BlackRock Credit Strategies Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Credit Strategies Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.

Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(19.96)%	(10.62)%
U.S. small cap equities (Russell 2000® Index)	(23.43)	(25.20)
International equities (MSCI Europe, Australasia, Far East Index)	(19.57)	(17.77)
Emerging market equities (MSCI Emerging Markets Index)	(17.63)	(25.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.15	0.18
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(11.34)	(10.94)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(10.35)	(10.29)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(8.98)	(8.57)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(14.19)	(12.82)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
The Benefits and Risks of Leveraging		4
Derivative Financial Instruments		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses for Continuously Offered Closed-End Funds		7
Financial Statements:
Schedule of Investments		9
Statement of Assets and Liabilities		45
Statement of Operations		48
Statements of Changes in Net Assets		49
Statement of Cash Flows		50
Financial Highlights		52
Notes to Financial Statements		56
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		70
Additional Information		73
Glossary of Terms Used in this Report		75

3

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 Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is permitted to issue debt 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.

If the Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of the Fund’s obligations under a reverse repurchase agreement (including accrued interest), then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements 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. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

4 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of June 30, 2022  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

		06/30/22		12/31/21	Change			High		Low
Net Asset Value — Institutional	$	8.59	$	9.96	(13.76	)%	$	9.96	$	8.59
Net Asset Value — Class A		8.60		9.97	(13.74	)		9.97		8.60
Net Asset Value — Class U		8.60		9.97	(13.74	)		9.97		8.60
Net Asset Value — Class W		8.60		9.97	(13.74	)		9.97		8.60

Performance

Returns for the period ended June 30, 2022 were as follows:

										Average Annual Total Returns(a)
										1 Year						Since Inception(b)
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional(c)		7.59	%		7.58	%		(10.69	)%		(11.83	)%		N/A			1.87	%		N/A
Class A(c)		6.70			6.69			(11.05	)		(12.43	)		(14.62	)%		1.13			0.37	%
Class U(c)		6.86			6.86			(11.05	)		(12.44	)		N/A			1.13			N/A
Class W(c)		6.61			6.61			(11.05	)		(12.44	)		(15.50	)		1.13			0.05
S&P/LSTA Leveraged Loan Index(d)(e)		—			—			(4.55	)		(2.78	)		N/A			2.33			N/A
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(f)		—			—			(14.19	)		(12.82	)		N/A			1.19			N/A

^(a)  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.

^(b)  The Fund commenced operations on February 28, 2019.

^(c)  All returns reflect reinvestment of dividends and/or distributions at NAV on the payable date. Performance results reflect the Fund’s use of leverage.

^(d)  An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

^(e)  The Fund changed its reporting benchmark from Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index to S&P/LSTA Leveraged Loan Index. The investment adviser believes the new benchmark is a more appropriate reporting benchmark for the Fund.

^(f)  Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, an unmanaged index comprised of issues 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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. 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?

Exposure to a range of credit-oriented categories weighed on return, including global high yield corporate bonds, floating rate loan interest and collateralized loan obligations (“CLOs”), preferred securities, and U.S. and European investment grade corporate bonds. Positioning with respect to duration and corresponding interest rate sensitivity detracted from performance as markets experienced significant volatility stemming from shifting central bank monetary policies and heightened geopolitical risks following the conflict in Ukraine.

Private credit exposure was accretive to performance. These positions provided attractive yields and more stable returns as risk assets sold off and returns across equities and fixed income became highly correlated.

FUND    SUMMARY 5

Fund Summary  as of June 30, 2022 (continued) BlackRock Credit Strategies Fund

The Fund utilizes various derivatives positions as part of its 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 to hedge broad market exposure.

Describe recent portfolio activity.

The Fund meaningfully increased exposure to floating rate assets, notably private credit and CLOs. Additionally, the Fund increased its allocation to U.S. investment grade corporate bonds, while reducing its global high yield corporate bond exposure across Europe, Asia, emerging markets and the United States.

Describe portfolio positioning at period end.

The Fund ended the period with a continued tilt toward floating rate assets such as private credit, floating rate loan interest and CLOs. Additionally, the Fund had a small position in U.S. investment grade corporate bonds following a severe drawdown in the asset class driven by its longer-duration nature. Lastly, while the Fund continued to hold allocations in U.S. high yield and non-U.S. markets, both stood at or close to historic lows.

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. 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

PORTFOLIO COMPOSITION

Asset Type(a)	06/30/22
Floating Rate Loan Interests		56.6	%
Corporate Bonds		30.1
Asset-Backed Securities		8.6
Preferred Securities		2.9
Common Stocks		1.0
Other*		0.8

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b)	06/30/22
AA/Aa		1.0	%
A		3.5
BBB/Baa		9.7
BB/Ba		12.8
B		24.7
CCC/Caa		7.7
CC		—	(c)
C		0.1
N/R(d)		40.5

^(a)  Excludes short-term securities.

^(b)  For financial reporting purposes, 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.

^(c)  Rounds to less than 0.1% of total investments.

^(d)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

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

6 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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 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 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 sales charges and 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 and early withdrawal fees, 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.

ABOUT    FUND    PERFORMANCE 7

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

Expense Example for Continuously Offered Closed-End Funds

	Actual								Hypothetical 5% Return
					Expenses Paid During the Period						Including Interest Expense and Fees				Excluding Interest Expense and Fees				Annualized Expense Ratio
	Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Including Interest Expense and Fees(a)		Excluding Interest Expense and Fees(a)		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During the Period(a)		Ending Account Value (12/31/22)		Expenses Paid During the Period(a)		Including Interest Expense and Fees			Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	893.10	$	10.23	$	7.93	$	1,000.00	$	1,013.98	$	10.89	$	1,016.41	$	8.44		2.18	%		1.69	%
Class A		1,000.00		889.50		13.45		11.20		1,000.00		1,010.56		14.31		1,012.94		11.91		2.87			2.39
Class U		1,000.00		889.50		13.45		11.15		1,000.00		1,010.56		14.31		1,012.99		11.86		2.87			2.38
Class W		1,000.00		889.50		13.40		11.15		1,000.00		1,010.61		14.26		1,012.99		11.86		2.86			2.38

^(a) 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).

8 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AGL CLO 12 Ltd., Series 2021-12A, Class B, (3 mo. LIBOR US + 1.60%), 2.66%, 07/20/34(a)(b)	USD		1,000	$	977,606
AIG CLO LLC(a)(b)
Series 2020-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.04%, 04/15/34			2,000		1,808,687
Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.00%), 4.04%, 04/15/34			1,000		927,117
Anchorage Capital CLO 11 Ltd., Series 2019-11A, Class A, 3.44%, 07/22/32(a)(b)			1,000		951,370
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class ER, (3 mo. EURIBOR + 6.45%), 6.45%, 04/15/34(a)(c)	EUR		100		87,268
Aqueduct European CLO DAC, Series 2017-2X, Class E, (3 mo. EURIBOR + 4.40%), 4.40%, 10/15/30(a)(c)			289		252,401
ARBOUR CLO VIII DAC, 6.11%, 10/15/34			100		86,240
Ares LIII CLO Ltd., Series 2019-53A, Class D, (3 mo. LIBOR US + 3.75%), 4.93%, 04/24/31(a)(b)	USD		500		483,851
Aurium CLO II DAC, Series 2X, Class ERR, (3 mo. EURIBOR + 6.08%), 6.08%, 06/22/34(a)(c)	EUR		100		85,623
Bain Capital Credit CLO 2021-6 Ltd., Class B, 2.75%, 10/21/34(a)(b)	USD		1,500		1,410,988
Bain Capital Credit CLO Ltd.(a)(b)
Series 2019-2A, Class CR, (3 mo. LIBOR US + 2.10%), 3.14%, 10/17/32			1,000		944,543
Series 2021-1A, Class D, (SOFR + 3.20%), 4.10%, 04/18/35			1,000		922,095
Battalion CLO X Ltd., Series 2016-10A, Class BR2, (3 mo. LIBOR US + 2.05%), 3.23%, 01/25/35(a)(b)			1,000		929,734
BBAM European CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.91%), 5.91%, 07/22/34(a)(c)	EUR		100		85,886
BBAM European CLO II DAC, Series 2X, Class E, (3 mo. EURIBOR + 6.11%), 6.11%, 10/15/34(a)(c)			100		84,617
Boyce Park Clo Ltd., Series 2022-1A, Class D, (SOFR + 3.10%), 3.65%, 04/21/35(a)(b)	USD		1,000		915,837
Bridgepoint CLO 3 DAC, Series 3X, Class E, (3 mo. EURIBOR + 6.24%), 6.24%, 01/15/36(a)(c)	EUR		100		86,406
Cabinteely Park CLO DAC, Series 1X, Class E, (3 mo. EURIBOR + 6.26%), 6.26%, 08/15/34(a)(c)			100		84,578
Cairn CLO XIV DAC, Series 2021-14X, Class E, (3 mo. EURIBOR + 6.11%), 6.11%, 10/29/34(a)(c)			100		86,006
Capital Four CLO III DAC, Series 3X, Class E, (3 mo. EURIBOR + 6.06%), 6.06%, 10/15/34(a)(c)			100		85,559
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 4.26%, 04/20/32(a)(b)	USD		1,000		887,501
CarVal CLO IV Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.25%), 4.31%, 07/20/34(a)(b)			1,000		933,272
CIFC Funding 2015-I Ltd., Series 1A, Class CRR, 3.04%, 01/22/31(a)(b)			1,000		949,317
CIFC Funding Ltd., Class Cr, (3 mo. LIBOR US + 2.05%), 3.11%, 04/20/32(a)(b)			1,000		952,330
Contego CLO VIII DAC, Series 8X, Class ER, (3 mo. EURIBOR + 6.06%), 6.06%, 01/25/34(a)(c)	EUR		100		86,959
Cook Park CLO Ltd., Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 2.79%, 04/17/30(a)(b)	USD		250		234,678
CVC Cordatus Loan Fund XX DAC, Series 20X, Class E, (3 mo. EURIBOR + 5.61%), 5.61%, 06/22/34(a)(c)	EUR		100		83,511

Security		Par (000)		Value
Asset-Backed Securities (continued)
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class E, (3 mo. EURIBOR + 6.16%), 6.16%, 12/15/34(a)(c)	EUR		100	$	85,275
Dryden 86 CLO Ltd., Series 2020-86A, Class DR, (3 mo. LIBOR US + 3.20%), 4.24%, 07/17/34(a)(b)	USD		1,000		932,356
Elmwood CLO I Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 4.40%), 5.46%, 10/20/33(a)(b)			1,000		967,905
Elmwood CLO IV Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 3.15%), 4.19%, 04/15/33(a)(b)			1,000		923,770
Elmwood CLO V Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.10%), 4.16%, 10/20/34(a)(b)			1,000		927,435
Fair Oaks Loan Funding III DAC, Series 3X, Class ER, (3 mo. EURIBOR + 6.11%), 6.11%, 10/15/34(a)(c)	EUR		100		85,438
Fidelity Grand Harbour CLO DAC, Series 2021-1X, Class E, (3 mo. EURIBOR + 6.22%), 6.22%, 10/15/34(a)(c)			100		85,898
Flatiron CLO 21 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 2.90%), 3.94%, 07/19/34(a)(b)	USD		1,000		928,231
Golub Capital Partners 48 LP, Class C, 3.84%, 04/17/33(a)(b)			900		856,283
Greywolf CLO II Ltd., Series 2013-1A, Class B1RR, (3 mo. LIBOR US + 2.30%), 3.34%, 04/15/34(a)(b)			1,000		934,098
Greywolf CLO IV Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.65%), 4.69%, 04/17/34(a)(b)			500		471,365
Greywolf CLO V Ltd.(a)(b)
Series 2015-1A, Class BR, (3 mo. LIBOR US + 2.00%), 3.18%, 01/27/31			500		475,169
Series 2015-1A, Class CR, (3 mo. LIBOR US + 3.00%), 4.18%, 01/27/31			500		450,785
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class C, (3 mo. LIBOR US + 2.15%), 3.21%, 04/20/34(a)(b)			750		699,661
Invesco CLO Ltd., Series 2022-1A, Class D, (SOFR + 3.05%), 3.74%, 04/20/35(a)(b)			1,000		918,773
KKR CLO 41 Ltd., Series 2022-41A, Class D, (SOFR + 3.25%), 3.94%, 04/15/35(a)(b)			1,000		931,043
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class C, (3 mo. LIBOR US + 1.75%), 2.79%, 04/16/33(a)(b)			1,000		934,958
North Westerly VII ESG CLO DAC, Series VII-X, Class E, (3 mo. EURIBOR + 5.66%), 5.66%, 05/15/34(a)(c)	EUR		100		83,814
Northwoods Capital 21 Euro DAC, Series 2020-21X, Class ER, (3 mo. EURIBOR + 6.06%), 6.06%, 07/22/34(a)(c)			100		85,681
Northwoods Capital 23 Euro DAC, Series 2021-23X, Class E, (3 mo. EURIBOR + 6.21%), 6.21%, 03/15/34(a)(c)			100		84,981
NYACK Park CLO Ltd., Series 2021-1A, Class C, (3 mo. LIBOR US + 1.95%), 3.01%, 10/20/34(a)(b)	USD		1,250		1,153,505
OCP Euro CLO DAC(a)(c)
Series 2019-3X, Class ER, (3 mo. EURIBOR + 6.02%), 6.02%, 04/20/33	EUR		100		86,872
Series 2022-5X, Class E, (3 mo. EURIBOR + 6.47%), 6.47%, 04/20/35			300		259,407
OHA Credit Funding 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.30%), 4.40%, 04/21/34(a)(b)	USD		1,000		947,092
OHA Loan Funding Ltd.(a)(b)
Series 2013-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 4.23%, 07/23/31			750		691,771

SCHEDULE  OF  INVESTMENTS 9

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
OHA Loan Funding Ltd.(a)(b) (continued)
Series 2015-1A, Class DR3, (3 mo. LIBOR US + 3.20%), 4.24%, 01/19/37	USD		1,000	$	916,474
Palmer Square CLO 2021-4 Ltd., Class C, 2.99%, 10/15/34(a)(b)			1,000		926,298
Palmer Square CLO Ltd., Series 2022-1A, Class D, (SOFR + 3.05%), 3.52%, 04/20/35(a)(b)			1,000		926,887
Palmer Square European CLO DAC, Series 2022-1X, Class E, (3 mo. EURIBOR + 6.36%), 6.36%, 01/21/35(a)(c)	EUR		100		83,971
Post CLO Ltd., Class D, (SOFR + 3.20%), 3.91%, 04/20/35(a)(b)	USD		1,000		922,303
Providus CLO VI DAC, Series 6X, Class E, (3 mo. EURIBOR + 6.11%), 6.11%, 05/20/34(a)(c)	EUR		100		84,431
Rad CLO 15 Ltd., Series 2021-15A, Class D, (3 mo. LIBOR US + 3.05%), 3.30%, 01/20/34(a)(b)	USD		1,000		913,130
Rad CLO 5 Ltd., Series 2019-5A, Class DR, (3 mo. LIBOR US + 3.15%), 4.33%, 07/24/32(a)(b)			1,000		946,142
Regatta X Funding Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.75%), 3.79%, 01/17/31(a)(b)			250		230,164
Rockford Tower Europe CLO DAC, Series 2021-2X, Class E, (3 mo. EURIBOR + 6.22%), 6.22%, 01/24/35(a)(c)	EUR		100		86,160
Signal Peak CLO 5 Ltd., Series 2018-5A, Class D, (3 mo. LIBOR US + 2.65%), 3.83%, 04/25/31(a)(b)	USD		700		637,852
Signal Peak CLO 8 Ltd., Series 2018-8A, Class C, (3 mo. LIBOR US + 2.00%), 3.06%, 04/20/33(a)(b)			1,000		935,891
Sixth Street CLO XIX Ltd.(a)(b)
Series 2021-19A, Class C, (3 mo. LIBOR US + 2.00%), 3.06%, 07/20/34			500		465,088
Series 2021-19A, Class D, (3 mo. LIBOR US + 3.00%), 4.06%, 07/20/34			1,000		925,408
TCW CLO Ltd.(a)(b)
Series 2021-1A, Class D2, (3 mo. LIBOR US + 3.88%), 4.94%, 03/18/34			1,000		945,752
Series 2021-2A, Class D, (3 mo. LIBOR US + 3.25%), 4.43%, 07/25/34			1,000		919,850
TICP CLO V Ltd., Series 2016-5A, Class DR, (3 mo. LIBOR US + 3.15%), 4.19%, 07/17/31(a)(b)			500		455,127
TICP CLO XIII Ltd., Series 2019-13A, Class DR, (3 mo. LIBOR US + 3.15%), 4.19%, 04/15/34(a)(b)			1,000		937,343
Tikehau CLO VI DAC, (3 mo. EURIBOR + 6.32%), 6.32%, 01/15/35(a)(c)	EUR		100		85,285
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(c)	GBP		100		139,397
Webster Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.96%, 07/20/30(a)(b)	USD		690		647,914
Whitebox Clo I Ltd., Series 2019-1A, Class ANBR, (3 mo. LIBOR US + 1.70%), 2.88%, 07/24/32(a)(b)			2,000		1,892,976
Whitebox CLO II Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.20%), 3.38%, 10/24/34(a)(b)			640		598,313
Total Asset-Backed Securities — 10.5% (Cost: $49,355,894)					46,047,702

Security		Shares		Value
Common Stocks
Banks — 0.0%
UniCredit SpA			10,188	$	97,360
Construction & Engineering — 0.0%
McDermott International Ltd.(d)(e)			2,158		1,230
Diversified Telecommunication Services — 0.1%
Liberty Global PLC, Class A(d)(e)			6,970		146,718
Electric Utilities — 0.0%
Electricite de France SA			10,457		85,892
Equity Real Estate Investment Trusts (REITs) — 0.4%
Ashford Hospitality Trust, Inc.(f)			11,236		214,992
iStar, Inc.			9,201		126,145
Park Hotels & Resorts, Inc.			102,000		1,384,140
Service Properties Trust			14,747		77,127
					1,802,404
Hotels, Restaurants & Leisure — 0.2%
International Game Technology PLC			37,000		686,720
Household Durables — 0.5%
Lennar Corp., Class A			18,153		1,281,057
Taylor Morrison Home Corp.(d)(e)			41,079		959,606
					2,240,663
Media — 0.0%
Telenet Group Holding NV			1,646		34,203
Specialty Retail — 0.0%
NMG Parent LLC			78		13,572
Total Common Stocks — 1.2% (Cost: $6,918,270)					5,108,762
		Par (000)
Corporate Bonds
Aerospace & Defense — 0.3%
Bombardier, Inc.(b)
7.50%, 03/15/25	USD		3		2,711
7.13%, 06/15/26			113		93,166
7.88%, 04/15/27			166		138,180
6.00%, 02/15/28			87		65,198
Spirit AeroSystems, Inc.(b)
5.50%, 01/15/25			84		77,700
7.50%, 04/15/25			4		3,715
TransDigm, Inc.
8.00%, 12/15/25(b)			203		205,282
6.25%, 03/15/26(b)			646		622,582
6.38%, 06/15/26			13		12,155
7.50%, 03/15/27			16		15,095
4.63%, 01/15/29			86		69,232
4.88%, 05/01/29			53		43,144
Triumph Group, Inc., 8.88%, 06/01/24(b)			102		102,752
					1,450,912
Airlines — 0.9%
Air Canada, 3.88%, 08/15/26(b)			85		71,900
Air France-KLM, 3.88%, 07/01/26(c)	EUR		400		339,536
American Airlines, Inc., 11.75%, 07/15/25(b)	USD		217		224,573
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)
5.50%, 04/20/26			93		85,732

10 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) (continued)
5.75%, 04/20/29	USD		193	$	164,779
Avianca Midco 2 Ltd., 9.00%, 12/01/28(b)			670		578,724
British Airways Pass-Through Trust, Series 2020-1, Class A, 4.25%, 05/15/34(b)			200		192,301
Delta Air Lines, Inc., 7.00%, 05/01/25(b)			20		20,244
Deutsche Lufthansa AG(c)
2.00%, 07/14/24	EUR		100		97,907
2.88%, 05/16/27			200		165,387
3.75%, 02/11/28			300		252,294
3.50%, 07/14/29			100		78,639
Finnair OYJ, 4.25%, 05/19/25(c)			125		107,706
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)	USD		54		48,395
International Consolidated Airlines Group SA(c)
3.75%, 03/25/29	EUR		500		369,926
Series IAG, 1.13%, 05/18/28.			200		140,807
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)	USD		117		114,987
Singapore Airlines Ltd., 3.38%, 01/19/29(c)			200		182,890
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b)			7		6,591
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			403		396,038
Series 2020-1, Class B, 4.88%, 07/15/27			66		63,054
United Airlines, Inc.(b)
4.38%, 04/15/26			75		66,088
4.63%, 04/15/29			99		83,979
					3,852,477
Auto Components — 0.9%
Aptiv PLC, 3.10%, 12/01/51			1,663		1,072,525
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52			1,160		876,620
Clarios Global LP, 6.75%, 05/15/25(b)			45		44,570
Clarios Global LP/Clarios U.S. Finance Co.(b)
6.25%, 05/15/26			185		178,062
8.50%, 05/15/27			603		582,784
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b)			63		54,426
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(b)			50		36,925
Faurecia SE, 2.75%, 02/15/27(c)	EUR		400		325,912
Goodyear Tire & Rubber Co.
5.00%, 07/15/29	USD		23		19,048
5.63%, 04/30/33			40		32,035
Grupo Antolin-Irausa SA(c)
3.50%, 04/30/28	EUR		200		139,506
BRTGV38Z8, 3.38%, 04/30/26			188		145,791
Meritor, Inc., 4.50%, 12/15/28(b)	USD		13		12,517
Titan International, Inc., 7.00%, 04/30/28			11		10,333
ZF Finance GmbH(c)
2.00%, 05/06/27	EUR		100		80,650
2.25%, 05/03/28			300		230,712
					3,842,416
Automobiles — 0.6%
Allison Transmission, Inc., 5.88%, 06/01/29(b)	USD		15		13,950
Asbury Automotive Group, Inc.
4.50%, 03/01/28			12		10,410
4.75%, 03/01/30			15		12,334
5.00%, 02/15/32(b)			28		22,890

Security		Par (000)		Value
Automobiles (continued)
Carvana Co.(b)
5.50%, 04/15/27	USD		57	$	36,784
4.88%, 09/01/29			40		22,744
Constellation Automotive Financing PLC, 4.88%, 07/15/27(c)	GBP		600		573,349
Ford Motor Co., 4.75%, 01/15/43	USD		16		11,397
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26(c)	EUR		200		172,556
6.88%, 11/15/26(c)			100		91,757
5.88%, 01/15/28(b)	USD		200		152,776
4.50%, 07/15/28(c)	EUR		100		74,810
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)	USD		24		19,567
LCM Investments Holdings II LLC, 4.88%, 05/01/29(b)			52		39,577
Lithia Motors, Inc., 3.88%, 06/01/29(b)			23		19,536
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)			44		30,140
Mclaren Finance PLC, 7.50%, 08/01/26(b)			200		147,780
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b)			350		310,916
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(c)	EUR		700		635,788
Sonic Automotive, Inc., 4.63%, 11/15/29(b)	USD		12		9,298
TML Holdings Pte. Ltd., 4.35%, 06/09/26(c)			250		218,485
Wabash National Corp., 4.50%, 10/15/28(b)			90		68,850
					2,695,694
Banks — 1.8%
Axis Bank Ltd./Gift City, (5 year CMT + 3.32%), 4.10%(a)(c)(f)			200		172,000
Banca Monte dei Paschi di Siena SpA, 1.88%, 01/09/26(c)	EUR		200		174,414
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(a)(c)			1,000		888,138
Banco de Sabadell SA(a)(c)
2.63%, 03/24/26			100		99,383
(5 year EUR Swap + 2.95%), 2.50%, 04/15/31			400		348,255
Bangkok Bank PCL(a)
(5 year CMT + 1.90%), 3.73%, 09/25/34(c)	USD		400		349,450
(5 year CMT + 4.73%), 5.00%			231		210,325
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(c)			400		361,044
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%(a)(c)(f)			600		587,250
Bank of Communications Hong Kong Ltd., (5 year CMT + 2.53%), 3.73%(a)(c)(f)			250		245,000
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(a)(c)(f)			250		241,250
China CITIC Bank International Ltd., (5 year CMT + 2.53%), 3.25%(a)(c)(f)			250		236,250
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(a)(c)(f)			250		248,250
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(a)(c)(f)	EUR		600		567,465
HDFC Bank Ltd., (5 year CMT + 2.93%), 3.70%(a)(c)(f)	USD		300		249,000
HSBC Bank PLC, Series 1M, (6 mo. LIBOR US + 0.25%), 3.12%(a)(f)			250		190,750
Intesa Sanpaolo SpA(a)
(1 year CMT + 2.75%), 4.95%, 06/01/42(b)			555		374,980
(5 year EUR Swap + 5.56%), 6.38%(c)(f)	EUR		200		176,865
(5 year EUR Swap + 5.85%), 5.50%(c)(f)			1,000		838,360
(5 year EUR Swap + 6.07%), 5.88%(c)(f)			200		192,561

SCHEDULE  OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)(c)	USD		200	$	180,288
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%(a)(c)(f)			200		173,000
Nanyang Commercial Bank Ltd., 6.50%, 12/31/99			250		251,250
Philippine National Bank, 3.28%, 09/27/24(c)			200		194,037
Shinhan Financial Group Co. Ltd., (5 year CMT + 2.06%), 2.88%(a)(c)(f)			200		174,750
					7,724,315
Beverages — 0.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(g)			200		148,352
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 4.00%, 09/01/29(b)			400		321,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27(b)			200		142,612
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24(c)	EUR		200		195,444
5.50%, 04/15/24(b)	USD		105		100,275
Trivium Packaging Finance BV(b)
5.50%, 08/15/26			200		188,942
8.50%, 08/15/27			354		331,912
					1,428,537
Biotechnology — 0.6%
Cidron Aida Finco SARL(c)
5.00%, 04/01/28	EUR		469		408,260
6.25%, 04/01/28	GBP		133		132,354
Grifols Escrow Issuer SA, 3.88%, 10/15/28(c)	EUR		100		86,327
Intercept Pharmaceuticals, Inc., 3.50%, 02/15/26(b)(h)	USD		2,000		1,892,500
					2,519,441
Building Materials — 0.2%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(b)			34		21,843
CP Atlas Buyer, Inc., 7.00%, 12/01/28(b)			15		10,833
HT Troplast GmbH, 9.25%, 07/15/25(c)	EUR		192		178,068
New Enterprise Stone & Lime Co., Inc.(b)
5.25%, 07/15/28	USD		45		36,991
9.75%, 07/15/28			19		16,245
PCF GmbH, 4.75%, 04/15/26(c)	EUR		300		247,578
SRM Escrow Issuer LLC, 6.00%, 11/01/28(b)	USD		104		87,904
Standard Industries, Inc.(b)
4.38%, 07/15/30			34		26,817
3.38%, 01/15/31			3		2,213
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b)			34		29,665
					658,157
Building Products — 0.3%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(b)			28		25,817
Foundation Building Materials, Inc., 6.00%, 03/01/29(b)			37		27,102
GYP Holdings III Corp., 4.63%, 05/01/29(b)			40		31,189
LBM Acquisition LLC, 6.25%, 01/15/29(b)			46		29,615
Lowe’s Cos., Inc., 4.45%, 04/01/62			910		777,330
Patrick Industries, Inc., 4.75%, 05/01/29(b)			11		8,187
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b)			78		63,415
SRS Distribution, Inc.(b)
4.63%, 07/01/28			85		74,375
6.13%, 07/01/29			124		97,833

Security		Par (000)		Value
Building Products (continued)
SRS Distribution, Inc.(b) (continued)
6.00%, 12/01/29	USD		164	$	128,778
White Cap Buyer LLC, 6.88%, 10/15/28(b)			148		118,400
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(b)(g)			45		37,462
					1,419,503
Capital Markets — 0.5%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(b)			16		13,635
Cerah Capital Ltd., 0.00%, 08/08/24(c)(h)(i)			200		199,406
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)			47		38,775
Dua Capital Ltd., 2.78%, 05/11/31(c)			200		163,810
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			120		96,177
Huarong Finance 2017 Co. Ltd., 4.75%, 04/27/27(c)			200		179,500
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			63		58,978
5.25%, 05/15/27			138		122,246
4.38%, 02/01/29			7		5,657
Kane Bidco Ltd., 6.50%, 02/15/27(c)	GBP		311		330,576
NFP Corp.(b)
4.88%, 08/15/28	USD		77		65,948
6.88%, 08/15/28			333		274,738
OWL Rock Core Income Corp., 5.50%, 03/21/25(b)			30		28,801
Sherwood Financing PLC(c)
4.50%, 11/15/26	EUR		547		479,506
6.00%, 11/15/26	GBP		235		229,007
					2,286,760
Chemicals — 0.7%
Chemours Co.
4.00%, 05/15/26	EUR		400		370,974
5.75%, 11/15/28(b)	USD		20		17,045
Diamond BC BV, 4.63%, 10/01/29(b)			132		105,560
Element Solutions, Inc., 3.88%, 09/01/28(b)			135		111,393
EverArc Escrow SARL, 5.00%, 10/30/29(b)			96		80,805
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(c)	EUR		100		88,253
HB Fuller Co., 4.25%, 10/15/28	USD		19		15,942
Herens Holdco SARL, 4.75%, 05/15/28(b)			200		166,160
Herens Midco SARL, 5.25%, 05/15/29(c)	EUR		800		547,013
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)	USD		89		70,310
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(g)			41		37,500
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b)			20		16,850
Lune Holdings SARL, 5.63%, 11/15/28(c)	EUR		250		210,355
Minerals Technologies, Inc., 5.00%, 07/01/28(b)	USD		33		28,720
Monitchem HoldCo 3 SA, 5.25%, 03/15/25(c)	EUR		300		288,055
Nobian Finance BV, 3.63%, 07/15/26(c)			100		80,680
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28(c)			300		254,124
SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, 11/01/26(c)			256		217,115
WR Grace Holdings LLC, 5.63%, 08/15/29(b)	USD		335		246,644
					2,953,498
Commercial Services & Supplies — 0.7%
AMN Healthcare, Inc., 4.00%, 04/15/29(b)			16		13,520
APX Group, Inc.(b)
6.75%, 02/15/27			91		84,394
5.75%, 07/15/29			71		54,968

12 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(b)	USD		8	$	6,655
Avis Budget Finance PLC, BRTLS64W5, 4.75%, 01/30/26(c)	EUR		100		94,406
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(c)			300		249,464
EC Finance PLC, 3.00%, 10/15/26(c)			245		223,953
eHi Car Services Ltd., 7.75%, 11/14/24(c)	USD		200		128,000
Fortress Transportation & Infrastructure Investors LLC(b)
6.50%, 10/01/25			16		15,096
9.75%, 08/01/27			8		7,819
5.50%, 05/01/28			58		47,874
Herc Holdings, Inc., 5.50%, 07/15/27(b)			4		3,652
Hertz Corp.(b)
4.63%, 12/01/26			22		18,394
5.00%, 12/01/29			24		18,480
House of Finance NV, 4.38%, 07/15/26(c)	EUR		700		710,751
Inter Media & Communication SpA, 6.75%, 02/09/27(c)			123		114,708
Loxam SAS(c)
3.75%, 07/15/26			100		89,736
4.50%, 02/15/27			251		225,485
5.75%, 07/15/27			100		82,005
Metis Merger Sub LLC, 6.50%, 05/15/29(b)	USD		38		30,197
NESCO Holdings II, Inc., 5.50%, 04/15/29(b)			57		47,737
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29(b)			2		1,585
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
5.75%, 04/15/26			15		13,987
6.25%, 01/15/28			116		97,045
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)			200		171,664
Verisure Midholding AB, 5.25%, 02/15/29(c)	EUR		345		274,801
Williams Scotsman International, Inc., 4.63%, 08/15/28(b)	USD		46		39,215
					2,865,591
Communications Equipment(b) — 0.1%
Avaya, Inc., 6.13%, 09/15/28			317		206,842
Ciena Corp., 4.00%, 01/31/30			19		16,399
CommScope Technologies LLC, 6.00%, 06/15/25			51		44,115
CommScope, Inc.
6.00%, 03/01/26			23		21,184
8.25%, 03/01/27			10		7,905
7.13%, 07/01/28			77		58,526
4.75%, 09/01/29			76		61,309
Viasat, Inc.
5.63%, 09/15/25			42		33,971
6.50%, 07/15/28			41		28,242
					478,493
Construction & Engineering — 0.0%
Celestial Miles Ltd., (5 year CMT + 8.21%), 5.75%(a)(c)(f)			200		200,037
Construction Materials(b) — 0.0%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			20		16,282
IAA, Inc., 5.50%, 06/15/27			34		31,669
Thor Industries, Inc., 4.00%, 10/15/29			30		23,760
Winnebago Industries, Inc., 6.25%, 07/15/28			22		20,146
					91,857
Consumer Discretionary — 0.7%
APi Escrow Corp., 4.75%, 10/15/29(b)			18		14,535

Security		Par (000)		Value
Consumer Discretionary (continued)
APi Group DE, Inc., 4.13%, 07/15/29(b)	USD		24	$	19,061
Carnival Corp.
10.13%, 02/01/26(c)	EUR		400		414,045
10.50%, 02/01/26(b)	USD		119		118,461
7.63%, 03/01/26(c)	EUR		202		165,507
5.75%, 03/01/27(b)	USD		147		106,175
9.88%, 08/01/27(b)			64		62,400
4.00%, 08/01/28(b)			145		118,900
6.00%, 05/01/29(b)			102		71,666
CoreLogic, Inc., 4.50%, 05/01/28(b)			78		60,060
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(b)			25		20,950
Life Time, Inc.(b)
5.75%, 01/15/26			51		45,720
8.00%, 04/15/26			1,291		1,150,604
NCL Corp. Ltd., 5.88%, 03/15/26(b)			49		38,460
NCL Finance Ltd., 6.13%, 03/15/28(b)			29		21,098
Nielsen Finance LLC/Nielsen Finance Co.(b)
5.63%, 10/01/28			69		64,080
5.88%, 10/01/30			165		151,496
Royal Caribbean Cruises Ltd.(b)
10.88%, 06/01/23			25		25,084
9.13%, 06/15/23			33		32,636
11.50%, 06/01/25			27		27,742
5.50%, 08/31/26			42		31,185
5.50%, 04/01/28			50		34,750
Viking Cruises Ltd., 7.00%, 02/15/29(b)			78		58,408
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)			42		33,117
					2,886,140
Consumer Finance — 0.6%
American Express Co., (5 year CMT + 2.85%), 3.55%(a)(f)			440		357,988
Encore Capital Group, Inc.(c)
4.88%, 10/15/25	EUR		200		201,730
4.25%, 06/01/28	GBP		100		100,184
Global Payments, Inc., 2.90%, 05/15/30	USD		265		223,603
HealthEquity, Inc., 4.50%, 10/01/29(b)			76		66,500
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(b)			38		33,820
Muthoot Finance Ltd., 4.40%, 09/02/23(c)			200		194,000
Navient Corp., 5.50%, 03/15/29			48		37,004
Nexi SpA, 0.00%, 02/24/28(c)(i)	EUR		200		136,433
OneMain Finance Corp.
6.88%, 03/15/25	USD		29		27,485
6.63%, 01/15/28			35		31,282
5.38%, 11/15/29			12		9,724
4.00%, 09/15/30			18		13,343
S&P Global, Inc.
3.70%, 03/01/52(b)			150		128,055
2.30%, 08/15/60			99		60,337
Sabre Global, Inc.(b)
9.25%, 04/15/25			56		53,959
7.38%, 09/01/25			27		25,043
Sun Hung Kai & Co. BVI Ltd., 5.75%, 11/15/24(c)			200		195,663
Verscend Escrow Corp., 9.75%, 08/15/26(b)			618		601,005
					2,497,158
Containers & Packaging — 0.4%
Clydesdale Acquisition Holdings, Inc.(b)
6.63%, 04/15/29			121		113,695
8.75%, 04/15/30			80		69,006

SCHEDULE  OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
iQIYI, Inc., 4.00%, 12/15/26(h)	USD		1,796	$	1,193,442
Kleopatra Finco SARL, 4.25%, 03/01/26(c)	EUR		200		170,816
LABL, Inc., 5.88%, 11/01/28(b)	USD		48		38,756
					1,585,715
Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)
6.63%, 07/15/26			448		411,098
9.75%, 07/15/27			473		400,319
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.63%, 06/01/28(c)	EUR		100		78,854
4.63%, 06/01/28(b)	USD		200		164,941
4.88%, 06/01/28(c)	GBP		300		286,400
Clarivate Science Holdings Corp.(b)
3.88%, 07/01/28	USD		121		101,097
4.88%, 07/01/29			125		102,625
Rekeep SpA, 7.25%, 02/01/26(c)	EUR		515		465,009
					2,010,343
Diversified Financial Services — 1.7%
Ally Financial, Inc., Series B, (5 year CMT + 3.87%), 4.70%(a)(f)	USD		550		436,158
Barclays PLC, (5 year UK Government Bond + 6.02%), 6.38%(a)(c)(f)	GBP		200		223,983
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)	USD		13		10,792
Central Garden & Pet Co.
4.13%, 10/15/30			2		1,641
4.13%, 04/30/31(b)			35		28,097
Citigroup, Inc., Series W, (5 year CMT + 3.60%), 4.00%(a)(f)			325		281,125
Deutsche Bank AG(a)(c)
(5 year EUR Swap + 4.55%), 4.50%(f)	EUR		600		489,103
(5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32			300		287,505
Garfunkelux Holdco 3 SA(c)
6.75%, 11/01/25			600		557,847
7.75%, 11/01/25	GBP		400		435,794
Global Aircraft Leasing Co. Ltd.(b)(g)
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24	USD		34		25,546
Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24			49		37,118
HSBC Holdings PLC, (SOFR + 2.53%), 4.76%, 03/29/33(a)			960		885,473
Intrum AB, 3.00%, 09/15/27(c)	EUR		500		402,748
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(b)	USD		13		10,003
Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%(a)(f)			600		582,000
Morgan Stanley, (SOFR + 2.62%), 5.30%, 04/20/37(a)			820		794,087
Royal Capital BV, (5 year CMT + 7.40%), 5.00%(a)(c)(f)			200		195,600
Shriram Transport Finance Co. Ltd., 5.10%, 07/16/23(c)			400		384,000
Spectrum Brands, Inc.(b)
5.00%, 10/01/29			17		14,701
5.50%, 07/15/30			13		11,699
UBS Group AG, (1 year CMT + 1.55%), 4.49%, 05/12/26(a)(b)			885		881,619

Security		Par (000)		Value
Diversified Financial Services (continued)
UniCredit SpA, (5 year EUR Swap + 4.93%), 5.38%(a)(c)(f)	EUR		400	$	360,585
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30(b)	USD		24		19,200
					7,356,424
Diversified Telecommunication Services — 1.0%
Consolidated Communications, Inc., 6.50%, 10/01/28(b)			146		124,185
Frontier Communications Holdings LLC, 8.75%, 05/15/30(b)			160		161,758
Level 3 Financing, Inc.(b)
3.40%, 03/01/27			13		11,197
4.25%, 07/01/28			33		26,441
3.63%, 01/15/29			37		28,529
3.75%, 07/15/29			17		13,145
Lumen Technologies, Inc.
5.13%, 12/15/26(b)			144		121,222
4.00%, 02/15/27(b)			23		19,452
4.50%, 01/15/29(b)			10		7,444
5.38%, 06/15/29(b)			88		69,676
Series U, 7.65%, 03/15/42			50		38,375
SoftBank Group Corp.(c)
2.13%, 07/06/24	EUR		400		375,166
4.75%, 07/30/25			100		92,914
3.13%, 09/19/25			400		351,122
2.88%, 01/06/27			100		80,923
5.00%, 04/15/28			100		83,123
3.38%, 07/06/29			100		71,864
(5 year USD ICE Swap + 4.23%), 6.00%(a)(f)	USD		200		178,000
Sprint Capital Corp.
6.88%, 11/15/28			27		28,391
8.75%, 03/15/32			81		97,482
Switch Ltd., 4.13%, 06/15/29(b)			103		101,954
Telecom Italia Capital SA
6.38%, 11/15/33			13		10,039
7.72%, 06/04/38			2		1,543
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		100		108,063
Telecom Italia SpA(c)
2.88%, 01/28/26			400		376,042
3.63%, 05/25/26			200		193,871
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(b)	USD		30		20,754
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(b)			47		38,652
Verizon Communications, Inc.
2.88%, 11/20/50			150		106,442
3.70%, 03/22/61			247		193,999
Zayo Group Holdings, Inc.(b)
4.00%, 03/01/27			310		257,173
6.13%, 03/01/28			1,226		885,307
					4,274,248
Electric Utilities — 0.3%
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(c)			200		163,600
Dominion Energy, Inc., Series C, (5 year CMT + 3.20%), 4.35%(a)(f)			355		291,988
Edison International, Series A, (5 year CMT + 4.70%), 5.38%(a)(f)			350		284,375

14 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
Greenko Solar Mauritius Ltd., 5.55%, 01/29/25	USD		200	$	186,250
JSW Hydro Energy Ltd., 4.13%, 05/18/31(c)			184		146,740
NextEra Energy Capital Holdings, Inc., (5 year CMT + 2.55%), 3.80%, 03/15/82(a)			275		220,757
Pacific Gas & Electric Co., 4.20%, 06/01/41			310		227,002
					1,520,712
Electrical Equipment — 0.0%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(b)			70		64,925
GrafTech Finance, Inc., 4.63%, 12/15/28(b)			29		23,475
Pearl Holding II Ltd., (6.00% PIK), 6.00%(c)(f)(g)			95		3,884
Pearl Holding III Ltd., 9.00%, 10/22/25(c)			76		27,170
					119,454
Electronic Equipment, Instruments & Components(b) — 0.0%
Energizer Holdings, Inc., 4.75%, 06/15/28			29		23,018
Imola Merger Corp., 4.75%, 05/15/29			112		93,706
Vertiv Group Corp., 4.13%, 11/15/28			116		94,183
					210,907
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
6.88%, 04/01/27			45		41,034
6.25%, 04/01/28			81		71,709
CGG SA, 7.75%, 04/01/27(c)	EUR		403		358,975
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27	USD		389		345,238
Vallourec SA, 8.50%, 06/30/26(c)	EUR		72		69,680
Weatherford International Ltd.(b)
6.50%, 09/15/28	USD		2		1,795
8.63%, 04/30/30			39		32,362
					920,793
Entertainment — 0.6%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29(b)			82		69,290
iQIYI, Inc., 2.00%, 04/01/25(h)			2,151		1,731,555
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)			47		40,302
NCL Corp. Ltd., 7.75%, 02/15/29(b)			1,139		871,335
					2,712,482
Environmental, Maintenance & Security Service — 0.1%
Covanta Holding Corp.
4.88%, 12/01/29(b)			41		33,363
5.00%, 09/01/30			14		11,428
GFL Environmental, Inc.(b)
5.13%, 12/15/26			235		224,730
4.00%, 08/01/28			4		3,300
4.75%, 06/15/29			54		44,685
4.38%, 08/15/29			69		55,545
Tervita Corp., 11.00%, 12/01/25(b)			18		19,575
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			123		109,261
					501,887
Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp.
3.10%, 06/15/50			743		513,629
2.95%, 01/15/51			859		581,615
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(b)			31		25,706
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(b)			29		24,766

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(b)	USD		28	$	24,080
Iron Mountain, Inc.(b)
5.25%, 07/15/30			30		26,082
5.63%, 07/15/32			40		33,823
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			89		78,953
4.50%, 02/15/29(b)			15		12,718
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)			17		13,964
Service Properties Trust
4.35%, 10/01/24			5		4,063
7.50%, 09/15/25			16		14,660
					1,354,059
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b)
5.88%, 02/15/28			38		35,516
4.88%, 02/15/30			72		61,765
Bellis Acquisition Co. PLC(c)
3.25%, 02/16/26	GBP		300		283,022
4.50%, 02/16/26			100		97,384
Casino Guichard Perrachon SA(c)
3.58%, 02/07/25	EUR		500		384,843
6.63%, 01/15/26			100		75,976
5.25%, 04/15/27			300		209,922
Iceland Bondco PLC(c)
4.63%, 03/15/25	GBP		100		93,942
4.38%, 05/15/28			100		80,342
Kraft Heinz Foods Co.
4.88%, 10/01/49	USD		68		60,061
5.50%, 06/01/50			120		115,190
Lamb Weston Holdings, Inc., 4.38%, 01/31/32(b)			58		50,460
Market Bidco Finco PLC, 5.50%, 11/04/27(c)	GBP		467		432,044
Ocado Group PLC, 3.88%, 10/08/26(c)			379		369,995
Performance Food Group, Inc., 4.25%, 08/01/29(b)	USD		60		50,100
Picard Groupe SAS, 3.88%, 07/01/26(c)	EUR		500		426,941
Post Holdings, Inc.(b)
5.50%, 12/15/29	USD		8		7,152
4.63%, 04/15/30			33		27,844
4.50%, 09/15/31			29		23,718
Premier Foods Finance PLC, 3.50%, 10/15/26(c)	GBP		100		105,601
U.S. Foods, Inc., 4.75%, 02/15/29(b)	USD		68		59,445
United Natural Foods, Inc., 6.75%, 10/15/28(b)			8		7,476
					3,058,739
Food Products — 0.2%
Aramark Services, Inc.(b)
5.00%, 04/01/25			133		127,433
5.00%, 02/01/28			27		24,468
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(b)			174		159,796
Knight Castle Investments Ltd., 7.99%, 01/23/21(d)(e)(j)			300		210,000
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b)			57		48,188
Tereos Finance Groupe I SA, 7.50%, 10/30/25(c)	EUR		200		205,710
					775,595

SCHEDULE  OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b)	USD		17	$	14,456
Health Care Equipment & Supplies(b) — 0.0%
Avantor Funding, Inc.
4.63%, 07/15/28			85		77,919
3.88%, 11/01/29			60		52,479
Embecta Corp., 6.75%, 02/15/30			27		24,309
					154,707
Health Care Providers & Services — 0.7%
Acadia Healthcare Co., Inc.(b)
5.50%, 07/01/28			23		21,489
5.00%, 04/15/29			7		6,284
AdaptHealth LLC(b)
6.13%, 08/01/28			14		12,383
5.13%, 03/01/30			5		4,215
AHP Health Partners, Inc., 5.75%, 07/15/29(b)			77		56,572
Cano Health LLC, 6.25%, 10/01/28(b)			49		40,072
CHS/Community Health Systems, Inc.(b)
8.00%, 03/15/26			201		183,049
5.63%, 03/15/27			131		110,874
6.00%, 01/15/29			116		96,097
6.88%, 04/15/29			35		22,575
6.13%, 04/01/30			78		47,580
Encompass Health Corp.
4.50%, 02/01/28			7		5,993
4.75%, 02/01/30			10		8,380
HCA, Inc., 4.63%, 03/15/52(b)			1,355		1,084,084
Legacy LifePoint Health LLC(b)
6.75%, 04/15/25			38		36,731
4.38%, 02/15/27			39		33,416
LifePoint Health, Inc., 5.38%, 01/15/29(b)			35		25,725
Medline Borrower LP, 5.25%, 10/01/29(b)			313		257,067
ModivCare, Inc., 5.88%, 11/15/25(b)			16		14,720
Owens & Minor, Inc., 6.63%, 04/01/30(b)			25		22,837
Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)			83		70,840
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b)			9		8,753
Surgery Center Holdings, Inc.(b)
6.75%, 07/01/25			369		338,203
10.00%, 04/15/27			57		55,213
Tenet Healthcare Corp.(b)
4.88%, 01/01/26			31		28,520
6.25%, 02/01/27			13		11,965
5.13%, 11/01/27			255		229,500
4.63%, 06/15/28			17		14,803
6.13%, 10/01/28			50		42,789
4.25%, 06/01/29			14		11,791
					2,902,520
Health Care Technology — 0.2%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(b)			385		374,871
Chrome Bidco SASU, 3.50%, 05/31/28(c)	EUR		275		235,826
Minerva Merger Sub, Inc., 6.50%, 02/15/30(b)	USD		189		157,170
Syneos Health, Inc., 3.63%, 01/15/29(b)			16		13,549
					781,416
Hotels, Restaurants & Leisure — 2.0%
1011778 BC ULC/New Red Finance, Inc.(b)
3.88%, 01/15/28			6		5,208

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
1011778 BC ULC/New Red Finance, Inc.(b) (continued)
4.00%, 10/15/30	USD		10	$	8,025
Accor SA(c)
0.70%, 12/07/27	EUR		132		56,903
(5 year EUR Swap + 4.56%), 4.38%(a)(f)			200		182,347
Affinity Gaming, 6.88%, 12/15/27(b)	USD		2		1,680
Boyd Gaming Corp.
4.75%, 12/01/27			35		31,675
4.75%, 06/15/31(b)			64		54,081
Boyne USA, Inc., 4.75%, 05/15/29(b)			52		45,029
Burger King France SAS, (3 mo. EURIBOR + 4.75%),
4.75%, 11/01/26(a)(c)	EUR		275		265,784
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25	USD		210		202,383
8.13%, 07/01/27			223		215,474
4.63%, 10/15/29			160		124,400
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)			92		87,981
Carnival Corp., 7.63%, 03/01/26(b)			22		17,040
CCM Merger, Inc., 6.38%, 05/01/26(b)			30		27,313
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)			94		85,540
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(b)			72		69,840
6.50%, 10/01/28			10		9,491
Champion Path Holdings Ltd.(c)
4.50%, 01/27/26			200		124,000
4.85%, 01/27/28			200		114,350
Churchill Downs, Inc., 4.75%, 01/15/28(b)			124		110,360
Cirsa Finance International SARL(c)
6.25%, 12/20/23	EUR		170		169,079
4.50%, 03/15/27			183		154,379
Codere Finance 2 Luxembourg SA, (8.00% Cash or 3.00% PIK), 11.00%, 09/30/26(c)(g)			151		164,311
Constellation Merger Sub, Inc., 8.50%, 09/15/25(b)	USD		1,469		1,286,038
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b)
4.63%, 01/15/29			59		50,298
6.75%, 01/15/30			81		62,167
Food Service Project SA, 5.50%, 01/21/27(c)	EUR		326		292,949
Fortune Star BVI Ltd.(c)
5.95%, 10/19/25	USD		400		244,000
5.00%, 05/18/26			352		211,200
Gamma Bidco SpA, 5.13%, 07/15/25(c)	EUR		120		113,179
Haidilao International Holding Ltd., 2.15%, 01/14/26(c)	USD		200		152,000
Hilton Domestic Operating Co., Inc., 4.00%, 05/01/31(b)			9		7,479
Melco Resorts Finance Ltd.(c)
4.88%, 06/06/25			500		373,010
5.25%, 04/26/26			200		140,000
5.63%, 07/17/27			200		134,880
MGM China Holdings Ltd.(c)
5.38%, 05/15/24			400		338,000
5.25%, 06/18/25			200		153,912
5.88%, 05/15/26			200		151,850
Midco GB SASU, (7.75% PIK), 7.75%, 11/01/27(c)(g)	EUR		250		252,522
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)	USD		43		35,045
Minor International PCL, (5 year CMT + 7.92%), 2.70%(a)(c)(f)			200		183,537

16 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)	USD		45	$	47,232
Powdr Corp., 6.00%, 08/01/25(b)			41		40,693
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b)
5.63%, 09/01/29			21		14,951
5.88%, 09/01/31			21		14,574
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(b)			31		27,125
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27(b)			41		29,802
Scientific Games International, Inc.(b)
8.63%, 07/01/25			40		41,004
7.00%, 05/15/28			40		37,537
7.25%, 11/15/29			33		30,948
Sisal SpA, 7.00%, 07/31/23(c)	EUR		69		71,486
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b)	USD		56		56,690
Station Casinos LLC(b)
4.50%, 02/15/28			29		24,494
4.63%, 12/01/31			49		38,220
Stonegate Pub Co. Financing PLC(c)
8.00%, 07/13/25	GBP		640		712,851
8.25%, 07/31/25			100		111,170
Studio City Finance Ltd.
6.00%, 07/15/25(c)	USD		200		127,000
5.00%, 01/15/29(b)			200		99,725
Vail Resorts, Inc., 6.25%, 05/15/25(b)			31		30,962
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)			14		12,245
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.25%, 05/15/27(b)			36		30,834
Wynn Macau Ltd.(c)
4.88%, 10/01/24			600		435,372
5.50%, 01/15/26			400		276,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)
7.75%, 04/15/25			41		39,904
5.13%, 10/01/29			74		58,282
					8,918,340
Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
6.63%, 01/15/28			10		8,500
4.63%, 08/01/29			43		32,250
4.63%, 04/01/30			58		42,592
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
5.00%, 06/15/29			37		27,975
4.88%, 02/15/30			76		55,214
Installed Building Products, Inc., 5.75%, 02/01/28(b)			18		15,992
K Hovnanian Enterprises, Inc.(b)
10.00%, 11/15/25			12		12,722
7.75%, 02/15/26			59		57,820
KB Home, 7.25%, 07/15/30			10		9,475
Mattamy Group Corp.(b)
5.25%, 12/15/27			20		16,332
4.63%, 03/01/30			34		24,848
NCR Corp.(b)
5.75%, 09/01/27			4		3,550
5.00%, 10/01/28			21		17,806
5.13%, 04/15/29			38		32,138
6.13%, 09/01/29			36		31,135
Newell Brands, Inc., 5.75%, 04/01/46			650		529,750

Security		Par (000)		Value
Household Durables (continued)
Nobel Bidco BV, 3.13%, 06/15/28(c)	EUR		300	$	210,638
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b)	USD		89		59,853
Tri Pointe Homes, Inc., 5.70%, 06/15/28			11		9,493
					1,198,083
Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27(b)			17		14,896
Independent Power and Renewable Electricity Producers — 0.6%
Adani Green Energy Ltd., 4.38%, 09/08/24(c)			200		179,250
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(c)			200		190,725
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(c)			200		188,662
Calpine Corp.(b)
5.13%, 03/15/28			68		59,860
4.63%, 02/01/29			22		18,310
5.00%, 02/01/31			79		63,866
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)			31		27,890
Cullinan Holdco Scsp, 4.63%, 10/15/26(c)	EUR		700		591,205
Greenko Dutch BV, 3.85%, 03/29/26(c)	USD		388		328,830
Greenko Power II Ltd., 4.30%, 12/13/28(c)			195		155,423
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25(c)			200		185,750
India Green Power Holdings, 4.00%, 02/22/27(c)			250		193,750
ReNew Power Pvt Ltd., 5.88%, 03/05/27(c)			400		362,575
SMC Global Power Holdings Corp., (5 year CMT + 7.16%), 5.45%(a)(c)(f)			200		180,500
					2,726,596
Insurance — 0.8%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b)			41		32,094
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)
4.25%, 10/15/27			4		3,462
6.75%, 10/15/27			589		522,667
5.88%, 11/01/29			209		173,430
AmWINS Group, Inc., 4.88%, 06/30/29(b)			69		56,506
FWD Group Ltd.(c)
5.75%, 07/09/24			200		197,100
(5 year CMT + 4.88%), 6.38%(a)(f)			200		189,350
Galaxy Bidco Ltd., 6.50%, 07/31/26(c)	GBP		800		891,064
Genworth Holdings, Inc., 6.50%, 06/15/34	USD		1,000		792,500
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)			33		30,893
HUB International Ltd.(b)
7.00%, 05/01/26			308		289,643
5.63%, 12/01/29			7		5,782
Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%),
3.63%, 05/23/59(a)(c)	EUR		100		94,183
Peak RE Bvi Holding Ltd., (5 year CMT + 5.01%), 5.35%(a)(c)(f)	USD		200		160,000
Ryan Specialty Group LLC, 4.38%, 02/01/30(b)			24		20,880
					3,459,554
Interactive Media & Services — 0.2%
Arches Buyer, Inc., 4.25%, 06/01/28(b)			23		18,727
iliad SA(c)
1.50%, 10/14/24	EUR		100		97,251
1.88%, 02/11/28			200		166,624
Iliad SA, 2.38%, 06/17/26(c)			200		183,391
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(b)
4.75%, 04/30/27	USD		50		41,178
6.00%, 02/15/28			45		32,338

SCHEDULE  OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interactive Media & Services (continued)
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(b) (continued)
10.75%, 06/01/28	USD		19	$	16,906
Twitter, Inc.(b)
3.88%, 12/15/27			8		7,542
5.00%, 03/01/30			16		15,180
United Group BV(c)
4.88%, 07/01/24	EUR		200		190,310
4.00%, 11/15/27			200		158,735
4.63%, 08/15/28			200		160,024
					1,088,206
Internet & Direct Marketing Retail — 0.3%
Amazon.com, Inc., 2.70%, 06/03/60	USD		1,281		867,659
Very Group Funding PLC, 6.50%, 08/01/26(c)	GBP		350		323,086
					1,190,745
Internet Software & Services(b) — 0.1%
Endurance International Group Holdings, Inc., 6.00%, 02/15/29	USD		19		13,711
Match Group Holdings II LLC, 3.63%, 10/01/31			19		14,963
Uber Technologies, Inc.
8.00%, 11/01/26			64		63,712
7.50%, 09/15/27			191		185,037
6.25%, 01/15/28			38		35,144
4.50%, 08/15/29			207		170,257
					482,824
IT Services — 0.5%
Ahead DB Holdings LLC, 6.63%, 05/01/28(b)			31		25,699
Booz Allen Hamilton, Inc., 4.00%, 07/01/29(b)			62		54,060
CA Magnum Holdings, 5.38%, 10/31/26(c)			200		173,000
Centurion Bidco SpA, 5.88%, 09/30/26(c)	EUR		512		469,833
Condor Merger Sub, Inc., 7.38%, 02/15/30(b)	USD		583		473,845
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)			125		107,969
Fair Isaac Corp., 4.00%, 06/15/28(b)			35		31,004
La Financiere Atalian SASU(c)
4.00%, 05/15/24	EUR		100		80,692
5.13%, 05/15/25			300		239,758
6.63%, 05/15/25	GBP		220		202,826
Science Applications International Corp., 4.88%, 04/01/28(b)	USD		47		43,827
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(b)			39		36,689
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)			50		41,882
					1,981,084
Leisure Products — 0.0%
Mattel, Inc.
6.20%, 10/01/40			29		27,695
5.45%, 11/01/41			65		57,054
					84,749
Machinery — 0.3%
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK),
13.00%, 02/15/25(b)(g)			23		22,310
Madison IAQ LLC, 5.88%, 06/30/29(b)			87		66,670
OT Merger Corp., 7.88%, 10/15/29(b)			21		12,061
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(c)	EUR		200		190,727
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23(c)			100		100,819

Security		Par (000)		Value
Machinery (continued)
Terex Corp., 5.00%, 05/15/29(b)	USD		47	$	39,950
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b)			292		268,406
TK Elevator Holdco GmbH, 6.63%, 07/15/28(c)	EUR		90		80,442
TK Elevator Midco GmbH, 4.38%, 07/15/27(c)			415		374,662
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)	USD		265		236,265
					1,392,312
Media — 3.0%
Altice Financing SA
2.25%, 01/15/25(c)	EUR		600		550,237
3.00%, 01/15/28(c)			100		78,054
4.25%, 08/15/29(c)			200		157,716
5.75%, 08/15/29(b)	USD		400		321,000
Altice France Holding SA
8.00%, 05/15/27(c)	EUR		100		85,926
10.50%, 05/15/27(b)	USD		300		251,742
AMC Networks, Inc., 4.25%, 02/15/29			26		21,065
Banijay Group SAS, 6.50%, 03/01/26(c)	EUR		200		174,821
Block Communications, Inc., 4.88%, 03/01/28(b)	USD		6		5,070
Cable One, Inc., 4.00%, 11/15/30(b)			15		12,322
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 02/01/28(b)			8		7,382
4.75%, 03/01/30(b)			10		8,553
4.50%, 08/15/30(b)			147		122,051
4.25%, 02/01/31(b)			117		95,355
4.75%, 02/01/32(b)			50		40,940
4.50%, 05/01/32			104		84,209
4.50%, 06/01/33(b)			41		32,309
4.25%, 01/15/34(b)			156		120,510
Cengage Learning, Inc., 9.50%, 06/15/24(b)			1,000		925,000
Charter Communications Operating LLC/Charter Communications Operating Capital
3.70%, 04/01/51			105		71,053
4.40%, 12/01/61			600		431,525
Clear Channel Outdoor Holdings, Inc.(b)
5.13%, 08/15/27			326		275,252
7.75%, 04/15/28			170		123,687
7.50%, 06/01/29			196		140,936
CMG Media Corp., 8.88%, 12/15/27(b)			194		153,262
Comcast Corp.
3.75%, 04/01/40			110		96,411
2.94%, 11/01/56			54		37,524
2.99%, 11/01/63			925		630,917
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b)			585		525,699
CSC Holdings LLC, 5.75%, 01/15/30(b)			200		145,506
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(b)			83		70,805
DISH DBS Corp.
5.25%, 12/01/26(b)			251		196,744
5.75%, 12/01/28(b)			166		122,908
5.13%, 06/01/29			123		74,740
Frontier Communications Holdings LLC(b)
5.88%, 10/15/27			79		71,029
5.00%, 05/01/28			67		56,950
6.75%, 05/01/29			107		88,007
6.00%, 01/15/30			87		66,942

18 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%(a)(c)(f)	USD		200	$	186,000
Iliad Holding SASU(b)
6.50%, 10/15/26			200		179,994
7.00%, 10/15/28			200		173,987
Intrado Corp., 8.50%, 10/15/25(b)			570		492,067
Kaixo Bondsco Telecom SA, 5.13%, 09/30/29(c)	EUR		131		103,991
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)	USD		180		167,909
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(g)			1,786		968,754
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b)			136		106,080
Live Nation Entertainment, Inc.(b)
4.88%, 11/01/24			6		5,730
6.50%, 05/15/27			292		287,159
4.75%, 10/15/27			60		53,191
3.75%, 01/15/28			18		15,525
Lorca Telecom Bondco SA, 4.00%, 09/18/27(c)	EUR		446		390,132
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(c)(f)	USD		400		370,200
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27			118		103,102
4.25%, 01/15/29			4		3,186
4.63%, 03/15/30			2		1,576
Radiate Holdco LLC/Radiate Finance, Inc.(b)
4.50%, 09/15/26			100		86,228
6.50%, 09/15/28			307		237,273
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)			109		86,455
Sirius XM Radio, Inc.(b)
5.00%, 08/01/27			19		17,623
4.00%, 07/15/28			56		48,440
3.88%, 09/01/31			93		74,051
Stagwell Global LLC, 5.63%, 08/15/29(b)			48		38,569
Summer BC Holdco A SARL, 9.25%, 10/31/27(c)	EUR		451		363,303
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(c)(g)			419		355,125
Tele Columbus AG, 3.88%, 05/02/25(c)			500		438,934
Univision Communications, Inc.(b)
6.63%, 06/01/27	USD		50		47,605
7.38%, 06/30/30			23		22,483
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28(c)	GBP		100		97,384
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b)	USD		200		165,494
VZ Secured Financing BV, 3.50%, 01/15/32(c)	EUR		170		133,687
Walt Disney Co., 2.75%, 09/01/49	USD		1,281		914,370
					13,209,766
Metals & Mining — 0.8%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(c)			200		199,500
Allegheny Technologies, Inc.
4.88%, 10/01/29			18		14,355
5.13%, 10/01/31			48		36,770
Arconic Corp., 6.13%, 02/15/28(b)			40		37,351
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)			215		199,508
Carpenter Technology Corp.
6.38%, 07/15/28			5		4,463
7.63%, 03/15/30			38		34,895
China Hongqiao Group Ltd., 6.25%, 06/08/24(c)			200		184,663
Commercial Metals Co., 4.38%, 03/15/32			14		11,467

Security		Par (000)		Value
Metals & Mining (continued)
Constellium SE, 5.88%, 02/15/26(b)	USD		250	$	233,413
ERO Copper Corp., 6.50%, 02/15/30(b)			23		18,458
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32(b)			72		64,800
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(b)			5		5,163
JSW Infrastructure Ltd., 4.95%, 01/21/29(c)			200		155,975
JSW Steel Ltd.(c)
5.38%, 04/04/25			200		183,750
3.95%, 04/05/27			200		160,500
Kaiser Aluminum Corp.(b)
4.63%, 03/01/28			29		24,143
4.50%, 06/01/31			88		66,605
Mineral Resources Ltd.(b)
8.00%, 11/01/27			23		22,425
8.50%, 05/01/30			19		18,715
New Gold, Inc., 7.50%, 07/15/27(b)			100		87,000
Novelis Corp.(b)
4.75%, 01/30/30			168		139,638
3.88%, 08/15/31			159		122,460
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(c)	EUR		100		82,400
Periama Holdings LLC, 5.95%, 04/19/26(c)	USD		400		356,000
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b)			22		18,720
U.S. Steel Corp., 6.88%, 03/01/29			50		43,630
Vedanta Resources Finance II PLC(c)
8.00%, 04/23/23			213		177,163
13.88%, 01/21/24			712		633,680
Vedanta Resources Ltd., 6.13%, 08/09/24(c)			200		121,260
					3,458,870
Multiline Retail — 0.1%
Dufry One BV(c)
2.50%, 10/15/24	EUR		100		94,700
0.75%, 03/30/26	CHF		200		158,753
NMG Holding Co., Inc./Neiman Marcus Group LLC,
7.13%, 04/01/26(b)	USD		86		79,256
					332,709
Multi-Utilities — 0.0%
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26(c)			200		181,352
Oil, Gas & Consumable Fuels — 3.6%
Aethon United BR LP/Aethon United Finance Corp.,
8.25%, 02/15/26(b)			115		111,751
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)
5.75%, 03/01/27			32		29,760
5.75%, 01/15/28			6		5,463
5.38%, 06/15/29			37		33,136
Antero Resources Corp., 7.63%, 02/01/29(b)			32		32,553
Apache Corp.
4.25%, 01/15/30			35		31,019
5.10%, 09/01/40			31		26,176
5.25%, 02/01/42			14		11,711
5.35%, 07/01/49			11		8,692
Arcosa, Inc., 4.38%, 04/15/29(b)			68		57,702
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b)
9.00%, 11/01/27			100		125,518
5.88%, 06/30/29			41		36,080
Buckeye Partners LP
4.13%, 03/01/25(b)			5		4,629
5.85%, 11/15/43			28		19,880

SCHEDULE  OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP (continued)
5.60%, 10/15/44	USD		18	$	12,535
Callon Petroleum Co.
6.13%, 10/01/24			19		19,293
9.00%, 04/01/25(b)			118		125,080
6.38%, 07/01/26			23		21,218
8.00%, 08/01/28(b)			172		165,223
7.50%, 06/15/30(b)			98		90,174
Cellnex Telecom SA(c)
1.75%, 10/23/30	EUR		200		149,136
Series CLNX, 0.75%, 11/20/31			1,100		785,036
Centennial Resource Production LLC, 6.88%, 04/01/27(b)	USD		41		38,935
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29(b)			100		96,250
Cheniere Energy, Inc., 4.63%, 10/15/28			27		24,315
Chesapeake Energy Corp.(b)
5.88%, 02/01/29			5		4,715
6.75%, 04/15/29			93		89,934
Citgo Holding, Inc., 9.25%, 08/01/24(b)			2,455		2,375,212
CITGO Petroleum Corp.(b)
7.00%, 06/15/25			54		52,245
6.38%, 06/15/26			51		47,082
Civitas Resources, Inc., 5.00%, 10/15/26(b)			16		14,360
CNX Midstream Partners LP, 4.75%, 04/15/30(b)			49		41,160
CNX Resources Corp., 6.00%, 01/15/29(b)			16		14,947
Colgate Energy Partners III LLC(b)
7.75%, 02/15/26			25		23,766
5.88%, 07/01/29			63		55,204
Comstock Resources, Inc.(b)
6.75%, 03/01/29			95		85,066
5.88%, 01/15/30			119		102,340
Crescent Energy Finance LLC, 7.25%, 05/01/26(b)			110		100,100
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b)
5.63%, 05/01/27			11		9,790
6.00%, 02/01/29			10		8,726
8.00%, 04/01/29			13		12,074
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			157		147,580
DCP Midstream Operating LP
6.75%, 09/15/37(b)			74		70,392
5.60%, 04/01/44			5		4,041
DT Midstream, Inc.(b)
4.13%, 06/15/29			71		60,172
4.38%, 06/15/31			103		86,262
Dycom Industries, Inc., 4.50%, 04/15/29(b)			22		19,208
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(b)			52		49,205
eG Global Finance PLC, 6.75%, 02/07/25(b)			200		188,577
EG Global Finance PLC, 6.25%, 10/30/25(c)	EUR		600		563,492
Energy Transfer LP
5.40%, 10/01/47	USD		150		131,606
Series G, (5 year CMT + 5.31%), 7.13%(a)(f)			159		136,446
Series H, (5 year CMT + 5.69%), 6.50%(a)(f)			106		93,695
EnLink Midstream LLC
5.63%, 01/15/28(b)			41		37,608
5.38%, 06/01/29			21		18,379
EnLink Midstream Partners LP
5.60%, 04/01/44			24		16,997
5.05%, 04/01/45			5		3,381
5.45%, 06/01/47			8		5,662

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQM Midstream Partners LP
6.00%, 07/01/25(b)	USD		20	$	19,174
4.13%, 12/01/26			14		12,093
6.50%, 07/01/27(b)			40		37,192
7.50%, 06/01/30(b)			15		14,410
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28			21		18,166
Gulfport Energy Corp., 8.00%, 05/17/26(b)			7		6,886
Harvest Midstream I LP, 7.50%, 09/01/28(b)			12		11,271
Hess Corp., 5.80%, 04/01/47			248		247,333
Hess Midstream Operations LP, 4.25%, 02/15/30(b)			42		35,174
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28(b)			4		3,770
Hilong Holding Ltd., 9.75%, 11/18/24(c)			200		108,662
ITT Holdings LLC, 6.50%, 08/01/29(b)			61		48,800
MasTec, Inc., 4.50%, 08/15/28(b)			28		25,191
Matador Resources Co., 5.88%, 09/15/26			131		125,928
Medco Bell Pte. Ltd., 6.38%, 01/30/27(c)			200		169,000
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(c)			200		181,500
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/25(c)			250		231,766
MPLX LP, 4.95%, 03/14/52			1,275		1,101,801
Murphy Oil Corp., 6.13%, 12/01/42			2		1,495
Murphy Oil USA, Inc., 4.75%, 09/15/29			24		21,601
Nabors Industries Ltd.(b)
7.25%, 01/15/26			12		10,642
7.50%, 01/15/28			29		24,940
Nabors Industries, Inc., 7.38%, 05/15/27(b)			55		52,250
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)			400		384,000
New Fortress Energy, Inc.(b)
6.75%, 09/15/25			142		134,190
6.50%, 09/30/26			2,617		2,370,378
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b)			36		32,400
NGPL PipeCo LLC, 7.77%, 12/15/37(b)			74		80,530
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b)			189		178,132
NuStar Logistics LP
5.75%, 10/01/25			20		18,700
6.38%, 10/01/30			5		4,344
Occidental Petroleum Corp.
6.95%, 07/01/24			14		14,420
5.50%, 12/01/25			30		29,550
8.88%, 07/15/30			15		17,221
6.63%, 09/01/30			86		88,580
6.13%, 01/01/31			11		11,148
7.50%, 05/01/31			12		12,900
6.20%, 03/15/40			127		125,095
6.60%, 03/15/46			5		5,310
Parkland Corp., 5.88%, 07/15/27(b)			29		26,318
PDC Energy, Inc., 6.13%, 09/15/24			2		1,986
Petron Corp., (5 year CMT + 4.77%), 4.60%(a)(c)(f)			200		192,412
Range Resources Corp., 4.88%, 05/15/25			8		7,803
Rockcliff Energy II LLC, 5.50%, 10/15/29(b)			93		84,627
SK Innovation Co. Ltd., 4.13%, 07/13/23(c)			200		199,732
SM Energy Co.
5.63%, 06/01/25			17		16,065
6.75%, 09/15/26			30		28,301
6.63%, 01/15/27			4		3,740
6.50%, 07/15/28			23		21,153
Southwestern Energy Co.
5.38%, 02/01/29			63		58,439
4.75%, 02/01/32			29		24,781

20 2 0 2 2  BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.75%, 04/15/25	USD		152	$	118,940
8.50%, 10/15/26(b)			1,596		1,432,921
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27			2		1,907
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b)
6.00%, 03/01/27			6		5,355
6.00%, 12/31/30			4		3,320
6.00%, 09/01/31			20		16,500
Tap Rock Resources LLC, 7.00%, 10/01/26(b)			153		144,465
Transocean, Inc., 11.50%, 01/30/27(b)			21		19,711
Venture Global Calcasieu Pass LLC(b)
3.88%, 08/15/29			139		121,587
4.13%, 08/15/31			122		104,251
3.88%, 11/01/33			97		80,025
Vermilion Energy, Inc., 6.88%, 05/01/30(b)			29		25,955
Western Midstream Operating LP
5.45%, 04/01/44			86		71,478
5.30%, 03/01/48			54		43,532
5.50%, 08/15/48			6		4,890
5.75%, 02/01/50			89		71,472
					15,678,298
Personal Products(c) — 0.1%
Coty, Inc.
3.88%, 04/15/26	EUR		237		219,032
4.75%, 04/15/26			400		359,447
					578,479
Pharmaceuticals — 1.0%
AbbVie, Inc., 4.75%, 03/15/45	USD		250		235,083
Bausch Health Cos., Inc.(b)
6.13%, 02/01/27			11		9,350
5.00%, 02/15/29			45		23,400
6.25%, 02/15/29			2		1,064
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27(c)	EUR		100		89,128
4.38%, 01/15/28(c)			164		146,026
5.50%, 01/15/28(b)	USD		200		167,099
Gruenenthal GmbH(c)
3.63%, 11/15/26	EUR		300		283,715
4.13%, 05/15/28			100		89,600
Luye Pharma Group Ltd., 1.50%, 07/09/24(c)(h)	USD		400		400,899
Nidda BondsCo GmbH, 5.00%, 09/30/25(c)	EUR		100		84,360
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(c)			1,000		923,151
Option Care Health, Inc., 4.38%, 10/31/29(b)			42		36,015
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b)			200		172,566
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(b)			57		39,903
Rossini SARL, 6.75%, 10/30/25(c)	EUR		300		301,835
Teva Pharmaceutical Finance Netherlands II BV
1.25%, 03/31/23(c)			200		204,324
6.00%, 01/31/25			300		306,191
4.50%, 03/01/25			300		293,616
1.88%, 03/31/27(c)			100		81,694
3.75%, 05/09/27			496		439,477
					4,328,496

Security		Par (000)			Value
Producer Durables: Miscellaneous — 0.0%
Celestial Dynasty Ltd., 4.25%, 06/27/29(c)	USD		200		$	181,225
Real Estate Management & Development — 2.6%
Adler Group SA, 3.25%, 08/05/25(c)	EUR		300			169,403
ADLER Group SA, 2.00%, 11/23/23(c)			100			73,356
Agile Group Holdings Ltd.(c)
4.85%, 08/31/22	USD		300			232,931
(5 year CMT + 11.29%), 7.88%(a)(f)			200			42,000
China Aoyuan Group Ltd.(c)(d)(e)
7.95%, 02/19/23			310			28,443
6.35%, 02/08/24			450			36,000
5.98%, 08/18/25			200			18,975
6.20%, 03/24/26			200			16,000
China Evergrande Group(c)(d)(e)
11.50%, 01/22/23			690			57,054
12.00%, 01/22/24			250			20,594
China SCE Group Holdings Ltd.(c)
7.38%, 04/09/24			200			66,000
5.95%, 09/29/24			200			62,000
CIFI Holdings Group Co. Ltd.(c)
6.55%, 03/28/24			200			133,000
6.45%, 11/07/24			400			256,000
6.00%, 07/16/25			200			118,500
Citycon OYJ, (5 year EURIBOR ICE Swap Rate + 4.18%), 3.63%(a)(c)(f)	EUR		100			59,733
Country Garden Holdings Co. Ltd., 3.13%, 10/22/25(c)	USD		200			98,500
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(b)			35			32,506
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(c)	EUR		300			259,556
Easy Tactic Ltd.(c)
5.88%, 02/13/23	USD		200			44,037
11.75%, 08/02/23			290			63,220
ESR Group Ltd., 1.50%, 09/30/25(c)(h)			200			189,400
Fantasia Holdings Group Co. Ltd.(c)(d)(e)
11.75%, 04/17/22			710			58,575
12.25%, 10/18/22			200			16,500
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81(a)(c)	EUR		700			392,567
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25(c)	USD		200			187,000
GLP Pte Ltd., (5 year CMT + 3.74%), 4.50%(a)(c)(f)			400			337,700
Greenland Global Investment Ltd., 5.88%, 07/03/24(c)			200			55,000
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(c)(f)	EUR		100			53,169
Howard Hughes Corp.(b)
5.38%, 08/01/28	USD		51			42,713
4.13%, 02/01/29			37			28,538
4.38%, 02/01/31			34			25,163
JGC Ventures Pte. Ltd.(g)
(3.00% PIK), 3.00%, 06/30/25(c)(d)(e)			239			113,063
(3.00% PIK), 3.00%, 06/30/25			4			1,630
(3.00% PIK), 3.00%, 06/30/25			—	(k)		119
Kaisa Group Holdings Ltd.(c)(d)(e)
11.95%, 10/22/22			200			27,163
11.50%, 01/30/23			300			39,750
9.38%, 06/30/24			340			46,389
KWG Group Holdings Ltd.(c)
7.88%, 09/01/23			250			61,250
5.88%, 11/10/24			200			39,000
Lai Sun MTN Ltd., 5.00%, 07/28/26(c)			200			181,787

SCHEDULE  OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Longfor Group Holdings Ltd., 4.50%, 01/16/28(c)	USD		200	$	162,000
Modern Land China Co. Ltd., 12.85%, 10/25/21(c)(d)(e)(j)			200		32,000
New Metro Global Ltd., 5.00%, 08/08/22(c)			200		193,000
NWD Finance BVI Ltd., (5 year CMT + 7.89%), 5.25%(a)(c)(f)			200		189,537
NWD MTN Ltd., 4.13%, 07/18/29(c)			200		176,600
Pakuwon Jati Tbk PT, 4.88%, 04/29/28(c)			200		169,475
PCPD Capital Ltd., 5.13%, 06/18/26(c)			200		188,000
Powerlong Real Estate Holdings Ltd.(c)
6.95%, 07/23/23			200		35,000
6.25%, 08/10/24			200		34,000
Realogy Group LLC/Realogy Co-Issuer Corp.(b)
5.75%, 01/15/29			61		46,258
5.25%, 04/15/30			24		17,760
RKPF Overseas Ltd., 7.88%, 02/01/23(c)			250		185,000
Ronshine China Holdings Ltd.(c)
8.10%, 06/09/23			250		32,500
7.35%, 12/15/23			354		44,250
SBB Treasury OYJ, 1.13%, 11/26/29(c)	EUR		200		124,182
Shimao Group Holdings Ltd., 6.13%, 02/21/24(c)	USD		400		42,000
Shui On Development Holding Ltd., 5.50%, 03/03/25(c)			400		302,000
Sinic Holdings Group Co. Ltd.(d)(e)
8.50%, 01/24/22(c)(j)			300		6,000
10.50%, 12/18/22			200		4,000
Sino-Ocean Land Treasure IV Ltd., 3.25%, 05/05/26(c)			200		86,000
Starwood Property Trust, Inc., 4.38%, 01/15/27(b)			14		12,153
Sunac China Holdings Ltd.(c)(d)(e)
6.65%, 08/03/24			200		28,000
7.00%, 07/09/25			420		58,800
Theta Capital Pte Ltd., 6.75%, 10/31/26(c)			200		152,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25(c)			200		172,000
Times China Holdings Ltd.(c)
6.75%, 07/08/25			400		56,000
6.20%, 03/22/26			200		28,000
VICI Properties LP, 5.13%, 05/15/32			990		932,917
Wanda Group Overseas Ltd.(c)
7.50%, 07/24/22			200		194,000
8.88%, 03/21/23			200		158,500
WeWork Cos. LLC/WW Co.-Obligor, Inc., 5.00%, 07/10/25(b)			40		25,834
WeWork Cos., Inc., 7.88%, 05/01/25(b)			4,389		3,210,474
Yango Justice International Ltd.(d)(e)
10.25%, 09/15/22			200		13,225
8.25%, 11/25/23(c)			200		12,000
7.50%, 04/15/24(c)			200		12,000
7.88%, 09/04/24(c)			200		12,000
Yanlord Land HK Co. Ltd.(c)
6.75%, 04/23/23			200		187,960
6.80%, 02/27/24			200		169,000
Yuzhou Group Holdings Co. Ltd.(c)(d)(e)
8.30%, 05/27/25			600		39,000
7.38%, 01/13/26			400		26,000
Zhenro Properties Group Ltd., 8.00%, 03/06/23(d)(e)			200		12,975
					11,366,684
Road & Rail — 0.6%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(c)	EUR		1,000		820,021
Danaos Corp., 8.50%, 03/01/28(b)	USD		507		501,941

Security		Par (000)		Value
Road & Rail (continued)
Norfolk Southern Corp., 3.16%, 05/15/55	USD		176	$	127,905
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, 07/01/27(b)			1,070		1,048,885
Seaspan Corp., 5.50%, 08/01/29(b)			357		287,230
					2,785,982
Semiconductors & Semiconductor Equipment — 0.4%
ams-OSRAM AG(c)
2.13%, 11/03/27	EUR		300		225,119
Series AMS, 0.00%, 03/05/25(i)			400		326,449
Broadcom, Inc., 3.75%, 02/15/51(b)	USD		1,765		1,307,629
					1,859,197
Software — 0.9%
Boxer Parent Co., Inc.
6.50%, 10/02/25(c)	EUR		300		294,389
7.13%, 10/02/25(b)	USD		25		23,939
9.13%, 03/01/26(b)			131		122,382
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28(a)(c)	EUR		109		105,292
Elastic NV, 4.13%, 07/15/29(b)	USD		66		55,095
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b)			44		35,513
Maxar Technologies, Inc., 7.75%, 06/15/27(b)			12		11,886
MicroStrategy, Inc.
0.00%, 02/15/27(h)(i)			123		53,197
6.13%, 06/15/28(b)			1,647		1,311,556
Oracle Corp., 3.95%, 03/25/51			630		462,733
Playtika Holding Corp., 4.25%, 03/15/29(b)			102		84,150
Skillz, Inc., 10.25%, 12/15/26(b)			1,550		1,085,000
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)			168		126,075
					3,771,207
Specialty Retail — 0.3%
Arko Corp., 5.13%, 11/15/29(b)			32		24,241
Bath & Body Works, Inc., 7.60%, 07/15/37			4		3,225
Carvana Co., 10.25%, 05/01/30(b)			24		19,680
Douglas GmbH, 6.00%, 04/08/26(c)	EUR		700		564,845
Goldstory SASU, 5.38%, 03/01/26(c)			403		355,491
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(b)	USD		250		225,127
Staples, Inc., 7.50%, 04/15/26(b)			111		92,005
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24(a)(c)	EUR		100		100,035
					1,384,649
Technology Hardware, Storage & Peripherals — 0.0%
II-VI, Inc., 5.00%, 12/15/29(b)	USD		66		57,585
Textiles, Apparel & Luxury Goods — 0.5%
Calceus Acquisition, Inc., 9.75%, 02/12/25(j)			1,934		1,657,017
Crocs, Inc.(b)
4.25%, 03/15/29			13		9,616
4.13%, 08/15/31			30		21,233
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21(c)(d)(e)	EUR		300		272,295

22 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Textiles, Apparel & Luxury Goods (continued)
Kontoor Brands, Inc., 4.13%, 11/15/29(b)	USD		18	$	14,294
Prime Bloom Holdings Ltd., 6.95%, 07/05/22(c)(d)(e)			200		40,000
					2,014,455
Thrifts & Mortgage Finance — 0.3%
doValue SpA, 3.38%, 07/31/26(c)	EUR		328		296,143
Enact Holdings, Inc., 6.50%, 08/15/25(b)	USD		73		68,848
Home Point Capital, Inc., 5.00%, 02/01/26(b)			40		27,600
Jerrold Finco PLC(c)
4.88%, 01/15/26	GBP		191		204,139
5.25%, 01/15/27			241		258,678
MGIC Investment Corp., 5.25%, 08/15/28	USD		32		28,654
Nationstar Mortgage Holdings, Inc.(b)
6.00%, 01/15/27			28		24,288
5.13%, 12/15/30			24		17,941
5.75%, 11/15/31			18		13,783
Nationwide Building Society, (5 year UK Government Bond + 5.39%), 5.88%(a)(c)(f)	GBP		200		230,155
					1,170,229
Tobacco — 0.1%
Altria Group, Inc., 3.70%, 02/04/51	USD		752		480,641
BAT Capital Corp., 4.54%, 08/15/47			100		73,321
					553,962
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28(c)	EUR		196		167,408
Transportation Infrastructure(c) — 0.2%
Atlantia SpA, 1.88%, 02/12/28			200		162,342
Autostrade per l’Italia SpA, 1.63%, 01/25/28			100		87,256
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27	USD		200		167,850
Heathrow Finance PLC, 4.63%, 09/01/29(l)	GBP		100		104,871
India Airport Infra, 6.25%, 10/25/25	USD		250		223,750
					746,069
Utilities — 0.3%
AC Energy Finance International Ltd., 5.10%(c)(f)			200		189,912
ACEN Finance Ltd., 4.00%(c)(f)			220		185,598
Clean Renewable Power Mauritius Pte. Ltd., 4.25%, 03/25/27(c)			196		154,840
Consensus Cloud Solutions, Inc.(b)
6.00%, 10/15/26			13		11,184
6.50%, 10/15/28			15		12,378
Minejesa Capital BV, 4.63%, 08/10/30(c)			200		178,022
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(c)			250		201,141
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b)			65		56,550
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(c)			165		154,081
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(c)	GBP		109		123,760
Vistra Operations Co. LLC, 4.38%, 05/01/29(b)	USD		40		33,465
					1,300,931
Wireless Telecommunication Services — 1.0%
Altice France SA
5.88%, 02/01/27(c)	EUR		500		454,024
4.13%, 01/15/29(c)			100		78,909
5.13%, 07/15/29(b)	USD		200		151,000
4.25%, 10/15/29(c)	EUR		147		114,652
Rogers Communications, Inc., 4.55%, 03/15/52(b)	USD		1,881		1,651,815

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc., 3.40%, 10/15/52	USD		925	$	683,084
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/25(b)			35		33,771
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(b)			102		74,715
Vmed O2 U.K. Financing I PLC
4.50%, 07/15/31(c)	GBP		700		671,037
4.75%, 07/15/31(b)	USD		200		161,570
Vodafone Group PLC, (5 year EUR Swap + 3.23%), 3.00%, 08/27/80(a)(c)	EUR		100		79,309
					4,153,886
Total Corporate Bonds — 37.0% (Cost: $204,701,357)					161,924,271
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.3%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28	USD		320		295,062
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			65		60,016
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 6.25%, 10/31/26			15		14,948
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28(m)			34		32,272
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			145		133,775
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			271		248,821
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.19%, 04/09/26			24		19,979
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			95		88,380
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			376		351,842
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25			32		30,663
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25			192		181,334
					1,457,092
Air Freight & Logistics — 0.1%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			53		48,414
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26			71		63,058
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			130		116,725
					228,197
Airlines — 0.4%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			308		292,843
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28(j)			354		324,520

SCHEDULE  OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Airlines (continued)
American Airlines, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27	USD	511		$	449,105
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27		402			396,612
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28		248			230,063
					1,693,143
Auto Components — 1.0%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/10/28		59			55,143
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26		352			327,287
MetricStream, Inc., Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.23%, 09/28/24(j)		2,615			2,550,000
Sonny’s Enterprises, Inc., 2020 Term Loan, 08/05/26(j)(m)		1,037			1,049,844
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28		150			133,355
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24		173			165,803
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/02/26(j)		5			4,497
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26		293			272,219
					4,558,148
Automobiles(j) — 0.5%
Emerald Technology Ventures AG, 12/29/26(m)		517			480,004
Sonny’s Enterprises, Inc., 2020 Delayed Draw Term Loan, 5.10%, 08/05/26		2,937			1,641,706
					2,121,710
Banks — 1.5%
CivicPlus LLC(j)
Delayed Draw Term Loan, (3 mo. LIBOR + 6.25%), 7.94%, 08/24/27		360			352,505
Term Loan, (3 mo. LIBOR + 6.00%), 7.51%, 08/24/27		1,416			1,387,870
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27		460			422,772
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28		128			118,002
OpenMarket, Inc., Term Loan, (3 mo. LIBOR + 6.25%), 8.50%, 09/17/26(j)		4,466			4,343,428
					6,624,577
Beverages — 0.1%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30(j)		250			225,158
Term Loan, 01/24/29(m)		303			281,378
					506,536
Building Materials — 0.0%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%,), 4.57%, 04/12/28		16			12,805
MI Windows & Doors LLC, 2022 Term Loan, (SOFR + 3.50%), 5.13%, 12/18/27		—	(k)		14
					12,819

Security	Par (000)		Value
Building Products — 0.2%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27	USD	259	$	226,409
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29(j)		105		97,125
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28		61		57,861
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29		85		77,360
Standard Industries, Inc., 2021 Term Loan B, 09/22/28(m)		124		120,053
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26		405		357,536
				936,344
Capital Markets — 0.6%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29(j)		255		237,017
Corestates, Inc.(j)
Revolver, 3.11%, 03/31/28		22		21,311
Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 03/31/28		336		324,387
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27		742		692,685
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28		170		164,900
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27		67		62,995
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 06/30/28		114		109,014
Pico Quantitative Trade Holding LLC, Term Loan, (3 mo. LIBOR + 7.25%), 8.87%, 02/07/25(j)		930		939,976
				2,552,285
Chemicals — 0.9%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26		205		199,354
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28		284		270,932
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 12/29/27		16		13,759
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.09%, 06/28/24		1		1,309
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 01/31/26		224		220,439
INH Buyer, Inc., (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.25%, 06/28/28(j)		2,680		2,355,500
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28		97		86,351
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26		122		116,787
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24		220		203,141
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28		123		117,082
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27		60		53,637

24 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28(j)	USD	286	$	272,317
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.25%, 10/01/25		5		4,358
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28		41		38,612
				3,953,578
Commercial Services & Supplies — 3.7%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28		356		325,429
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29		71		67,406
Aramark Services, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 04/06/28		220		209,917
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 4.79%, 11/03/23		11		10,567
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.67%, 11/03/24		219		204,744
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28		203		172,549
BW NHHC Holdco, Inc.
(3 mo. LIBOR + 5.00%), 6.46%, 05/15/25		1,985		1,404,031
, 11/15/25(m)		1,312		878,062
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28		219		216,711
Covanta Holding Corp.(m)
2021 Term Loan B, 11/30/28		98		92,953
2021 Term Loan C, 11/30/28		7		6,963
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.88%, 11/27/26		64		60,240
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25		261		249,168
Intrado Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.67%, 10/10/24		1,517		1,283,715
Oak Purchaser, Inc., Term Loan, (3 mo. LIBOR + 5.50%), 7.55%, 04/28/28(j)		2,159		2,139,302
Oversight Systems, Inc., (1 mo. LIBOR + 5.25%, 1.00% Floor), 6.92%, 09/23/26(j)		974		944,211
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28		358		327,048
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26		65		60,767
Security Services Acquisition Sub Corp., Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.06%, 02/15/24(j)		2,296		2,260,463
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28		517		489,080
Terraboost Media, Term Loan, (6.00% PIK), 6.14%, 01/06/26(g)(j)		2,606		2,543,374
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 10.00%, 06/16/26		1,531		1,183,782

Security	Par (000)		Value
Commercial Services & Supplies (continued)
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25	USD	219	$	208,766
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28		126		117,920
VT Topco, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 8.42%, 07/31/26(j)		623		582,707
				16,039,875
Communications Equipment — 0.1%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29		317		294,498
Construction & Engineering — 0.2%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24		412		355,233
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 09/30/29(j)		91		85,768
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28		174		165,235
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28		390		359,216
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28		130		120,001
				1,085,453
Construction Materials — 1.8%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28		378		359,719
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25		317		299,537
Kellermeyer Bergensons Services LLC(j)
2019 Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.67%, 11/07/26		418		403,297
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.67%, 11/07/26		92		88,729
2021 Delayed Draw Term Loan, 7.87%, 11/07/26		128		123,087
PHRG Intermediate LLC, Term Loan, (1 mo. LIBOR + 6.00%), 7.60%, 12/16/26(j)		4,472		4,293,000
PT Solutions, Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/17/27(j)		2,520		2,469,600
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26		20		18,391
				8,055,360
Containers & Packaging — 0.3%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24		252		236,866
Charter Next Generation, Inc., 2021 Term Loan, 12/01/27(m)		767		712,938
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26		96		90,195
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27		129		114,371

SCHEDULE  OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Containers & Packaging (continued)
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, 09/15/28(m)	USD	13	$	12,157
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 09/15/28		36		33,907
				1,200,434
Distributors — 0.8%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27		30		28,753
Kid Distro Holdings LLC, Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.25%, 10/01/27(j)		1,304		1,271,658
Supplyone, Inc., Term Loan, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.44%, 02/01/24(j)		1,980		1,969,506
TMK Hawk Parent Corp.(j)
2020 Super Priority First Out Term Loan A, 05/30/24(m)		22		20,507
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.11%, 08/28/24		71		53,745
				3,344,169
Diversified Consumer Services — 3.9%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/30/24		1,229		1,172,284
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29(j)		129		118,035
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28		130		119,580
Bright Horizons Family Solutions LLC, 2021 Term Loan B, 11/24/28(j)(m)		156		149,028
Brook & Whittle Holding Corp.(j)
2021 2nd Lien Delayed Draw Term Loan, 9.05%, 12/14/29		261		248,285
2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.50%), 8.74%, 12/14/29		2,818		2,676,708
Chronicle Bidco, Inc.(j)
2020 Delayed Draw Term Loan, (UNFND + 0.50%), 7.44%, 11/14/25		1,676		1,627,033
2020 Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.44%, 11/14/25		1,295		1,257,853
Laseraway Intermediate Holdings II LLC, Term Loan, (3 mo. LIBOR + 5.75%), 6.79%, 10/12/27		2,255		2,213,046
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25		501		459,378
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26		115		97,434
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27		174		163,438
Perchhq LLC, Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 10.41%, 10/15/25(j)		3,284		3,159,519
Serta Simmons Bedding LLC, 2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.01%, 08/10/23		514		358,900
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27		313		298,639

Security	Par (000)		Value
Diversified Consumer Services (continued)
Thrasio LLC, Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 9.25%, 12/18/26	USD	3,008	$	2,782,392
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 07/20/28		56		51,863
				16,953,415
Diversified Financial Services — 11.8%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26		280		265,890
Aerospike, Term Loan, (1 mo. LIBOR + 7.50%), 9.17%, 12/29/25(j)		1,713		1,691,404
AHF Parent Holding, Inc., (SOFR + 6.25%), 7.69%, 02/01/28		1,988		1,884,806
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28(j)		18		17,023
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28		174		165,456
Amerilife Holdings LLC, Second Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 9.56%, 03/18/28(j)		579		576,857
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28(j)		162		150,745
ARAS Corp., Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.02%, 04/13/27(j)		2,148		2,116,118
Arrow Purchaser, Inc.(j)
6.61%, 02/26/26		79		79,313
Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.38%, 04/15/26		1,053		1,052,629
Barri Financial Group LLC(j)
2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 06/30/26		248		250,190
Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 10/23/24		244		240,291
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26		211		201,440
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28		105		99,741
Comet Bidco Ltd., 2018 USD Term Loan B, (6 mo. LIBOR + 5.00%, 1.00% Floor), 7.08%, 09/30/24		2,970		2,390,910
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28(j)		14		11,900
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27		163		146,818
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 02/07/25		266		250,220
Foreside Financial(j)
Incremental Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.12%, 09/30/27		1,559		1,526,576
Revolver, 09/30/27(m)		102		99,559
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27		345		325,189
GC Waves Holdings, Inc.(j)
2021 Delayed Draw Term Loan, (2 mo. LIBOR + 5.25%), 6.62%, 08/13/26		2,150		2,150,110
2021 Replacing Term Loan, 08/13/26(m)		899		898,949
Greystone Affordable Housing Initiatives LLC(j)
(1 mo. LIBOR + 6.00%), 7.62%, 07/01/26		2,800		2,769,200
(SOFR + 6.50%), 8.11%, 03/08/27		1,636		1,603,309
HowlCo LLC, Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.67%, 10/23/26(j)		1,101		1,072,521

26 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Financial Services (continued)
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28	USD	36		$	34,073
IT Parent LLC(j)
2.47%, 10/01/26		96			90,659
(1 mo. LIBOR + 6.25%, 1.00% Floor), 7.92%, 10/01/26		2,473			2,344,092
(3 mo. LIBOR + 6.25%, 1.00% Floor), 7.76%, 09/30/26		315			298,856
Job & Talent USA, Inc.(j)
Delayed Draw Term Loan, (SOFR + 8.75%, 1.00% Floor), 10.34%, 01/27/25		500			491,500
Term Loan, (SOFR + 8.75%, 1.00% Floor), 10.07%, 01/27/25		3,500			3,440,500
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24		70			66,688
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29		19			18,121
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28		45			42,182
Kroll Bonds Rating Agency, Inc., Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 12/10/27(j)		3,951			3,838,673
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27		149			122,047
LEB Holdings USA, Inc., Term Loan B, 11/02/27		—	(k)		1
MSM Acquisitions, Inc.(j)
Delayed Draw Term Loan, 12/09/26(m)		435			428,447
Revolver, 5.79%, 12/09/26		81			79,501
Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.63%, 12/09/26		1,069			1,052,103
Oasis Financial LLC, Second Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 10.01%, 06/30/26(j)		2,000			1,952,000
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29		100			88,750
Porcelain Acquisition Corp.(j)
(3 mo. LIBOR + 5.75%, 1.00% Floor), 8.00%, 04/01/27		1,245			1,078,576
Delayed Draw Term Loan, 7.00%, 04/01/27		168			167,666
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26		199			184,608
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28		64			53,530
Skopima Merger Sub, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 7.50%), 9.17%, 04/30/29(j)		3,000			2,796,000
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25		148			137,904
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25		90			83,568
Starrez, Term Loan, (3 mo. LIBOR + 6.50%), 7.68%, 01/24/28(j)		1,769			1,733,139
Sunland Asphalt & Construction LLC(j)
Delayed Draw Term Loan, 7.00%, 01/13/26		350			342,418
Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.04%, 01/13/26		1,041			1,018,345
Supplyone, Inc., (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.59%, 02/01/24(j)		1,259			1,247,990

Security	Par (000)		Value
Diversified Financial Services (continued)
Touchstone Acquisition, Inc., 2021 Term Loan, (3 mo. LIBOR + 6.00%), 8.23%, 12/29/28(j)	USD	4,489	$	4,347,758
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25		387		315,772
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27		69		65,224
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27		129		118,795
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28		223		207,557
Zilliant, Inc., Term Loan, 12/21/27(j)(m)		1,498		1,482,300
				51,806,507
Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/15/27		182		167,530
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.19%, 10/02/27		19		16,997
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28		85		79,117
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26		139		132,705
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 07/24/28		173		163,391
Telesat Canada, Term Loan B5, (1 mo. LIBOR + 2.75%), 4.42%, 12/07/26		13		8,760
				568,500
Electric Utilities — 0.1%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27		130		125,100
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28		325		286,166
				411,266
Electrical Equipment — 1.3%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28(j)		126		118,672
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29(j)		41		39,052
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27		46		43,055
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29(m)		125		119,391
Razor Group GmbH(j)
(Fixed + 3.50%), 3.50%, 09/30/23		401		725,638
Delayed Draw Term Loan, 04/23/25(m)		4,624		4,624,014
				5,669,822
Electronic Equipment, Instruments & Components — 1.2%
Emerald Electronics Manufacturing Services, Term Loan, (SOFR + 6.25%, 1.00% Floor), 7.88%, 12/29/27		1,473		1,413,115
ESO Solutions, Inc., (SOFR + 7.00%, 1.00% Floor), 9.06%, 05/03/27(j)		3,696		3,648,267
				5,061,382

SCHEDULE  OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Environmental, Maintenance & Security Service — 0.1%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27	USD	208	$	200,205
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27		201		190,872
				391,077
Equity Real Estate Investment Trusts (REITs) — 0.3%
Colony Display LLC, (3 mo. LIBOR + 6.50%), 8.75%, 06/30/26(j)		1,322		1,253,714
RHP Hotel Properties LP, 2017 Term Loan B, 05/11/24(m)		28		70,281
				1,323,995
Food & Staples Retailing — 0.4%
H-Food Holdings LLC, 2020 Incremental Term Loan B3, 05/23/25(m)		11		9,748
JP Intermediate B LLC, Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.74%, 11/20/25		1,727		1,390,233
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26		226		212,591
2021 Term Loan B, 11/22/28(m)		124		117,590
				1,730,162
Food Products — 0.3%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25		42		35,084
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%), 6.42%, 10/01/25		112		94,828
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 10/10/26		6		5,638
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27		327		295,871
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27		221		202,365
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 4.92%, 02/05/26		12		11,417
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28		261		245,992
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28		268		254,559
				1,145,754
Gas Utilities — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28		313		269,520
Health Care Equipment & Supplies — 0.5%
Appriss Health LLC, Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 05/06/27(j)		1,417		1,361,907
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 11/01/28		217		203,056
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28		53		49,715
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28		565		522,489
Venga Finance SARL, 2021 USD Term Loan B, 12/04/28(j)(m)		85		79,321
				2,216,488

Security	Par (000)		Value
Health Care Providers & Services — 1.3%
CBI-Gator Acquisition LLC(j) Revolver, 5.28%, 10/25/27	USD	158	$	152,061
Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 10/25/27		2,804		2,709,761
CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%), 6.01%, 03/06/28		175		165,599
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28		158		148,669
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27		351		331,314
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25		268		88,146
EyeCare Partners LLC
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 9.00%, 11/15/29		76		71,698
2021 Delayed Draw Term Loan, 5.50%, 11/15/28		14		12,946
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 11/15/28		56		51,654
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26		100		87,223
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28		219		201,518
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%), 5.17%, 02/14/25		2		1,853
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/29/25		1,339		892,966
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26		312		295,813
Tempus LLC, Additional Delayed Draw Term Loan, 0.50%, 02/05/27(j)		541		294,538
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29		38		37,667
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28		245		230,759
				5,774,185
Health Care Services — 1.2%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26		85		79,179
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29		80		73,600
Patriot Home Care, Term Loan, (1 mo. LIBOR + 6.00%), 7.13%, 05/05/28(j)		2,964		2,892,095
Team Services Group, Second Lien Term Loan, (1 mo. LIBOR + 9.00%, 1.00% Floor), 10.67%, 12/18/28(j)		2,264		2,219,340
				5,264,214
Health Care Technology — 0.5%
Athenahealth, Inc. 2022 Delayed Draw Term loan, 02/15/29(m)		56		51,727
2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29		241		221,053
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25		94		85,496
IQVIA, Inc., 2018 USD Term Loan B3, (3 mo. LIBOR + 1.75%), 4.00%, 06/11/25		180		174,451
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28		306		281,819

28 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Technology (continued)
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.99%, 07/24/26(j)	USD	158	$	150,206
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 04/02/29(j)		1,241		1,166,540
				2,131,292
Hotels, Restaurants & Leisure — 1.3%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26		280		267,116
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 02/02/26		7		6,557
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, 12/23/24(m)		9		8,569
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 07/20/25		372		357,427
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25		89		82,629
ECL Entertainment LLC, Term Loan, (3 mo. LIBOR + 7.50%, 0.75% Floor), 9.75%, 05/01/28		66		64,631
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24		1,029		761,496
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29		441		405,243
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23		28		28,128
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 06/22/26(m)		26		25,210
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 4.42%, 02/05/25		316		299,045
Oravel Stays Singapore Pte. Ltd., Term Loan B, (3 mo. LIBOR + 8.25%), 10.44%, 06/23/26		1,489		1,275,343
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29		146		140,058
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28		53		49,387
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29		103		97,593
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26		179		169,983
Station Casinos LLC, 2020 Term Loan B, 02/08/27(m)		208		190,609
Travelport Finance Luxembourg SARL(m) 2020 Super Priority Term Loan, 02/28/25		161		158,529
2021 Consented Term Loan, 05/29/26		107		82,221
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28		65		59,875
Wealth Enhancement Group LLC(j)
2021 August Delayed Draw Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 5.78%, 10/04/27		1,006		989,205
2021 Incremental Revolver, (2 mo. LIBOR + 6.00%, 1.00% Floor), 5.77%, 10/04/27		47		45,894
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28		310		289,824
Wyndham Hotels & Resorts, Inc., Term Loan B, 05/30/25(m)		16		15,174
				5,869,746
Household Durables — 0.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28		105		81,081

Security	Par (000)		Value
Household Durables (continued)
HomeRenew Buyer, Inc.(j)
Delayed Draw Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor), 8.70%, 11/19/27	USD	1,317	$	1,267,991
Term Loan, (3 mo. LIBOR + 6.50%), 8.70%, 11/19/27		2,148		2,068,886
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28		98		89,325
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29		300		257,439
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28		78		63,703
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27		173		156,259
				3,984,684
Household Products — 0.0%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 03/03/28		12		11,391
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/25		13		12,553
Industrial Conglomerates — 1.1%
AVSC Holding Corp.(m) 2020 Term Loan B1, 03/03/25		164		140,785
2020 Term Loan B3, 10/15/26		33		34,668
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28		355		327,242
Reveal Brainspace, (3 mo. LIBOR + 6.00%), 6.00%, 03/10/28(j)		500		487,500
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23		13		12,811
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%), 9.00%, 07/28/28		119		106,042
Thermostat Purchaser III, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 8.82%, 08/31/29(j)		1,388		1,332,293
Vertical U.S. Newco, Inc., Term Loan B, 07/30/27(m)		219		204,391
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27		350		324,798
World Remit Ltd., Term Loan, (1 mo. LIBOR + 9.25%, 1.00% Floor), 10.25%, 01/27/25(j)		2,000		1,978,000
				4,948,530
Insurance — 3.5%
Alera Group Holdings, Inc.(j)
2021 1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 5.50%), 2.70%, 10/02/28		146		137,326
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 5.50%), 6.95%, 10/02/28.		842		791,684
2021 Term Loan, (1 mo. LIBOR + 5.50%), 7.17%, 10/02/28		3,069		2,884,811
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25		287		269,586
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27		203		188,386
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28		129		121,606
AssuredPartners, Inc. 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27		309		288,936

SCHEDULE  OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
AssuredPartners, Inc. (continued)
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27	USD	40	$	37,707
Higginbotham Insurance Agency, Inc., (1 mo. LIBOR + 5.50%), 7.17%, 11/25/26(j)		2,477		2,456,867
Hub International Ltd., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25		279		263,750
Integrity Marketing Acquisition LLC(j) , 08/27/25(m)		986		985,974
(3 mo. LIBOR + 5.75%, 1.00% Floor), 7.79%, 08/27/25		661		638,975
2020 3rd Amendment Delayed Draw Term Loan, (3 mo. LIBOR + 5.50%), 7.08%, 08/27/25		1,312		1,259,629
2021 6th Amendment Delayed Draw Term Loan, (3 mo. LIBOR + 5.50%), 7.58%, 08/27/25		995		955,552
Peter C. Foy & Associates Insurance Services LLC(j)
2021 First Lien Delayed Draw Term loan, (3 mo. LIBOR + 6.00%), 6.93%, 11/01/28		593		574,280
2021 First Lien Term Loan, (3 mo. LIBOR + 6.00%), 7.85%, 11/01/28		2,136		2,067,409
2022 1st Amendment Delayed Draw Term loan B, 11/01/28(m)		1,158		1,126,631
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27(j)		69		65,870
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26		206		195,153
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26		23		22,306
				15,332,438
Interactive Media & Services — 0.3%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28		138		131,234
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27		86		78,239
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, 10/30/26(m)		457		430,645
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26		320		290,805
Research Now Group, Inc., (6 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 12/20/25		500		450,000
				1,380,923
Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27		174		164,827
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 02/12/27(j)		31		28,383
Syndigo LLC, (6 mo. LIBOR + 8.00%), 10.51%, 12/15/28(j)		2,000		1,880,000
				2,073,210
Internet Software & Services — 0.1%
Uber Technologies, Inc., 2021 Term Loan B, 02/25/27(m)		346		330,090
IT Services — 4.8%
Acquia, Inc.(j)
Revolver, (3 mo. LIBOR + 7.00%, 1.00% Floor), 1.53%, 10/31/25		4		4,314
Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.12%, 10/31/25		481		484,508

Security	Par (000)		Value
IT Services (continued)
Alphasense, Inc., (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.36%, 03/11/27(j)	USD	500	$	495,009
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.38%, 11/24/28		45		42,525
2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27(j)		19		17,262
Astra Acquisition Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 8.87%), 10.54%, 10/25/29(j)		4,702		4,302,593
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25		188		175,135
Bullhorn, Inc., 2020 Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 8.00%, 09/30/26(j)		2,193		2,132,338
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26		132		124,887
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28		157		148,799
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29(j)		235		169,200
Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28		355		294,274
Edifecs, Inc.(j)
2021 1st Amendment Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/21/26		380		359,170
2021 2nd Amendment Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/21/26		1,562		1,479,393
Tranche B Term Loan, (3 mo. LIBOR + 7.50%, 1.00% Floor), 9.75%, 09/21/26		1,041		1,054,202
Ensono LP, 2021 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%), 10.25%, 05/28/29(j)		3,000		2,952,000
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27		586		558,835
Grey Orange Interrnational, Inc., Term Loan, (2 mo. LIBOR + 7.25%), 9.31%, 05/01/25(j)		250		245,897
Hyphen Solutions LLC(j)
2021 Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.17%, 10/27/26		1,500		1,451,964
Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.17%, 10/27/26		1,485		1,437,535
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27(j)		211		190,246
Smarsh, Inc., 2022 Term Loan, (SOFR + 6.50%), 7.25%, 02/16/29(j)		1,524		1,468,952
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.25%, 10/09/28		1,000		992,500
Trans Union LLC, 2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28		382		363,405
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28		24		22,323
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28		23		21,790
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/02/26		17		16,395
				21,005,451
Leisure Products — 0.4%
Delivery Hero SE, 08/12/27(m)		1,734		1,618,689

30 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Leisure Products (continued)
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28	USD	64	$	60,771
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27		49		46,581
				1,726,041
Life Sciences Tools & Services — 0.4%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27		276		265,120
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27		418		384,543
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28		325		313,554
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28		81		78,355
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27(j)		264		250,437
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28		418		391,149
				1,683,158
Machinery — 1.3%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26		265		253,240
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28		35		30,431
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28		125		119,150
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28		141		131,951
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29		127		123,274
Gardner Denver, Inc., 2020 USD Term Loan B2, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27		65		61,962
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27		138		131,828
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28		446		404,739
Pueblo Mechanical & Controls LLC(j)
Delayed Draw Term Loan, (1 mo. LIBOR + 6.01%, 1.00% Floor), 7.97%, 06/28/26		931		886,479
Term Loan, 3.03%, 06/28/26		90		89,006
Term Loan, (1 mo. LIBOR + 6.01%, 1.00% Floor), 7.09%, 06/28/26		2,121		2,083,752
RSC Acquisition, Inc., 2020 Incremental Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.71%, 10/30/26(j)		811		790,276
SPX Flow, Inc., 04/05/29(m)		180		166,579
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25		352		321,844
				5,594,511
Media — 1.8%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25.		7		6,097

Security	Par (000)			Value
Media (continued)
Altice Financing SA (continued)
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26	USD	273		$	245,556
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26		247			225,562
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26		174			146,502
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 05/03/28		62			59,895
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25		—	(k)		440
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28(j)		124			113,176
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26		435			372,742
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26		—	(k)		77
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26		421			386,016
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 4.42%, 01/07/28		21			19,566
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 02/01/29(m)		442			404,039
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23(j)		66			57,619
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25		179			172,308
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26		422			393,824
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24		125			117,745
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24		343			322,410
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29		127			118,854
NEP/NCP Holdco, Inc., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 10/19/26		141			129,101
Sinclair Television Group, Inc.
2021 Term Loan B3, (1 mo. LIBOR + 3.00%), 4.67%, 04/01/28		11			9,771
2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29(j)		244			224,480
Suited Connector LLC(j)
Revolver, 12/01/27(m)		360			345,849
Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.60%, 12/01/27		2,241			2,165,234
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23(j)		275			263,199
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 07/28/28(j)		43			40,669
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29		146			138,704
Virgin Media Bristol LLC, 2020 USD Term Loan Q, 01/31/29(m)		217			207,428
Voyage Digital Ltd., 05/11/29(j)(m)		133			126,350

SCHEDULE  OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25	USD	352	$	330,413
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28		139		132,655
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27		550		505,695
				7,781,976
Oil, Gas & Consumable Fuels — 0.2%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25		62		64,996
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25		19		16,012
Lealand Finance Co. BV(m) 2020 Make Whole Term Loan, 06/28/24		1		491
2020 Take Back Term Loan, 06/30/25		5		2,610
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28		392		386,734
Medallion Midland Acquisition LLC, 10/18/28(m)		264		252,938
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28		278		263,517
				987,298
Personal Products — 0.5%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.65%, 12/22/26		83		80,830
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26		984		908,503
Supergoop LLC, (1 mo. LIBOR + 5.75%), 7.42%, 12/22/28(j)		1,194		1,169,881
				2,159,214
Pharmaceuticals — 0.3%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25		142		128,014
Bausch Health Cos., Inc., 2022 Term Loan B, 02/01/27(m)		185		158,021
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28		260		256,002
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27		219		206,255
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28		241		229,807
Option Care Health, Inc., 2021 Term Loan B, 10/27/28(m)		64		61,271
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28		80		76,883
Precision Medicine Group LLC(j)
2021 Delayed Draw Term Loan, 11/18/27(m)		15		24,391
2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27		264		243,122
				1,383,766
Professional Services — 1.6%
Backoffice Associates Holdings LLC(j)
(3 mo. LIBOR + 6.75%, 1.00% Floor), 8.25%, 04/30/26		228		225,293

Security	Par (000)		Value
Professional Services (continued)
Backoffice Associates Holdings LLC(j) (continued)
Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 9.00%, 04/30/26	USD	2,184	$	2,162,095
DTI Holdco, Inc., 2022 2nd Lien Term Loan, (SOFR + 7.75%), 7.92%, 04/26/30(j)		4,000		3,600,000
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29		66		61,309
Term Loan, 02/06/26		427		402,482
Element Materials Technology Group U.S. Holdings, Inc.(m)
2022 USD Delayed Draw Term Loan B, 04/12/29		84		80,617
2022 USD Delayed Draw Term Loan D, 04/12/29		182		174,669
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29		212		198,485
				6,904,950
Real Estate Management & Development — 1.2%
2-10 HBW, (1 mo. LIBOR + 6.00%), 7.06%, 03/25/27(j)		2,159		2,132,026
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28		258		232,625
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25		219		205,583
SitusAMC Holdings Corp., 2021 1st Lien Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/22/27(j)		2,992		2,908,710
				5,478,944
Road & Rail — 0.1%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27		67		62,815
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.25%, 12/30/26		220		211,262
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25(j)		28		24,909
				298,986
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 09/19/26		7		7,256
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28		56		53,962
				61,218
Software — 7.4%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24.		16		15,816
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/19/25.		27		24,545
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25		366		362,303
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.99%, 10/30/28		21		21,043
2022 Term Loan, 05/17/29(m)		98		93,712
Bluefin Holding LLC, Term Loan, (3 mo. LIBOR + 4.25%), 6.32%, 09/04/26(j)		293		289,576
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29(m)		61		57,500
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29(j)		89		77,430

32 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Cloudera, Inc. (continued)
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28	USD	270	$	247,388
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 09/29/28		64		58,063
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28		112		99,617
Cybergrants Holdings LLC(j) Delayed Draw Term Loan, 0.73%, 09/08/27		26		26,099
Revolver, (LOC + 6.50%), 5.62%, 09/08/27		119		117,476
Term Loan, (3 mo. LIBOR + 6.50%), 8.75%, 09/08/27		2,933		2,904,421
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24(j)		191		164,899
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 02/04/28		21		19,635
Elastic Path Software, Inc., Term Loan, (SOFR + 7.50%), 8.50%, 01/05/26(j)		1,342		1,327,192
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28		45		43,560
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 07/30/27		144		135,678
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28		104		94,975
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28		174		164,457
Inmoment Inc., Term Loan, 06/01/28(m)		4,000		3,920,000
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28(j)		68		64,269
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 8.67%, 10/01/29		115		106,519
2021 Delayed Draw Term Loan, 10/02/28(m)		11		10,034
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/02/28		55		50,015
Keep Truckin, Inc., Term Loan, (1 mo. LIBOR + 7.25%, 1.00% Floor), 8.92%, 10/05/24(j)		4,500		4,450,500
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28		96		85,873
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29		2,357		2,144,581
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29		318		288,585
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27		63		59,474
Persado, Inc., (1 mo. LIBOR + 7.00%), 8.80%, 02/03/27(j)		177		177,417
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28(j)		76		72,200
Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27.		65		60,828
Pluralsight, Inc., (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 04/06/27(j)		3,309		3,202,962
Proofpoint, Inc. 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28		211		195,312

Security	Par (000)		Value
Software (continued)
Proofpoint, Inc. (continued)
2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29	USD	299	$	285,545
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28		385		355,324
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 8.17%, 04/23/29		1,034		980,625
Restoration Hardware, Inc., Term Loan B, 10/20/28(m)		92		80,126
Rigup, Inc., Delayed Draw Term Loan, 8.63%, 03/01/24(j)		1,074		1,080,910
SEP Raptor Acquisition, Inc., Term Loan, 03/28/27(j)(m)		1,698		1,665,759
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25		131		124,832
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27		174		161,922
Superman Holdings LLC, Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 7.42%, 08/31/27(j)		1,704		1,682,824
Syntellis Performance Solutions LLC, Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.24%, 08/02/27(j)		1,273		1,285,565
Thunder Purchaser, Inc.(j)
(3 mo. LIBOR + 5.75%, 1.00% Floor), 3.31%, 06/30/27		70		66,659
(3 mo. LIBOR + 5.75%, 1.00% Floor), 8.00%, 06/30/28		2,767		2,631,993
2021 Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 8.00%, 06/30/28		265		252,430
Tibco Software, Inc., 2020 2nd Lien Term Loan, 03/03/28(m)		186		182,262
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27		132		121,807
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26		301		281,332
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26		75		71,136
				32,545,005
Specialty Retail — 2.2%
Belron Finance U.S. LLC
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 3.50%, 10/30/26(j)		41		39,107
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.88%, 04/13/28		174		166,567
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28		137		129,357
Hanna Andersson LLC, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.19%, 07/02/26(j)		3,434		3,369,122
James Perse Enterprises, Inc., (SOFR + 6.25%, 1.00% Floor), 7.78%, 09/01/28(j)		4,000		4,025,200
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28		285		262,560
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26		55		49,248
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28		315		296,179
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24		1,043		958,120

SCHEDULE  OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Specialty Retail (continued)
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28	USD	106	$	94,340
Reverb Buyer, Inc.
2021 Delayed Draw Term Loan, 11/01/28(m)		8		7,308
2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28		234		219,055
WOOF Holding, Inc.(j)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.81%, 12/21/27		171		159,584
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 9.31%, 12/21/28		13		12,480
				9,788,227
Technology Hardware, Storage & Peripherals — 1.9%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/23/26		1,968		1,747,896
Integrate.com, Inc., Term Loan, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.04%, 12/15/27(j)		1,518		1,484,542
Lightspeed Solution LLC, (SOFR + 6.00%), 7.53%, 03/01/28(j)		378		370,677
Sellerx Opco GmbH, Term Loan, (3 mo. LIBOR + 8.00%), 10.25%, 10/22/25(j)		2,187		2,147,723
Sellerx Opco GMBH, Delayed Draw Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 0.75%, 10/22/25(j)		306		300,621
SumUp Holdings, 2021 Delayed Draw Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 6.00%, 12/20/28(j)		2,149		2,092,844
				8,144,303
Textiles, Apparel & Luxury Goods — 0.7%
Calceus Acquisition, Inc., Term Loan B, (3 mo. LIBOR + 5.50%), 7.07%, 02/12/25		277		219,422
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29		216		195,666
International Textile Group, Inc., (3 mo. LIBOR + 8.50%, 1.00% Floor), 4.94%, 02/14/27(j)		2,600		2,563,600
				2,978,688
Tobacco — 0.2%
JUUL Labs, Inc., Term Loan, (3 mo. LIBOR + 7.00%), 8.50%, 08/02/23(j)		885		770,786
Trading Companies & Distributors — 0.4%
AP Core Holdings II LLC, High-Yield Term Loan B2, (1 mo. LIBOR + 5.50%), 7.17%, 09/01/27		1,500		1,410,000
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28(j)		157		137,020
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28		16		14,563
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28		89		81,563
				1,643,146
Transportation — 0.1%
Traack Technologies, Inc., (3 mo. LIBOR + 7.50%), 8.33%, 09/15/25(j)		500		491,736
Transportation Infrastructure — 0.2%
Geo Parent Corp., Term Loan B, (1 mo. LIBOR + 5.25%), 6.92%, 12/19/25(j)		975		940,693

Security	Par (000)		Value
Wireless Telecommunication Services — 0.7%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28	USD	52	$	49,543
MetroNet Systems Holdings LLC
2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28		49		45,396
2nd Lien Delayed Draw Term Loan, (1 mo. LIBOR + 7.00%), 8.63%, 06/02/29(j)		1,435		1,421,898
2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.63%, 06/02/29(j)		697		690,636
2nd Lien Term Loan, (3 mo. LIBOR + 8.00%), 9.00%, 10/02/28(j)		994		957,031
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25		23		22,571
				3,187,075
Total Floating Rate Loan Interests — 69.7% (Cost: $315,583,354)				304,880,534
Foreign Agency Obligations
Mongolia — 0.2%
Mongolia Government International Bond(c)
8.75%, 03/09/24		400		401,825
5.13%, 04/07/26		200		178,022
4.45%, 07/07/31		300		228,033
				807,880
Pakistan — 0.2%
Pakistan Government International Bond(c)
6.00%, 04/08/26		500		335,055
7.38%, 04/08/31		200		124,022
8.88%, 04/08/51		200		119,022
Pakistan Water & Power Development Authority, 7.50%, 06/04/31(c)		200		109,522
				687,621
Sri Lanka — 0.1%
Sri Lanka Government International Bond(c)
5.75%, 04/18/23		400		124,325
6.85%, 03/14/24		200		56,022
6.35%, 06/28/24(d)(e)		310		86,834
6.85%, 11/03/25(d)(e)		200		60,022
6.83%, 07/18/26(d)(e)		200		65,662
6.20%, 05/11/27(d)(e)		200		56,022
				448,887
Vietnam — 0.0%
Vietnam Government International Bond, 4.80%, 11/19/24(c)		250		248,719
Total Foreign Agency Obligations — 0.5% (Cost: $3,047,342)				2,193,107

34 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security		Shares		Value
Investment Companies
Fixed Income Funds — 0.4%
Invesco Senior Loan ETF			2,104	$	42,648
iShares JP Morgan USD Emerging Markets Bond ETF(n)			18,476		1,576,373
					1,619,021
Total Investment Companies — 0.4% (Cost: $2,043,798)					1,619,021
		Par (000)
Preferred Securities
Capital Trusts — 2.5%(a)
Automobiles(c)(f) — 0.1%
Volkswagen International Finance NV
3.75%	EUR		300		267,227
4.38%			100		84,083
					351,310
Banks(f) — 1.0%
AIB Group PLC, 6.25%(c)			600		584,681
Banco Bilbao Vizcaya Argentaria SA, 6.00%(c)			200		196,491
Bank of East Asia Ltd., 5.88%(c)	USD		250		246,062
CaixaBank SA, 6.38%(c)	EUR		200		207,494
Credit Agricole SA, 4.75%(b)	USD		1,270		987,002
Industrial & Commercial Bank of China Ltd., 3.20%(c)			600		567,000
ING Groep NV, 3.88%			572		414,251
Kasikornbank PCL, 5.28%(c)			200		183,287
Rizal Commercial Banking Corp., 6.50%(c)			200		191,162
SVB Financial Group, 4.10%			737		506,845
TMBThanachart Bank PCL, 4.90%(c)			200		182,413
					4,266,688
Chemicals — 0.0%
Solvay SA, 2.50%(c)(f)	EUR		200		179,462
Diversified Financial Services(f) — 0.7%
Barclays PLC, 4.38%	USD		213		163,342
Credit Suisse Group AG, 6.25%(c)			800		728,000
Deutsche Bank AG, 6.75%(c)	EUR		200		187,194
Societe Generale SA
7.38%(c)	USD		600		577,889
7.88%(b)			200		195,962
UBS Group AG, 7.00%(b)			600		584,473
UniCredit SpA, 7.50%(c)	EUR		400		386,336
Woori Bank, 4.25%(c)	USD		200		191,725
					3,014,921
Diversified Telecommunication Services(b) — 0.1%
British Telecommunications PLC
4.25%, 11/23/81			400		348,173
4.88%, 11/23/81			400		340,000
					688,173
Food & Staples Retailing — 0.0%
Casino Guichard Perrachon SA, 3.99%(c)(f)	EUR		100		39,979
Health Care Providers & Services — 0.0%
Korian SA, 4.13%(c)(f)	GBP		100		95,569

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00%(b)(f)	USD		43	$	39,023
Internet & Direct Marketing Retail — 0.1%
Rakuten Group, Inc., 4.25%(c)(f)	EUR		400		289,285
Media — 0.1%
SES SA, 2.88%(c)(f)			400		350,015
Oil, Gas & Consumable Fuels — 0.0%
Repsol International Finance BV, 4.25%(c)(f)			100		89,600
Real Estate Management & Development(c)(f) — 0.2%
Aroundtown SA, 3.38%			400		309,112
Heimstaden Bostad AB, 3.00%			125		65,567
NWD Finance BVI Ltd., 4.13%	USD		450		380,250
					754,929
Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%(c)(f)	EUR		100		72,833
Utilities(c)(f) — 0.2%
Electricite de France SA
5.38%			200		191,298
3.38%			200		136,225
4.00%			200		191,775
6.00%	GBP		300		321,842
					841,140
					11,072,927
		Shares
Preferred Stocks — 1.1%
Commercial Services & Supplies(j) — 0.8%
StubHub, Inc.			3,000		3,326,580
Verscend Intermediate Holding			33		38,195
					3,364,775
Equity Real Estate Investment Trusts (REITs)(f) — 0.0%
Ashford Hospitality Trust, Inc.			4,000		70,560
Braemar Hotels & Resorts, Inc.			4,800		76,800
					147,360
Insurance — 0.0%
Alliant Holdings, Inc.(j)			55		49,838
Interactive Media & Services — 0.3%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $771,512)(j)(o)			7,041		1,165,398
					4,727,371
Total Preferred Securities — 3.6% (Cost: $17,610,702)					15,800,298
Warrants
Capital Markets — 0.0%
Pico Quantitative Trade Holding LLC(j)			6		41,969
Consumer Discretionary — 0.0%
SellerX Germany GmbH & Co. KG, Series B(j)			19		62,334
Electrical Equipment — 0.1%
Razor Group GmbH(j)			46		532,264

SCHEDULE  OF  INVESTMENTS 35

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 0.0%
WorldRemit Ltd., Series D(j)		1,596	$	42,688
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.(d)(e)		20		205
Total Warrants — 0.1% (Cost: $ — )				679,460
Total Long-Term Investments — 123.0% (Cost: $599,260,717)				538,253,155
Options Purchased — 0.1% (Cost: $272,609)				265,413
Total Investments Before Options Written — 123.1% (Cost: $599,533,326)				538,518,568
Options Written — (0.0)% (Premiums Received: $(43,039))				(41,534	)
Total Investments, Net of Options Written — 123.1% (Cost: $599,490,287)				538,477,034
Liabilities in Excess of Other Assets — (23.1)%				(100,875,526	)
Net Assets — 100.0%			$	437,601,508

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  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.

^(c)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)  Issuer filed for bankruptcy and/or is in default.

^(e)  Non-income producing security.

^(f) Perpetual security with no stated maturity date.

^(g)  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.

^(h)  Convertible security.

⁽ⁱ⁾  Zero-coupon bond.

^(j) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(k)  Rounds to less than 1,000.

^(l)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(m)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

⁽ⁿ⁾  Affiliate of the Fund.

^(o)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,165,398, representing 0.3% of its net assets as of period end, and an original cost of $771,512.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class(a)	$	10,498,285	$	—		$(10,498,285	)(b)	$	—	$	—		$	—		—	$	7,462	$	—
iShares JP Morgan USD Emerging Markets Bond ETF		2,014,993		—		—			—		(438,620	)		1,576,373		18,476		33,454		—
								$	—	$	(438,620	)	$	1,576,373			$	40,916	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
U.S. Long Bond		7		09/21/22	$	967	$	(7,583	)
2-Year U.S. Treasury Note		9		09/30/22		1,889		(7,281	)
5-Year U.S. Treasury Note		704		09/30/22		78,936		(473,588	)
3-Month SOFR		263		03/14/23		63,534		(1,487,932	)
								(1,976,384	)

36 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro BTP		5		09/08/22	$	645	$	(17,945	)
Euro Bund		1		09/08/22		156		3,457
10-Year U.S. Treasury Note		531		09/21/22		62,849		607,395
10-Year U.S. Ultra Long Treasury Note		6		09/21/22		762		10,442
U.S. Long Bond		1		09/21/22		138		2,893
Ultra U.S. Treasury Bond		3		09/21/22		463		7,414
5-Year U.S. Treasury Note		7		09/30/22		785		7,965
								621,621
							$	(1,354,763	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	3,170,000	USD	3,316,197	Morgan Stanley & Co. International PLC		07/15/22	$	7,920
GBP	350,000	USD	425,107	Morgan Stanley & Co. International PLC		07/15/22		1,004
USD	157,672	EUR	150,000	Bank of America N.A.		07/15/22		379
USD	105,502	EUR	100,000	JPMorgan Chase Bank N.A.		07/15/22		640
USD	50,362,209	EUR	47,720,000	JPMorgan Chase Bank N.A.		07/15/22		322,184
USD	42,076	EUR	40,000	State Street Bank and Trust Co.		07/15/22		132
USD	9,160,297	GBP	7,400,000	Goldman Sachs International		07/15/22		151,091
								483,350
EUR	200,000	USD	211,205	Deutsche Bank AG		07/15/22		(1,481	)
USD	234,156	CHF	230,000	Morgan Stanley & Co. International PLC		07/15/22		(6,910	)
USD	10,426	EUR	10,000	Morgan Stanley & Co. International PLC		07/15/22		(59	)
								(8,450	)
							$	474,900

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Xtrackers Harvest CSI 300 China A-Shares Fund		1,214		09/16/22	USD	36.00	USD	4,148	$	114,723

OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
USD Currency	Goldman Sachs International		09/15/22		JPY	127.00		USD	9,116	$	58,407
USD Currency	Goldman Sachs International		09/15/22		JPY	128.00		USD	12,238		92,283
										$	150,690

OTC Options Written

Description

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Put

USD Currency

Goldman Sachs International

09/15/22

��

JPY

123.00

USD

12,237

$

(41,534

)

SCHEDULE    OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating(a)

Notional Amount (000)

(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.38.V2.

5.00

%

Quarterly

06/20/27

B+

USD    51,183

$

(1,426,795)

$

2,114,539

$

(3,541,334)

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

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

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000)(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Casino Guichard-Perrachon S.A.	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B		EUR	130	$    (19,513	)	$  (11,274	)	$        (8,239	)
Novafives S.A.S.	5.00		Quarterly	Goldman Sachs International	06/20/23	B-		EUR	32	(3,699	)	(2,099	)	(1,600	)
Novafives S.A.S.	5.00		Quarterly	Goldman Sachs International	06/20/23	B-		EUR	18	(2,108	)	(1,282	)	(826	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	CCC		EUR	560	(186,400	)	11,126		(197,526	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+		EUR	240	(7,086	)	9,535		(16,621	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+		EUR	159	(4,704	)	10,933		(15,637	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	Credit Suisse International	12/20/26	BB		EUR	130	(18,614	)	(8,114	)	(10,500	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	105	(4,558	)	4,791		(9,349	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	77	(3,322	)	2,576		(5,898	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	77	(3,338	)	2,802		(6,140	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	72	(3,138	)	2,634		(5,772	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	34	(1,490	)	1,239		(2,729	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	170	(28,386	)	(30,077	)	1,691
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	70	(11,689	)	(7,763	)	(3,926	)
Saipem Finance International BV	5.00		Quarterly	BNP Paribas S.A.	06/20/27	BB		EUR	270	(44,343	)	(10,010	)	(34,333	)
										$  (342,388	)	$  (24,983	)	$    (317,405	)

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

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

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

iBoxx EUR Liquid High Yield Index

Monthly

3-Month EURIBOR,   (0.20)%

Quarterly

Barclays Bank PLC

N/A

09/20/22

1,359

$

(51,970

)

$

(1,536

)

$

(50,434

)

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	2,114,539	$	—		$	—	$	(3,541,334	)	$	—
OTC Swaps		45,636		(72,155	)		1,691		(369,530	)		—
Options Written		N/A		N/A			1,505		—			(41,534	)

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

38 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	639,566	$	—	$	639,566
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		483,350		—		—		483,350
Options purchased
Investments at value — unaffiliated(b)		—		—		114,723		150,690		—		—		265,413
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		47,327		—		—		—		—		47,327
	$	—	$	47,327	$	114,723	$	634,040	$	639,566	$	—	$	1,435,656
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	1,994,329	$	—	$	1,994,329
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		8,450		—		—		8,450
Options written
Options written at value		—		—		—		41,534		—		—		41,534
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		3,541,334		—		—		—		—		3,541,334
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		389,715		—		—		51,970		—		441,685
	$	—	$	3,931,049	$	—	$	49,984	$	2,046,299	$	—	$	6,027,332

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

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—		$	—		$	512,935		$	—	$	512,935
Forward foreign currency exchange contracts		—		—			—			5,673,033			—			—		5,673,033
Options purchased(a)		—		—			(321,581	)		—			(91,340	)		—		(412,921	)
Options written		—		—			187,773			—			—			—		187,773
Swaps		—		322,463			—			—			—			—		322,463
	$	—	$	322,463		$	(133,808	)	$	5,673,033		$	421,595		$	—	$	6,283,283
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—		$	—			$(1,160,584	)		$            —		$(1,160,584	)
Forward foreign currency exchange contracts		—		—			—			1,184,780			—			—		1,184,780
Options purchased(b)		—		—			133,393			(30,591	)		—			—		102,802
Options written		—		—			—			1,505			—			—		1,505
Swaps		—		(4,413,415	)		—			—			(50,434	)		—		(4,463,849	)
	$	—	$	(4,413,415	)	$	133,393		$	1,155,694		$	(1,211,018	)	$	—	$	(4,335,346	)

^(a)  Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

SCHEDULE    OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	122,822,569
Average notional value of contracts — short	$	63,341,665
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	62,096,025
Average amounts sold — in USD	$	1,976,255
Options:
Average value of option contracts purchased	$	366,464
Average value of option contracts written	$	53,530
Credit default swaps:
Average notional value — sell protection	$	50,971,847
Total return swaps:
Average notional value	$	681,168

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
Futures contracts	$	487,647		$	473,471
Forward foreign currency exchange contracts		483,350			8,450
Options		265,413	(a)		41,534
Swaps — centrally cleared		—			72,044
Swaps — OTC(b)		47,327			441,685
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,283,737			1,037,184
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(602,370	)		(545,515	)
Total derivative assets and liabilities subject to an MNA	$	681,367		$	491,669

^(a)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.

^(b)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

The following 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:

	Derivative Assets Subject to an MNA by		Derivatives Available			Non-Cash Collateral		Cash Collateral		Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Received		Received		Assets	(b)(c)
Bank of America N.A.	$	379	$	—		$	—	$	—	$	379
Credit Suisse International		7,367		(7,367	)		—		—		—
Goldman Sachs International		301,781		(47,341	)		—		—		254,440
JPMorgan Chase Bank N.A.		351,658		(108,178	)		—		—		243,480
Morgan Stanley & Co. International PLC		20,050		(20,050	)		—		—		—
State Street Bank and Trust Co.		132		—			—		—		132
	$	681,367	$	(182,936	)	$	—	$	—	$	498,431

40 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(b)(d)
Barclays Bank PLC	$	51,970	$	—		$	—	$	—	$	51,970
BNP Paribas S.A.		44,343		—			—		—		44,343
Credit Suisse International		33,861		(7,367	)		—		—		26,494
Deutsche Bank AG		1,481		—			—		—		1,481
Goldman Sachs International		47,341		(47,341	)		—		—		—
JPMorgan Chase Bank N.A.		108,178		(108,178	)		—		—		—
Morgan Stanley & Co. International PLC		204,495		(20,050	)		—		—		184,445
	$	491,669	$	(182,936	)	$	—	$	—	$	308,733

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

^(b)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities.

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	46,047,702	$	—	$	46,047,702
Common Stocks
Banks		—		97,360		—		97,360
Construction & Engineering		1,230		—		—		1,230
Diversified Telecommunication Services		146,718		—		—		146,718
Electric Utilities		—		85,892		—		85,892
Equity Real Estate Investment Trusts (REITs)		1,802,404		—		—		1,802,404
Hotels, Restaurants & Leisure		686,720		—		—		686,720
Household Durables		2,240,663		—		—		2,240,663
Media		—		34,203		—		34,203
Specialty Retail		—		13,572		—		13,572
Corporate Bonds
Aerospace & Defense		—		1,450,912		—		1,450,912
Airlines		140,807		3,711,670		—		3,852,477
Auto Components		—		3,842,416		—		3,842,416
Automobiles		—		2,695,694		—		2,695,694
Banks		—		7,724,315		—		7,724,315
Beverages		—		1,428,537		—		1,428,537
Biotechnology		—		2,519,441		—		2,519,441
Building Materials		—		658,157		—		658,157
Building Products		—		1,419,503		—		1,419,503
Capital Markets		199,406		2,087,354		—		2,286,760
Chemicals		—		2,953,498		—		2,953,498
Commercial Services & Supplies		—		2,865,591		—		2,865,591
Communications Equipment		—		478,493		—		478,493
Construction & Engineering		—		200,037		—		200,037
Construction Materials		—		91,857		—		91,857
Consumer Discretionary		—		2,886,140		—		2,886,140
Consumer Finance		136,433		2,360,725		—		2,497,158
Containers & Packaging		—		1,585,715		—		1,585,715
Diversified Consumer Services		—		2,010,343		—		2,010,343
Diversified Financial Services		—		7,356,424		—		7,356,424
Diversified Telecommunication Services		—		4,274,248		—		4,274,248

SCHEDULE    OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3			Total
Corporate Bonds (continued)
Electric Utilities	$	—	$	1,520,712		$	—		$	1,520,712
Electrical Equipment		—		119,454			—			119,454
Electronic Equipment, Instruments & Components		—		210,907			—			210,907
Energy Equipment & Services		—		920,793			—			920,793
Entertainment		—		2,712,482			—			2,712,482
Environmental, Maintenance & Security Service		—		501,887			—			501,887
Equity Real Estate Investment Trusts (REITs)		—		1,354,059			—			1,354,059
Food & Staples Retailing		—		3,058,739			—			3,058,739
Food Products		—		565,595			210,000			775,595
Gas Utilities		—		14,456			—			14,456
Health Care Equipment & Supplies		—		154,707			—			154,707
Health Care Providers & Services		—		2,902,520			—			2,902,520
Health Care Technology		—		781,416			—			781,416
Hotels, Restaurants & Leisure		56,903		8,861,437			—			8,918,340
Household Durables		—		1,198,083			—			1,198,083
Household Products		—		14,896			—			14,896
Independent Power and Renewable Electricity Producers		—		2,726,596			—			2,726,596
Insurance		—		3,459,554			—			3,459,554
Interactive Media & Services		—		1,088,206			—			1,088,206
Internet & Direct Marketing Retail		—		1,190,745			—			1,190,745
Internet Software & Services		—		482,824			—			482,824
IT Services		—		1,981,084			—			1,981,084
Leisure Products		—		84,749			—			84,749
Machinery		—		1,392,312			—			1,392,312
Media		—		13,209,766			—			13,209,766
Metals & Mining		—		3,458,870			—			3,458,870
Multiline Retail		158,753		173,956			—			332,709
Multi-Utilities		—		181,352			—			181,352
Oil, Gas & Consumable Fuels		785,036		14,893,262			—			15,678,298
Personal Products		—		578,479			—			578,479
Pharmaceuticals		400,899		3,927,597			—			4,328,496
Producer Durables: Miscellaneous		—		181,225			—			181,225
Real Estate Management & Development		262,756		11,061,928			42,000			11,366,684
Road & Rail		—		2,785,982			—			2,785,982
Semiconductors & Semiconductor Equipment		551,568		1,307,629			—			1,859,197
Software		—		3,771,207			—			3,771,207
Specialty Retail		—		1,384,649			—			1,384,649
Technology Hardware, Storage & Peripherals		—		57,585			—			57,585
Textiles, Apparel & Luxury Goods		272,295		85,143			1,657,017			2,014,455
Thrifts & Mortgage Finance		—		1,170,229			—			1,170,229
Tobacco		—		553,962			—			553,962
Transportation		—		167,408			—			167,408
Transportation Infrastructure		—		746,069			—			746,069
Utilities		—		1,300,931			—			1,300,931
Wireless Telecommunication Services		—		4,153,886			—			4,153,886
Floating Rate Loan Interests		—		88,105,034			216,775,500			304,880,534
Foreign Agency Obligations		—		2,193,107			—			2,193,107
Investment Companies		1,619,021		—			—			1,619,021
Preferred Securities
Capital Trusts		—		11,072,927			—			11,072,927
Preferred Stocks		147,360		—			4,580,011			4,727,371
Warrants		205		—			679,255			679,460
Options Purchased
Equity Contracts		114,723		—			—			114,723
Foreign Currency Exchange Contracts		—		150,690			—			150,690
Unfunded Floating Rate Loan Interests(a)		—		562			22,798			23,360
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(74,272	)		(498,510	)		(572,782	)
	$	9,723,900	$	304,777,175		$	223,468,071		$	537,969,146
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	1,691		$	—		$	1,691

42 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Assets (continued)
Foreign Currency Exchange Contracts	$	—		$	483,350		$	—	$	483,350
Interest Rate Contracts		639,566			—			—		639,566
Liabilities
Credit Contracts		—			(3,860,430	)		—		(3,860,430	)
Foreign Currency Exchange Contracts		—			(49,984	)		—		(49,984	)
Interest Rate Contracts		(1,994,329	)		(50,434	)		—		(2,044,763	)
	$	(1,354,763	)	$	(3,475,807	)	$	—	$	(4,830,570	)

^(a)  Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)  Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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 $110,950,000 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 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:

	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Preferred Stocks		Unfunded Floating Rate Loan Interests			Warrants		Total
Assets
Opening balance, as of December 31, 2021	$	1,000,000		$	1,946,993		$	176,802,757		$	4,362,140	$	(95,306	)	$	468,306	$	184,484,890
Transfers into Level 3(a)		—			273,794			15,725,425			—		(733	)		—		15,998,486
Transfers out of Level 3(b)		(1,000,000	)		(3,817	)		(5,597,047	)		—		27			—		(6,600,837	)
Accrued discounts/premiums		—			6,470			223,967			—		—			—		230,437
Net realized gain (loss)		—			—			33,798			—		—			—		33,798
Net change in unrealized appreciation (depreciation)(c)(d)		—			(314,423	)		(5,131,618	)		217,871		(379,700	)		210,949		(5,396,921	)
Purchases		—			—			55,908,647			—		—			—		55,908,647
Sales		—			—			(21,190,429	)		—		—			—		(21,190,429	)
Closing balance, as of June 30, 2022	$	—		$	1,909,017		$	216,775,500		$	4,580,011	$	(475,712	)	$	679,255	$	223,468,071
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022(d)	$	—		$	(314,423	)	$	(4,958,759	)	$	217,871	$	(378,097	)	$	210,949	$	(5,222,459	)

^(a)  As of December 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2022, 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.

^(b)  As of December 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, 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.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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 BlackRock Global Valuation Methodologies Committee (the “Global 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 $35,020,916. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

	Value		Valuation Approach	Unobservable Inputs	Range of   Unobservable   Inputs   Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Corporate Bonds		1,657,017	Income	Discount Rate		18%		—
Floating Rate Loan Interests	$	181,530,872	Income	Discount Rate		9% - 37%		11%
			Market	Revenue Multiple		4.25x		—
				Time to Exit		2.8 years		—
				Volatility		65%		—
Preferred Stocks		4,580,011	Income	Discount Rate		12% - 13%		12%
			Market	Revenue Multiple		3.35x - 4.10x		3.73x

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Credit Strategies Fund

	Value		Valuation Approach	Unobservable Inputs	Range of   Unobservable   Inputs   Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Warrants	$	679,255	Market	Revenue Multiple		4.10x - 5.25x		4.31x
				Time to Exit		2.8 - 3.8 years		2.9 years
				Volatility		60% - 65%		61%
	$	188,447,155

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.

44 2 0 2 2    B L A C K R O  C K    S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited)

June 30, 2022

	BlackRock Credit Strategies Fund
ASSETS
Investments, at value — unaffiliated(a)	$	536,942,195
Investments, at value — affiliated(b)		1,576,373
Cash pledged:
Futures contracts		868,000
Centrally cleared swaps		5,190,000
Foreign currency, at value(c)		552,257
Receivables:
Investments sold		11,778,624
Swaps		31,553
Capital shares sold		2,094,203
Dividends — unaffiliated		12,350
Dividends — affiliated		3,354
Interest — unaffiliated		6,856,193
Due from broker		600,000
Variation margin on futures contracts		487,647
Swap premiums paid		45,636
Unrealized appreciation on:
Forward foreign currency exchange contracts		483,350
OTC swaps		1,691
Unfunded floating rate loan interests		23,360
Deferred offering costs		4,633
Prepaid expenses		286,494
Total assets		567,837,913
LIABILITIES
Bank overdraft		971,392
Options written, at value(d)		41,534
Payables:
Investments purchased		13,318,568
Accounting services fees		47,151
Bank borrowings		110,950,000
Capital shares redeemed		59,376
Custodian fees		95,476
Income dividend distributions		1,937,486
Interest expense		181,537
Investment advisory fees		459,323
Trustees’ and Officer’s fees		15,922
Recoupment of past waived fees		309,761
Other accrued expenses		24,851
Professional fees		171,192
Service and distribution fees		84,404
Variation margin on futures contracts		473,471
Variation margin on centrally cleared swaps		72,044
Swap premiums received		72,155
Unrealized depreciation on:
Forward foreign currency exchange contracts		8,450
OTC swaps		369,530
Unfunded floating rate loan interests		572,782
Total liabilities		130,236,405
NET ASSETS	$	437,601,508

FINANCIAL   STATEMENTS 45

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2022

	BlackRock Credit Strategies Fund
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)	$	512,960,757
Accumulated loss		(75,359,249	)
NET ASSETS	$	437,601,508
(a) Investments, at cost — unaffiliated	$	597,535,120
(b) Investments, at cost — affiliated	$	1,998,206
(c)  Foreign currency, at cost	$	558,493
(d) Premiums received	$	43,039
(e) Shares outstanding		50,944,797
(f)  Shares authorized		Unlimited
(g) Par value	$	0.001

46 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2022

	BlackRock Credit Strategies Fund
NET ASSET VALUE
Institutional
Net assets	$	296,729,017
Shares outstanding		34,557,005
Net asset value	$	8.59
Shares authorized		Unlimited
Par value	$	0.001
Class A
Net assets	$	104,376,425
Shares outstanding		12,143,380
Net asset value	$	8.60
Shares authorized		Unlimited
Par value	$	0.001
Class U
Net assets	$	36,291,557
Shares outstanding		4,220,625
Net asset value	$	8.60
Shares authorized		Unlimited
Par value	$	0.001
Class W
Net assets	$	204,509
Shares outstanding		23,787
Net asset value	$	8.60
Shares authorized		Unlimited
Par value	$	0.001

See notes to financial statements.

FINANCIAL  STATEMENTS 47

Statement of Operations  (unaudited) 

Six Months Ended June 30, 2022

	BlackRock Credit Strategies Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	66,233
Dividends — affiliated		40,916
Interest — unaffiliated		15,360,359
Payment-in-kind interest — unaffiliated		2,158,210
Total investment income		17,625,718
EXPENSES
Investment advisory		2,670,459
Service and distribution — class specific		537,108
Recoupment of past waived and/or reimbursed fees		306,794
Transfer agent — class specific		110,815
Commitment costs		77,316
Registration		77,072
Custodian		76,435
Offering		69,872
Trustees and Officer		46,594
Accounting services		40,044
Recoupment of past waived and/or reimbursed fees — class specific		2,967
Miscellaneous		240,505
Total expenses excluding interest expense		4,255,981
Interest expense		1,071,414
Total expenses		5,327,395
Less:
Fees waived and/or reimbursed by the Manager		(10,096	)
Total expenses after fees waived and/or reimbursed		5,317,299
Net investment income		12,308,419
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(11,579,465	)
Forward foreign currency exchange contracts		5,673,033
Foreign currency transactions		(1,200,153	)
Futures contracts		512,935
Options written		187,773
Swaps		322,463
		(6,083,414	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(52,392,414	)
Investments — affiliated		(438,620	)
Forward foreign currency exchange contracts		1,184,780
Foreign currency translations		(33,610	)
Futures contracts		(1,160,584	)
Options written		1,505
Swaps		(4,463,849	)
Unfunded floating rate loan interests		(448,630	)
		(57,751,422	)
Net realized and unrealized loss		(63,834,836	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(51,526,417)

See notes to financial statements.

48 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (unaudited) (continued)

	BlackRock Credit Strategies Fund
	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,308,419		$	14,407,278
Net realized gain (loss)		(6,083,414	)		5,715,806
Net change in unrealized appreciation (depreciation)		(57,751,422	)		(16,822,512	)
Net increase (decrease) in net assets resulting from operations		(51,526,417	)		3,300,572
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(10,375,710	)		(14,497,011	)
Class A		(3,372,304	)		(5,565,116	)
Class U		(986,078	)		(405,744	)
Class W		(6,738	)		(8,592	)
Decrease in net assets resulting from distributions to shareholders		(14,740,830	)		(20,476,463	)
CAPITAL SHARE TRANSACTIONS
Shares sold and issued		98,892,168			268,799,575
Reinvestment of distributions		4,083,768			7,139,004
Redemption of shares resulting from repurchase offers		(27,331,362	)		(5,619,865	)
Net increase in net assets derived from capital share transactions		75,644,574			270,318,714
NET ASSETS
Total increase in net assets		9,377,327			253,142,823
Beginning of period		428,224,181			175,081,358
End of period	$	437,601,508		$	428,224,181

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL  STATEMENTS 49

Statement of Cash Flows (unaudited)

Six Months Ended June 30, 2022

	BlackRock Credit Strategies Fund
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(51,526,417	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used for operating activities:
Proceeds from sales of long-term investments and principal paydowns/payups		104,091,804
Purchases of long-term investments		(228,029,232	)
Net proceeds from sales of short-term securities		10,498,285
Amortization of premium and accretion of discount on investments and other fees		(544,575	)
Premiums paid on closing options written		(116,629	)
Premiums received from options written		347,441
Net realized loss on investments and options written		11,380,912
Net unrealized depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		52,443,652
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(3,294	)
Dividends — unaffiliated		(2,866	)
Interest — unaffiliated		(768,566	)
Swaps		(31,553	)
Variation margin on futures contracts		(480,499	)
Variation margin on centrally cleared swaps		53,618
Swap premiums paid		(15,937	)
Prepaid expenses		(240,861	)
Deferred offering costs		69,871
Increase (Decrease) in Liabilities
Payables
Accounting services fees		27,395
Custodian fees		52,232
Interest expense		(30,022	)
Investment advisory fees		56,982
Trustees’ and Officer’s fees		15,922
Other accrued expenses		(225,832	)
Professional fees		(55,019	)
Service and distribution fees		3,735
Variation margin on futures contracts		457,273
Variation margin on centrally cleared swaps		72,044
Swap premiums received		72,155
Net cash used for operating activities		(102,427,981	)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(10,283,851	)
Payments for bank borrowings		(125,700,000	)
Net payments on redemption of capital shares including change in redemptions payable		(28,034,057	)
Proceeds from bank borrowings		163,400,000
Decrease in bank overdraft		(1,203,967	)
Proceeds from issuance of capital shares		106,254,656
Net cash provided by financing activities		104,432,781
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(13,916	)
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency		1,990,884
Restricted and unrestricted cash and foreign currency at beginning of period		5,219,373
Restricted and unrestricted cash and foreign currency at end of period	$	7,210,257
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,101,436
NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	4,083,768

50 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2022

	BlackRock Credit Strategies Fund
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash pledged
Futures contracts	$	868,000
Centrally cleared swaps		5,190,000
Foreign currency at value		552,257
Due from Broker		600,000
	$	7,210,257

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 51

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Credit Strategies Fund
	Institutional
		Six Months Ended 06/30/22 (unaudited	)		Year Ended December 31,						Period from 02/28/19 to 12/31/19	(a)
				2021			2020
Net asset value, beginning of period	$	9.96		$	10.41		$	10.24		$	10.00
Net investment income(b)		0.27			0.55			0.53			0.38
Net realized and unrealized gain (loss)		(1.31	)		(0.28	)		0.25			0.35
Net increase (decrease) from investment operations		(1.04	)		0.27			0.78			0.73
Distributions(c)
From net investment income		(0.33	)		(0.67	)		(0.49	)		(0.45	)
From net realized gain		—			(0.05	)		(0.12	)		(0.04	)
Total distributions		(0.33	)		(0.72	)		(0.61	)		(0.49	)
Net asset value, end of period	$	8.59		$	9.96		$	10.41		$	10.24
Total Return(d)
Based on net asset value		(10.69	)%(e)		2.58	%		8.09	%		7.41	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		2.18	%(h)		2.12	%		2.90	%		3.44	%(h)(i)
Total expenses after fees waived and/or reimbursed		2.18	%(h)		2.11	%		2.59	%		1.84	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense		1.69	%(h)		1.66	%		1.66	%		1.47	%(h)
Net investment income		5.79	%(h)		5.30	%		5.40	%		4.45	%(h)
Supplemental Data
Net assets, end of period (000)	$	296,729		$	285,729		$	128,769		$	105,796
Borrowings outstanding, end of period (000)	$	110,950		$	73,250		$	39,500		$	16,000
Asset coverage, end of period per $1,000 of bank borrowings	$	4,944		$	6,846		$	5,432		$	7,612
Portfolio turnover rate		20	%		55	%		77	%		43	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  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.

^(e)  Aggregate total return.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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:

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,					Period from 02/28/19 to 12/31/19
				2021			2020
Expense ratios		2.04	%		1.93	%		N/A		N/A

^(h)  Annualized.

⁽ⁱ⁾  Audit and offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, total expenses would have been 3.62%.

See notes to financial statements.

52 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT ��TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Credit Strategies Fund (continued)
	Class A
		Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Period from 04/01/20 to 12/31/20	(a)
Net asset value, beginning of period	$	9.97		$	10.42		$	8.48
Net investment income(b)		0.24			0.47			0.33
Net realized and unrealized gain (loss)		(1.32	)		(0.28	)		2.03
Net increase (decrease) from investment operations		(1.08	)		0.19			2.36
Distributions(c)
From net investment income		(0.29	)		(0.59	)		(0.30	)
From net realized gain		—			(0.05	)		(0.12	)
Total distributions		(0.29	)		(0.64	)		(0.42	)
Net asset value, end of period	$	8.60		$	9.97		$	10.42
Total Return(d)
Based on net asset value		(11.05	)%(e)		1.82	%		28.09	%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		2.87	%(h)		2.84	%		3.35	%(h)
Total expenses after fees waived and/or reimbursed		2.87	%(h)		2.82	%		3.25	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense		2.39	%(h)		2.39	%		2.38	%(h)
Net investment income		5.07	%(h)		4.57	%		4.45	%(h)
Supplemental Data
Net assets, end of period (000)	$	104,376		$	116,182		$	46,313
Borrowings outstanding, end of period (000)	$	110,950		$	73,250		$	39,500
Asset coverage, end of period per $1,000 of bank borrowings	$	4,944		$	6,846		$	5,432
Portfolio turnover rate		20	%		55	%		77	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  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.

^(e)  Aggregate total return.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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:

	Six Months Ended 06/30/22 (unaudited	)	Year Ended 12/31/21		Period from 04/01/20 to 12/31/20
Expense ratios	2.73	%	2.65	%	N/A

^(h) Annualized.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Credit Strategies Fund (continued)
	Class U
		Six Months Ended 06/30/22 (unaudited)			Period from 07/12/21 to 12/31/21	(a)
Net asset value, beginning of period	$	9.97		$	10.51
Net investment income(b)		0.24			0.20
Net realized and unrealized gain (loss)		(1.32	)		(0.38	)
Net decrease from investment operations		(1.08	)		(0.18	)
Distributions(c)
From net investment income		(0.29	)		(0.31	)
From net realized gain		—			(0.05	)
Total distributions		(0.29	)		(0.36	)
Net asset value, end of period	$	8.60		$	9.97
Total Return(d)
Based on net asset value		(11.05	)%(e)		(1.74	)%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		2.88	%(h)		2.80	%(h)
Total expenses after fees waived and/or reimbursed		2.87	%(h)		2.80	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense		2.38	%(h)		2.47	%(h)
Net investment income		5.13	%(h)		4.23	%(h)
Supplemental Data
Net assets, end of period (000)	$	36,292		$	26,076
Borrowings outstanding, end of period (000)	$	110,950		$	73,250
Asset coverage, end of period per $1,000 of bank borrowings	$	4,944		$	6,846
Portfolio turnover rate		20	%		55	%(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  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.

^(e)  Aggregate total return.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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:

	Six Months Ended 06/30/22 (unaudited)		Period from 07/12/21 to 12/31/21
Expense ratios	2.74	%	2.54	%

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is representative of the Fund for the entire year.

See notes to financial statements.

54 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Credit Strategies Fund (continued)
	Class W
	Six Months Ended 06/30/22 (unaudited)			Period from 07/12/21(a) to 12/31/21
Net asset value, beginning of period	$	9.97		$	10.51
Net investment income(b)		0.24			0.22
Net realized and unrealized gain (loss)		(1.32	)		(0.40	)
Net decrease from investment operations		(1.08	)		(0.18	)
Distributions(c)
From net investment income		(0.29	)		(0.31	)
From net realized gain		—			(0.05	)
Total distributions		(0.29	)		(0.36	)
Net asset value, end of period	$	8.60		$	9.97
Total Return(d)
Based on net asset value		(11.05	)%(e)		(1.74	)%(e)
Ratios to Average Net Assets(f)
Total expenses(g)		2.87	%(h)		2.70	%(h)
Total expenses after fees waived and/or reimbursed		2.86	%(h)		2.70	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense		2.38	%(h)		2.45	%(h)
Net investment income		5.07	%(h)		4.64	%(h)
Supplemental Data
Net assets, end of period (000)	$	205		$	237
Borrowings outstanding, end of period (000)	$	110,950		$	73,250
Asset coverage, end of period per $1,000 of bank borrowings	$	4,944		$	6,846
Portfolio turnover rate		20	%		55	%(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  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.

^(e)  Aggregate total return.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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:

	Six Months Ended 06/30/22 (unaudited)		Period from 07/12/21 to 12/31/21
Expense ratios	2.73	%	2.37	%

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is representative of the Fund for the entire year.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 55

Notes to Financial Statements (unaudited)

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’s classification changed from non-diversified to diversified during the period. 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 four classes of shares designated as Institutional Shares, Class A 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 open-end non-index fixed-income funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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 is 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 portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Realized currency gains (losses) on foreign currency related transactions are reported 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.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written and swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investments to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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 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 Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are

56 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)(continued)

distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the Fixed-Income Complex and reflected as Trustees and Officer expense on the 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.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments 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 available bid (long positions) or ask (short positions) price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations 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 may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

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

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.

• 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 a number of market data factors, such as discounted cash flows, trades and values 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 follows 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably

NOTES  TO  FINANCIAL  STATEMENTS 57

Notes to Financial Statements (unaudited) (continued)

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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third-Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)  market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)  relevant news and other public sources; and (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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 involve 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.

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

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

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global 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 Global 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.

58 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 59

Notes to Financial Statements (unaudited) (continued)

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 London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

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

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

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations,

60 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BlackRock Credit Strategies Fund	2-10 HBW	$	105,332	$	105,332	$	103,769	$	(1,563)
	Acquia, Inc.		31,637		31,300		31,637		337
	Alera Group Holdings, Inc.		383,294		381,378		360,297		(21,081)
	Alera Group Holdings, Inc.		29,867		29,867		28,075		(1,792)
	Appriss Health LLC		94,478		94,478		90,793		(3,685)
	ARAS Corp.		151,354		151,354		149,103		(2,251)
	Arrow Purchaser, Inc.		23,026		22,765		23,027		262
	Athenahealth, Inc.		40,825		40,825		37,483		(3,342)
	Backoffice Associates Holdings LLC		60,493		60,493		59,888		(605)
	Bullhorn, Inc.		133,960		131,951		126,479		(5,472)
	Bullhorn, Inc.		231,034		230,988		228,723		(2,265)
	CBI-Gator Acquisition LLC		536,588		536,588		517,271		(19,317)
	CBI-Gator Acquisition LLC		88,729		88,729		85,535		(3,194)
	CivicPlus LLC		136,795		136,795		134,086		(2,709)
	Colony Display LLC		667,921		667,921		633,189		(34,732)
	Corestates, Inc.		32,787		32,158		31,967		(191)
	Corestates, Inc.		109,290		108,197		106,558		(1,639)
	CP Iris Holdco I, Inc.		10,951		10,951		10,034		(917)
	Cybergrants Holdings LLC		75,818		75,818		75,082		(736)
	Cybergrants Holdings LLC		846,330		841,397		838,121		(3,276)
	ESO Solutions, Inc.		303,681		303,681		299,733		(3,948)
	Foreside Financial		101,695		101,695		99,559		(2,136)
	Foreside Financial		338,983		338,983		331,864		(7,119)
	GC Waves Holdings, Inc.		56,969		56,969		56,969		—
	Grey Orange Interrnational, Inc.		250,000		247,629		245,897		(1,732)
	Greystone Affordable Housing Initiatives LLC		2,363,636		2,363,636		2,315,890		(47,746)
	HomeRenew Buyer, Inc.		564,304		564,304		543,425		(20,879)
	Integratecom, Inc.		133,333		133,333		130,386		(2,947)
	Integratecom, Inc.		266,667		266,667		260,774		(5,893)
	International Textile Group, Inc.		2,400,000		2,388,132		2,366,399		(21,733)
	IT Parent LLC		262,987		259,217		249,312		(9,905)
	James Perse Enterprises, Inc.		500,000		500,000		500,000		—
	Kid Distro Holdings LLC		116,769		114,671		113,604		(1,067)
	Kroll Bonds Rating Agency, Inc.		397,059		397,059		384,830		(12,229)
	Lightspeed Solution LLC		121,951		121,951		119,573		(2,378)
	MSM Acquisitions, Inc.		625,181		625,181		615,178		(10,003)
	MSM Acquisitions, Inc.		53,267		53,267		52,415		(852)
	Oak Purchaser, Inc.		1,439,153		1,424,762		1,426,201		1,439
	Oak Purchaser, Inc.		287,831		284,952		285,240		288
	Patriot Home Care		1,129,074		1,156,398		1,101,752		(54,646)
	Peter C. Foy & Associates Insurance Services LLC		99,374		99,374		96,194		(3,180)
	Pluralsight, Inc.		191,155		191,155		185,038		(6,117)
	Precision Medicine Group LLC		14,833		14,733		13,683		(1,050)
	PTSH Intermediate Holdings LLC		473,684		465,053		464,211		(842)
	Pueblo Mechanical & Controls LLC		362,069		362,069		356,022		(6,047)
	Pueblo Mechanical & Controls LLC		26,192		26,192		25,755		(437)
	Reverb Buyer, Inc.		44,702		44,540		41,830		(2,710)
	Sellerx Opco GMBH		3,506,778		3,489,244		3,443,656		(45,588)
	SEP Raptor Acquisition, Inc.		184,668		181,739		181,159		(580)
	SEP Vulcan Acquisition, Inc.		186,584		183,630		186,583		2,953
	Smarsh, Inc.		380,952		377,143		367,238		(9,905)
	Smarsh, Inc.		95,238		93,431		91,810		(1,621)
	Sonny’s Enterprises, Inc.		1,316,010		1,316,010		1,329,170		13,160
	Starrez		230,769		230,769		226,061		(4,708)
	Suited Connector LLC		540,390		540,390		518,774		(21,616)
	SumUp Holdings		1,622,718		1,622,718		1,580,527		(42,191)
	Supergoop LLC		160,800		157,815		157,552		(263)
	Superman Holdings LLC		69,807		68,579		69,038		459
	Tempus LLC		390,000		390,000		393,900		3,900
	Thermostat Purchaser III, Inc.		237,485		237,485		227,986		(9,499)
	Thrasio LLC		961,471		956,664		889,361		(67,303)
	Thunder Purchaser, Inc.		116,822		116,822		111,098		(5,724)

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Notes to Financial Statements (unaudited) (continued)

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
	Thunder Purchaser, Inc.	$	232,558	$	232,558	$	221,163	$	(11,395)
	Trident TPI Holdings, Inc.		4,263		3,429		3,991		562
	Wealth Enhancement Group LLC		6,642		6,642		6,529		(113)
	Wealth Enhancement Group LLC		199,730		199,730		196,335		(3,395)
	Zilliant, Inc.		148,148		148,148		144,000		(4,148)
	Zilliant, Inc.		370,370		370,370		360,000		(10,370)

5.   DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

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

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

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

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

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

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

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

62 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

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

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a 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, a 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 Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is

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Notes to Financial Statements (unaudited) (continued)

not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

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 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.

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%. 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, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

	Class A		Class U		Class W		Total
Service and distribution fees — class specific		$ 415,764		$ 120,513		$    831		$ 537,108

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, 2022, the Fund did not pay any amounts to affiliates in return for these services.

For the six months ended June 30, 2022, 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	$	102,199	$	7,453	$	1,151	$	12	$	110,815

Other Fees: For the six months ended June 30, 2022, affiliates received CDSCs of $50,423 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, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2022, the amount waived was $1,277.

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, 2023. 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 Statement of Operations. For the six months ended June 30, 2022, the Manager waived $8,819 in investment advisory fees pursuant to these arrangements.

64 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)(continued)

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 limitations”). Expenses covered by the expense limitation include without limitation, custodial, accounting and administrative services, any ongoing organizational expenses, and all initial and ongoing offering expenses (other than any applicable sales load). 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, 2023. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2022, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

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:

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

(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.

For the six months ended June 30, 2022, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:

Fund Name	Fund Level		Institutional
BlackRock Credit Strategies Fund	$	306,794	$	2,967

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

7. PURCHASES AND SALES

For the six months ended June 30, 2022, purchases and sales of investments, excluding short-term investments, were $213,412,075 and $109,975,194, 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, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of June 30, 2022, 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		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BlackRock Credit Strategies Fund	$	600,366,241	$	3,474,270	$	(70,109,474	)	$	(66,635,204	)

9. BANK BORROWINGS

The Fund has entered into a credit agreement with Société Générale (the “Lender”) that established a revolving credit facility with an initial commitment of up to $150 million (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 $75 million or 0.30% per annum when amounts borrowed is less than $75 million and interest at a rate equal to one-month LIBOR on the date the loan is made plus 1.65 % per annum on amounts borrowed. The agreement expires on September 30, 2024 unless extended or renewed. The Fund’s borrowings, if any, are secured by eligible securities held in its portfolio of investments.

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Notes to Financial Statements (unaudited)(continued)

During the period, the Fund paid the commitment fee based on the daily unused portion of the Facility and an extension fee for a two-year extension. The fees associated with the agreement are included in the Statement of Operations as interest expense and fees, if any. Advances to the Fund as of period end, if any, are shown in the Statement of Assets and Liabilities as bank borrowings payable. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value. For the six months ended June 30, 2022, 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 Amount Borrowed		Average Amount Outstanding		Daily Weighted Average Interest Rate
BlackRock Credit Strategies Fund	$	134,350,000	$	92,492,541		2.13	%

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 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.

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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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 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. 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.

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

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

66 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited)(continued)

For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.

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

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

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

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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.

For the periods shown, shares issued and outstanding increased by the following amounts:

	Six Months Ended 06/30/22						Year Ended 12/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
BlackRock Credit Strategies Fund
Institutional
Shares sold		7,941,118		$	74,905,833			16,367,575		$	169,085,562
Shares issued from dividend reinvestment		165,014			1,530,532			249,759			2,538,779
Shares redeemed in repurchase offers		(2,228,851	)		(20,586,123	)		(304,330	)		(3,122,248	)
		5,877,281		$	55,850,242			16,313,004		$	168,502,093
Class A
Shares sold		821,603		$	7,833,600			7,020,768		$	73,046,915
Shares issued from dividend reinvestment		275,138			2,553,236			430,269			4,406,091
Shares redeemed in repurchase offers		(610,485	)		(5,789,466	)		(240,237	)		(2,486,832	)
		486,256		$	4,597,370			7,210,800		$	74,966,174

NOTES  TO  FINANCIAL  STATEMENTS 67

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 06/30/22						Year Ended 12/31/21
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
BlackRock Credit Strategies Fund (continued)
Class U(a)
Shares sold		1,708,276		$	16,152,735			2,597,030		$	26,417,099
Shares issued from dividend reinvestment		—			—			19,393			194,134
Shares redeemed in repurchase offers		(103,008	)		(955,773	)		(1,066	)		(10,785	)
		1,605,268		$	15,196,962			2,615,357		$	26,600,448
Class W(a)
Shares sold		—		$	—			23,787		$	249,999
		—		$	—			23,787		$	249,999
		7,968,805		$	75,644,574			26,162,948		$	270,318,714

^(a)  The share class commenced operation on July 12, 2021.

The Fund will make offers to purchase between 5% and 25% of its outstanding shares at approximate 3 month intervals. Repurchase offer results for the periods shown were as follows:

	Commencement Date of Tender Offer Period(a)		Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
Institutional		January 7, 2022		February 7, 2022		476,764		1.57	%		476,764		1.57	%	$	9.70	$	4,624,611
Class A		January 7, 2022		February 7, 2022		376,008		3.14			376,008		3.14			9.71		3,651,042
Class U		January 7, 2022		February 7, 2022		26,393		0.82			26,393		0.82			9.71		256,272
Class W		January 7, 2022		February 7, 2022		—		—			—		—			—		—
Institutional		April 8, 2022		May 9, 2022		1,752,087		5.04			1,752,087		5.04			9.11		15,961,512
Class A		April 8, 2022		May 9, 2022		234,476		1.93			234,476		1.93			9.12		2,138,424
Class U		April 8, 2022		May 9, 2022		76,616		1.97			76,616		1.97			9.13		699,501
Class W		April 8, 2022		May 9, 2022		—		—			—		—			—		—
	Commencement Date of Tender Offer Period(a)		Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
Institutional		January 8, 2021		February 8, 2021		2,667		0.02	%		2,667		0.02	%	$	10.50	$	28,004
Class A		January 8, 2021		February 8, 2021		37,478		0.77			37,478		0.77			10.51		393,898
Institutional		April 9, 2021		May 10, 2021		41,811		0.26			41,811		0.26			10.52		439,849
Class A		April 9, 2021		May 10, 2021		2,552		0.04			2,552		0.04			10.52		26,850
Institutional		July 9, 2021		August 20, 2021		94,075		0.78			94,075		0.45			10.40		978,380
Class A		July 9, 2021		August 20, 2021		144,829		0.45			144,829		1.52			10.40		1,506,222
Institutional		October 8, 2021		November 9, 2021		165,776		0.66			165,776		0.66			10.11		1,675,991
Class A		October 8, 2021		November 9, 2021		55,377		0.52			55,377		0.52			10.11		559,863
Class U		October 8, 2021		November 9, 2021		1,066		0.08			1,066		0.08			10.12		10,785
Class W		October 8, 2021		November 9, 2021		—		—			—		—			—		—

^(a)  Date the repurchase offer period began.

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

As of June 30, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

Fund Name	Institutional		Class A		Class U		Class W		Total
BlackRock Credit Strategies Fund		9,800,000		58,962		23,787		23,787		9,906,536

68 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

12. SUBSEQUENT EVENTS

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

The Fund conducted a quarterly tender offer for up to 5% of its issued and outstanding common shares.

	Commencement Date		Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
Institutional		July 8, 2022		August 9, 2022		1,456,156		4.08	%		1,456,156		4.08	%	$	8.79	$	12,799,607
Class A		July 8, 2022		August 9, 2022		631,143		5.15			631,143		5.15			8.80		5,554,063
Class U		July 8, 2022		August 9, 2022		87,441		2.01			87,441		2.01			8.81		770,357
Class W		July 8, 2022		August 9, 2022		—		—			—		—			—		—

NOTES  TO  FINANCIAL  STATEMENTS 69

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

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 April 14, 2022 (the “April Meeting”) and May 19, 2022 (the “May 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 (“BRS”) and the Fund and (3) the Manager, BlackRock Capital Investment Advisors, LLC (“BCIA” and collectively with BIL and BRS, 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 additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, 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’ analyses of 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 available; (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 April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are 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 April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, 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 April 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 May Meeting.

At the May 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 Members 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.

70 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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

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 number, education and experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; 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 such as the merger, consolidation or repurposing of certain closed-end funds; 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 considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2021, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. 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 each of the one-year and since-inception periods reported, the Fund 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 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 and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. 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, 2021 compared to available

D I S C L O S U R E    O F    I N V E  S T M E N T    A D V I S O R Y    A G R E E M E N T     A N D    S U B - A D V I S O R Y    A G R E E M E N T 71

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

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 that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. 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 technology at BlackRock, BlackRock’s expense management, and the relative product mix.

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, 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 second quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that BlackRock believes are generally similar to the Fund. The Board noted that the Fund’s total expense ratio ranked in the second 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 economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. 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. 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 May Meeting, as a result of the discussions that occurred during the April 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, 2023, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors, and the Fund for a one-year term ending June 30, 2023. 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 also assisted by the advice of independent legal counsel in making this determination.

72 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021. 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, semi-annual and annual 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

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.

ADDITIONAL  INFORMATION 73

Additional Information  (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809	Distributor BlackRock Investments, LLC New York, NY 10022
Sub-Adviser BlackRock Capital Investment Advisors, LLC Wilmington, DE 19809	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116
BlackRock International Limited Edinburgh, EH3 8BL United Kingdom	Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019
BlackRock (Singapore) Limited 079912 Singapore	Address of the Fund 100 Bellevue Parkway Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809

74 2 0 2 2   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Currency Abbreviation

CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
USD	United States Dollar

Portfolio Abbreviation

CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DAC	Designated Activity Company
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
MTN	Medium-Term Note
PCL	Public Company Limited
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 75

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-06/22-SAR

(b) Not Applicable

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

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

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(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 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no applicable purchases during the period covered by this report.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing 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) under the Securities Exchange Act of 1934, as amended.

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

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

2

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

3

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 19, 2022

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 19, 2022

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Credit Strategies Fund

Date: August 19, 2022