Chief Financial Officer (principal financial officer) of

BlackRock Credit Strategies Fund

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**