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JUNE 30, 2026

2026 Semi-Annual Report

(Unaudited)

BlackRock HPS Credit Strategies Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

NM0826U-5876566-1/56

Page 2

Page Semi-Annual Report: The Benefits and Risks of Leveraging ............................................................................................................................... ............ 3 Derivative Financial Instruments ............................................................................................................................... ................. 3 Fund Summary ............................................................................................................................... .................................. 4 About Fund Performance ............................................................................................................................... ........................ 6 Disclosure of Expenses for Continuously Offered Closed-End Funds .............................................................................................................. 6 Financial Statements: Consolidated Schedules of Investments ............................................................................................................................... ........ 8 Consolidated Statement of Assets and Liabilities .............................................................................................................................. 23 Consolidated Statement of Operations ............................................................................................................................... ......... 25 Consolidated Statements of Changes in Net Assets ........................................................................................................................... 26 Consolidated Statement of Cash Flows ............................................................................................................................... ........ 27 Financial Highlights ............................................................................................................................... .............................. 29 Notes to Consolidated Financial Statements ............................................................................................................................... ...... 34 Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements ..................................................................................................... 48 Additional Information ............................................................................................................................... ........................... 51 Glossary of Terms Used in this Report ............................................................................................................................... ............ 53

Table of Contents

2 NM0826U-5876566-2/56

Page 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 norma lly 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. T he 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 tot al 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 cur ve 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 c ost 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 le verage. 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 us ed leverage. Furthermore, the value of the Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although oth er 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 difficul t 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 lever age. 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, th e 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 lev erage 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 se curities 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 inco me to the shareholders. Moreover, to the extent the calculation of the Fund’s investment advisory fees includes assets purchased with the proceeds of leverag e, the investment advisory fees payable to the Fund’s investment adviser will be higher than if the Fund did not use leverage.

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

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. The Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted unde r 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, whi ch may be more stringent than those imposed by the 1940 Act.

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, mark et, 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 r ate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, includ ing the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transactio n or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a li mited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if t hey 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 in vestments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

T HE B ENEFITS AND R ISKS OF L EVERAGING NM0826U-5876566-3/56 3

Page 4

Investment Objective

BlackRock HPS Credit Strategies Fund’s (the “Fund”) investment objective is to seek to provide attractive risk-adjusted returns, primarily in the form of current income. The Fund seeks to achieve its investment objective by dynamically allocating across a range of private and public credit investments and investment stra tegies, leveraging the full capabilities of BlackRock’s credit platform, inclusive of HPS Investment Partners (“HPS”), a part of BlackRock. Under normal conditions, the Fund i ntends to invest at least 80% of its managed assets in credit-related investments.

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 share s, 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

06/30/26 12/31/25 Change High Low Net Asset Value — Institutional .............................................................................. $ 7.98 $ 8.18 (2.44)% $ 8.20 $ 7.98 Net Asset Value — Class A .................................................................................. 8.03 8.22 (2.31) 8.23 8.02 Net Asset Value — Class J .................................................................................. 8.01 8.20 (2.32) 8.21 8.01 Net Asset Value — Class U .................................................................................. 8.00 8.19 (2.32) 8.21 7.99 Net Asset Value — Class W ................................................................................. 8.03 8.22 (2.31) 8.23 8.03

Performance

Returns for the period ended June 30, 2026 were as follows:

Average Annual Total Returns (a)

1 Year 5 Years

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

Without Sales Charge

With Sales Charge Institutional (c) ........................... 9.02% 7.91% 2.03% 4.56% N/A 3.47% N/A 5.01% N/A Class A (c) .............................. 8.12 7.03 1.75 3.98 1.38% 2.79 2.28% 4.29 3.93% Class J (c) ............................... 8.61 7.49 1.88 4.26 1.13 3.00 2.38 4.52 4.08 Class U (c) .............................. 8.22 7.11 1.75 3.86 N/A 2.73 N/A 4.24 N/A Class W (c) .............................. 8.04 6.97 1.75 3.98 0.34 2.79 2.06 4.29 3.78 Morningstar LSTA U.S. Leveraged Loan Index (d) ....................... — — 1.31 4.36 N/A 6.01 N/A 5.56 N/A Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (e) .......... — — 1.96 5.91 N/A 4.17 N/A 5.33 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 certa in 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 and reflect the Fund’s use of leverage, if any. The perfo rmance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. (d) A market-value weighted index designed to measure the performance of the U.S. leveraged loan market. (e) 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 principl es. 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 p ast or future performance.

Fund Summary as of June 30, 2026 BlackRock HPS Credit Strategies Fund

4 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-4/56 R EPORT TO S HAR NM R M0826U-5876 EPORT TO 66 S -4/56 HAREHOLDERS

Page 5

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

What factors influenced performance? Contributions to the Fund’s performance were led by the direct lending portion of the portfolio, followed by holdings of performing liquid credit. Ex posure to opportunistic credit and structured credit instruments also contributed positively to return.

There were no material detractors over the period.

The Fund may use derivatives for the purpose of risk management and hedging. Derivatives were not a significant driver of performance over the period.

Describe recent portfolio activity. Over the period, the Fund continued repositioning the portfolio with the goal of creating a more diversified and targeted portfolio across public and private credit markets. This included ongoing diversification in direct lending through new investments originated through the HPS platform that focused on large and upper midd le market issuers. Repositioning of the public portion of the portfolio was largely completed, with a transition to a relative value-driven multi-asset allocation bas ed on bottom-up fundamental credit selection with a focus on income generation and downside protection. This repositioning reduced the number of issuers in the performing liqui d credit strategy, reduced issuer concentration in the opportunistic credit strategy, and improved overall portfolio yield.

Describe portfolio positioning at period end. At period-end, the Fund was diversified across direct lending, performing liquid credit, opportunistic credit and structured credit. The portfoli o is focused on generating consistent income and total returns while maintaining flexibility to capitalize on shifts in relative value across asset classes.

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 othe r 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

Investment Type

Percent of Total Investments (a) Floating Rate Loan Interests ......................................... 82.6% Corporate Bonds ................................................... 9.0 Asset-Backed Securities ............................................ 7.2 Other* .............................................................. 1.2

CREDIT QUALITY ALLOCATION

Credit Rating (b)

Percent of Total Investments (a) AAA/Aaa ........................................................... 0.3% AA/Aa .............................................................. 0.7 A ................................................................... 1.9 BBB/Baa ........................................................... 2.3 BB/Ba .............................................................. 4.4 B ................................................................... 39.9 CCC/Caa ........................................................... 4.6 CC ................................................................. 0.8 C .................................................................. 0.1 N/R ................................................................ 45.0

(a) Excludes short-term securities, short investments and options, if any. (b) For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit rating s 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 necessaril y indicate low credit quality. Credit quality ratings are subject to change. * Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Consoli dated Schedule of Investments for details.

Fund Summary as of June 30, 2026 (continued) BlackRock HPS Credit Strategies Fund

F UND S UMMARY NM0826U-5876566-5/56 5

Page 6

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 agr eement 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 sal es 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 p urchase 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 Institutiona l Shares (which have no distribution or service fees) and was restated to reflect Class A Shares fees.

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

Class U Shares are not subject to any sales charge. These shares are subject to a servicing and distribution fee of 0.75% per year. These shares are available only to cl ients 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 9, 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 availabl e only through brokerage, transactional-based accounts. Class W Shares performance shown prior to the Class W Shares inception date of July 9, 2021 is that o f 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 b een 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 r esult, 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 applica ble. 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 c lass 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 availa ble 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 po rtion 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 waive r(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 reduce d or discontinued at any time. With respect to the Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursement s.

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

Disclosure of Expenses for Continuously Offered Closed-End Funds

Shareholders of the Fund may incur the following charges: (a) transactional expenses, including early withdrawal fees; and (b) operating expenses, including investment advisory fees, and other fund expenses. The example below (which is based on a hypothetical investment of $1,000 invested at the beginning of the perio d 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 expense s 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 volun tary 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 an d 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, com pare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

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

6 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-6/56 R EPORT TO S HAR NM R M0826U-5876 EPORT TO 66 S -6/56 HAREHOLDERS

Page 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 (01/01/26)

Ending Account Value (06/30/26)

Including Interest Expense and Fees (a)

Excluding Interest Expense and Fees (a)

Beginning Account Value (01/01/26)

Ending Account Value (06/30/26)

Expenses Paid During the Period (a)

Ending Account Value (06/30/26)

Expenses Paid During the Period (a)

Including Interest Expense and Fees

Excluding Interest Expense and Fees Institutional ......................... $ 1,000.00 $ 1,020.30 $ 4.65 $ 2.03 $ 1,000.00 $ 1,020.19 $ 4.65 $ 1,022.79 $ 2.03 0.93% 0.41% Class A ............................ 1,000.00 1,017.50 7.90 5.34 1,000.00 1,016.96 7.90 1,019.51 5.33 1.58 1.07 Class J ............................. 1,000.00 1,018.80 6.68 4.06 1,000.00 1,018.17 6.68 1,020.77 4.06 1.34 0.81 Class U ............................ 1,000.00 1,017.50 8.57 5.95 1,000.00 1,016.30 8.56 1,018.89 5.95 1.71 1.19 Class W ............................ 1,000.00 1,017.50 7.90 5.28 1,000.00 1,016.96 7.90 1,019.56 5.28 1.58 1.06

(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, mu ltiplied by 181/365 (to reflect the one-half year period shown).

D ISCLOSURE OF E XPENSES FOR C ONTINUOUSLY O FFERED C LOSED -E ND F UNDS NM0826U-5876566-7/56 7

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Security

Par (000) Value Asset-Backed Securities 720 East CLO Ltd., Series 2022-1A, Class CR, (3-mo. CME Term SOFR + 1.90%), 5.58%, 01/20/38 (a)(b) ..... USD 1,000 $ 1,002,996 Abry Liquid Credit CLO Ltd., Series 2025-2A, Class C, (3-mo. CME Term SOFR + 2.10%), 5.78%, 01/15/39 (a)(b) ........................................ 750 752,984 AIMCO CLO Ltd., Series 2020-11A, Class CR2, (3-mo. CME Term SOFR + 1.90%), 5.58%, 07/17/37 (a)(b) ..... 1,000 1,002,500 AMMC CLO Ltd., Series 2022-27A, Class ER, (3-mo. CME Term SOFR + 5.15%), 8.83%, 01/20/37 (a)(b) ..... 500 497,779 Anchorage Capital CLO Ltd., Series 2019-11A, Class C1R2, (3-mo. CME Term SOFR + 2.40%), 6.06%, 07/22/37 (a)(b) ................................. 1,000 1,001,202 Apidos CLO LI Ltd., Series 2024-51A, Class D2, (3-mo. CME Term SOFR + 3.70%), 7.38%, 01/20/38 (a)(b) ..... 250 248,757 Atlantic Avenue Ltd., Series 2023-1A, Class CR, (3-mo. CME Term SOFR + 2.20%), 5.87%, 01/15/39 (a)(b) ..... 1,000 1,003,879 Barings CLO Ltd., Series 2022-1A, Class ER, (3-mo. CME Term SOFR + 6.25%), 9.92%, 01/15/39 (a)(b) ..... 500 498,249 Benefit Street Partners CLO Ltd., Series 2026-50A, Class D2, (3-mo. CME Term SOFR + 4.20%), 7.80%, 07/15/39 (a)(b) ........................................ 500 501,849 Bridge Street CLO II Ltd., Series 2021-1A, Class D1AR, (3-mo. CME Term SOFR + 3.40%), 7.08%, 01/20/39 (a)(b) ........................................ 1,000 994,686 CQS US CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 3.65%), 7.32%, 01/25/37 (a)(b) ..... 1,000 995,372 Dryden CLO Ltd., Series 2019-72A, Class DR, (3-mo. CME Term SOFR + 3.26%), 6.91%, 05/15/32 (a)(b) ..... 1,000 998,459 Elevation CLO Ltd. (a)(b) Series 2022-16A, Class D1, (3-mo. CME Term SOFR + 4.88%), 8.55%, 07/25/34 ........................ 2,500 2,503,334 Series 2022-16A, Class D2, (3-mo. CME Term SOFR + 6.01%), 9.68%, 07/25/34 ........................ 2,500 2,425,643 Elmwood CLO 37 Ltd., Series 2024-13A, Class D1, (3mo. CME Term SOFR + 2.60%), 6.28%, 01/17/38 (a)(b) . 1,000 994,918 Greywolf CLO V Ltd., Series 2015-1A, Class CR, (3-mo. CME Term SOFR + 3.26%), 6.93%, 01/27/31 (a)(b) ..... 88 88,197 Halsey Point CLO I Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 8.50%), 12.18%, 10/20/37 (a)(b) ........................................ 500 493,159 HalseyPoint CLO Ltd., Series 2021-4A, Class C, (3-mo. CME Term SOFR + 2.41%), 6.09%, 04/20/34 (a)(b) ..... 750 750,909 Harvest U.S. CLO Ltd. (a)(b) Series 2024-1A, Class DR, (3-mo. CME Term SOFR + 3.85%), 7.52%, 04/18/37 .......................... 1,500 1,507,635 Series 2026-1A, Class D1, (3-mo. CME Term SOFR + 3.00%), 6.73%, 04/20/39 .......................... 500 503,751 ICG U.S. CLO Ltd., Series 2014-1A, Class CR3, (3-mo. CME Term SOFR + 3.75%), 7.43%, 10/20/34 (a)(b) ..... 1,000 999,922 Invesco CLO Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 6.98%, 04/15/34 (a)(b) .......... 500 493,010 Madison Park Funding XXXIII Ltd., Series 2019-33A, Class CR2, (3-mo. CME Term SOFR + 1.95%), 5.59%, 10/15/32 (a)(b) ................................. 2,000 2,004,290 MAN U.S. CLO Ltd. (a)(b) Series 2023-1A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 4.97%, 07/20/39 ........................ 500 500,804 Series 2023-1A, Class D1R, (3-mo. CME Term SOFR + 3.40%), 7.03%, 07/20/39 ........................ 500 502,238

Security

Par (000) Value Asset-Backed Securities (continued) Marble Point CLO XV Ltd., Series 2019-1A, Class E, (3-mo. CME Term SOFR + 7.09%), 10.76%, 07/23/32 (a)(b) ........................................ USD 500 $ 483,962 Marble Point CLO XVI Ltd. (a)(b) Series 2019-2A, Class CR2, (3-mo. CME Term SOFR + 1.90%), 5.54%, 11/16/34 ........................ 666 667,349 Series 2019-2A, Class D1R2, (3-mo. CME Term SOFR + 3.20%), 5.54%, 11/16/34 ................. 875 872,409 Mountain View CLO XV Ltd. (a)(b) Series 2019-2A, Class A1R2, (3-mo. CME Term SOFR + 1.29%), 4.92%, 07/15/37 ................. 1,000 1,001,268 Series 2019-2A, Class D1R2, (3-mo. CME Term SOFR + 3.70%), 7.33%, 07/15/37 ................. 500 491,399 Mountain View CLO XVI Ltd., Series 2022-1A, Class D1RR, (3-mo. CME Term SOFR + 3.69%), 7.36%, 03/15/38 (a)(b) ................................. 500 502,251 MP CLO VIII Ltd., Series 2015-2A, Class DR3, (3-mo. CME Term SOFR + 3.25%), 6.90%, 04/28/34 (a)(b) ..... 1,000 986,203 Northwoods Capital XV Ltd., Series 2017-15A, Class ER3, (3-mo. CME Term SOFR + 7.25%), 10.93%, 03/20/38 (a)(b) ............................... 250 231,264 OHA Credit Funding Ltd., Series 2019-2A, Class D1R2, (3-mo. CME Term SOFR + 2.70%), 6.37%, 01/21/38 (a)(b) ........................................ 1,000 994,902 Pikes Peak CLO, Series 2021-7A, Class DR2, (3-mo. CME Term SOFR + 4.50%), 8.14%, 02/25/37 (a)(b) ..... 1,000 974,500 Sculptor CLO XXXII Ltd., Series 32A, Class D2R, (3-mo. CME Term SOFR + 5.10%), 8.80%, 04/30/39 (a)(b) ..... 500 500,670 Silver Point CLO Ltd., Series 2024-5A, Class C, (3-mo. CME Term SOFR + 2.10%), 5.78%, 10/20/37 (a)(b) ..... 1,250 1,253,710 Sixth Street CLO XIX Ltd., Series 2021-19A, Class D1R, (3-mo. CME Term SOFR + 2.80%), 6.48%, 07/17/38 (a)(b) ........................................ 1,000 992,644 Sound Point CLO XXVIII Ltd., Series 2020-3A, Class C, (3-mo. CME Term SOFR + 2.51%), 6.18%, 01/25/32 (a)(b) ........................................ 870 872,109 Symphony CLO XXII Ltd., Series 2020-22A, Class CR, (3-mo. CME Term SOFR + 2.10%), 5.78%, 04/18/33 (a)(b) ........................................ 1,500 1,506,199 Tikehau U.S. CLO IV Ltd. (a)(b) Series 2023-1A, Class DR, (3-mo. CME Term SOFR + 4.20%), 7.87%, 03/15/38 .......................... 2,000 2,012,159 Series 2023-1A, Class ER, (3-mo. CME Term SOFR + 7.89%), 11.56%, 03/15/38 ......................... 250 253,362 Trinitas CLO XXIX Ltd., Series 2024-29A, Class E, (3mo. CME Term SOFR + 6.50%), 10.17%, 07/23/37 (a)(b) ........................................ 1,500 1,506,716 Voya CLO Ltd., Series 2022-3A, Class DR2, (3-mo. CME Term SOFR + 2.60%), 6.28%, 10/20/36 (a)(b) .......... 350 349,784 Whitebox CLO II Ltd., Series 2020-2A, Class CR2, (3mo. CME Term SOFR + 1.95%), 5.62%, 10/24/37 (a)(b) . 640 641,925 Total Asset-Backed Securities — 7.8% (Cost: $40,422,316) ................................................. 40,361,307

Consolidated Schedule of Investments (unaudited) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

8 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-8/56 R EPORT TO S HAR NM R M0826U-5876 EPORT TO 66 S -8/56 HAREHOLDERS

Page 9

Security Shares Value Common Stocks

Broadline Retail — 0.0% Thrasio LLC, (Acquired 06/18/24, Cost: $1,907,522) (c)(d)(e) ................................... 20,031 $ — Commercial Services & Supplies — 0.0% Kellermeyer Bergensons Services LLC, Preference Shares (c)(d) .......................................... 45,118 — Containers & Packaging — 0.0% Labels Buyer LLC (d) .................................... 9 827 Diversified Consumer Services — 0.0% United Site Services, Inc. (c)(d) ........................... 1,875 18,750 Diversified Telecommunication Services — 0.0% Altice France Lux 3 (d) ................................... 1,685 33,196 Financial Services — 0.0% Creditex LLC, Class 1 (c)(d) .............................. 11,363 — Food Products — 0.0% Juice Plus & Co. LLC (c)(d)(f) ............................. 5,780 — Health Care Providers & Services — 0.0% Quorum Restructuring Equity (c)(d) ....................... 43,661 — Household Durables (d) — 0.0% Razor Group & Infinite Commerce (c) ..................... 23,794 1 SVP Singer ............................................ 1,930 12,545 Vingilholding Sellerx Holdco B (c) ........................ 17,109 — Vingilholding Sellerx Holdco C (c) ........................ 17,109 — Vingilholding Sellerx Holdco D (c) ........................ 17,109 — Virgil Holdings, Inc. (c) ................................... 17,109 — 12,546 IT Services — 0.0% Suited Connector LLC (c)(d)(f) ............................ 3,062,209 31 Paper & Forest Products — 0.0% New Kleo Holdco (c)(d) ................................... 15,192 26,038 Professional Services — 0.0% Travelport LLC (c)(d) ..................................... 10 6,842 Real Estate Management & Development — 0.0% ADLER Group SA (c)(d) .................................. 16,485 — Software — 0.0% Pluralsight LLC, (Acquired 08/22/24, Cost: $77,568) (c)(d)(e) ...................................... 208,956 2 Technology Hardware, Storage & Peripherals — 0.0% VCI Intermediate Topco 2 LLC (c)(d)(f) ..................... 91,734 96,779 Trading Companies & Distributors — 0.0% TMK Hawk Midco Corp. (d) .............................. 543 1,086 Total Common Stocks — 0.0% (Cost: $2,271,317) ................................................... 196,097

Security

Par (000) Value Corporate Bonds

Automobile Components (b) — 0.6% American Axle & Manufacturing, Inc., 7.75%, 10/15/33 ... USD 1,480 $ 1,462,043 Tenneco, Inc., 8.00%, 11/17/28 ......................... 1,448 1,457,056 2,919,099 Chemicals — 0.0% Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(g) ................................. 31 24,528 Lune Holdings SARL, 5.63%, 11/15/28 (h) ................ EUR 102 1,165 25,693 Communications Equipment — 0.2% Viasat, Inc., 6.50%, 07/15/28 (b) ......................... USD 1,096 1,093,265 Diversified Telecommunication Services — 0.3% Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Series Feb, 8.63%, 06/15/32 (b) .......... 1,248 1,301,933 Electric Utilities — 0.0% Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (h) .......................................... 120 122,006 Entertainment — 0.5% Firy, Inc., 10.25%, 12/15/26 (b) ........................... 2,518 2,502,263 Financial Services (b) — 1.1% CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/32 ............................................ 730 704,796 Freedom Mortgage Holdings LLC, 6.88%, 05/01/31 ...... 2,700 2,620,249 Osaic Holdings, Inc., 8.00%, 08/01/33 ................... 1,417 1,422,233 PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/29 ... 1,155 1,130,489 5,877,767 Health Care Providers & Services — 0.1% Charlotte Buyer, Inc., 8.00%, 06/30/31 (b) ................ 490 496,023 Hotels, Restaurants & Leisure (b) — 0.6% Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30 ........ 1,413 1,471,782 Voyager Parent LLC, 9.25%, 07/01/32 .................. 1,305 1,380,114 2,851,896 Insurance (b) — 0.8% Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33 ...................... 1,410 1,349,549 Jones Deslauriers Insurance Management, Inc., 6.88%, 10/01/33 ............................................ 1,451 1,345,676 SBL Holdings, Inc., (5-year CMT + 5.62%), 6.50% (a)(i) .... 1,725 1,565,438 4,260,663 Interactive Media & Services (b) — 0.5% Arches Buyer, Inc., 6.13%, 12/01/28 .................... 737 725,946 Beignet Investor LLC, 6.58%, 05/30/49 .................. 1,820 1,856,678 2,582,624 Life Sciences Tools & Services — 0.4% Fortrea Holdings, Inc., 7.50%, 07/01/30 (b) ............... 2,067 2,095,417 Media — 0.3% Sinclair Television Group, Inc., 8.13%, 02/15/33 (b) ....... 1,407 1,445,223 Metals & Mining — 0.3% Star Holding LLC, 8.75%, 08/01/31 (b) ................... 1,472 1,475,403

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

C ONSOLIDATED S CHEDULE OF I NVESTMENTS NM0826U-5876566-9/56 9

Page 10

Security

Par (000) Value

Mortgage Real Estate Investment Trusts (REITs) (b) — 0.6% Rithm Capital Corp. 8.00%, 04/01/29 ..................................... USD 1,446 $ 1,451,784 8.00%, 07/15/30 ..................................... 1,447 1,443,326 2,895,110 Paper & Forest Products (b) — 0.4% Magnera Corp. 4.75%, 11/15/29 ..................................... 1,668 1,557,084 7.25%, 11/15/31 ..................................... 769 750,736 2,307,820 Real Estate Management & Development (d)(h)(j) — 0.0% Fantasia Holdings Group Co. Ltd. 11.75%, 04/17/22 .................................... 710 7,810 12.25%, 10/18/22 ................................... 200 2,200 10,010 Software (b) — 0.6% McAfee Corp., 7.38%, 02/15/30 ......................... 1,500 1,274,613 RD Michigan Property Owner I LLC, 7.50%, 03/30/45 .... 741 738,588 Rocket Software, Inc., 9.00%, 11/28/28 ................. 1,272 1,264,402 3,277,603 Specialty Retail (b) — 2.3% Michaels Cos., Inc. 8.50%, 03/15/33 ..................................... 5,039 4,991,102 11.00%, 03/15/34 .................................... 2,310 2,261,767 PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/32 ..................................... 2,092 2,092,456 10.00%, 09/15/33 ................................... 1,385 1,387,205 Staples, Inc., 10.75%, 09/01/29 ......................... 1,327 1,265,889 11,998,419 Textiles, Apparel & Luxury Goods — 0.0% European TopSoho SARL, 4.00%, 09/21/21 (d)(h)(j)(k) ...... EUR 300 254,254 Trading Companies & Distributors (b) — 0.1% Herc Holdings, Inc. 5.75%, 03/15/31 ..................................... USD 145 144,817 6.00%, 03/15/34 ..................................... 145 144,036 288,853 Total Corporate Bonds — 9.7% (Cost: $51,401,734) ................................................. 50,081,344

Fixed Rate Loan Interests

Diversified Telecommunication Services — 0.1% Ligado Networks LLC 2025 Fixed Backstop Term Loan 1, 17.50%, 05/04/28 . 559 508,309 2025 Fixed DIP Roll-Up Term Loan, 12/31/27 (l) ........ 32 30,384 2026 DIP Term Loan, 17.50%, 11/09/26 .............. 74 68,363 607,056 Media — 0.4% Terraboost Media, Term Loan, 4.00%, 08/21/26 (c) ........ 2,422 2,145,967 Technology Hardware, Storage & Peripherals — 0.2% VCI Asset Holdings 2 LLC, Fixed Term Loan, 7.38%, 02/18/31 (f) .......................................... 879 904,783

Security

Par (000) Value

Trading Companies & Distributors — 0.0% TMK Hawk Parent Corp., 2024 Term Loan, 11.00%, 12/15/31 (c) .......................................... USD 2 $ — Total Fixed Rate Loan Interests — 0.7% (Cost: $3,895,915) ................................................... 3,657,806

Floating Rate Loan Interests (a)

Aerospace & Defense — 1.5% Arcfield Acquisition Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 8.66%, 10/28/31 (c) .......................................... 1,629 1,623,866 Cubic Corp. 2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.76%), 8.43%, 05/25/29 .. — (m) 9 2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 3.51%), 6.92%, 05/25/29 .. — (m) 1 Engineering Research and Consulting LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.00%), 8.73%, 08/29/31 ............................ 4,925 4,128,184 Fortress AcquisitionCo, Inc., 2nd Amendment Incremental Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.98%, 02/25/33 (c) ............ 2,188 2,165,645 Skydio, Inc. (c) Delayed Draw Term Loan Tranche A, (1-mo. CME Term SOFR + 5.00%), 8.62%, 12/04/29 ............ 25 25,175 Delayed Draw Term Loan Tranche B, (1-mo. CME Term SOFR + 5.00%), 8.62%, 12/04/29 ............ 25 25,175 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.00%), 8.62%, 12/04/29 .......................... 52 52,492 8,020,547 Automobile Components — 1.2% Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 02/23/29 ............................................ 1,565 1,456,847 IXS Holdings, Inc., 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.32%, 09/05/29 ............................................ 782 774,618 PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 7.68%, 10/28/27 .................... 2,838 2,726,163 Tenneco, Inc., 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 8.49%, 11/17/28 ..... 1,486 1,477,717 6,435,345 Broadline Retail — 0.1% Thrasio LLC, 2024 2nd Out Take Back Term Loan, 06/18/29 (c)(d)(j)(l) ..................................... 306 303,349 Building Products — 1.5% LBM Acquisition LLC, 2025 Incremental Term Loan, (1mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.65%, 06/06/31 ..................................... 993 884,844 New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29 ..... 954 825,353 Porcelain Acquisition Corp., Term Loan, 12/31/28 (c)(d)(j)(l) . 1,259 464,728

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

10 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-10/56 R EPORT TO S HARE NM R M0826U-5876 EPORT TO 66 S -10/56 HAREHOLDERS

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Security

Par (000) Value

Building Products (continued) Saber Parent Holdings Corp. (c) Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50% and 2.25% PIK), 8.38%, 12/16/32 (g) ....................................... USD 125 $ 122,454 Revolver, (Prime + 3.50%), 10.25%, 12/16/32 ......... 174 170,429 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50% and 2.25% PIK), 8.42%, 12/16/32 (g) ......... 2,495 2,449,389 SWF Holdings I Corp., 2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.76%, 10/06/28 ..................................... 591 309,974 Trulite Glass & Aluminum Solutions LLC, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.68%, 03/01/30 ..................................... 2,790 2,446,066 7,673,237 Capital Markets — 2.8% Foreside Financial (l) 2024 Incremental Delayed Draw Term Loan, 09/30/27 . 1,163 1,160,581 Incremental Term Loan, .............................. 102 101,492 GC Waves Holdings, Inc., 2024 Replacing Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 10/04/30 (c) ................................... 3,819 3,857,155 Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 02/26/32 (c) .......................................... 799 798,216 Orion U.S. Finco, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.17%, 10/10/33 ............................................ 1,472 1,449,899 PMA Parent Holdings LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.48%, 01/31/31 (c) .......................................... 87 85,670 Traack Technologies, Inc., Term Loan, (6-mo. CME Term SOFR + 7.50%), 11.60%, 09/15/26 (c) ................. 367 326,922 Wealth Enhancement Group LLC (c) 2021 August Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 7.94%, 10/02/28 ......................................... 1,158 1,153,932 2024 11th Amendment Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.75%), 7.98%, 10/02/28 .................................. 3,487 3,474,066 Wharf Street Ratings Acquisition LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 09/16/32 (c) ................................... 2,116 2,119,854 14,527,787 Chemicals — 2.5% Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30 ..... 1,389 1,389,343 Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.41%, 10/04/29 ............................................ 2,824 2,810,443 Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32 ..... 1,342 1,336,569 Illuminate Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/31/29 ............................................ 1,489 1,467,196 Iris Holding, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.51%, 06/28/28 .............. 998 947,743

Security

Par (000) Value

Chemicals (continued) Pretium PKG Holdings, Inc., 2026 1st Out Exit Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.87%, 03/02/31 ............................ USD 3,685 $ 3,638,685 SCIL IV LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.65%, 11/08/32 (c) ... 1,312 1,307,348 12,897,327 Commercial Services & Supplies — 1.5% Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.15%, 02/27/32 ..................................... 3,054 2,884,114 Chrysaor Bidco SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 10/30/31 ............................................ 1,345 1,346,695 Emerald Expositions Holding, Inc. (c)(l) 2026 Delayed Draw Term Loan (100MM), 06/17/33 ... 115 114,996 2026 Delayed Draw Term Loan (200MM), 06/17/33 ... 115 115,140 2026 Term Loan, 06/17/33 ........................... 441 440,412 Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.98%, 01/31/30 ............................................ 1,447 1,424,945 Kellermeyer Bergensons Services LLC (c) 2023 6th Amendment Term Loan, 11/06/28 (d)(j)(l) ...... 186 7,797 2024 Amendment No. 8 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 1.75% and 3.50% PIK), 9.06%, 11/06/28 (g) ................................ 399 344,000 Multi-Color Corp., 2026 USD PIK Takeback Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.38%), 6.03%, 05/11/33 ..................................... 1,447 1,236,389 TL Voltron Purchaser LLC, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 8.98%, 12/31/30 (c) ... 80 77,984 7,992,472 Construction & Engineering (c) — 1.7% Huckabee Acquisition LLC, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 8.98%, 01/16/30 ............................................ 72 72,162 LJ Avalon Holdings LLC 2024 1st Amendment Delayed Draw Term Loan, (1day CME Term SOFR at 1.00% Floor + 5.50%), 8.41%, 02/01/30 .................................. 777 773,774 2025 3rd Amendment Delayed Draw Term Loan, (3mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.39%, 02/01/30 .................................. 471 469,116 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.41%, 02/01/30 ............ 107 106,429 Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 4.75%), 7.81%, 02/01/29 .......................... 18 17,712 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 8.43%, 02/01/30 .......................... 277 276,406 Pueblo Mechanical and Controls LLC 2022 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.50%), 8.98%, 08/23/28 .. 484 478,813 2022 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.50%), 8.98%, 08/23/28 .................. 698 690,246 RBS Buyer, Inc., Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.41%, 07/31/31 .............. 2,025 2,077,342 Titan Home Improvement LLC, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.42%, 05/31/30 ............................................ 3,665 3,665,116 8,627,116

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

C ONSOLIDATED S CHEDULE OF I NVESTMENTS NM0826U-5876566-11/56 11

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Security

Par (000) Value

Construction Materials — 0.2% AHF Parent Holding, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.25%), 10.24%, 02/01/28 (c) .. USD 1,649 $ 1,286,163 Consumer Finance (c) — 0.1% Barri Financial Group LLC, Term Loan, (1-mo. CME Term SOFR + 8.25%), 11.99%, 12/14/27 ................... 376 340,909 Lucky U.S. Buyerco LLC Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 8.25%), 11.92%, 03/29/29 ......................... 10 9,913 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 6.25% and 2.00% PIK), 11.92%, 03/29/29 (g) ...... 85 82,702 433,524 Containers & Packaging — 0.0% Brook & Whittle Holding Corp., 2025 Term Loan C, 03/14/29 (c)(d)(j)(l) ..................................... 3,480 — Distributors — 0.4% Johnstone Supply LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.87%, 06/09/31 ............................................ 2,143 2,139,618 Diversified Consumer Services — 1.7% Express Wash Acquisition Co. LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 9.92%, 04/10/31 (c) ................................... 4,675 4,371,133 Fusion Holding Corp. (c) Revolver, (Prime + 5.25%), 11.98%, 09/15/28 ......... 5 4,578 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.50% and 2.00% PIK), 10.16%, 09/14/29 (g) ....... 226 197,795 KUEHG Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.48%, 06/12/30 ..... 1,029 989,481 Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 7.67%, 08/11/28 ............................................ 1,454 1,128,490 Mckissock Investment Holdings LLC 2022 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.83%, 03/12/29 .................. 130 110,099 Incremental Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.67%, 03/12/29 ............ 901 764,739 OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26 ..... 108 106,988 University Support Services LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/10/29 ..................................... 989 973,631 8,646,934 Diversified Telecommunication Services — 2.1% Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.55%, 05/31/31 ............................................ 4,916 5,009,212 Aventiv Technologies LLC 2025 5th Amendment Incremental Bridge Loan, (3mo. CME Term SOFR at 1.00% Floor + 10.00%), 13.93%, 09/30/26 ................................. 3,000 3,022,500 2026 8th Amendment Incremental Bridge Loan, (3mo. CME Term SOFR at 1.00% Floor + 7.00%), 10.91%, 09/30/26 ................................. 44 43,151 Coral-U.S. Co-Borrower LLC, 2021 Term Loan B6, (1mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.74%, 10/15/29 ..................................... 2,842 2,760,917 10,835,780

Security

Par (000) Value

Electric Utilities — 0.3% MRP Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 06/04/32 .............. USD 1,472 $ 1,476,085 Electrical Equipment — 0.3% Forgent Power LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.95%, 12/20/32 ............................................ 1,265 1,266,726 Sparkstone Electrical Group (c) Revolver, (3-mo. CME Term SOFR + 5.25%), 8.93%, 10/15/31 ......................................... 6 5,024 Term Loan, (3-mo. CME Term SOFR + 5.25%), 8.89%, 10/15/31 .................................. 55 45,097 1,316,847 Electronic Equipment, Instruments & Components (c) — 0.6% Dwyer Instruments, Inc., 2026 Incremental Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.44%, 07/20/29 ..................................... 1,934 1,914,449 Emerald Technologies U.S. Acquisitionco, Inc. 2026 7th Amendment Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 6.25%), 4.88%, 12/31/29 .. 1,367 820,144 Revolver, (1-mo. CME Term SOFR + 6.00%), 9.85%, 12/29/26 (d)(j) ...................................... 516 305,924 3,040,517 Entertainment — 1.4% Discovery Global Holdings, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 06/03/33 ..................................... 735 735,224 Kid Distro Holdings LLC (c) 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.00%), 7.92%, 10/01/29 .. 352 347,521 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 7.92%, 10/01/29 .......................... 3,229 3,191,611 Streamland Media Midco LLC (c) 2025 2nd Amendment First Out Delayed Draw TL, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.48%, 04/02/29 .................................. 5 5,313 2025 2nd Amendment First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.49%, 04/02/29 ......................................... 32 27,548 2025 2nd Amendment Last Out Term Loan, 04/02/29 (d)(j)(l) .................................... 29 7,321 2025 Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.49%, 04/02/29 .................. 5 3,888 TouchTunes Music Group LLC, 2024 Incremental Term Loan, (1-day CME Term SOFR + 4.75%), 8.48%, 04/02/29 ............................................ 3,536 3,181,998 7,500,424 Financial Services — 3.8% Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/09/30 ............................................ 2,183 2,176,581 Empower Payments Investor LLC (c) 2025 3rd Amendment Delayed Draw Term Loan, (1mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 03/12/31 .................................. 1,480 1,459,084 2025 3rd Amendment Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 03/12/31 ......................................... 4,922 4,851,394

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

12 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-12/56 R EPORT TO S HARE NM R M0826U-5876 EPORT TO 66 S -12/56 HAREHOLDERS

Page 13

Security

Par (000) Value

Financial Services (continued) Nxgen Buyer, Inc. (c) 2024 11th Amendment Incremental Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.39%, 11/01/27 ......................................... USD 3,777 $ 3,743,188 2024 11th Amendment Revolver, (Prime + 3.75%), 10.50%, 11/01/27 ................................. 52 51,679 2025 12th Amendment Incremental Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.39%, 11/01/27 ......................................... 272 269,438 Oak Funding LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 12/02/32 (c) .......... 6,070 5,973,011 Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 07/30/32 ............................................ 1,370 1,350,324 19,874,699 Food Products — 0.2% JP Intermediate B LLC (c) 2025 Takeback Term Loan A, 03/31/31 (d)(j)(l) .......... 578 305,146 2025 Term Loan (2030), (3-mo. CME Term SOFR at 1.00% Floor + 7.00%), 10.73%, 09/30/30 .......... 160 158,703 PFI Lower Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 12/01/32 ..... 682 685,494 1,149,343 Health Care Equipment & Supplies — 2.3% Agiliti Health, Inc., 2023 Term Loan, (3-mo. CME Term SOFR + 3.00%), 6.58%, 05/01/30 .................... 1,381 1,329,979 Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 01/15/31 ............................................ 8,239 8,249,422 Ensemble RCM LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/09/33 ............................................ 2,129 2,120,446 11,699,847 Health Care Providers & Services — 10.7% AB Centers Acquisition Corp., 2025 3rd Amendment Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.89%, 07/02/31 (c) ........................... 6,135 6,103,230 ADMI Corp. 2021 Incremental Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.51%, 12/23/27 .. 1,466 1,307,382 2023 Term Loan B5, (1-mo. CME Term SOFR + 5.75%), 9.39%, 12/23/27 .......................... 2,374 2,223,416 BW NHHC Holdco, Inc. 2022 1st Lien Second Out Term Loan, 01/15/27 (l) ..... 4,492 4,503,189 2022 2nd Lien Third Out Term Loan, (3-mo. CME Term SOFR + 9.00%), 12.84%, 11/15/26 (c) ......... 2,266 333,080 CareRing Health LLC, Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.00%), 9.67%, 05/04/28 (c) .......................................... 662 651,655 CBI-Gator Acquisition LLC (c) Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 6.50%), 10.32%, 10/25/27 ......................... 236 227,589 Term Loan, (6-mo. CME Term SOFR at 1.00% Floor + 5.75% and 0.75% PIK), 10.32%, 10/25/27 (g) ....... 2,808 2,709,390 Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.14%, 06/30/31 ............................................ 1,011 1,008,703

Security

Par (000) Value

Health Care Providers & Services (continued) Compsych Investments Corp., 2024 Term Loan, (1-day CME Term SOFR at 0.75% Floor + 4.75%), 8.41%, 07/22/31 (c) .......................................... USD 3,267 $ 3,266,651 EyeCare Partners LLC, 2024 Third Out Term Loan C, 11/30/28 (d)(j)(l) ....................................... 7 1,165 Ivyrehab Intermediate II LLC, 2024 2nd Amendment Tranche A Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 9.01%, 04/23/29 (c) .......................................... 99 98,698 IvyRehab Intermediate II LLC, 2025 Incremental Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.78%, 04/23/29 (c) ................... 2,822 2,807,366 Lumexa Imaging, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 12/17/32 ..... 1,661 1,662,499 NP Kaba Mergersub, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.23%, 01/31/33 (c) ... 4,465 4,380,781 Onex TSG Intermediate Corp., 2026 Term Loan B, (3mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 08/06/32 ..................................... 857 861,206 Parexel International Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/12/31 ..................................... 2,981 2,980,509 Pathway Vet Alliance LLC, 2025 Tranche A Term Loan A, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.66%, 06/30/28 ..................................... 5,609 5,609,401 Patriot Home Care, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.00%), 9.67%, 05/05/28 (c) .......... 2,853 2,808,648 Precision Medicine Group LLC, 2025 Term Loan B, (3mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 08/20/32 ..................................... 1,135 1,127,948 PTSH Intermediate Holdings, LLC, 2026 6th Amendment Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.73%, 01/10/33 (c) ........................... 2,894 2,839,368 Quorum Health Corp., 2020 Term Loan, 01/28/28 (c)(d)(j)(l) . 3,919 2,861,102 Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.73%, 09/27/30 ............ 1,419 1,420,484 Team Health Holdings, Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 06/30/28 ..................................... 1,893 1,892,728 TTF Holdings LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.38%, 07/18/31 ..... 2,446 1,781,945 55,468,133 Health Care Technology — 2.5% Appriss Health LLC, Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.75%), 8.49%, 05/05/28 (c) ... 691 690,686 DNAnexus, Inc. (c) 2024 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.89%, 12/18/29 .. 5 4,400 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.89%, 12/18/29 .................. 25 24,800 ESO Solutions, Inc. (c) 2024 Incremental Term Loan, (1-day CME Term SOFR at 1.00% Floor + 7.00%), 9.17%, 05/03/27 .. 964 945,393 Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.16%, 05/03/27 .......................... 207 202,579 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.17%, 05/03/27 .......................... 3,696 3,626,089

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

C ONSOLIDATED S CHEDULE OF I NVESTMENTS NM0826U-5876566-13/56 13

Page 14

Security

Par (000) Value

Health Care Technology (continued) Gainwell Acquisition Corp. 2nd Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.00%), 11.77%, 10/02/28 (c) ......... USD 994 $ 966,969 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.83%, 10/01/27 ........................ 969 953,759 MRO Parent Corp., Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 06/09/32 (c) .......... 4,227 4,197,724 Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 11/26/31 ..................................... 1,361 1,326,903 12,939,302 Hotels, Restaurants & Leisure — 5.7% Birdie Bidco, Inc. (c) Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.45%, 11/17/32 ............ 138 136,115 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50% and 2.25% PIK), 8.48%, 11/17/32 (g) ......... 2,819 2,780,075 Catawba Nation Gaming Authority, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.41%, 03/29/32 ............................................ 1,466 1,463,491 Gympass, 2024 2nd Amendment Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.50% Floor + 3.25% and 3.25% PIK), 10.26%, 08/29/29 (c)(g) ........ 4,985 4,985,125 Herschend Entertainment Co. LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/27/32 ..................................... 1,416 1,417,146 Oravel Stays Singapore Pte. Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 8.00%), 11.73%, 01/08/30 .................................... 4,951 5,102,977 Peninsula Pacific Entertainment LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.60%, 10/01/32 ..................................... 2,601 2,601,048 SGH2 LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.23%, 08/18/32 (c) ... 1,466 1,462,862 Showtime Acquisition LLC, 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.39%, 08/16/31 ..................................... 4,881 4,829,411 Stonebridge Cos. LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.64%, 05/16/31 (c) ... 3,226 3,258,045 Voyager Parent LLC, Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 07/01/32 ............................................ 1,402 1,401,188 Wellhub Inc., Term Loan, (1-mo. CME Term SOFR + 3.25% and 3.25% PIK), 10.26%, 07/08/27 (c)(g) ........ 290 289,652 29,727,135 Household Durables — 1.4% HP PHRG Borrower LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.73%, 02/20/32 ............................................ 4,950 4,911,637 Razor Group GmbH (c)(d)(j)(l) 2025 Tranche Term Loan 2 A, 12/20/29 ............... 236 — 2025 Tranche Term Loan 2 B, 12/20/29 ............... 104 — 2025 Tranche Term Loan 3 B, 12/20/29 ............... 1,571 — Sellerx (c) 2025 Revolver, (3-mo. CME Term SOFR + 5.00%), 8.73%, 06/25/29 .................................. 1,219 1,218,489

Security

Par (000) Value

Household Durables (continued) Sellerx (c) (continued) 2025 Tranche A1 Term Loan, (3-mo. CME Term SOFR + 9.00%), 12.73%, 12/31/28 ....................... USD 809 $ 563,533 2025 Tranche A2 Term Loan, (3-mo. CME Term SOFR + 9.00%), 12.73%, 12/31/28 ....................... 808 563,205 Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3mo. CME Term SOFR + 7.50%), 11.49%, 12/31/29 .... 28 24,376 7,281,240 Household Products — 0.0% Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31 ..... 74 48,398 Independent Power and Renewable Electricity Producers — 0.2% Jackson Generation LLC, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.25%, 07/08/33 (c) ............ 944 944,116 Insurance — 2.5% Accuserve Solutions, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR + 5.25%), 9.66%, 03/15/30 (c) .......................................... 602 501,640 Acrisure LLC 2024 1st Lien Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 11/06/30 ......... 1,372 1,238,242 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 06/21/32 .................. 763 687,436 Goosehead Insurance Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 01/08/32 (c) ................................... 299 294,544 HIG Operations Holdings, Inc. (c) 2025 6th Amendment Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 06/11/31 ... 4,227 4,227,320 2025 6th Amendment Tranche A DDTL, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 06/11/31 ......................................... 683 682,927 Jones DesLauriers Insurance Management Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/02/33 ............ 1,414 1,351,019 Liberty Co. Insurance Brokers LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.38%, 10/15/32 (c) .......................................... 1,229 1,155,636 OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 ..................................... 1,448 1,401,037 Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/16/31 ............................................ 1,454 1,450,470 12,990,271 Interactive Media & Services — 0.5% MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.89%, 05/03/28 ..... 2,741 2,660,684 IT Services — 3.2% Acquia, Inc. (c) Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.83%, 10/30/26 .......................... 36 33,003 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.83%, 10/30/26 .......................... 481 441,468

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

14 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-14/56 R EPORT TO S HARE NM R M0826U-5876 EPORT TO 66 S -14/56 HAREHOLDERS

Page 15

Security

Par (000) Value

IT Services (continued) Applause App Quality, Inc. (c) 2024 7th Amendment Refinancing Revolver, (3-mo. CME Term SOFR at 1.50% Floor + 6.00%), 9.68%, 10/24/29 ......................................... USD 1 $ 754 2024 7th Amendment Refinancing Term Loan, (3-mo. CME Term SOFR at 1.50% Floor + 6.00%), 9.74%, 10/24/29 ......................................... 81 75,475 Delta TopCo, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.40%, 11/30/29 ..... 4,633 4,375,826 HS Purchaser LLC, 2025 1st Lien Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.77%, 05/21/29 ............................................ 3,832 2,885,047 Intercept Bidco, Inc., Term Loan, (1-day CME Term SOFR at 1.00% Floor + 5.75%), 9.41%, 06/03/30 (c) ... 3,602 3,537,246 Madison Logic Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 7.00%), 10.64%, 12/30/28 (c) ........... 89 74,942 Oceankey U.S. II Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.24%, 12/15/28 .............. 2,176 2,080,696 SMX Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 02/06/32 .............. 2,438 2,339,156 Suited Connector LLC (c) 2026 Delayed Draw Term Loan, (6-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.73%, 03/29/30 .. 73 73,351 Revolver, (6-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.66%, 03/29/30 .......................... 911 911,013 16,827,977 Leisure Products — 0.3% GSM Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.73%, 09/30/31 ............................................ 1,466 1,465,784 Life Sciences Tools & Services — 2.0% Advarra Holdings, Inc., 2025 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 8.14%, 09/15/31 (c) ................................... 6,048 6,048,224 Alcami Corp. (c) 2026 2nd Amendment Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.26%, 12/21/29 .. 1 588 2026-1 Refinancing Closing Date Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.23%, 12/21/29 .......................... 5 5,014 2026-1 Term Loan, (3-mo. CME Term SOFR + 5.50%), 9.17%, 12/21/29 .......................... 69 68,298 WCG Intermediate Corp., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 02/25/32 ............................................ 4,090 4,056,641 10,178,765 Machinery — 1.7% LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 02/10/33 ............................................ 3,643 3,571,182 Sonny’s Enterprises LLC (c) 2023 Restatement Date Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 9.30%, 08/05/28 .. 3,738 3,584,422

Security

Par (000) Value

Machinery (continued) Sonny’s Enterprises LLC (c) (continued) 2024 1st Amendment Delayed Draw Term Loan, (3mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.31%, 08/05/28 .................................. USD 92 $ 88,504 TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.38%, 04/30/30 ..................................... 1,339 1,344,513 8,588,621 Media — 0.9% CMG Media Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 7.33%, 06/18/29 ..... 1,501 1,352,974 MSM Acquisitions, Inc. (c)(d)(j)(l) 2021 Delayed Draw Term Loan, 12/09/26 ............. 83 50,551 Delayed Draw Term Loan, 12/09/26 .................. 357 217,760 Revolver, 12/09/26 .................................. 150 91,310 Term Loan, 12/09/26 ................................ 1,083 660,471 NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31 ..... 2,522 2,370,053 4,743,119 Metals & Mining — 0.3% Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 07/31/31 ............................................ 1,464 1,461,124 Oil, Gas & Consumable Fuels — 0.6% Freeport LNG Investments LLLP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 02/11/33 ..................................... 2,934 2,936,440 Paper & Forest Products — 0.0% FSK Pallet Holding Corp., Term Loan, (3-mo. CME Term SOFR + 6.75%), 10.57%, 12/23/26 (c) ................. 80 78,468 Passenger Airlines — 0.5% JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.43%, 08/27/29 ............................................ 1,471 1,305,231 OneSky Flight LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 02/17/33 ............................................ 1,375 1,378,244 2,683,475 Personal Care Products (c) — 0.3% Supergoop LLC Revolver, (3-mo. CME Term SOFR + 5.75%), 9.50%, 12/29/27 ......................................... 270 249,392 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.75%), 9.51%, 12/29/28 .......................... 1,146 1,056,734 1,306,126 Pharmaceuticals — 0.7% Alkermes, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 08/12/31 (c) ... 790 792,502 Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 08/01/32 ............................................ 1,355 1,358,986 Endo Finance Holdings LP, 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 04/23/31 ..................................... 1,489 1,488,637 3,640,125

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

C ONSOLIDATED S CHEDULE OF I NVESTMENTS NM0826U-5876566-15/56 15

Page 16

Security

Par (000) Value

Professional Services — 6.4% Chronicle Bidco, Inc. (c) 2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.67%, 04/15/31 .. USD 61 $ 60,644 2025 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.67%, 04/15/31 .................. 1,086 1,074,885 Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 04/01/32 ..................................... 744 722,044 CohnReznick LLP, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 03/31/32 ............ 704 684,679 DTI Holdco, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.64%, 04/26/29 ..... 6,397 5,805,246 Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 06/02/31 ............................................ 1,664 1,580,465 Job & Talent USA, Inc. (c) 3rd Incremental Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.39%, 10/13/28 ........ 2,076 1,976,570 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.39%, 10/13/28 .......... 519 494,143 Initial Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.39%, 10/13/28 ................. 1,557 1,482,428 Jobandtalent USA, Inc., 2026 PIK Liquidity Facility, (1mo. CME Term SOFR + 10.00%), 13.64%, 10/15/28 (c) .......................................... 328 745,188 Lighthouse Parent Holdings, Inc. (c) Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.66%, 12/22/31 ............ 26 25,565 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.67%, 12/22/31 .......................... 59 58,370 Medical Solutions Holdings, Inc. 2026 Class A-2 First Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.05%, 11/01/30 ......................................... — (m) 12 2026 Exchange FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.30%, 11/01/30 ... 23 4,759 2026 Exchange FLTO Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 7.00%), 10.80%, 11/03/31 . 39 4,657 Pico Quantitative Trading Holdings LLC (c) 2021 Term Loan, (3-mo. CME Term SOFR at 1.50% Floor + 7.25%), 11.18%, 02/08/27 ................. 404 404,055 2024 10th Amendment Term Loan, (1-day CME Term SOFR at 1.50% Floor + 7.25%), 11.02%, 02/08/27 . 3,344 3,343,507 Term Loan, (3-mo. CME Term SOFR at 1.50% Floor + 7.25%), 11.18%, 02/08/27 ......................... 439 442,850 Research Now Group LLC 2024 First Lien First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.90%, 07/15/28 ......................................... 2,743 2,583,158 2024 First Lien Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.40%, 10/15/28 ......................................... 5,664 2,190,194 Security Services Acquisition Sub Corp. (c) 2024 11th Amendment Term Loan A, (1-mo. CME Term SOFR at 1.00% Floor + 5.75%), 9.49%, 09/30/27 ......................................... 514 510,184 2024 12th Amendment Term Loan A, (1-mo. CME Term SOFR at 1.00% Floor + 5.75%), 9.49%, 09/30/27 ......................................... 920 914,441

Security

Par (000) Value

Professional Services (continued) Security Services Acquisition Sub Corp. (c) (continued) 2024 Term Loan, (1-day CME Term SOFR at 1.00% Floor + 5.75%), 9.49%, 09/30/27 .................. USD 1,826 $ 1,814,040 Skopima Merger Sub, Inc., 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 05/12/28 ..................................... 2,484 2,042,734 SumUp Holdings Luxembourg, 2024 Delayed Draw Term Loan A, (6-mo. CME Term SOFR at 1.50% Floor + 6.50%), 9.17%, 04/22/31 (c) ........................... 4,000 4,000,000 Vensure Employer Services, Inc., 2024 Term Loan, (3mo. CME Term SOFR at 0.50% Floor + 5.00%), 8.72%, 09/29/31 (c) ................................... 96 95,720 33,060,538 Real Estate Management & Development (c) — 1.0% 1475 Holdings LLC Revolver, (1-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.89%, 01/18/30 .......................... 3 2,835 Term Loan, (1-mo. CME Term SOFR + 5.25%), 8.89%, 01/18/30 .................................. 79 77,977 SitusAMC Holdings Corp., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.23%, 05/14/31 ..................................... 4,912 4,907,583 4,988,395 Residential REITs (c) — 0.8% Greystone Affordable Housing Initiatives LLC 2022 Term Loan, (1-mo. CME Term SOFR at 1.25% Floor + 6.50%), 10.26%, 03/08/27 ................. 1,636 1,625,892 Delayed Draw Term Loan, (6-mo. CME Term SOFR at 1.25% Floor + 6.00%), 10.06%, 03/02/27 .......... 2,800 2,760,800 4,386,692 Retail REITs — 0.4% PREIT Associates LP, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 7.00%), 10.62%, 04/01/29 ............................................ 2,256 2,286,087 Software — 17.5% Alphasense, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.25%), 9.98%, 06/27/29 (c) ... 4,167 4,167,321 Aras Corp. (c) Revolver, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 8.73%, 04/13/29 .......................... 438 434,093 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.73%, 04/13/29 .......................... 3,547 3,511,704 Beekeeper Buyer, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.98%, 06/30/31 (c) ... 3,009 2,957,912 Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 07/30/31 ............................................ 796 714,717 Bullhorn, Inc. (c) 2019 Revolver, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.64%, 10/01/29 .................. 37 35,572 2020 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.64%, 10/01/29 .................. 4,064 3,942,072 2024 8th Amendment Delayed Draw Term Loan 1, (1-day CME Term SOFR + 5.00%), 8.64%, 10/01/29 ......................................... 544 527,253 2025 8th Amendment Delayed Draw Term Loan 2, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.64%, 10/01/29 .................................. 63 60,864

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

16 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-16/56 R EPORT TO S HARE NM R M0826U-5876 EPORT TO 66 S -16/56 HAREHOLDERS

Page 17

Security

Par (000) Value

Software (continued) Bynder Holding BV (c) Term Loan Tranche A, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 9.67%, 01/26/29 ............ USD 15 $ 14,848 Term Loan Tranche B, (3-mo. CME Term SOFR at -5.00% Floor + 6.00%), 9.67%, 01/26/29 ........... 54 53,825 Central Parent Inc., 2026 CoOp Steerco Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 07/06/29 ..................................... 1,322 854,671 CivicPlus LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.25% and 2.75% PIK), 9.67%, 08/23/30 (c)(g) ........................... 1,878 1,861,022 Clever Devices Ltd. (c) Revolver, (1-day CME Term SOFR at 1.00% Floor + 6.00%), 11.30%, 06/12/30 ......................... 738 737,969 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.00%), 7.00%, 06/12/30 .......................... 2,604 2,603,554 Docupace Technologies LLC (c) Delayed Draw Term Loan B, (3-mo. CME Term SOFR + 5.75%), 9.48%, 07/15/30 ........................ 449 423,495 Term Loan, (3-mo. CME Term SOFR + 5.75%), 10.23%, 07/15/30 ................................. 2,064 1,948,077 Douglas Holdings, Inc., PIK Delayed Draw Term Loan, (3-mo. CME Term SOFR + 5.75%), 10.23%, 07/15/30 (c) .......................................... 324 305,671 Elastic Path Software, Inc., Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.44%, 01/06/27 (c) .......................................... 1,342 1,217,508 Emburse, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 7.98%, 05/28/32 (c) ............ 3,684 3,643,684 Employ, Inc., Term Loan, (3-mo. CME Term SOFR + 7.50%), 11.16%, 08/07/28 (c) ......................... 250 197,819 Firstup, Inc. (c)(l) Amendment No. 2 Term Loan, 07/13/27 .............. 427 390,666 Term Loan, 07/13/27 ................................ 4,155 3,801,540 G-3 Apollo Acquisition Corp. (c) Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.69%, 03/10/31 .......................... 2 2,381 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.66%, 03/10/31 .......................... 66 66,660 GC Champion Acquisition LLC (c) 1st Lien Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.68%, 08/21/28 .. 47 46,627 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), 8.68%, 08/21/28 ............ 2,976 2,943,282 Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/32 ..................................... 1,197 1,144,543 Honey Intermediate, Inc., Term Loan, (1-mo. CME Term SOFR + 2.88% and 3.38% PIK), 9.89%, 09/30/31 (c)(g) . 94 91,512 HowlCo LLC, 2021 1st Amendment Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 3.50% and 3.50% PIK), 13.83%, 10/22/27 (c)(g) .......................... 1,194 1,092,273 HSI Halo Acquisition, Inc. (c) 2024 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 8.66%, 06/30/31 .. 204 202,294 2024 Term Loan, (1-day CME Term SOFR at 0.75% Floor + 5.00%), 8.66%, 06/30/31 .................. 2,275 2,252,017 Integratecom, Inc. (c) Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.63%, 12/15/27 .......... 104 98,170 Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.63%, 12/15/27 ......................... 140 132,265

Security

Par (000) Value

Software (continued) Integratecom, Inc. (c) (continued) Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.63%, 12/15/27 ......................... USD 1,638 $ 1,545,128 ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.48%, 10/07/32 ............................................ 1,521 1,078,895 Kaseya, Inc. 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.91%, 03/22/32 ......... 2,708 2,083,885 2025 2nd Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.00%), 8.66%, 03/21/33 ......... 1,473 885,816 Keep Truckin, Inc. (c) 2024 Term Loan, (1-day CME Term SOFR at 1.00% Floor + 7.25%), 11.01%, 04/08/27 ................. 500 503,500 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.25%), 11.01%, 04/08/27 .......... 988 995,010 Delayed Draw Term Loan 2, (1-mo. CME Term SOFR at 1.00% Floor + 7.25%), 11.01%, 04/08/27 ........ 1,512 1,522,490 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.25%), 11.01%, 04/08/27 ......................... 2,000 2,014,000 Lightspeed Solution LLC (c) 2025 2nd Amendment Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.00%), 9.65%, 03/01/28 ......................................... 92 90,923 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.00%), 9.65%, 03/01/28 ............ 28 27,259 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.00%), 9.65%, 03/01/28 .......................... 417 413,297 LogicMonitor, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.16%, 11/19/31 (c) ... 200 193,038 Magenta Security Holdings LLC, 2024 Super Priority Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 9.91%, 07/27/28 ............................ 4,069 3,979,610 Mitchell International, Inc., 2026 Add-on Term Loan, (1mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 06/17/31 ..................................... 1,358 1,289,907 Oak Purchaser, Inc. (c) 2024 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.23%, 05/31/28 .. 64 62,847 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.23%, 05/31/28 .................. 262 258,783 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.23%, 05/31/28 ............ 1,439 1,433,397 Revolver, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.16%, 05/31/28 .......................... 58 57,335 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.23%, 05/31/28 .......................... 2,159 2,150,095 Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32 ..... 610 593,297 Pluralsight, Inc. (c) 2024 First Priority Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.00% and 1.50% PIK), 8.14%, 08/22/29 (g) ................................ 426 344,770 2024 Second Priority Term Loan B, 08/22/29 (d)(j)(l) ..... 772 9,264 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.00% and 1.50% PIK), 8.14%, 08/22/29 (g) . 228 184,642 Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 7.93%, 06/02/28 ............................................ 5,638 4,877,579 Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.98%, 10/26/30 ........................... 1,419 1,021,221

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

C ONSOLIDATED S CHEDULE OF I NVESTMENTS NM0826U-5876566-17/56 17

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Security

Par (000) Value

Software (continued) Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/31/28 ............................................ USD 2,756 $ 2,655,890 Red Planet Borrower LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 09/08/32 ............................................ 2,379 2,376,082 Rocket Software, Inc., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 11/28/28 ............................................ 3,806 3,608,303 Serrano Parent LLC (c) Revolver, (3-mo. CME Term SOFR at 1.00% Floor + 6.50%), 10.15%, 05/13/30 ......................... 2 1,940 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.50%), 10.15%, 05/13/30 ......................... 90 81,042 Smarsh, Inc. (c) 2022 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.48%, 02/16/29 .. 42 39,495 2022 Revolver, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.42%, 02/16/29 .................. 55 50,999 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 8.48%, 02/16/29 .................. 1,714 1,601,143 SonicWall U.S. Holdings, Inc., 2026 FL20 Term Loan 1, 04/26/30 (c)(l) ......................................... 216 84,053 Sophos Holdings LLC, 2025 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.26%, 03/05/27 ..................................... 1,755 1,623,814 Storable Intermediate Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 04/16/31 ..................................... 448 398,387 Thunder Purchaser, Inc. (c) 2024 Incremental Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.13%, 06/30/28 ......................................... 683 674,618 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.13%, 06/30/28 .. 383 377,786 2024 Refinancing Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.13%, 06/30/28 .. 3,026 2,987,065 Trading Tech International, Inc. (c) Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.91%, 11/04/32 ............ 911 892,531 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.91%, 11/04/32 .......................... 2,732 2,677,593 Zilliant, Inc. (c)(d)(j)(l) Delayed Draw Term Loan, 12/21/27 .................. 328 58,977 Revolver, 12/21/27 .................................. 148 26,667 Term Loan, 12/21/27 ................................ 1,789 322,100 90,632,354 Specialty Retail — 1.3% Arrow Purchaser, Inc., Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 10.74%, 04/17/28 (c) .. 432 431,687 Great Outdoors Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 6.89%, 01/23/32 ............................................ 1,462 1,465,819 Men’s Wearhouse LLC (The), 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.41%, 01/28/31 ............................................ 258 260,264

Security

Par (000) Value

Specialty Retail (continued) Michaels Cos., Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.00%), 8.73%, 03/15/33 ............................................ USD 1,201 $ 1,193,504 Petco Health & Wellness Co., Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 02/03/31 ..................................... 2,617 2,583,360 Staples, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.75%), 9.41%, 09/04/29 ..... 1,092 1,012,393 6,947,027 Trading Companies & Distributors — 0.5% QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/30/32 ............................................ 1,450 1,446,642 Thermostat Purchaser III, Inc., 2nd Lien Term Loan, (3mo. CME Term SOFR at 0.75% Floor + 7.25%), 11.07%, 08/31/29 (c) .................................. 1,388 1,387,805 2,834,447 Wireless Telecommunication Services — 0.9% OpenMarket, Inc., 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.98%, 06/11/29 (c) .......................................... 4,863 4,790,929 Total Floating Rate Loan Interests — 89.0% (Cost: $485,429,948) ................................................ 461,772,733

Shares Investment Companies H-Food Holdings LLC (d) ................................ 671 11,575 Igloo Parent Holdings LLC (c)(d)(n) ........................ 21 — 11,575 Total Investment Companies — 0.0% (Cost: $31,277) ...................................................... 11,575

Preferred Securities

Preferred Stocks — 0.6% Commercial Services & Supplies — 0.0% Kellermeyer Bergensons Services LLC, 11/07/26 (c)(d) .... 45,118 — Containers & Packaging — 0.0% Labels Buyer LLC, 12.00% (d) ........................... 14 11,480 Entertainment — 0.0% Streamland Media Holdings LLC, (Acquired 03/31/25, Cost: $42,479) (c)(d)(e) ................................ 264 — Financial Services — 0.0% WorldRemit Ltd., Series X, (Acquired 06/24/24, Cost: $0) (c)(d)(e) ............................................ 136 16,607 Household Durables (c)(d) — 0.0% Razor Group GMBH Priority 4, 08/18/30 ................. 696,280 7 Razor Group GMBH Priority 5C, 08/18/30 ............... 2,815,464 28 Sellerx, Series Z, 06/27/30 .............................. 4,707,471 47 82

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

18 2026 B LACK R OCK S EMI -A NNUAL NM0826U-5876566-18/56 R EPORT TO S HARE NM R M0826U-5876 EPORT TO 66 S -18/56 HAREHOLDERS

Page 19

Security Shares Value

Insurance — 0.0% Alliant Cali, Inc., (Acquired 09/24/24, Cost: $83,725), 12/31/79 (c)(e) ........................................ 85 $ 85,807 Interactive Media & Services — 0.5% StubHub, Inc., Series K, 12/31/49 (c)(d) ................... 3,000 2,532,909 IT Services — 0.0% Suited Connector LLC, 12/31/28 (c)(d)(f) ................... 2,377,715 71,308 Professional Services (c)(d)(e) — 0.1% Job and Talent Holding Ltd. Series F-1, (Acquired 02/12/25, Cost: $213,159) ...... 16,953 332,481 Series F-3, (Acquired 02/12/25, Cost: $0) ............. 1,130 2,115 334,596 Software (d) — 0.0% Veritas Newco Series G, 12/31/49 .................................. 219 4,380 Series G-1, 12/31/49 ................................. 161 3,139 7,519 3,060,308 Total Preferred Securities — 0.6% (Cost: $5,021,555) ................................................... 3,060,308

Warrants

Containers & Packaging — 0.0% Labels Buyer LLC (d) .................................... 14 35 Electronic Equipment, Instruments & Components — 0.0% Grey Orange, (Issued/Exercisable 05/06/22, 1 Share for 1 Warrant, Expires 05/06/32, Strike Price USD 28.93) (c)(d) ........................................... 460 92 Financial Services — 0.0% WorldRemit Ltd., Series D, (Issued/Exercisable 02/11/21, 1,596 Shares for 1 Warrant, Expires 02/11/31, Strike Price USD 37.59) (c)(d) ................................ 1,596 1,791 Professional Services (c)(d) — 0.0% Pico Quantitative Trade Holding LLC, (Acquired 02/07/20, Cost: $—), (Issued 02/07/20, Expires 02/07/30) (e)(f) ........................................ 142 22,441 Research Now, Inc., (Issued 07/15/24, Exercisable 07/15/29, Expires 07/15/29, Strike Price USD 37.72) .. 2,857 29 22,470 Software — 0.0% Motive Technologies, Inc., (Expires 12/31/49) (c)(d) ........ 75,000 73,500 Total Warrants — 0.0% (Cost: $29) .......................................................... 97,888 Total Long-Term Investments — 107.8% (Cost: $588,474,091) ................................................ 559,239,058

Security Shares Value Short-Term Securities

Money Market Funds — 1.7% BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54% (n)(o) .......................................... 8,752,914 $ 8,752,914 Total Short-Term Securities — 1.7% (Cost: $8,752,914) ................................................... 8,752,914 Total Investments — 109.5% (Cost: $597,227,005) ................................................ 567,991,972 Liabilities in Excess of Other Assets — (9.5)% ......................... (49,335,542) Net Assets — 100.0% .................................................. $ 518,656,430

(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) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (d) Non-income producing security. (e) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $459,453, representing 0.1% of its net assets as of period end, and an original cost of $2,324,453. (f) All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. (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) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. (i) Perpetual security with no stated maturity date. (j) Issuer filed for bankruptcy and/or is in default. (k) Convertible security. (l) 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. (m) Rounds to less than 1,000. (n) Affiliate of the Fund. (o) Annualized 7-day yield as of period end.

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund (Percentages shown are based on Net Assets)

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Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Invest ment Company Act of 1940, as amended, were as follows:

Affiliated Issuer

Value at 12/31/25

Purchases at Cost

Proceeds from Sales

Net Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Value at 06/30/26

Shares Held at 06/30/26 Income

Capital Gain Distributions from Underlying Funds BlackRock Liquidity Funds, T-Fund, Institutional Shares ..... $ 20,588,195 $ — $ (11,835,281) (a) $ — $ — $ 8,752,914 8,752,914 $ 168,970 $ — Igloo Parent Holdings LLC ................................. 1,747,103 — (1,747,000) — (103) — 21 — — $ — $ (103) $ 8,752,914 $ 168,970 $ —

(a) Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended June 30, 2026, the effect of derivative financial instruments in the Consolidated 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 ....................................................... $ — $ — $ — $ — $ (5,759) $ — $ (5,759) Forward foreign currency exchange contracts ............................ — — — (108,516) — — (108,516) Swaps .................................................................. — 148,974 — — — — 148,974 $ — $ 148,974 $ — $ (108,516) $ (5,759) $ — $ 34,699 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ....................................................... $ — $ — $ — $ — $ (24,657) $ — $ (24,657) Forward foreign currency exchange contracts ............................ — — — 210,699 — — 210,699 Swaps .................................................................. — (149,197) — — — — (149,197) $ — $ (149,197) $ — $ 210,699 $ (24,657) $ — $ 36,845

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts: Average notional value of contracts — long ....................................................................................................................... $— (a) Average notional value of contracts — short ...................................................................................................................... — (a) Forward foreign currency exchange contracts: Average amounts purchased — in USD .......................................................................................................................... 2,888,981 Average amounts sold — in USD ............................................................................................................................... . 114,705 Credit default swaps: Average notional value — sell protection ......................................................................................................................... — (a)

(a) Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial St atements.

Fair Value Hiera rchy as of P eriod End

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

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

Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Asset-Backed Securities ............................................................... $ — $ 40,361,307 $ — $ 40,361,307

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund

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Page 21

Fair Value Hiera rchy as of P eriod End (continued) Level 1 Level 2 Level 3 Total Common Stocks ...................................................................... $ — $ 47,654 $ 148,443 $ 196,097 Corporate Bonds ...................................................................... — 50,081,344 — 50,081,344 Fixed Rate Loan Interests ............................................................. — 1,511,839 2,145,967 3,657,806 Floating Rate Loan Interests ........................................................... — 225,917,940 235,854,793 461,772,733 Investment Companies ................................................................ — 11,575 — 11,575 Preferred Securities Preferred Stocks ................................................................... — 18,999 3,041,309 3,060,308 Warrants .............................................................................. — 35 97,853 97,888 Short-Term Securities Money Market Funds .................................................................. 8,752,914 — — 8,752,914 Unfunded Floating Rate Loan Interests (a) .................................................... — 2,367 62,056 64,423 Liabilities Unfunded Floating Rate Loan Interests (a) .................................................... — (286,106) (265,981) (552,087) $ 8,752,914 $ 317,666,954 $ 241,084,440 $ 567,504,308

(a) Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period en d, bank borrowings payable of $48,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unob servable inputs were used in determining fair value:

Common Stocks

Corporate Bonds

Fixed Rate Loan Interests

Floating Rate Loan Interests

Investment Companies

Preferred Stocks

Unfunded Floating Rate Loan Interests Assets/Liabilities Opening balance, as of December 31, 2025 ........................................... $ 55,022 $ 2,460,086 $ 3,195,748 $ 242,932,932 $ 1,747,103 $ 5,859,554 $ (710,813) Transfers into Level 3 (a) .............................................................. — — — 22,433,379 — — — Transfers out of Level 3 (b) ............................................................ (3,801) (2,460,086) (774,911) (13,765,726) — (8,850) 737,502 Accrued discounts/premiums ......................................................... — — 6,369 87,529 — — — Net realized gain (loss) ............................................................... (1) — 107 300,865 — 1,396,298 — Net change in unrealized appreciation (depreciation) (c)(d) .............................. (109,410) — (233,271) (2,597,093) (103) (2,194,016) (230,614) Purchases ........................................................................... 207,229 — 5,114 31,449,751 — 65,625 — Sales ............................................................................... (596) — (53,189) (44,986,844) (1,747,000) (2,077,302) — Closing balance, as of June 30, 2026 ................................................. $ 148,443 $ — $ 2,145,967 $ 235,854,793 $ — $ 3,041,309 $ (203,925) Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026 (d) .................................................................. $ (109,410)$ — $ (233,271)$ (5,158,699)$ (103)$ (2,194,016)$ (244,753)

Warrants Total Assets Opening balance, as of December 31, 2025 .......................................................................................................... $ 101,408 $ 255,641,040 Transfers into Level 3 (a) ............................................................................................................................. — 22,433,379 Transfers out of Level 3 (b) ........................................................................................................................... — (16,275,872) Accrued discounts/premiums ........................................................................................................................ — 93,898 Net realized gain (loss) .............................................................................................................................. — 1,697,269 Net change in unrealized appreciation (depreciation) (c)(d) ............................................................................................. (3,555) (5,368,062) Purchases ............................................................................................................................... ........... — 31,727,719 Sales ............................................................................................................................... ............... — (48,864,931) Closing balance, as of June 30, 2026 ................................................................................................................ $ 97,853 $ 241,084,440 Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026 (d) ....................................................... $ (3,555)$ (7,943,807)

(a) As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy. (b) As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, the Fund us ed observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy. (c) Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations. (d) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investme nts still held at June 30, 2026 is generally due to investments no longer held or categorized as Level 3 at period end.

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund

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The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of c ertain 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-part y pricing information in the amount of $17,287,296.

Value

Valuation Approach

Unobservable Inputs

Range of Unobservable Inputs Utilized (a)

Weighted Average of Unobservable Inputs Based on Fair Value Assets Floating Rate Loan Interests ...................................................... $ 218,505,286 Income Discount Rate 8% - 27% 11% Market Revenue Multiple 0.33x -3.00x 1.09x EBITDA Multiple 5.25x - 14.00x 9.62x

Common Stock .................................................................. 6,841 Market EBITDA Multiple 9.75x —

Fixed Rate Loan Interests ........................................................ 2,145,967 Income Discount Rate 23% —

Preferred Stocks ................................................................. 3,041,226 Income Discount Rate 18% — Market Revenue Multiple 0.35x — Time to Exit 2.0 years — Volatility 40% —

Warrants ........................................................................ 97,824 Market Revenue Multiple 7.25x — Time to Exit 1.0 - 2.0 years 1.9 years Volatility 45% - 60% 46% EBITDA 4.25x —

$ 223,797,144

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

See notes to consolidated financial statements.

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2026

BlackRock HPS Credit Strategies Fund

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BlackRock HPS Credit Strategies Fund

ASSETS Investments, at value — unaffiliated (a) ............................................................................................................................... $ 559,239,058 Investments, at value — affiliated (b) ............................................................................................................................... ... 8,752,914 Cash ............................................................................................................................... ................................ 61,464 Foreign currency, at value (c) ............................................................................................................................... .......... 45,669 Receivables: Investments sold ............................................................................................................................... .................. 5,414,054 Capital shares sold ............................................................................................................................... ................ 1,012,226 Dividends — unaffiliated ............................................................................................................................... ........... 2,588 Dividends — affiliated ............................................................................................................................... ............. 18,136 Interest — unaffiliated ............................................................................................................................... ............. 5,823,609 Unrealized appreciation on unfunded floating rate loan interests ...................................................................................................... 64,423 Prepaid expenses ............................................................................................................................... ................... 106,433 Total assets ............................................................................................................................... ......................... 580,540,574

LIABILITIES Payables: Investments purchased ............................................................................................................................... ............ 9,291,425 Accounting services fees ............................................................................................................................... .......... 25,048 Bank borrowings ............................................................................................................................... .................. 48,000,000 Capital shares redeemed ............................................................................................................................... .......... 125,000 Custodian fees ............................................................................................................................... .................... 63,792 Deferred foreign capital gain tax ............................................................................................................................... ... 18,166 Income dividend distributions ............................................................................................................................... ...... 3,119,965 Interest expense and fees ............................................................................................................................... ......... 228,332 Offering costs ............................................................................................................................... ..................... 59,883 Trustees’ and Officer’s fees ............................................................................................................................... ........ 41,865 Recoupment of past waived fees ............................................................................................................................... .. 63,287 Other accrued expenses ............................................................................................................................... .......... 40,735 Professional fees ............................................................................................................................... ................. 92,386 Service and distribution fees ............................................................................................................................... ....... 69,523 Transfer agent fees ............................................................................................................................... ............... 92,650 Unrealized depreciation on unfunded floating rate loan interests ...................................................................................................... 552,087 Total liabilities ............................................................................................................................... ....................... 61,884,144 Commitments and contingent liabilities

NET ASSETS ............................................................................................................................... ....................... $ 518,656,430

NET ASSETS CONSIST OF Paid-in capital ............................................................................................................................... ....................... $ 634,424,362 Accumulated loss ............................................................................................................................... .................... (115,767,932) NET ASSETS ............................................................................................................................... ....................... $ 518,656,430

(a) Investments, at cost — unaffiliated ............................................................................................................................... $ 588,450,474 (b) Investments, at cost — affiliated ............................................................................................................................... .. $ 8,776,531 (c) Foreign currency, at cost ............................................................................................................................... ......... $ 45,884

Consolidated Statement of Assets and Liabilities (unaudited) June 30, 2026

C ONSOLIDATED F INANCIAL S TATEMENTS NM0826U-5876566-23/56 23

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BlackRock HPS Credit Strategies Fund

NET ASSET VALUE Institutional Net assets ............................................................................................................................... ........................ $ 401,657,031 Shares outstanding ............................................................................................................................... ............... 50,307,142 Net asset value ............................................................................................................................... ................... $ 7.98 Shares authorized ............................................................................................................................... ................ Unlimited Par value ............................................................................................................................... ......................... $ 0.001

Class A Net assets ............................................................................................................................... ........................ $ 70,232,766 Shares outstanding ............................................................................................................................... ............... 8,751,677 Net asset value ............................................................................................................................... ................... $ 8.03 Shares authorized ............................................................................................................................... ................ Unlimited Par value ............................................................................................................................... ......................... $ 0.001

Class J Net assets ............................................................................................................................... ........................ $ 463,917 Shares outstanding ............................................................................................................................... ............... 57,937 Net asset value ............................................................................................................................... ................... $ 8.01 Shares authorized ............................................................................................................................... ................ Unlimited Par value ............................................................................................................................... ......................... $ 0.001

Class U Net assets ............................................................................................................................... ........................ $ 46,111,755 Shares outstanding ............................................................................................................................... ............... 5,767,424 Net asset value ............................................................................................................................... ................... $ 8.00 Shares authorized ............................................................................................................................... ................ Unlimited Par value ............................................................................................................................... ......................... $ 0.001

Class W Net assets ............................................................................................................................... ........................ $ 190,961 Shares outstanding ............................................................................................................................... ............... 23,787 Net asset value ............................................................................................................................... ................... $ 8.03 Shares authorized ............................................................................................................................... ................ Unlimited Par value ............................................................................................................................... ......................... $ 0.001

See notes to consolidated financial statements.

Consolidated Statement of Assets and Liabilities (unaudited) (continued) June 30, 2026

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BlackRock HPS Credit Strategies Fund

INVESTMENT INCOME Dividends — unaffiliated ............................................................................................................................... .......... $ 2,488 Dividends — affiliated ............................................................................................................................... ............ 168,970 Interest — unaffiliated ............................................................................................................................... ............ 24,137,844 Payment-in-kind interest — unaffiliated ........................................................................................................................... 1,115,677 Other income — unaffiliated ............................................................................................................................... ...... 1,226,712 Foreign taxes withheld ............................................................................................................................... ............ (5,769) Total investment income ............................................................................................................................... ............. 26,645,922

EXPENSES Investment advisory ............................................................................................................................... .............. 2,860,562 Service and distribution — class specific ......................................................................................................................... 465,996 Professional ............................................................................................................................... ..................... 412,985 Transfer agent — class specific ............................................................................................................................... ... 254,845 Custodian ............................................................................................................................... ........................ 83,119 Trustees and Officer ............................................................................................................................... .............. 81,225 Accounting services ............................................................................................................................... .............. 50,232 Registration ............................................................................................................................... ...................... 35,257 Recoupment of past waived and/or reimbursed fees — class specific .............................................................................................. 30,007 Recoupment of past waived and/or reimbursed fees .............................................................................................................. 20,459 Printing and postage ............................................................................................................................... ............. 16,928 Miscellaneous ............................................................................................................................... .................... 70,788 Total expenses excluding interest expense .......................................................................................................................... 4,382,403 Interest expense and fees — unaffiliated ......................................................................................................................... 1,387,561 Total expenses ............................................................................................................................... ...................... 5,769,964 Less: Fees waived and/or reimbursed by the Manager ............................................................................................................... (2,860,562) Transfer agent fees waived and/or reimbursed by the Manager — class specific ................................................................................. (4,492) Total expenses after fees waived and/or reimbursed ................................................................................................................. 2,904,910 Net investment income ............................................................................................................................... .............. 23,741,012

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — unaffiliated ............................................................................................................................... ..... (514,876) Forward foreign currency exchange contracts .................................................................................................................. (108,516) Foreign currency transactions ............................................................................................................................... .. 10,088 Futures contracts ............................................................................................................................... .............. (5,759) Swaps ............................................................................................................................... ........................ 148,974 (470,089) Net change in unrealized appreciation (depreciation) on: Investments — unaffiliated (a) ............................................................................................................................... ... (12,870,810) Investments — affiliated ............................................................................................................................... ....... (103) Forward foreign currency exchange contracts .................................................................................................................. 210,699 Foreign currency translations ............................................................................................................................... ... (3,689) Futures contracts ............................................................................................................................... .............. (24,657) Swaps ............................................................................................................................... ........................ (149,197) Unfunded floating rate loan interests ........................................................................................................................... 210,497 (12,627,260) Net realized and unrealized loss ............................................................................................................................... ..... (13,097,349)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................................................................... $ 10,643,663

(a) Net of increase in deferred foreign capital gain tax of ............................................................................................................. $ (11,148)

See notes to consolidated financial statements.

Consolidated Statement of Operations (unaudited) Six Months Ended June 30, 2026

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BlackRock HPS Credit Strategies Fund Six Months Ended 06/30/26 (unaudited)

Year Ended 12/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income .......................................................................................................................... $ 23,741,012 $ 49,339,865 Net realized loss ............................................................................................................................... . (470,089) (25,658,637) Net change in unrealized appreciation (depreciation) ............................................................................................. (12,627,260) 7,751,461 Net increase in net assets resulting from operations ................................................................................................. 10,643,663 31,432,689

DISTRIBUTIONS TO SHAREHOLDERS (a) Institutional ............................................................................................................................... ... (18,363,675) (b) (39,070,075) Class A ............................................................................................................................... ....... (3,125,814) (b) (8,638,427) Class J ............................................................................................................................... ....... (19,645) (b) (40,917) Class U ............................................................................................................................... ....... (1,927,989) (b) (3,992,391) Class W ............................................................................................................................... ...... (7,814) (b) (16,306) Decrease in net assets resulting from distributions to shareholders ................................................................................... (23,444,937) (51,758,116)

CAPITAL SHARE TRANSACTIONS Shares sold and issued ......................................................................................................................... 32,539,229 114,132,985 Reinvestment of distributions .................................................................................................................... 4,500,805 12,772,693 Shares redeemed ............................................................................................................................... (67,262,806) (151,217,648) Net decrease in net assets derived from capital share transactions ................................................................................... (30,222,772) (24,311,970)

NET ASSETS Total decrease in net assets ........................................................................................................................ (43,024,046) (44,637,397) Beginning of period ............................................................................................................................... . 561,680,476 606,317,873 End of period ............................................................................................................................... ....... $ 518,656,430 $ 561,680,476

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to consolidated financial statements.

Consolidated Statements of Changes in Net Assets

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BlackRock HPS Credit Strategies Fund

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES Net increase in net assets resulting from operations ................................................................................................................. $ 10,643,663 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: Proceeds from sales of long-term investments and principal paydowns/payups ..................................................................................... 187,306,786 Purchases of long-term investments .............................................................................................................................. (197,178,707) Net proceeds from sales of short-term securities .................................................................................................................. 9,609,189 Amortization of premium and accretion of discount on investments and other fees .................................................................................. (736,633) Paid-in-kind income ............................................................................................................................... .............. (1,115,677) Net realized loss on investments ............................................................................................................................... .. 516,722 Net unrealized (appreciation) depreciation on investments, swaps, forward foreign currency exchange contracts, foreign currency translations a nd unfunded floating rate loan interests ............................................................................................................................... ............. 12,427,988 (Increase) Decrease in Assets Receivables Dividends — affiliated ............................................................................................................................... .......... 20,270 Dividends — unaffiliated ............................................................................................................................... ....... 34,772 From the Manager ............................................................................................................................... ............. 20,459 Interest — unaffiliated ............................................................................................................................... .......... 1,821,104 Variation margin on futures contracts .......................................................................................................................... 7,125 Prepaid expenses ............................................................................................................................... ................ 5,503 Increase (Decrease) in Liabilities Payables Accounting services fees ............................................................................................................................... ....... (8,973) Custodian fees ............................................................................................................................... ................ 4,380 Deferred foreign capital gain tax ............................................................................................................................... 11,148 Interest expense and fees ............................................................................................................................... ...... 27,288 Trustees’ and Officer’s fees ............................................................................................................................... .... 41,442 Recoupment of past waived fees .............................................................................................................................. 50,466 Other accrued expenses ............................................................................................................................... ....... (10,161) Professional fees ............................................................................................................................... .............. (101,048) Service and distribution fees ............................................................................................................................... ... (15,734) Transfer agent fees ............................................................................................................................... ............ 59,781 Variation margin on futures contracts .......................................................................................................................... (3,908) Variation margin on centrally cleared swaps .................................................................................................................... (2,802) Net cash provided by operating activities ............................................................................................................................ 23,434,443

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES Cash dividends paid to shareholders ............................................................................................................................... . (19,185,741) Payments for bank borrowings ............................................................................................................................... ....... (47,000,000) Net payments on redemption of capital shares ....................................................................................................................... (67,351,154) Proceeds from bank borrowings ............................................................................................................................... ..... 75,000,000 Proceeds from issuance of capital shares ........................................................................................................................... 33,135,821 Net cash used for financing activities ............................................................................................................................... . (25,401,074)

CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS Cash impact from foreign exchange fluctuations ..................................................................................................................... (567)

CASH AND FOREIGN CURRENCY Net decrease in restricted and unrestricted cash and foreign currency ................................................................................................ (1,967,198) Restricted and unrestricted cash and foreign currency at beginning of period .......................................................................................... 2,074,331 Restricted and unrestricted cash and foreign currency at end of period ............................................................................................... $ 107,133

SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION Cash paid during the period for interest expense .................................................................................................................... $ 1,360,273

NON-CASH FINANCING ACTIVITIES Reinvestment of distributions ............................................................................................................................... ........ $ 4,500,805

Consolidated Statement of Cash Flows (unaudited) Six Months Ended June 30, 2026

C ONSOLIDATED F INANCIAL S TATEMENTS NM0826U-5876566-27/56 27

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BlackRock HPS Credit Strategies Fund

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Cash ............................................................................................................................... ............................... $ 61,464 Foreign currency at value ............................................................................................................................... ........... 45,669 $ 107,133

See notes to consolidated financial statements.

Consolidated Statement of Cash Flows (unaudited) (continued) Six Months Ended June 30, 2026

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BlackRock HPS Credit Strategies Fund Institutional Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a) Year Ended 12/31/24

Year Ended 12/31/23 (a) Year Ended 12/31/22 (a) Year Ended 12/31/21 Net asset value, beginning of period ................................................ $ 8.18 $ 8.47 $ 8.63 $ 8.48 $ 9.96 $ 10.41 Net investment income (b) .......................................................... 0.36 0.71 0.81 0.88 0.63 0.55 Net realized and unrealized gain (loss) ............................................. (0.20) (0.25) (0.14) 0.13 (1.43) (0.28) Net increase (decrease) from investment operations ................................... 0.16 0.46 0.67 1.01 (0.80) 0.27 Distributions (c) From net investment income ....................................................... (0.36) (d) (0.75) (0.83) (0.86) (0.68) (0.67) From net realized gain ............................................................. — — — — — (0 .05) Return of capital ................................................................... — — — (0.00) (e) —— Total distributions .................................................................... (0.36) (0.75) (0.83) (0.86) (0.68) (0.72)

Net asset value, end of period ...................................................... $ 7.98 $ 8.18 $ 8.47 $ 8.63 $ 8.48 $ 9.96

Total Return (f) Based on net asset value ............................................................. 2.03% (g) 5.62% 8.06% 12.36% (8.17)% 2.58%

Ratios to Average Net Assets (h) Total expenses (i) ..................................................................... 2.00% (j) 1.87% 1.72% 2.00% 2.20% (k) 2.12% Total expenses after fees waived and/or reimbursed ................................... 0.93% (j) 1.77% 1.71% 1.99% 2.19% (k) 2.11% Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs .......................................................... 0.41% (j) 1.29% 1.35% 1.36% 1.57% (k) 1.66% Net investment income ............................................................... 9.09% (j) 8.54% 9.48% 10.15% 7.09% 5.30%

Supplemental Data Net assets, end of period (000) ....................................................... $401,657 $423,034 $445,710 $321,744 $293,515 $ 285,729 Borrowings outstanding, end of period (000) ........................................... $ 48,000 $ 20,000 $ 50,000 $ 7,450 $ 55,850 $ 73,250 Asset coverage, end of period per $1,000 of bank borrowings .......................... $ 11,805 $ 29,084 $ 13,126 $ 62,975 $ 8,699 $ 6,846 Portfolio turnover rate ................................................................ 28% 84% 45% 35% 55% 55%

(a) Consolidated Financial Highlights. (b) Based on average shares outstanding. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (e) Amount is greater than $(0.005) per share. (f) Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at n et asset value. No secondary market for the Fund’s Shares exists. (g) Not annualized. (h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were a s follows:

Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a)

Year Ended 12/31/24

Year Ended 12/31/23 (a)

Year Ended 12/31/22 (a)

Year Ended 12/31/21 Expense ratios ............................................................... 1.98% 1.87% N/A N/A 2.13% 1.93%

(j) Annualized. (k) Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and tot al expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.18%, 2.18% and 1.55%, respectively.

See notes to consolidated financial statements.

Financial Highlights

(For a share outstanding throughout each period)

F INANCIAL H IGHLIGHTS NM0826U-5876566-29/56 29

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BlackRock HPS Credit Strategies Fund (continued) Class A Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a) Year Ended 12/31/24

Year Ended 12/31/23 (a) Year Ended 12/31/22 (a) Year Ended 12/31/21 Net asset value, beginning of period ................................................ $ 8.22 $ 8.50 $ 8.65 $ 8.50 $ 9.97 $ 10.42 Net investment income (b) .......................................................... 0.34 0.66 0.76 0.82 0.57 0.47 Net realized and unrealized gain (loss) ............................................. (0.20) (0.25) (0.14) 0.13 (1.44) (0.28) Net increase (decrease) from investment operations ................................... 0.14 0.41 0.62 0.95 (0.87) 0.19 Distributions (c) From net investment income ....................................................... (0.33) (d) (0.69) (0.77) (0.80) (0.60) (0.59) From net realized gain ............................................................. — — — — — (0 .05) Return of capital ................................................................... — — — (0.00) (e) —— Total distributions .................................................................... (0.33) (0.69) (0.77) (0.80) (0.60) (0.64)

Net asset value, end of period ...................................................... $ 8.03 $ 8.22 $ 8.50 $ 8.65 $ 8.50 $ 9.97

Total Return (f) Based on net asset value ............................................................. 1.75% (g) 4.93% 7.44% 11.53% (8.87)% 1.82%

Ratios to Average Net Assets (h) Total expenses (i) ..................................................................... 2.65% (j) 2.54% 2.40% 2.71% 2.87% (k) 2.84% Total expenses after fees waived and/or reimbursed ................................... 1.58% (j) 2.45% 2.40% 2.70% 2.87% (k) 2.82% Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs .......................................................... 1.07% (j) 1.97% 2.03% 2.06% 2.25% (k) 2.39% Net investment income ............................................................... 8.41% (j) 7.86% 8.79% 9.45% 6.34% 4.57%

Supplemental Data Net assets, end of period (000) ....................................................... $70,233 $88,750 $112,309 $95,592 $97,062 $ 116,182 Borrowings outstanding, end of period (000) ........................................... $48,000 $20,000 $ 50,000 $ 7,450 $55,850 $ 73,250 Asset coverage, end of period per $1,000 of bank borrowings .......................... $11,805 $29,084 $ 13,126 $62,975 $ 8,699 $ 6,846 Portfolio turnover rate ................................................................ 28% 84% 45% 35% 55% 55%

(a) Consolidated Financial Highlights. (b) Based on average shares outstanding. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (e) Amount is greater than $(0.005) per share. (f) 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. (g) Not annualized. (h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were a s follows:

Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a)

Year Ended 12/31/24

Year Ended 12/31/23 (a)

Year Ended 12/31/22 (a)

Year Ended 12/31/21 Expense ratios ............................................................... 2.65% N/A N/A N/A 2.80% 2.65%

See notes to consolidated financial statements.

Financial Highlights (continued) (For a share outstanding throughout each period)

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BlackRock HPS Credit Strategies Fund (continued) Class J Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a)

Period from 11/19/24 (b) to 12/31/24 Net asset value, beginning of period ........................................................................................... $ 8.20 $ 8.48 $ 8.63 Net investment income (c) ...................................................................................................... 0.35 0.68 0.08 Net realized and unrealized loss ............................................................................................... (0.20) (0.25) (0.11) Net increase (decrease) from investment operations .............................................................................. 0.15 0.43 (0.03) Distributions from net investment income (d) ....................................................................................... (0.34) (e) (0.71) (0.12)

Net asset value, end of period .................................................................................................. $ 8.01 $ 8.20 $ 8.48

Total Return (f) Based on net asset value ........................................................................................................ 1.88% (g) 5.20% (0.40)% (g)

Ratios to Average Net Assets (h) Total expenses .................................................................................................................. 2.41% (i) 2.27% 2.71% (i)(j) Total expenses after fees waived and/or reimbursed ............................................................................... 1.34% (i) 2.17% 2.70% (i) Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs .................. 0.81% (i) 1.69% 2.07% (i) Net investment income .......................................................................................................... 8.67% (i) 8.13% 7.85%

Supplemental Data Net assets, end of period (000) ................................................................................................... $ 464 $ 475 $ 491 Borrowings outstanding, end of period (000) ...................................................................................... $48,000 $20,000 $50,000 Asset coverage, end of period per $1,000 of bank borrowings ..................................................................... $11,805 $29,084 $13,126 Portfolio turnover rate ............................................................................................................ 28% 84% 45% (k)

(a) Consolidated Financial Highlights. (b) Commencement of operations. (c) Based on average shares outstanding. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (f) 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. (g) Not annualized. (h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized. (j) Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and tot al expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.69%, 2.68% and 2.05%, respectively. (k) Portfolio turnover rate is representative of the Fund for the entire year.

See notes to consolidated financial statements.

Financial Highlights (continued) (For a share outstanding throughout each period)

F INANCIAL H IGHLIGHTS NM0826U-5876566-31/56 31

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BlackRock HPS Credit Strategies Fund (continued) Class U Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a) Year Ended 12/31/24

Year Ended 12/31/23 (a) Year Ended 12/31/22 (a)

Period from 07/12/21 (b) to 12/31/21 Net asset value, beginning of period ............................................. $ 8.19 $ 8.48 $ 8.64 $ 8.50 $ 9.97 $ 10.51 Net investment income (c) ........................................................ 0.33 0.65 0.75 0.81 0.58 0.20 Net realized and unrealized gain (loss) ........................................... (0.19) (0.25) (0.14) 0.13 (1.45) (0.38) Net increase (decrease) from investment operations ................................ 0.14 0.40 0.61 0.94 (0.87) (0.18) Distributions (d) From net investment income .................................................... (0.33) (e) (0.69) (0.77) (0.80) (0.60) (0.31) From net realized gain .......................................................... ————— (0.05) Return of capital ................................................................ — — — (0.00) (f) —— Total distributions .................................................................. (0.33) (0.69) (0.77) (0.80) (0.60) (0.36)

Net asset value, end of period .................................................... $ 8.00 $ 8.19 $ 8.48 $ 8.64 $ 8.50 $ 9.97

Total Return (g) Based on net asset value .......................................................... 1.75% (h) 4.82% 7.33% 11.41% (8.87)% (1.74)% (h)

Ratios to Average Net Assets (i) Total expenses (j) .................................................................. 2.79% (k) 2.65% 2.46% 2.81% 2.88% (l) 2.80% (k) Total expenses after fees waived and/or reimbursed ................................ 1.71% (k) 2.54% 2.45% 2.80% 2.88% (l) 2.80% (k) Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs ................................................... 1.19% (k) 2.06% 2.09% 2.17% 2.24% (l) 2.47% (k) Net investment income ............................................................ 8.29% (k) 7.76% 8.75% 9.34% 6.54% 4.23% (k)

Supplemental Data Net assets, end of period (000) .................................................... $46,112 $49,226 $47,606 $44,169 $39,203 $ 26,076 Borrowings outstanding, end of period (000) ........................................ $48,000 $20,000 $50,000 $ 7,450 $55,850 $ 73,250 Asset coverage, end of period per $1,000 of bank borrowings ....................... $11,805 $29,084 $13,126 $62,975 $ 8,699 $ 6,846 Portfolio turnover rate ............................................................. 28% 84% 45% 35% 55% 55% (m)

(a) Consolidated Financial Highlights. (b) Commencement of operations. (c) Based on average shares outstanding. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (f) Amount is greater than $(0.005) per share. (g) Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at n et asset value. No secondary market for the Fund’s Shares exists. (h) Not annualized. (i) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (j) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were a s follows:

Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a)

Year Ended 12/31/24

Year Ended 12/31/23 (a)

Year Ended 12/31/22 (a)

Period from 07/12/21 (b) to 12/31/21 Expense ratios ............................................................... 2.77% 2.65% N/A N/A 2.82% 2.54%

(k) Annualized. (l) Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and tot al expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.87%, 2.86% and 2.23%, respectively. (m) Portfolio turnover rate is representative of the Fund for the entire year. See notes to consolidated financial statements.

Financial Highlights (continued) (For a share outstanding throughout each period)

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BlackRock HPS Credit Strategies Fund (continued) Class W Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a) Year Ended 12/31/24

Year Ended 12/31/23 (a) Year Ended 12/31/22 (a)

Period from 07/12/21 (b) to 12/31/21 Net asset value, beginning of period ............................................. $ 8.22 $ 8.50 $ 8.65 $ 8.50 $ 9.97 $ 10.51 Net investment income (c) ........................................................ 0.34 0.66 0.76 0.82 0.57 0.22 Net realized and unrealized gain (loss) ........................................... (0.20) (0.25) (0.14) 0.13 (1.44) (0.40) Net increase (decrease) from investment operations ................................ 0.14 0.41 0.62 0.95 (0.87) (0.18) Distributions (d) From net investment income .................................................... (0.33) (e) (0.69) (0.77) (0.80) (0.60) (0.31) From net realized gain .......................................................... ————— (0.05) Return of capital ................................................................ — — — (0.00) (f) —— Total distributions .................................................................. (0.33) (0.69) (0.77) (0.80) (0.60) (0.36)

Net asset value, end of period .................................................... $ 8.03 $ 8.22 $ 8.50 $ 8.65 $ 8.50 $ 9.97

Total Return (g) Based on net asset value .......................................................... 1.75% (h) 4.93% 7.44% 11.53% (8.87)% (1.74)% (h)

Ratios to Average Net Assets (i) Total expenses (j) .................................................................. 2.66% (k) 2.53% 2.38% 2.69% 2.87% (l) 2.70% (k) Total expenses after fees waived and/or reimbursed ................................ 1.58% (k) 2.43% 2.37% 2.69% 2.87% (l) 2.70% (k) Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs ................................................... 1.06% (k) 1.95% 2.02% 2.05% 2.25% (l) 2.45% (k) Net investment income ............................................................ 8.42% (k) 7.87% 8.83% 9.44% 6.35% 4.64% (k)

Supplemental Data Net assets, end of period (000) .................................................... $ 191 $ 195 $ 202 $ 206 $ 202 $ 237 Borrowings outstanding, end of period (000) ........................................ $48,000 $20,000 $50,000 $ 7,450 $55,850 $ 73,250 Asset coverage, end of period per $1,000 of bank borrowings ....................... $11,805 $29,084 $13,126 $62,975 $ 8,699 $ 6,846 Portfolio turnover rate ............................................................. 28% 84% 45% 35% 55% 55% (m)

(a) Consolidated Financial Highlights. (b) Commencement of operations. (c) Based on average shares outstanding. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (f) Amount is greater than $(0.005) per share. (g) 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. (h) Not annualized. (i) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (j) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were a s follows:

Six Months Ended 06/30/26 (a) (unaudited)

Year Ended 12/31/25 (a)

Year Ended 12/31/24

Year Ended 12/31/23 (a)

Year Ended 12/31/22 (a)

Period from 07/12/21 (b) to 12/31/21 Expense ratios .............................................................. 2.65% N/A N/A N/A 2.80% 2.37%

(k) Annualized. (l) Includes non-recurring expenses of offering costs. Without these costs, total expense, total expenses after fees waived and/or reimbursed, and tot al expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.86, 2.85% and 2.24%, respectively. (m) Portfolio turnover rate is representative of the Fund for the entire year. See notes to consolidated financial statements.

Financial Highlights (continued) (For a share outstanding throughout each period)

F INANCIAL H IGHLIGHTS NM0826U-5876566-33/56 33

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1. ORGANIZATION

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

The Fund offers five classes of shares designated as Institutional Shares, Class A Shares, Class J Shares, Class U Shares and Class W Shares. Each class of shares have identical voting, dividend, liquidation and other rights and will be subject to the same terms and conditions, except that Class A, Class U and Class W S hares 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 incl uded in a complex of funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of CREDX Subsidiary, LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold investments that may produce non-qualifying income for tax purposes and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxabl e to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrea lized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. The Fund may invest up to 25 % of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $1,158,507 which is 0.2% of the Fund’s consolidated net assets . Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U .S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial state ments, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net ass ets 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 a ccounting 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 dis tributions, 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 securitie s 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 withholdi ng 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 es tate 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 prem iums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses ar e allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attrib utable 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 for eign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for f inancial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized cu rrency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are ge nerally 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 con tracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain fo reign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign j urisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes with held at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign tax es on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactio ns are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2026, if any, are disclosed in the Consolidated State ment of Assets and Liabilities.

Notes to Consolidated Financial Statements (unaudited)

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Page 35

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

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

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

Distributions: Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates a nd made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ fr om 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 s elected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amount s directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Consolidated Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated a mong the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Consolidated Statement of Operations. The Trustees and Off fficer 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 an y 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 sha red 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 b y several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at t hat day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded pric e on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean o f 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 securitie s assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in c ertain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices us ed by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction dat a (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Cert ain fixed-income

Notes to Consolidated Financial Statements (unaudited) (continued)

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securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows o f 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 t ranche. 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 determ ines such method does not represent fair value.

• Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. ETFs a nd closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or as k (short positions) price.

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

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

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

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

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

(ii) recapitalizations and other transactions across the capital structure

(iii) market or relevant indices multiples of comparable issuers

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

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

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

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

(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise va lue 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 valuatio n 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 a s deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropria tely allocate the enterprise value of the company among the various parts of its capital structure.

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

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

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

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

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

Notes to Consolidated Financial Statements (unaudited) (continued)

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The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized 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 hie rarchy 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 ha ve significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Priv ate 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 ow ning 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 yie ld 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 leve l of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will ha ve the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Ma e 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 oblig ations 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 fr om 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 p ayment 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”), ar e 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 mos t 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 thei r 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 tra nches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tran ches 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 inter ests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IO s 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 co mponents. 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 rate s. 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 sinc e 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 l ife 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 f und’s initial investment in the IOs may not fully recoup.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilit ies 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 wit h interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because pref erred 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 preferre d 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 i f 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 a re 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 abo ve 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

Notes to Consolidated Financial Statements (unaudited) (continued)

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than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessar ily 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 co ndition 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 delay ed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodi cally, 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 in vests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“ SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fe e. 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 com mitment 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 ea rned. 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 ma y 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 loan s (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual rela tionship 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 Pa rticipation 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 c ompliance 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 l oan 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 inso lvency 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. Assignm ents 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 agreem ent.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests (“commitments”). In connection w ith 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 Consol idated Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unreali zed appreciation (depreciation) is included in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the F und had the following unfunded floating rate loan interests:

Fund Name Borrower Par

Commitment Amount Value

Unrealized Appreciation (Depreciation) BlackRock HPS Credit Strategies Fund ........................... 1475 Holdings LLC $ 18,571 $ 18,351 $ 18,431 $ 80 Alcami Corp. 8,904 8,904 8,824 (80) Applause App Quality, Inc. 7,273 7,176 6,793 (383) Appriss Health LLC 94,478 94,478 94,478 — Aras Corp. 1,023,117 1,023,117 1,012,886 (10,231) Arcfield Acquisition Corp. 563,428 560,611 561,801 1,190 Beekeeper Buyer, Inc. 752,266 744,744 739,478 (5,266) Birdie Bidco, Inc. 503,568 501,050 496,621 (4,429) Birdie Bidco, Inc. 671,588 669,910 662,323 (7,587) Bullhorn, Inc. 242,112 241,718 231,217 (10,501) Bynder Holding BV 1,215 1,215 1,203 (12) Bynder Holding BV 4,410 4,410 4,365 (45) CBI-Gator Acquisition LLC 14,788 14,748 14,270 (478) Chronicle Bidco, Inc. 285,072 283,647 282,222 (1,425) Chronicle Bidco, Inc. 115,443 114,289 114,289 — CivicPlus LLC 136,795 136,795 135,570 (1,225) Clever Devices Ltd. 368,984 368,984 368,984 — CohnReznick LLP 40,967 41,274 39,874 (1,400) Compsych Investments Corp. 946,970 944,602 946,969 2,367 Docupace Technologies LLC 179,447 177,569 169,398 (8,171) Douglas Holdings, Inc. 49,476 49,476 46,705 (2,771) Emburse, Inc. 657,895 657,072 650,658 (6,414) Emburse, Inc. 657,895 656,250 650,658 (5,592) Emerald Technologies U.S. Acquisitionco, Inc. 684 630 405 (225) ESO Solutions, Inc. 97,178 97,178 95,332 (1,846) Express Wash Acquisition Co. LLC 277,769 274,992 259,715 (15,277)

Notes to Consolidated Financial Statements (unaudited) (continued)

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Fund Name Borrower Par

Commitment Amount Value

Unrealized Appreciation (Depreciation) BlackRock HPS Credit Strategies Fund (continued) ............... Firstup, Inc. $ 386,200 $ 386,200 $ 353,373 $ (32,827) Fusion Holding Corp. 13,679 13,645 11,958 (1,687) G-3 Apollo Acquisition Corp. 14,286 14,286 14,429 143 G-3 Apollo Acquisition Corp. 11,905 11,905 11,905 — GC Champion Acquisition LLC 1,344,481 1,333,665 1,329,483 (4,182) Honey Intermediate, Inc. 11,765 11,649 11,494 (155) HSI Halo Acquisition, Inc. 275,229 272,477 272,477 — Huckabee Acquisition LLC 9,677 9,677 9,629 (48) Integrity Marketing Acquisition LLC 208,063 208,063 207,647 (416) Intercept Bidco, Inc. 555,556 548,227 545,556 (2,671) IvyRehab Intermediate II LLC 2,067,800 2,044,945 2,057,333 12,388 Kid Distro Holdings LLC 301,347 299,012 297,847 (1,165) Ligado Networks LLC 3,926,979 3,926,979 3,642,273 (284,706) Lighthouse Parent Holdings, Inc. 2,837 2,837 2,806 (31) Lighthouse Parent Holdings, Inc. 11,538 11,394 11,411 17 LJ Avalon Holdings LLC 130,409 129,678 129,888 210 LogicMonitor, Inc. 10,150 10,023 9,784 (239) LogicMonitor, Inc. 59,525 58,781 57,382 (1,399) Lucky U.S. Buyerco LLC 1,021 1,021 993 (28) Madison Logic Holdings, Inc. 3,349 3,349 2,810 (539) MRO Parent Corp. 370,370 367,593 367,778 185 MRO Parent Corp. 370,370 364,815 367,778 2,963 NP Kaba Mergersub, Inc. 525,356 522,730 515,410 (7,320) NP Kaba Mergersub, Inc. 295,717 294,238 290,118 (4,120) Nxgen Buyer, Inc. 31,962 31,962 31,674 (288) Oak Funding LLC 593,655 590,687 584,193 (6,494) Oak Purchaser, Inc. 230,265 227,962 229,344 1,382 Pluralsight, Inc. 279,766 279,766 226,611 (53,155) Pluralsight, Inc. 105,609 105,609 85,543 (20,066) PMA Parent Holdings LLC 12,500 12,500 12,300 (200) Pueblo Mechanical and Controls LLC 117,500 117,500 116,692 (808) RBS Buyer, Inc. 600,000 592,500 600,000 7,500 RBS Buyer, Inc. 360,000 355,500 369,360 13,860 Saber Parent Holdings Corp. 556,267 554,877 546,038 (8,839) Saber Parent Holdings Corp. 200,064 199,064 196,385 (2,679) Serrano Parent LLC 6,840 6,840 6,142 (698) Smarsh, Inc. 148,190 146,709 138,410 (8,299) Smarsh, Inc. 40,635 40,635 37,953 (2,682) Sparkstone Electrical Group 5,043 4,967 4,110 (857) Sparkstone Electrical Group 22,414 22,078 18,268 (3,810) Stonebridge Cos. LLC 928,618 928,618 937,904 9,286 Stonebridge Cos. LLC 619,079 619,079 619,079 — Streamland Media Midco LLC 1,480 1,480 1,480 — Suited Connector LLC 415,655 415,655 415,655 — Supergoop LLC 5,707 5,690 5,262 (428) Thunder Purchaser, Inc. 204,439 204,439 203,042 (1,397) Thunder Purchaser, Inc. 231,285 231,285 228,298 (2,987) Titan Home Improvement LLC 581,395 573,742 581,396 7,654 Trading Tech International, Inc. 668,284 667,449 655,000 (12,449) Wealth Enhancement Group LLC 282,352 282,352 281,292 (1,060) Wharf Street Ratings Acquisition LLC 236,250 233,888 236,723 2,835 Wharf Street Ratings Acquisition LLC 236,250 233,888 236,251 2,363 $ (487,664)

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 e xposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk) . Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or over-the- counter (“OTC”).

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

Notes to Consolidated Financial Statements (unaudited) (continued)

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Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument a t 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 settlemen t 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 c ash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Lia bilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledg ed for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if a ny, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amo unt 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 rate s, 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. Th ese contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Sta tement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference betwee n 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 c ash 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 co ntract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is gene rally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appre ciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operation s as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the diff erence 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 rece ived 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 Fun d is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps i n the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swap s in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Asse ts 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 Consolida ted 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 t o 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 i ssuers 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 f rom 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, ob ligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amoun t 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 o ccurs, 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 comprisin

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        "id": "1a597a1b-1368-43fc-9c7c-99a33f7cc950",
        "page_number": 2,
        "text": "Additional Information"
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        "page_number": 2,
        "text": "..............................................................................................................................."
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        "page_number": 2,
        "text": "..........................."
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        "page_number": 2,
        "text": "51"
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        "id": "32ef3b99-140a-4548-a92c-adb6b352d99e",
        "page_number": 2,
        "text": "Glossary of Terms Used in this Report"
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        "page_number": 2,
        "text": "..............................................................................................................................."
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        "page_number": 2,
        "text": "............"
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        "page_number": 2,
        "text": "53"
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        "page_number": 2,
        "text": "Table of Contents"
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        },
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        "page_number": 2,
        "text": "2"
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        "page_number": 2,
        "text": "NM0826U-5876566-2/56"
      },
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        "box": {
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        "id": "30ff2d15-ed6e-4377-882f-230db772a7e7",
        "page_number": 3,
        "text": "The Benefits and Risks of Leveraging"
      },
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        "id": "fe9ca822-7e31-4b78-b927-0a613ceefa26",
        "page_number": 3,
        "text": "The Fund may utilize leverage to seek to enhance the distribution rate on, and net asset value (\u201cNAV\u201d) of, its common shares (\u201cCommon Shares\u201d). However"
      },
      {
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        "id": "2ed26138-d5cc-45e5-bbf4-7b3b459e230d",
        "page_number": 3,
        "text": ", there is no"
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        },
        "id": "26a9fa5e-97df-4e69-8b08-586da97f6ed9",
        "page_number": 3,
        "text": "guarantee that these objectives can be achieved in all interest rate environments."
      },
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        "id": "b4d5662f-e3e5-4efc-a871-daccf8e64a33",
        "page_number": 3,
        "text": "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 norma"
      },
      {
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        "id": "e18278af-9434-417a-9279-98a3c31a11bd",
        "page_number": 3,
        "text": "lly lower than the income"
      },
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        "id": "8ef2bb83-57fe-4276-b8fd-24c57f178eff",
        "page_number": 3,
        "text": "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 ("
      },
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        "id": "c5c45a33-76e5-4339-a2f4-2852f27276e0",
        "page_number": 3,
        "text": "including the assets"
      },
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        "id": "6bf891c8-9e05-4437-840c-3d2604f367f2",
        "page_number": 3,
        "text": "obtained from leverage) are invested in higher-yielding portfolio investments, the Fund\u2019s shareholders benefit from the incremental net income. T"
      },
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          "y": 137
        },
        "id": "ec47109b-3a53-4ff2-802e-97619e35f3c6",
        "page_number": 3,
        "text": "he interest earned on"
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        },
        "id": "977819de-8a44-480b-9e7f-d1656fdd9843",
        "page_number": 3,
        "text": "securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value"
      },
      {
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        "id": "ca553f79-af4e-49ac-bc8c-470e3cecaefe",
        "page_number": 3,
        "text": "of these portfolio holdings"
      },
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        "id": "b8a788b5-ba09-4ecd-8873-d1fb7e28981e",
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        "text": "(less the leverage liability) is reflected in the per share NAV."
      },
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        },
        "id": "b3a8dcd0-751a-4f14-b862-22c3bfbb3b9a",
        "page_number": 3,
        "text": "To illustrate these concepts, assume the Fund\u2019s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a tot"
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        "id": "ea8889ab-b5e7-46d7-965b-7fe4877bdd4a",
        "page_number": 3,
        "text": "al value of $130 million available"
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        "id": "847a65d3-d6b3-460e-840f-5a1c261e8367",
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        "text": "for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield cur"
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        "id": "4b3f953a-394e-4aea-8267-c65aeaa2dc49",
        "page_number": 3,
        "text": "ve has a strongly positive"
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        "id": "eff72a1e-ce95-48fb-b625-9a906b0c2e75",
        "page_number": 3,
        "text": "slope. In this case, the Fund\u2019s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates."
      },
      {
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        "id": "13a65596-c983-453a-93a1-6a1f38dac010",
        "page_number": 3,
        "text": "At the same time, the"
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        "id": "2e1069a2-13bb-4a24-be14-bd679dad78f0",
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        "text": "securities purchased by the Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Fund\u2019s financing c"
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        "id": "aa310f57-9ccf-43ee-9213-fb516fe71c82",
        "page_number": 3,
        "text": "ost of leverage is"
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        "id": "bca9d49c-52cc-4de4-8b02-cccd1f9855f6",
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        "text": "significantly lower than the income earned on the Fund\u2019s longer-term investments acquired from such leverage proceeds, and therefore the holders of"
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        "id": "80b248fe-1dec-4c94-ac00-28ff14f19d9c",
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        "text": "Common Shares"
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        "id": "64089435-480e-4a86-9f36-5b491384ce63",
        "page_number": 3,
        "text": "(\u201cCommon Shareholders\u201d) are the beneficiaries of the incremental net income."
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        "id": "47bd10ca-5bc2-4a5f-9424-832239da9562",
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        "text": "However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the le"
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        "id": "f7d0b874-a5f9-4cd4-9a23-df8d5f18035f",
        "page_number": 3,
        "text": "verage. If interest and"
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        "id": "1efb5141-ccf8-40f7-97a4-48472abb553f",
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        "text": "other costs of leverage exceed the Fund\u2019s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not us"
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        "id": "e97ef2ae-112f-42a2-80cf-579eabef0c09",
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        "text": "ed leverage."
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        "text": "Furthermore, the value of the Fund\u2019s portfolio investments generally varies inversely with the direction of long-term interest rates, although oth"
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        "id": "51647b18-6d2c-49cb-977b-73735033fd60",
        "page_number": 3,
        "text": "er factors can influence the value"
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        "id": "56271c6c-9305-4ee9-a120-30eeeed48c46",
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        "text": "of portfolio investments. In contrast, the amount of the Fund\u2019s obligations under its leverage arrangement generally does not fluctuate in relation"
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        "text": "to interest rates. As a result,"
      },
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        "id": "ed13517d-447d-423f-a611-9ca368c6ee25",
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        "text": "changes in interest rates can influence the Fund\u2019s NAVs positively or negatively. Changes in the future direction of interest rates are very difficul"
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        "id": "a3481797-fc6f-40ae-9aaa-9a6d9ce903bd",
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        "text": "t to predict accurately, and there"
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        "text": "is no assurance that the Fund\u2019s intended leveraging strategy will be successful."
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        "id": "7c5d9b73-5b52-49ec-bb8f-5e706aa2987c",
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        "text": "The use of leverage also generally causes greater changes in the Fund\u2019s NAV, market price and dividend rates than comparable portfolios without lever"
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        "id": "b6507bc5-7e45-4eba-8dfe-ae90b312c035",
        "page_number": 3,
        "text": "age. In a declining"
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        "id": "f010ae60-44d7-4b66-8f27-670c7b9af66b",
        "page_number": 3,
        "text": "market, leverage is likely to cause a greater decline in the NAV and market price of the Fund\u2019s shares than if the Fund were not leveraged. In addition, th"
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        "id": "00284644-7115-4496-946f-05cbe6d32491",
        "page_number": 3,
        "text": "e Fund may be required"
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          "width": 790,
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          "y": 409
        },
        "id": "c94d25f0-d2c5-45d4-a3c0-bb437fe01d78",
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        "text": "to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of lev"
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        "id": "23a63763-0ba4-43ae-bca9-72bdac4ea3f0",
        "page_number": 3,
        "text": "erage or as required by the"
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        "id": "d2b28db4-cc1c-4942-ad34-2022007d2522",
        "page_number": 3,
        "text": "terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Fund\u2019s ability to invest in certain types of se"
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        "id": "b997d735-5f60-4d1a-9599-78fda417d9ca",
        "page_number": 3,
        "text": "curities or use certain"
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          "y": 437
        },
        "id": "cb0557f5-6d19-4cda-9765-0d440a687f79",
        "page_number": 3,
        "text": "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 inco"
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        "id": "86de1a21-8871-40a4-b4bc-a770403448b7",
        "page_number": 3,
        "text": "me to the"
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        "id": "7811dccf-e46f-4348-9433-0b6b6db53e0f",
        "page_number": 3,
        "text": "shareholders. Moreover, to the extent the calculation of the Fund\u2019s investment advisory fees includes assets purchased with the proceeds of leverag"
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        "page_number": 3,
        "text": "e, the investment advisory"
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        "id": "94a2ed6f-0179-4271-9c62-0e20c5c52796",
        "page_number": 3,
        "text": "fees payable to the Fund\u2019s investment adviser will be higher than if the Fund did not use leverage."
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        },
        "id": "b1fe3bc4-3907-4d0e-9270-5f73ae0c5f56",
        "page_number": 3,
        "text": "The Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Consolidated Financial Stateme"
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        "id": "6f2dc3ce-c7a0-4468-a319-810250f1eae2",
        "page_number": 3,
        "text": "nts, if applicable."
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        },
        "id": "04722b79-b2e2-4f84-b023-55bdbe867c3b",
        "page_number": 3,
        "text": "Under the Investment Company Act of 1940, as amended (the \u201c1940 Act\u201d), the Fund is permitted to borrow money (including through the use of TOB Trusts) or"
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        "id": "e14a5f57-fa0b-403f-a6fd-ee85de50c595",
        "page_number": 3,
        "text": "issue debt"
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        "id": "420abfa4-c171-4b79-a4ef-f6d60d976bff",
        "page_number": 3,
        "text": "securities up to 33 1/3% of its total managed assets. The Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted unde"
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