Consolidated Schedule of Investments (unaudited) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities | ||||||||||||
AGL CLO 12 Ltd., Series 2021-12A, Class B, (3 mo. LIBOR US + 1.60)%), 6.41%, 07/20/34(a)(b) | USD | 1,000 | $ | 963,762 | ||||||||
AIG CLO LLC, Series 2020-1A, Class CR, (3 mo. LIBOR US + 2.00%), 6.79%, 04/15/34(a)(b) | 2,000 | 1,918,042 | ||||||||||
Anchorage Capital CLO 11 Ltd., Series 2019-11A, Class A, (3 mo. LIBOR US + 2.30%), 7.12%, 07/22/32(a)(b) | 1,000 | 956,539 | ||||||||||
Bain Capital Credit CLO Ltd.(a)(b) | ||||||||||||
Series 2019-2A, Class CR, (3 mo. LIBOR US + 2.10%), 6.89%, 10/17/32 | 1,000 | 948,486 | ||||||||||
Series 2021-4A, Class B, (3 mo. LIBOR US + 1.65%), 6.46%, 10/20/34 | 1,000 | 946,040 | ||||||||||
Series 2021-6A, Class B, (3 mo. LIBOR US + 1.65%), 6.47%, 10/21/34 | 1,500 | 1,426,239 | ||||||||||
Battalion CLO X Ltd., Series 2016-10A, Class BR2, (3 mo. LIBOR US + 2.05%), 6.87%, 01/25/35(a)(b) | 1,000 | 930,527 | ||||||||||
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 8.01%, 04/20/32(a)(b) | 1,000 | 909,967 | ||||||||||
CarVal CLO IV Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.25%), 8.06%, 07/20/34(a)(b) | 1,000 | 884,376 | ||||||||||
CIFC Funding I Ltd., Series 2015-1A, Class CRR, (3 mo. LIBOR US + 1.90%), 6.72%, 01/22/31(a)(b) | 1,000 | 963,181 | ||||||||||
CIFC Funding Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 2.05%), 6.86%, 04/20/32(a)(b) | 1,000 | 970,277 | ||||||||||
CIFC Funding V Ltd., Series 2019-5A, Class A2RS, (3 mo. LIBOR US + 1.75%), 6.54%, 01/15/35(a)(b) | 800 | 768,004 | ||||||||||
Cook Park CLO Ltd., Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 6.54%, 04/17/30(a)(b) | 250 | 235,542 | ||||||||||
Elmwood CLO I Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 4.40%), 9.21%, 10/20/33(a)(b) | 1,000 | 949,742 | ||||||||||
Flatiron CLO 21 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 2.90%), 7.70%, 07/19/34(a)(b) | 1,000 | 953,011 | ||||||||||
Golub Capital Partners 48 LP, Series 2020-48A, Class C, (3 mo. LIBOR US + 2.80%), 7.59%, 04/17/33(a)(b) | 900 | 891,001 | ||||||||||
Greywolf CLO V Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 3.00%), 7.82%, 01/27/31(a)(b) | 500 | 445,102 | ||||||||||
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class C, (3 mo. LIBOR US + 2.15%), 6.96%, 04/20/34(a)(b) | 750 | 719,469 | ||||||||||
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class A, (3 mo. LIBOR US + 1.13%), 5.92%, 10/14/35(a)(b) | 1,500 | 1,463,549 | ||||||||||
NYACK Park CLO Ltd., Series 2021-1A, Class C, (3 mo. LIBOR US + 1.95%), 6.76%, 10/20/34(a)(b) | 1,250 | 1,171,200 | ||||||||||
OHA Credit Funding 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.30%), 8.12%, 04/21/34(a)(b) | 1,000 | 940,932 | ||||||||||
OHA Loan Funding Ltd.(a)(b) | ||||||||||||
Series 2013-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 7.87%, 07/23/31 | 750 | 690,059 | ||||||||||
Series 2015-1A, Class DR3, (3 mo. LIBOR US + 3.20%), 8.00%, 01/19/37 | 1,000 | 892,586 | ||||||||||
Palmer Square CLO Ltd.(a)(b) | ||||||||||||
Series 2022-1A, Class D, (3 mo. Term SOFR + 3.05%), 7.69%, 04/20/35 | 1,000 | 907,134 | ||||||||||
Series 2022-4A, Class C, (3 mo. LIBOR US + 1.95%), 6.74%, 10/15/34 | 1,000 | 953,977 | ||||||||||
Post CLO Ltd., Series 2022-1A, Class D, (3 mo. Term SOFR + 3.20%), 7.84%, 04/20/35(a)(b) | 1,000 | 890,387 | ||||||||||
Rad CLO 15 Ltd., Series 2021-15A, Class D, (3 mo. LIBOR US + 3.05%), 7.86%, 01/20/34(a)(b) | 1,000 | 879,719 |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
Regatta X Funding Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.75%), 7.54%, 01/17/31(a)(b) | USD | 250 | $ | 234,054 | ||||||||
Signal Peak CLO 5 Ltd., Series 2018-5A, Class D, (3 mo. LIBOR US + 2.65%), 7.47%, 04/25/31(a)(b) | 700 | 631,502 | ||||||||||
Signal Peak CLO 8 Ltd., Series 2018-8A, Class C, (3 mo. LIBOR US + 2.00%), 6.81%, 04/20/33(a)(b) | 1,000 | 944,618 | ||||||||||
Sixth Street CLO XIX Ltd., Series 2021-19A, Class D, (3 mo. LIBOR US + 3.00%), 7.81%, 07/20/34(a)(b) | 1,000 | 897,767 | ||||||||||
TCW CLO Ltd., Series 2021-1A, Class D2, (3 mo. LIBOR US + 3.88%), 8.69%, 03/18/34(a)(b) | 1,000 | 868,307 | ||||||||||
TICP CLO XIII Ltd., Series 2019-13A, Class DR, (3 mo. LIBOR US + 3.15%), 7.94%, 04/15/34(a)(b) | 1,000 | 920,125 | ||||||||||
Webster Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.90%), 7.71%, 07/20/30(a)(b) | 690 | 618,862 | ||||||||||
Whitebox CLO I Ltd., Series 2019-1A, Class ANBR, (3 mo. LIBOR US + 1.70%), 6.52%, 07/24/32(a)(b) | 2,000 | 1,923,154 | ||||||||||
Whitebox CLO II Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.20%), 7.02%, 10/24/34(a)(b) | 640 | 610,289 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities — 7.7% | 33,217,528 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
Common Stocks | ||||||||||||
Construction & Engineering — 0.0% | ||||||||||||
McDermott International Ltd.(c) | 2,158 | 734 | ||||||||||
|
| |||||||||||
Hotel & Resort REITs — 0.5% | ||||||||||||
Ashford Hospitality Trust, Inc., Series D(c)(d) | 2,826 | 53,722 | ||||||||||
Ashford Hospitality Trust, Inc., Series F(c)(d) | 2,904 | 48,787 | ||||||||||
Ashford Hospitality Trust, Inc., Series G(c)(d) | 1,120 | 18,155 | ||||||||||
Ashford Hospitality Trust, Inc., Series H(c)(d) | 3,645 | 58,211 | ||||||||||
Park Hotels & Resorts, Inc. | 157,000 | 1,940,520 | ||||||||||
|
| |||||||||||
2,119,395 | ||||||||||||
Household Durables — 0.5% | ||||||||||||
Taylor Morrison Home Corp.(c) | 60,000 | 2,295,600 | ||||||||||
|
| |||||||||||
Pharmaceuticals — 0.2% | ||||||||||||
Milestone Pharmaceuticals, Inc.(c) | 152,827 | 602,138 | ||||||||||
|
| |||||||||||
Specialty Retail — 0.0% | ||||||||||||
NMG Parent LLC | 78 | 9,880 | ||||||||||
|
| |||||||||||
Total Common Stocks — 1.2% | 5,027,747 | |||||||||||
|
| |||||||||||
Par (000) | ||||||||||||
Corporate Bonds | ||||||||||||
Aerospace & Defense — 0.7% | ||||||||||||
Bombardier, Inc.(b) | ||||||||||||
7.50%, 03/15/25 | USD | 2 | 2,000 | |||||||||
7.13%, 06/15/26 | 302 | 303,087 | ||||||||||
7.88%, 04/15/27 | 287 | 290,539 | ||||||||||
6.00%, 02/15/28 | 182 | 177,223 | ||||||||||
7.50%, 02/01/29 | 48 | 49,035 | ||||||||||
Rolls-Royce PLC, 5.75%, 10/15/27(b) | 384 | 382,541 |
1 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Aerospace & Defense (continued) | ||||||||||||
Spirit AeroSystems, Inc.(b) | ||||||||||||
7.50%, 04/15/25 | USD | 4 | $ | 4,000 | ||||||||
9.38%, 11/30/29 | 100 | 109,125 | ||||||||||
TransDigm, Inc. | ||||||||||||
8.00%, 12/15/25(b) | 203 | 206,806 | ||||||||||
6.25%, 03/15/26(b) | 834 | 834,759 | ||||||||||
6.38%, 06/15/26 | 13 | 12,708 | ||||||||||
7.50%, 03/15/27 | 16 | 15,960 | ||||||||||
6.75%, 08/15/28(b) | 267 | 269,670 | ||||||||||
Triumph Group, Inc., 9.00%, 03/15/28(b) | 167 | 167,175 | ||||||||||
|
| |||||||||||
2,824,628 | ||||||||||||
Automobile Components — 0.4% | ||||||||||||
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 | 1,160 | 910,116 | ||||||||||
Clarios Global LP, 6.75%, 05/15/25(b) | 45 | 45,479 | ||||||||||
Clarios Global LP/Clarios U.S. Finance Co.(b) | ||||||||||||
6.25%, 05/15/26 | 124 | 123,690 | ||||||||||
8.50%, 05/15/27 | 746 | 748,797 | ||||||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b) | 33 | 29,618 | ||||||||||
Goodyear Tire & Rubber Co. | ||||||||||||
5.00%, 07/15/29 | 12 | 10,721 | ||||||||||
5.63%, 04/30/33 | 12 | 10,380 | ||||||||||
Titan International, Inc., 7.00%, 04/30/28 | 11 | 9,911 | ||||||||||
|
| |||||||||||
1,888,712 | ||||||||||||
Automobiles(b) — 0.0% | ||||||||||||
Ken Garff Automotive LLC, 4.88%, 09/15/28 | 24 | 20,403 | ||||||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 | 91 | 76,130 | ||||||||||
Lithia Motors, Inc., 3.88%, 06/01/29 | 23 | 19,895 | ||||||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 | 44 | 32,579 | ||||||||||
|
| |||||||||||
149,007 | ||||||||||||
Banks — 0.9% | ||||||||||||
Axis Bank Ltd./Gift City, (5 year CMT + 3.32%), 4.10%(a)(d)(e) | 200 | 168,000 | ||||||||||
Bangkok Bank PCL, (5 year CMT + 1.90%), 3.73%, 09/25/34(a)(e) | 200 | 169,454 | ||||||||||
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(e) | 200 | 181,522 | ||||||||||
China CITIC Bank International Ltd., (5 year CMT + 2.10%), 4.80%(a)(d)(e) | 250 | 240,047 | ||||||||||
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(a)(d)(e) | 250 | 235,828 | ||||||||||
HDFC Bank Ltd., (5 year CMT + 2.93%), 3.70%(a)(d)(e) | 200 | 167,000 | ||||||||||
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)(e) | 200 | 174,500 | ||||||||||
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%(a)(d)(e) | 200 | 175,975 | ||||||||||
Macquarie Bank Ltd., 6.80%, 01/18/33(b) | 2,070 | 2,104,142 | ||||||||||
Nanyang Commercial Bank Ltd., (5 year CMT + 3.51%), 6.50%(a)(d)(e) | 250 | 234,969 | ||||||||||
|
| |||||||||||
3,851,437 | ||||||||||||
Beverages(b) — 0.4% | ||||||||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(f) | 200 | 152,980 | ||||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 | 400 | 313,000 | ||||||||||
Mauser Packaging Solutions Holding Co. 7.88%, 08/15/26 | 707 | 707,000 |
Security | Par (000) | Value | ||||||||||
Beverages (continued) | ||||||||||||
Mauser Packaging Solutions Holding Co. (continued) | USD | 6 | $ | 5,544 | ||||||||
Trivium Packaging Finance BV | ||||||||||||
5.50%, 08/15/26 | 200 | 191,600 | ||||||||||
8.50%, 08/15/27 | 417 | 379,470 | ||||||||||
|
| |||||||||||
1,749,594 | ||||||||||||
Broadline Retail(b) — 0.6% | ||||||||||||
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 | 2,894 | 2,628,709 | ||||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 | 47 | 44,127 | ||||||||||
|
| |||||||||||
2,672,836 | ||||||||||||
Building Materials(b) — 0.1% | ||||||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 | 30 | 27,778 | ||||||||||
Jeld-Wen, Inc., 4.63%, 12/15/25 | 5 | 4,637 | ||||||||||
New Enterprise Stone & Lime Co., Inc. | ||||||||||||
5.25%, 07/15/28 | 88 | 77,783 | ||||||||||
9.75%, 07/15/28 | 19 | 18,145 | ||||||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 | 287 | 269,421 | ||||||||||
Standard Industries, Inc. | ||||||||||||
4.75%, 01/15/28 | 104 | 97,155 | ||||||||||
4.38%, 07/15/30 | 34 | 29,580 | ||||||||||
3.38%, 01/15/31 | 11 | 8,841 | ||||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 | 8 | 7,560 | ||||||||||
|
| |||||||||||
540,900 | ||||||||||||
Building Products — 0.5% | ||||||||||||
Foundation Building Materials, Inc., 6.00%, 03/01/29(b) | 18 | 14,267 | ||||||||||
GYP Holdings III Corp., 4.63%, 05/01/29(b) | 55 | 47,025 | ||||||||||
Lowe’s Cos., Inc., 5.63%, 04/15/53 | 1,200 | 1,203,917 | ||||||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b) | 26 | 23,894 | ||||||||||
SRS Distribution, Inc.(b) | ||||||||||||
4.63%, 07/01/28 | 240 | 213,143 | ||||||||||
6.13%, 07/01/29 | 277 | 233,708 | ||||||||||
6.00%, 12/01/29 | 135 | 111,465 | ||||||||||
White Cap Buyer LLC, 6.88%, 10/15/28(b) | 364 | 315,755 | ||||||||||
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(f) | 64 | 58,201 | ||||||||||
|
| |||||||||||
2,221,375 | ||||||||||||
Capital Markets — 0.3% | ||||||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(b) | 30 | 30,195 | ||||||||||
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(b) | 5 | 4,087 | ||||||||||
Blackstone Private Credit Fund, 3.25%, 03/15/27 | 15 | 12,736 | ||||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b) | 47 | 41,379 | ||||||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 | 120 | 97,363 | ||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
6.25%, 05/15/26 | 67 | 65,933 | ||||||||||
5.25%, 05/15/27 | 167 | 156,698 | ||||||||||
4.38%, 02/01/29 | 7 | 6,020 | ||||||||||
NFP Corp.(b) | ||||||||||||
4.88%, 08/15/28 | 290 | 261,580 | ||||||||||
6.88%, 08/15/28 | 426 | 365,568 | ||||||||||
7.50%, 10/01/30 | 27 | 26,088 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 2 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Capital Markets (continued) | ||||||||||||
Owl Rock Core Income Corp. | ||||||||||||
5.50%, 03/21/25 | USD | 30 | $ | 29,213 | ||||||||
3.13%, 09/23/26 | 7 | 6,073 | ||||||||||
7.75%, 09/16/27(b) | 50 | 49,257 | ||||||||||
|
| |||||||||||
1,152,190 | ||||||||||||
Chemicals — 0.3% | ||||||||||||
Avient Corp., 7.13%, 08/01/30(b) | 96 | 99,000 | ||||||||||
Chemours Co., 5.75%, 11/15/28(b) | 20 | 17,855 | ||||||||||
Element Solutions, Inc., 3.88%, 09/01/28(b) | 102 | 89,519 | ||||||||||
HB Fuller Co., 4.25%, 10/15/28 | 94 | 83,387 | ||||||||||
Herens Holdco SARL, 4.75%, 05/15/28(b) | 200 | 161,000 | ||||||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) | 89 | 78,900 | ||||||||||
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(f) | 82 | 59,040 | ||||||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) | 26 | 21,863 | ||||||||||
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) | 96 | 79,703 | ||||||||||
WR Grace Holdings LLC(b) | ||||||||||||
4.88%, 06/15/27 | 106 | 102,174 | ||||||||||
5.63%, 08/15/29 | 499 | 422,902 | ||||||||||
7.38%, 03/01/31 | 35 | 35,132 | ||||||||||
|
| |||||||||||
1,250,475 | ||||||||||||
Commercial Services & Supplies — 0.3% | ||||||||||||
ADT Security Corp., 4.88%, 07/15/32(b) | 94 | 82,935 | ||||||||||
APX Group, Inc.(b) | ||||||||||||
6.75%, 02/15/27 | 131 | 130,345 | ||||||||||
5.75%, 07/15/29 | 71 | 63,545 | ||||||||||
Cablevision Lightpath LLC, 3.88%, 09/15/27(b) | 200 | 160,946 | ||||||||||
Fortress Transportation & Infrastructure Investors LLC(b) | ||||||||||||
6.50%, 10/01/25 | 50 | 50,033 | ||||||||||
9.75%, 08/01/27 | 22 | 23,212 | ||||||||||
5.50%, 05/01/28 | 79 | 72,075 | ||||||||||
Herc Holdings, Inc., 5.50%, 07/15/27(b) | 4 | 3,860 | ||||||||||
Hertz Corp.(b) | ||||||||||||
4.63%, 12/01/26 | 22 | 19,921 | ||||||||||
5.00%, 12/01/29 | 24 | 19,877 | ||||||||||
LABL, Inc., 9.50%, 11/01/28 | 48 | 48,420 | ||||||||||
Metis Merger Sub LLC, 6.50%, 05/15/29(b) | 20 | 16,658 | ||||||||||
NESCO Holdings II, Inc., 5.50%, 04/15/29(b) | 57 | 51,567 | ||||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc.(b) | ||||||||||||
5.75%, 04/15/26 | 22 | 21,835 | ||||||||||
6.25%, 01/15/28 | 210 | 196,350 | ||||||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) | 200 | 165,864 | ||||||||||
Williams Scotsman International, Inc., 4.63%, 08/15/28(b) | 46 | 41,846 | ||||||||||
|
| |||||||||||
1,169,289 | ||||||||||||
Communications Equipment(b) — 0.1% | ||||||||||||
CommScope Technologies LLC, 6.00%, 06/15/25 | 171 | 161,040 | ||||||||||
CommScope, Inc. | ||||||||||||
6.00%, 03/01/26 | 91 | 87,824 | ||||||||||
8.25%, 03/01/27 | 43 | 35,221 | ||||||||||
7.13%, 07/01/28 | 40 | 29,502 | ||||||||||
4.75%, 09/01/29 | 124 | 103,356 | ||||||||||
Viasat, Inc., 5.63%, 09/15/25 | 78 | 73,949 | ||||||||||
|
| |||||||||||
490,892 |
Security | Par (000) | Value | ||||||||||
Construction & Engineering — 0.1% | ||||||||||||
Celestial Miles Ltd., (5 year CMT + 8.21%), 5.75%(a)(d)(e) | USD | 200 | $ | 196,288 | ||||||||
|
| |||||||||||
Construction Materials(b) — 0.0% | ||||||||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 | 64 | 58,480 | ||||||||||
Resideo Funding, Inc., 4.00%, 09/01/29 | 8 | 6,651 | ||||||||||
|
| |||||||||||
65,131 | ||||||||||||
Consumer Discretionary(b) — 1.6% | ||||||||||||
APi Group DE, Inc. | ||||||||||||
4.13%, 07/15/29 | 24 | 20,594 | ||||||||||
4.75%, 10/15/29 | 18 | 15,837 | ||||||||||
Carnival Corp. | ||||||||||||
10.50%, 02/01/26 | 120 | 125,030 | ||||||||||
7.63%, 03/01/26 | 22 | 20,075 | ||||||||||
5.75%, 03/01/27 | 192 | 157,503 | ||||||||||
9.88%, 08/01/27 | 68 | 70,046 | ||||||||||
4.00%, 08/01/28 | 41 | 35,294 | ||||||||||
6.00%, 05/01/29 | 153 | 121,635 | ||||||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 | 5,383 | 5,675,493 | ||||||||||
CoreLogic, Inc., 4.50%, 05/01/28 | 78 | 59,183 | ||||||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26 | 25 | 22,372 | ||||||||||
Life Time, Inc. | ||||||||||||
5.75%, 01/15/26 | 11 | 10,686 | ||||||||||
8.00%, 04/15/26 | 48 | 45,788 | ||||||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 | 57 | 55,181 | ||||||||||
NCL Corp. Ltd. | ||||||||||||
5.88%, 03/15/26 | 45 | 38,299 | ||||||||||
8.38%, 02/01/28 | 10 | 10,034 | ||||||||||
7.75%, 02/15/29 | 8 | 6,859 | ||||||||||
NCL Finance Ltd., 6.13%, 03/15/28 | 29 | 23,497 | ||||||||||
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | 65 | 60,261 | ||||||||||
Royal Caribbean Cruises Ltd. | ||||||||||||
11.50%, 06/01/25 | 27 | 28,789 | ||||||||||
4.25%, 07/01/26 | 10 | 8,975 | ||||||||||
5.50%, 08/31/26 | 50 | 46,778 | ||||||||||
5.38%, 07/15/27 | 20 | 17,814 | ||||||||||
11.63%, 08/15/27 | 45 | 48,332 | ||||||||||
5.50%, 04/01/28 | 15 | 13,243 | ||||||||||
8.25%, 01/15/29 | 23 | 24,061 | ||||||||||
9.25%, 01/15/29 | 106 | 112,625 | ||||||||||
7.25%, 01/15/30 | 56 | 56,350 | ||||||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 | 27 | 23,175 | ||||||||||
|
| |||||||||||
6,953,809 | ||||||||||||
Consumer Finance — 0.7% | ||||||||||||
American Express Co., (5 year CMT + 2.85%), 3.55%(a)(d) | 440 | 371,888 | ||||||||||
Global Payments, Inc. | ||||||||||||
2.90%, 05/15/30 | 265 | 224,396 | ||||||||||
5.95%, 08/15/52 | 1,395 | 1,327,034 | ||||||||||
Navient Corp., 5.50%, 03/15/29 | 37 | 31,265 | ||||||||||
OneMain Finance Corp. | ||||||||||||
6.88%, 03/15/25 | 101 | 97,870 | ||||||||||
6.63%, 01/15/28 | 35 | 32,088 | ||||||||||
5.38%, 11/15/29 | 16 | 13,460 | ||||||||||
4.00%, 09/15/30 | 15 | 11,250 | ||||||||||
Sabre Global, Inc.(b) | ||||||||||||
9.25%, 04/15/25 | 56 | 52,752 |
3 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Consumer Finance (continued) | ||||||||||||
Sabre Global, Inc.(b) (continued) | ||||||||||||
7.38%, 09/01/25 | USD | 61 | $ | 54,503 | ||||||||
11.25%, 12/15/27 | 127 | 118,344 | ||||||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b) | 110 | 103,400 | ||||||||||
Shriram Finance Ltd., 4.40%, 03/13/24 | 200 | 192,250 | ||||||||||
Verscend Escrow Corp., 9.75%, 08/15/26(b) | 494 | 494,000 | ||||||||||
|
| |||||||||||
3,124,500 | ||||||||||||
Consumer Staples Distribution & Retail(b) — 0.0% | ||||||||||||
Post Holdings, Inc. | ||||||||||||
5.50%, 12/15/29 | 8 | 7,539 | ||||||||||
4.63%, 04/15/30 | 22 | 19,717 | ||||||||||
4.50%, 09/15/31 | 29 | 25,523 | ||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28 | 15 | 13,941 | ||||||||||
|
| |||||||||||
66,720 | ||||||||||||
Containers & Packaging(b) — 0.1% | ||||||||||||
Clydesdale Acquisition Holdings, Inc. | ||||||||||||
6.63%, 04/15/29 | 201 | 193,463 | ||||||||||
8.75%, 04/15/30 | 137 | 124,497 | ||||||||||
LABL, Inc., 5.88%, 11/01/28 | 108 | 95,965 | ||||||||||
|
| |||||||||||
413,925 | ||||||||||||
Diversified Consumer Services(b) — 0.5% | ||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | ||||||||||||
6.63%, 07/15/26 | 412 | 395,934 | ||||||||||
9.75%, 07/15/27 | 344 | 306,593 | ||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 | 400 | 338,500 | ||||||||||
Clarivate Science Holdings Corp. | ||||||||||||
3.88%, 07/01/28 | 238 | 212,408 | ||||||||||
4.88%, 07/01/29 | 223 | 201,675 | ||||||||||
Garda World Security Corp., 7.75%, 02/15/28 | 51 | 50,266 | ||||||||||
Sotheby’s, 7.38%, 10/15/27 | 442 | 418,101 | ||||||||||
|
| |||||||||||
1,923,477 | ||||||||||||
Diversified REITs — 0.5% | ||||||||||||
American Tower Corp. | ||||||||||||
3.10%, 06/15/50 | 743 | 487,699 | ||||||||||
2.95%, 01/15/51 | 859 | 550,230 | ||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) | 31 | 24,878 | ||||||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(b) | 28 | 24,290 | ||||||||||
Iron Mountain, Inc., 5.63%, 07/15/32(b) | 33 | 30,147 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 | 92 | 67,965 | ||||||||||
RHP Hotel Properties LP/RHP Finance Corp. | ||||||||||||
4.75%, 10/15/27 | 50 | 46,860 | ||||||||||
4.50%, 02/15/29(b) | 15 | 13,549 | ||||||||||
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) | 17 | 14,197 | ||||||||||
Service Properties Trust, 4.50%, 03/15/25 | 836 | 768,182 | ||||||||||
|
| |||||||||||
2,027,997 | ||||||||||||
Diversified Telecommunication Services — 0.4% | ||||||||||||
Level 3 Financing, Inc. | ||||||||||||
3.40%, 03/01/27(b) | 43 | 34,011 | ||||||||||
4.63%, 09/15/27(b) | 29 | 17,436 | ||||||||||
4.25%, 07/01/28(b) | 47 | 26,517 | ||||||||||
3.63%, 01/15/29(b) | 37 | 20,458 | ||||||||||
3.75%, 07/15/29(b) | 97 | 51,717 |
Security | Par (000) | Value | ||||||||||
Diversified Telecommunication Services (continued) | ||||||||||||
Level 3 Financing, Inc. (continued) | ||||||||||||
3.88%, 11/15/29(b) | USD | 101 | $ | 73,097 | ||||||||
10.50%, 05/15/30 | 72 | 70,384 | ||||||||||
Lumen Technologies, Inc., 4.00%, 02/15/27(b) | 127 | 83,820 | ||||||||||
Sprint Capital Corp., 8.75%, 03/15/32 | 81 | 98,617 | ||||||||||
Telecom Italia Capital SA | ||||||||||||
6.38%, 11/15/33 | 13 | 11,770 | ||||||||||
7.72%, 06/04/38 | 2 | 1,852 | ||||||||||
Verizon Communications, Inc. | ||||||||||||
2.88%, 11/20/50 | 150 | 99,770 | ||||||||||
3.70%, 03/22/61 | 247 | 184,174 | ||||||||||
Zayo Group Holdings, Inc.(b) | ||||||||||||
4.00%, 03/01/27 | 934 | 709,840 | ||||||||||
6.13%, 03/01/28 | 395 | 240,239 | ||||||||||
|
| |||||||||||
1,723,702 | ||||||||||||
Electric Utilities — 0.3% | ||||||||||||
Dominion Energy, Inc., Series C, (5 year CMT + 3.20%), 4.35%(a)(d) | 355 | 293,674 | ||||||||||
Edison International, Series A, (5 year CMT + 4.70%), 5.38%(a)(d) | 350 | 309,516 | ||||||||||
Greenko Solar Mauritius Ltd., 5.55%, 01/29/25 | 200 | 191,500 | ||||||||||
JSW Hydro Energy Ltd., 4.13%, 05/18/31(e) | 177 | 145,671 | ||||||||||
Pacific Gas and Electric Co., 4.20%, 06/01/41 | 310 | 244,466 | ||||||||||
|
| |||||||||||
1,184,827 | ||||||||||||
Electrical Equipment — 0.0% | ||||||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(b) | 76 | 74,670 | ||||||||||
GrafTech Finance, Inc., 4.63%, 12/15/28(b) | 29 | 24,182 | ||||||||||
Pearl Holding II Ltd., (6.00% Cash or 8.00% PIK), 6.00%(d)(e)(f) | 95 | 2,386 | ||||||||||
|
| |||||||||||
101,238 | ||||||||||||
Electronic Equipment, Instruments & Components(b) — 0.1% | ||||||||||||
Imola Merger Corp., 4.75%, 05/15/29 | 88 | 78,724 | ||||||||||
Vertiv Group Corp., 4.13%, 11/15/28 | 183 | 161,471 | ||||||||||
|
| |||||||||||
240,195 | ||||||||||||
Energy Equipment & Services — 0.2% | ||||||||||||
Archrock Partners LP/Archrock Partners Finance Corp.(b) | ||||||||||||
6.88%, 04/01/27 | 58 | 56,912 | ||||||||||
6.25%, 04/01/28 | 232 | 222,720 | ||||||||||
Enerflex Ltd., 9.00%, 10/15/27(b) | 53 | 51,543 | ||||||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||||||
6.88%, 04/01/26 | 180 | 174,950 | ||||||||||
6.88%, 09/01/27 | 260 | 248,451 | ||||||||||
Weatherford International Ltd.(b) | ||||||||||||
11.00%, 12/01/24 | 2 | 2,052 | ||||||||||
6.50%, 09/15/28 | 46 | 46,079 | ||||||||||
8.63%, 04/30/30 | 60 | 61,384 | ||||||||||
|
| |||||||||||
864,091 | ||||||||||||
Environmental, Maintenance & Security Service — 0.1% | ||||||||||||
Covanta Holding Corp. | ||||||||||||
4.88%, 12/01/29(b) | 22 | 19,574 | ||||||||||
5.00%, 09/01/30 | 15 | 12,903 | ||||||||||
GFL Environmental, Inc.(b) | ||||||||||||
4.00%, 08/01/28 | 4 | 3,634 | ||||||||||
4.75%, 06/15/29 | 54 | 50,442 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 4 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Environmental, Maintenance & Security Service (continued) | ||||||||||||
Tervita Corp., 11.00%, 12/01/25(b) | USD | 18 | $ | 19,305 | ||||||||
Waste Pro USA, Inc., 5.50%, 02/15/26(b) | 302 | 277,738 | ||||||||||
|
| |||||||||||
383,596 | ||||||||||||
Financial Services — 1.4% | ||||||||||||
Ally Financial, Inc., Series B, (5 year CMT + 3.87%), 4.70%(a)(d) | 550 | 394,625 | ||||||||||
Enact Holdings, Inc., 6.50%, 08/15/25(b) | 73 | 71,175 | ||||||||||
Global Aircraft Leasing Co. Ltd.(b)(f) | ||||||||||||
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 | 35 | 31,433 | ||||||||||
Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 | 51 | 45,817 | ||||||||||
Home Point Capital, Inc., 5.00%, 02/01/26(b) | 40 | 30,012 | ||||||||||
JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33(a) | 4,400 | 4,507,179 | ||||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) | ||||||||||||
5.25%, 10/01/25 | 7 | 6,158 | ||||||||||
4.75%, 06/15/29 | 13 | 9,397 | ||||||||||
MGIC Investment Corp., 5.25%, 08/15/28 | 32 | 30,416 | ||||||||||
Nationstar Mortgage Holdings, Inc.(b) | ||||||||||||
6.00%, 01/15/27 | 28 | 25,410 | ||||||||||
5.13%, 12/15/30 | 24 | 18,442 | ||||||||||
5.75%, 11/15/31 | 22 | 17,065 | ||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(b) | 35 | 31,325 | ||||||||||
Spectrum Brands, Inc.(b) | ||||||||||||
5.00%, 10/01/29 | 17 | 14,754 | ||||||||||
5.50%, 07/15/30 | 13 | 11,439 | ||||||||||
UBS Group AG, (1 year CMT + 1.55%), 4.49%, 05/12/26(a)(b) | 885 | 853,522 | ||||||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30(b) | 24 | 21,390 | ||||||||||
|
| |||||||||||
6,119,559 | ||||||||||||
Food Products — 0.2% | ||||||||||||
Aramark Services, Inc.(b) | ||||||||||||
6.38%, 05/01/25 | 40 | 40,295 | ||||||||||
5.00%, 02/01/28 | 80 | 75,717 | ||||||||||
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(b) | 339 | 330,532 | ||||||||||
Knight Castle Investments Ltd., 7.99%, 01/23/21(c)(g) | 300 | 210,000 | ||||||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) | 22 | 17,878 | ||||||||||
|
| |||||||||||
674,422 | ||||||||||||
Gas Utilities — 0.0% | ||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) | 17 | 14,854 | ||||||||||
|
| |||||||||||
Health Care Equipment & Supplies(b) — 0.0% | ||||||||||||
Embecta Corp., 6.75%, 02/15/30 | 12 | 10,920 | ||||||||||
Garden Spinco Corp., 8.63%, 07/20/30 | 92 | 98,295 | ||||||||||
|
| |||||||||||
109,215 | ||||||||||||
Health Care Providers & Services — 0.8% | ||||||||||||
Acadia Healthcare Co., Inc.(b) | ||||||||||||
5.50%, 07/01/28 | 23 | 22,281 | ||||||||||
5.00%, 04/15/29 | 7 | 6,580 | ||||||||||
AdaptHealth LLC(b) | ||||||||||||
6.13%, 08/01/28 | 14 | 12,854 | ||||||||||
5.13%, 03/01/30 | 5 | 4,242 |
Security | Par (000) | Value | ||||||||||
Health Care Providers & Services (continued) | ||||||||||||
AHP Health Partners, Inc., 5.75%, 07/15/29(b) | USD | 77 | $ | 64,680 | ||||||||
Cano Health LLC, 6.25%, 10/01/28(b) | 31 | 16,972 | ||||||||||
CHS/Community Health Systems, Inc.(b) | ||||||||||||
5.63%, 03/15/27 | 85 | 74,620 | ||||||||||
6.00%, 01/15/29 | 279 | 236,000 | ||||||||||
5.25%, 05/15/30 | 160 | 125,512 | ||||||||||
4.75%, 02/15/31 | 84 | 62,015 | ||||||||||
Elevance Health, Inc., 6.10%, 10/15/52 | 605 | 674,985 | ||||||||||
Encompass Health Corp. | ||||||||||||
4.50%, 02/01/28 | 7 | 6,525 | ||||||||||
4.75%, 02/01/30 | 10 | 9,092 | ||||||||||
HCA, Inc., 4.63%, 03/15/52(b) | 1,355 | 1,125,046 | ||||||||||
Legacy LifePoint Health LLC(b) | ||||||||||||
6.75%, 04/15/25 | 53 | 50,295 | ||||||||||
4.38%, 02/15/27 | 53 | 43,347 | ||||||||||
Medline Borrower LP(b) | ||||||||||||
3.88%, 04/01/29 | 10 | 8,675 | ||||||||||
5.25%, 10/01/29 | 306 | 265,489 | ||||||||||
ModivCare, Inc., 5.88%, 11/15/25(b) | 23 | 22,051 | ||||||||||
Surgery Center Holdings, Inc.(b) | ||||||||||||
6.75%, 07/01/25 | 185 | 183,016 | ||||||||||
10.00%, 04/15/27 | 75 | 76,470 | ||||||||||
Tenet Healthcare Corp. | ||||||||||||
4.88%, 01/01/26 | 31 | 30,391 | ||||||||||
6.25%, 02/01/27 | 112 | 110,140 | ||||||||||
5.13%, 11/01/27 | 50 | 48,003 | ||||||||||
4.63%, 06/15/28 | 17 | 15,680 | ||||||||||
6.13%, 10/01/28 | 24 | 23,002 | ||||||||||
4.25%, 06/01/29 | 14 | 12,666 | ||||||||||
|
| |||||||||||
3,330,629 | ||||||||||||
Health Care Technology — 0.1% | ||||||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) | 544 | 441,108 | ||||||||||
|
| |||||||||||
Hotels, Restaurants & Leisure — 1.7% | ||||||||||||
Boyd Gaming Corp., 4.75%, 06/15/31(b) | 93 | 84,463 | ||||||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.00%, 10/15/30(b) | 5 | 4,287 | ||||||||||
Caesars Entertainment, Inc.(b) | ||||||||||||
6.25%, 07/01/25 | 153 | 153,007 | ||||||||||
8.13%, 07/01/27 | 381 | 388,620 | ||||||||||
4.63%, 10/15/29 | 241 | 210,754 | ||||||||||
CCM Merger, Inc., 6.38%, 05/01/26(b) | 30 | 29,291 | ||||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b) | 94 | 90,789 | ||||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||||||||||
5.50%, 05/01/25(b) | 72 | 71,955 | ||||||||||
6.50%, 10/01/28 | 10 | 9,702 | ||||||||||
Champion Path Holdings Ltd., 4.50%, 01/27/26(e) | 200 | 175,250 | ||||||||||
Codere Finance 2 Luxembourg SA, (8.00% Cash or 3.00% PIK), 11.00%, 09/30/26(e)(f) | EUR | 154 | 143,883 | |||||||||
Constellation Merger Sub, Inc., 8.50%, 09/15/25(b) | USD | 3,469 | 2,951,599 | |||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) | ||||||||||||
4.63%, 01/15/29 | 59 | 51,784 | ||||||||||
6.75%, 01/15/30 | 21 | 17,277 | ||||||||||
Fortune Star BVI Ltd.(e) | ||||||||||||
5.95%, 10/19/25 | 200 | 153,600 | ||||||||||
5.00%, 05/18/26 | 200 | 145,500 | ||||||||||
Melco Resorts Finance Ltd. | ||||||||||||
4.88%, 06/06/25(e) | 200 | 186,875 | ||||||||||
4.88%, 06/06/25(b) | 200 | 186,875 |
5 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||
Melco Resorts Finance Ltd. (continued) | ||||||||||||
5.63%, 07/17/27(e) | USD | 200 | $ | 173,750 | ||||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26(b) | 200 | 189,695 | ||||||||||
MGM China Holdings Ltd.(e) | ||||||||||||
5.38%, 05/15/24 | 200 | 195,225 | ||||||||||
5.88%, 05/15/26 | 200 | 188,225 | ||||||||||
Midco GB SASU, (8.50% Cash or 7.75% PIK), 7.75%, 11/01/27(e)(f) | EUR | 150 | 145,757 | |||||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) | USD | 43 | 37,381 | |||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) | ||||||||||||
5.63%, 09/01/29 | 21 | 15,500 | ||||||||||
5.88%, 09/01/31 | 21 | 15,096 | ||||||||||
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(b) | 31 | 28,830 | ||||||||||
Sands China Ltd. | ||||||||||||
5.63%, 08/08/25 | 200 | 194,000 | ||||||||||
5.90%, 08/08/28 | 200 | 190,000 | ||||||||||
Scientific Games International, Inc.(b) | ||||||||||||
7.00%, 05/15/28 | 40 | 39,600 | ||||||||||
7.25%, 11/15/29 | 33 | 33,064 | ||||||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b) | 56 | 56,579 | ||||||||||
Studio City Finance Ltd., 6.00%, 07/15/25(e) | 200 | 183,912 | ||||||||||
Vail Resorts, Inc., 6.25%, 05/15/25(b) | 31 | 31,073 | ||||||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b) | 14 | 12,897 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b) | 36 | 34,020 | ||||||||||
Wynn Macau Ltd.(e) | ||||||||||||
4.88%, 10/01/24 | 300 | 288,840 | ||||||||||
5.63%, 08/26/28 | 200 | 170,000 | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) | ||||||||||||
5.13%, 10/01/29 | 74 | 67,219 | ||||||||||
7.13%, 02/15/31 | 40 | 40,575 | ||||||||||
|
| |||||||||||
7,386,749 | ||||||||||||
Household Durables — 0.2% | ||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co.(b) | ||||||||||||
6.63%, 01/15/28 | 10 | 9,066 | ||||||||||
4.63%, 08/01/29 | 43 | 34,830 | ||||||||||
4.63%, 04/01/30 | 30 | 24,701 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) | ||||||||||||
5.00%, 06/15/29 | 37 | 28,305 | ||||||||||
4.88%, 02/15/30 | 72 | 54,299 | ||||||||||
Installed Building Products, Inc., 5.75%, 02/01/28(b) | 18 | 16,576 | ||||||||||
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b) | 59 | 57,820 | ||||||||||
KB Home, 7.25%, 07/15/30 | 10 | 10,142 | ||||||||||
Mattamy Group Corp.(b) | ||||||||||||
5.25%, 12/15/27 | 20 | 18,825 | ||||||||||
4.63%, 03/01/30 | 34 | 29,573 | ||||||||||
NCR Corp.(b) | ||||||||||||
5.00%, 10/01/28 | 21 | 18,458 | ||||||||||
5.13%, 04/15/29 | 38 | 32,880 | ||||||||||
Newell Brands, Inc., 6.00%, 04/01/46 | 650 | 531,375 |
Security | Par (000) | Value | ||||||||||
Household Durables (continued) | ||||||||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b) | USD | 134 | $ | 82,410 | ||||||||
Tri Pointe Homes, Inc., 5.70%, 06/15/28 | 11 | 10,584 | ||||||||||
|
| |||||||||||
959,844 | ||||||||||||
Household Products — 0.0% | ||||||||||||
Central Garden & Pet Co. | ||||||||||||
4.13%, 10/15/30 | 2 | 1,767 | ||||||||||
4.13%, 04/30/31(b) | 35 | 30,221 | ||||||||||
|
| |||||||||||
31,988 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||||||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(e) | 200 | 168,500 | ||||||||||
Calpine Corp.(b) | ||||||||||||
5.13%, 03/15/28 | 139 | 127,264 | ||||||||||
4.63%, 02/01/29 | 22 | 18,993 | ||||||||||
5.00%, 02/01/31 | 79 | 66,875 | ||||||||||
Clearway Energy Operating LLC, 4.75%, 03/15/28(b) | 36 | 34,380 | ||||||||||
Greenko Dutch BV, 3.85%, 03/29/26(e) | 188 | 169,341 | ||||||||||
Greenko Power II Ltd., 4.30%, 12/13/28(e) | 191 | 164,021 | ||||||||||
NRG Energy, Inc. | ||||||||||||
5.75%, 01/15/28 | 8 | 7,846 | ||||||||||
5.25%, 06/15/29(b) | 2 | 1,857 | ||||||||||
7.00%, 03/15/33(b) | 45 | 46,616 | ||||||||||
ReNew Power Pvt Ltd., 5.88%, 03/05/27(e) | 200 | 191,735 | ||||||||||
SMC Global Power Holdings Corp., (5 year CMT + 9.20%), 7.00%(a)(d)(e) | 200 | 170,975 | ||||||||||
TransAlta Corp., 7.75%, 11/15/29 | 23 | 24,170 | ||||||||||
|
| |||||||||||
1,192,573 | ||||||||||||
Insurance — 0.4% | ||||||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) | 41 | 33,879 | ||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) | ||||||||||||
4.25%, 10/15/27 | 141 | 126,292 | ||||||||||
6.75%, 10/15/27 | 951 | 882,053 | ||||||||||
6.75%, 04/15/28 | 2 | 1,978 | ||||||||||
AmWINS Group, Inc., 4.88%, 06/30/29(b) | 108 | 95,580 | ||||||||||
FWD Group Ltd., 5.75%, 07/09/24(e) | 200 | 194,000 | ||||||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27(b) | 100 | 95,429 | ||||||||||
HUB International Ltd.(b) | ||||||||||||
7.00%, 05/01/26 | 289 | 284,031 | ||||||||||
5.63%, 12/01/29 | 7 | 6,099 | ||||||||||
Jones Deslauriers Insurance Management, Inc. | ||||||||||||
8.50%, 03/15/30 | 55 | 57,006 | ||||||||||
10.50%, 12/15/30(b) | 69 | 69,497 | ||||||||||
Ryan Specialty Group LLC, 4.38%, 02/01/30(b) | 24 | 20,985 | ||||||||||
|
| |||||||||||
1,866,829 | ||||||||||||
Interactive Media & Services — 0.6% | ||||||||||||
Arches Buyer, Inc., 4.25%, 06/01/28(b) | 23 | 19,222 | ||||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(b) | ||||||||||||
4.75%, 04/30/27 | 118 | 100,811 | ||||||||||
6.00%, 02/15/28 | 26 | 19,237 | ||||||||||
Vnet Group, Inc., 0.00%, 02/01/26(h)(i) | 3,000 | 2,370,000 | ||||||||||
|
| |||||||||||
2,509,270 | ||||||||||||
Internet Software & Services(b) — 0.2% | ||||||||||||
Match Group Holdings II LLC | ||||||||||||
5.63%, 02/15/29 | 75 | 70,518 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 6 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Internet Software & Services (continued) | ||||||||||||
Match Group Holdings II LLC (continued) | ||||||||||||
3.63%, 10/01/31 | USD | 8 | $ | 6,510 | ||||||||
Uber Technologies, Inc. | ||||||||||||
8.00%, 11/01/26 | 95 | 97,397 | ||||||||||
7.50%, 09/15/27 | 54 | 55,680 | ||||||||||
6.25%, 01/15/28 | 141 | 140,648 | ||||||||||
4.50%, 08/15/29 | 358 | 326,227 | ||||||||||
|
| |||||||||||
696,980 | ||||||||||||
IT Services — 1.1% | ||||||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28(b) | 31 | 25,672 | ||||||||||
CA Magnum Holdings | ||||||||||||
5.38%, 10/31/26(b) | 203 | 179,148 | ||||||||||
5.38%, 10/31/26(e) | 200 | 176,500 | ||||||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) | 279 | 241,578 | ||||||||||
McAfee Corp., 7.38%, 02/15/30(b) | 4,300 | 3,605,525 | ||||||||||
Presidio Holdings, Inc., 4.88%, 02/01/27(b) | 9 | 8,601 | ||||||||||
Science Applications International Corp., 4.88%, 04/01/28(b) | 47 | 43,763 | ||||||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(b) | 22 | 21,813 | ||||||||||
Twilio, Inc., 3.63%, 03/15/29 | 33 | 28,463 | ||||||||||
West Technology Group LLC, 8.50%, 04/10/27(b) | 318 | 262,114 | ||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) | 50 | 43,286 | ||||||||||
|
| |||||||||||
4,636,463 | ||||||||||||
Leisure Products — 0.0% | ||||||||||||
Mattel, Inc. | ||||||||||||
6.20%, 10/01/40 | 29 | 26,118 | ||||||||||
5.45%, 11/01/41 | 65 | 54,731 | ||||||||||
|
| |||||||||||
80,849 | ||||||||||||
Machinery(b) — 0.2% | ||||||||||||
Chart Industries, Inc. | ||||||||||||
7.50%, 01/01/30 | 156 | 161,182 | ||||||||||
9.50%, 01/01/31 | 24 | 25,320 | ||||||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(f) | 23 | 19,435 | ||||||||||
Madison IAQ LLC, 5.88%, 06/30/29 | 110 | 84,975 | ||||||||||
OT Merger Corp., 7.88%, 10/15/29 | 21 | 12,391 | ||||||||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 | 292 | 244,550 | ||||||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 | 229 | 197,911 | ||||||||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 | 295 | 278,509 | ||||||||||
|
| |||||||||||
1,024,273 | ||||||||||||
Media — 3.0% | ||||||||||||
Altice Financing SA, 5.75%, 08/15/29(b) | 400 | 318,000 | ||||||||||
Altice France Holding SA, 10.50%, 05/15/27(b) | 300 | 229,500 | ||||||||||
AMC Networks, Inc., 4.25%, 02/15/29 | 26 | 15,985 | ||||||||||
Cable One, Inc. | ||||||||||||
0.00%, 03/15/26(h)(i) | 13 | 10,257 | ||||||||||
4.00%, 11/15/30(b) | 15 | 12,210 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
4.75%, 03/01/30(b) | 18 | 15,595 | ||||||||||
4.50%, 08/15/30(b) | 50 | 42,250 | ||||||||||
4.25%, 02/01/31(b) | 117 | 95,666 | ||||||||||
7.38%, 03/01/31(b) | 64 | 63,000 | ||||||||||
4.75%, 02/01/32(b) | 40 | 33,594 | ||||||||||
4.50%, 05/01/32 | 50 | 40,891 | ||||||||||
4.50%, 06/01/33(b) | 41 | 33,007 | ||||||||||
4.25%, 01/15/34(b) | 342 | 267,485 |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
Cengage Learning, Inc., 9.50%, 06/15/24(b) | USD | 4,800 | $ | 4,640,880 | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||||||
3.70%, 04/01/51 | 105 | 67,198 | ||||||||||
4.40%, 12/01/61 | 600 | 409,967 | ||||||||||
Clear Channel Outdoor Holdings, Inc.(b) | ||||||||||||
5.13%, 08/15/27 | 487 | 437,082 | ||||||||||
7.75%, 04/15/28 | 229 | 171,750 | ||||||||||
7.50%, 06/01/29 | 185 | 131,480 | ||||||||||
CMG Media Corp., 8.88%, 12/15/27(b) | 167 | 126,252 | ||||||||||
Comcast Corp. | ||||||||||||
3.75%, 04/01/40 | 110 | 94,424 | ||||||||||
2.94%, 11/01/56 | 54 | 35,945 | ||||||||||
2.99%, 11/01/63 | 925 | 599,754 | ||||||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) | 385 | 361,900 | ||||||||||
CSC Holdings LLC | ||||||||||||
5.25%, 06/01/24 | 9 | 8,685 | ||||||||||
4.13%, 12/01/30(b) | 400 | 287,276 | ||||||||||
4.50%, 11/15/31(b) | 200 | 144,202 | ||||||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(b) | 83 | 75,173 | ||||||||||
DISH DBS Corp. | ||||||||||||
5.25%, 12/01/26(b) | 435 | 347,084 | ||||||||||
5.75%, 12/01/28(b) | 111 | 82,834 | ||||||||||
5.13%, 06/01/29 | 82 | 43,665 | ||||||||||
DISH Network Corp., 11.75%, 11/15/27(b) | 85 | 82,450 | ||||||||||
Frontier Communications Holdings LLC(b) | ||||||||||||
5.88%, 10/15/27 | 51 | 46,364 | ||||||||||
5.00%, 05/01/28 | 40 | 34,710 | ||||||||||
8.75%, 05/15/30 | 422 | 420,316 | ||||||||||
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%(a)(d)(e) | 200 | 181,412 | ||||||||||
Iliad Holding SASU(b) | ||||||||||||
6.50%, 10/15/26 | 200 | 190,604 | ||||||||||
7.00%, 10/15/28 | 289 | 274,200 | ||||||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) | 180 | 170,010 | ||||||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(f) | 1,929 | 462,110 | ||||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) | 77 | 50,628 | ||||||||||
Live Nation Entertainment, Inc.(b) | ||||||||||||
4.88%, 11/01/24 | 6 | 5,880 | ||||||||||
6.50%, 05/15/27 | 206 | 208,213 | ||||||||||
4.75%, 10/15/27 | 167 | 154,475 | ||||||||||
3.75%, 01/15/28 | 18 | 16,110 | ||||||||||
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(d)(e) | 200 | 189,037 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) | ||||||||||||
5.00%, 08/15/27 | 115 | 103,595 | ||||||||||
4.25%, 01/15/29 | 128 | 106,240 | ||||||||||
4.63%, 03/15/30 | 32 | 26,687 | ||||||||||
Radiate Holdco LLC/Radiate Finance, | ||||||||||||
4.50%, 09/15/26 | 164 | 128,330 | ||||||||||
6.50%, 09/15/28 | 289 | 118,490 | ||||||||||
Sinclair Television Group, Inc., 4.13%, 12/01/30(b) | 191 | 153,994 | ||||||||||
Sirius XM Radio, Inc.(b) | ||||||||||||
5.00%, 08/01/27 | 23 | 21,533 | ||||||||||
4.00%, 07/15/28 | 39 | 33,499 | ||||||||||
Stagwell Global LLC, 5.63%, 08/15/29(b) | 48 | 42,093 |
7 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
TEGNA, Inc., 4.75%, 03/15/26(b) | USD | 7 | $ | 6,640 | ||||||||
Univision Communications, Inc.(b) | ||||||||||||
6.63%, 06/01/27 | 133 | 126,111 | ||||||||||
7.38%, 06/30/30 | 18 | 17,018 | ||||||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b) | 200 | 177,750 | ||||||||||
|
| |||||||||||
12,791,490 | ||||||||||||
Metals & Mining — 0.6% | ||||||||||||
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(e) | 200 | 198,500 | ||||||||||
Arconic Corp., 6.13%, 02/15/28(b) | 132 | 129,849 | ||||||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) | 451 | 447,554 | ||||||||||
Carpenter Technology Corp. | ||||||||||||
6.38%, 07/15/28 | 5 | 4,877 | ||||||||||
7.63%, 03/15/30 | 38 | 39,305 | ||||||||||
Constellium SE, 5.88%, 02/15/26(b) | 250 | 250,275 | ||||||||||
ERO Copper Corp., 6.50%, 02/15/30(b) | 32 | 27,860 | ||||||||||
JSW Steel Ltd., 3.95%, 04/05/27(e) | 200 | 172,000 | ||||||||||
Kaiser Aluminum Corp.(b) | ||||||||||||
4.63%, 03/01/28 | 24 | 21,361 | ||||||||||
4.50%, 06/01/31 | 89 | 73,088 | ||||||||||
New Gold, Inc., 7.50%, 07/15/27(b) | 100 | 96,257 | ||||||||||
Novelis Corp.(b) | ||||||||||||
3.25%, 11/15/26 | 81 | 74,023 | ||||||||||
4.75%, 01/30/30 | 344 | 316,065 | ||||||||||
3.88%, 08/15/31 | 107 | 90,120 | ||||||||||
Periama Holdings LLC, 5.95%, 04/19/26(e) | 250 | 235,313 | ||||||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b) | 22 | 19,644 | ||||||||||
Vedanta Resources Finance II PLC, 13.88%, 01/21/24(e) | 412 | 329,935 | ||||||||||
|
| |||||||||||
2,526,026 | ||||||||||||
Multi-Utilities — 0.0% | ||||||||||||
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/26(e) | 200 | 178,350 | ||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels — 2.9% | ||||||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) | 123 | 120,690 | ||||||||||
Antero Resources Corp., 7.63%, 02/01/29(b) | 19 | 19,428 | ||||||||||
Apache Corp., 5.35%, 07/01/49 | 11 | 8,501 | ||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) | ||||||||||||
9.00%, 11/01/27 | 84 | 102,040 | ||||||||||
5.88%, 06/30/29 | 214 | 188,855 | ||||||||||
Buckeye Partners LP | ||||||||||||
4.13%, 03/01/25(b) | 5 | 4,730 | ||||||||||
5.85%, 11/15/43 | 28 | 21,143 | ||||||||||
5.60%, 10/15/44 | 18 | 12,747 | ||||||||||
Callon Petroleum Co. | ||||||||||||
8.25%, 07/15/25 | 7 | 6,951 | ||||||||||
6.38%, 07/01/26 | 42 | 39,900 | ||||||||||
8.00%, 08/01/28(b) | 264 | 261,545 | ||||||||||
7.50%, 06/15/30(b) | 178 | 167,320 | ||||||||||
Chesapeake Energy Corp.(b) | ||||||||||||
5.88%, 02/01/29 | 5 | 4,759 | ||||||||||
6.75%, 04/15/29 | 74 | 73,464 | ||||||||||
CITGO Petroleum Corp.(b) | ||||||||||||
7.00%, 06/15/25 | 87 | 85,834 | ||||||||||
6.38%, 06/15/26 | 51 | 49,725 | ||||||||||
Civitas Resources, Inc., 5.00%, 10/15/26(b) | 16 | 15,040 |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
CNX Midstream Partners LP, 4.75%, 04/15/30(b) | USD | 49 | $ | 42,140 | ||||||||
CNX Resources Corp.(b) | ||||||||||||
6.00%, 01/15/29 | 51 | 47,685 | ||||||||||
7.38%, 01/15/31 | 49 | 48,265 | ||||||||||
Comstock Resources, Inc.(b) | ||||||||||||
6.75%, 03/01/29 | 92 | 84,184 | ||||||||||
5.88%, 01/15/30 | 103 | 88,492 | ||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) | 342 | 307,407 | ||||||||||
Crescent Energy Finance LLC(b) | ||||||||||||
7.25%, 05/01/26 | 230 | 216,200 | ||||||||||
9.25%, 02/15/28 | 67 | 64,236 | ||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) | ||||||||||||
5.63%, 05/01/27 | 11 | 10,598 | ||||||||||
6.00%, 02/01/29 | 35 | 33,320 | ||||||||||
8.00%, 04/01/29 | 23 | 23,460 | ||||||||||
CrownRock LP/CrownRock Finance, Inc.(b) | ||||||||||||
5.63%, 10/15/25 | 104 | 101,926 | ||||||||||
5.00%, 05/01/29 | 7 | 6,521 | ||||||||||
DCP Midstream Operating LP, 6.75%, 09/15/37(b) | 74 | 80,270 | ||||||||||
Diamondback Energy, Inc., 6.25%, 03/15/33 | 885 | 935,248 | ||||||||||
DT Midstream, Inc.(b) | ||||||||||||
4.13%, 06/15/29 | 54 | 47,342 | ||||||||||
4.38%, 06/15/31 | 46 | 40,075 | ||||||||||
Dycom Industries, Inc., 4.50%, 04/15/29(b) | 22 | 19,855 | ||||||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(b) | 73 | 70,834 | ||||||||||
Energy Transfer LP | ||||||||||||
5.40%, 10/01/47 | 150 | 133,339 | ||||||||||
Series G, (5 year CMT + 5.31%), 7.13%(a)(d) | 159 | 133,719 | ||||||||||
Series H, (5 year CMT + 5.69%), 6.50%(a)(d) | 74 | 65,120 | ||||||||||
EnLink Midstream Partners LP | ||||||||||||
5.60%, 04/01/44 | 24 | 19,588 | ||||||||||
5.45%, 06/01/47 | 8 | 6,376 | ||||||||||
EQM Midstream Partners LP(b) | ||||||||||||
6.50%, 07/01/27 | 40 | 38,771 | ||||||||||
7.50%, 06/01/30 | 15 | 14,531 | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||||||
6.50%, 10/01/25 | 50 | 48,432 | ||||||||||
8.00%, 01/15/27 | 13 | 12,855 | ||||||||||
7.75%, 02/01/28 | 40 | 38,783 | ||||||||||
8.88%, 04/15/30 | 41 | 41,513 | ||||||||||
Gulfport Energy Corp., 8.00%, 05/17/26(b) | 7 | 6,930 | ||||||||||
Harvest Midstream I LP, 7.50%, 09/01/28(b) | 12 | 11,968 | ||||||||||
Hess Corp., 5.80%, 04/01/47 | 248 | 242,930 | ||||||||||
Hess Midstream Operations LP, 4.25%, 02/15/30(b) | 42 | 37,510 | ||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co.(b) | ||||||||||||
6.25%, 11/01/28 | 44 | 41,756 | ||||||||||
5.75%, 02/01/29 | 29 | 26,696 | ||||||||||
6.00%, 02/01/31 | 3 | 2,762 | ||||||||||
ITT Holdings LLC, 6.50%, 08/01/29(b) | 99 | 83,588 | ||||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) | 8 | 7,779 | ||||||||||
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(e) | 200 | 191,000 | ||||||||||
MPLX LP, 4.95%, 03/14/52 | 400 | 347,671 | ||||||||||
Murphy Oil Corp., 6.13%, 12/01/42 | 2 | 1,657 | ||||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 | 24 | 21,862 | ||||||||||
Nabors Industries Ltd.(b) 7.25%, 01/15/26 | 64 | 61,040 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 8 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
Nabors Industries Ltd.(b) (continued) | ||||||||||||
7.50%, 01/15/28 | USD | 97 | $ | 89,521 | ||||||||
Nabors Industries, Inc. | ||||||||||||
5.75%, 02/01/25 | 154 | 149,187 | ||||||||||
7.38%, 05/15/27(b) | 158 | 154,742 | ||||||||||
New Fortress Energy, Inc.(b) | ||||||||||||
6.75%, 09/15/25 | 317 | 305,112 | ||||||||||
6.50%, 09/30/26 | 207 | 190,440 | ||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b) | 41 | 39,560 | ||||||||||
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b) | 253 | 250,963 | ||||||||||
NuStar Logistics LP, 6.00%, 06/01/26 | 68 | 66,654 | ||||||||||
Occidental Petroleum Corp. | ||||||||||||
6.95%, 07/01/24 | 7 | 7,088 | ||||||||||
8.88%, 07/15/30 | 23 | 26,752 | ||||||||||
7.50%, 05/01/31 | 13 | 14,338 | ||||||||||
6.45%, 09/15/36 | 2 | 2,103 | ||||||||||
6.20%, 03/15/40 | 85 | 85,459 | ||||||||||
6.60%, 03/15/46 | 5 | 5,257 | ||||||||||
Parkland Corp., 5.88%, 07/15/27(b) | 29 | 28,133 | ||||||||||
PDC Energy, Inc., 6.13%, 09/15/24 | 2 | 1,990 | ||||||||||
Permian Resources Operating LLC(b) | ||||||||||||
7.75%, 02/15/26 | 52 | 52,130 | ||||||||||
6.88%, 04/01/27 | 49 | 47,938 | ||||||||||
5.88%, 07/01/29 | 127 | 120,255 | ||||||||||
Precision Drilling Corp., 6.88%, 01/15/29(b) | 2 | 1,815 | ||||||||||
Range Resources Corp., 4.88%, 05/15/25 | 8 | 7,843 | ||||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(b) | 119 | 105,466 | ||||||||||
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25(b) | 3,000 | 2,984,625 | ||||||||||
SM Energy Co. | ||||||||||||
5.63%, 06/01/25 | 31 | 30,057 | ||||||||||
6.75%, 09/15/26 | 30 | 29,420 | ||||||||||
6.63%, 01/15/27 | 2 | 1,921 | ||||||||||
6.50%, 07/15/28 | 43 | 41,033 | ||||||||||
Southwestern Energy Co. | ||||||||||||
5.38%, 02/01/29 | 57 | 53,722 | ||||||||||
4.75%, 02/01/32 | 2 | 1,766 | ||||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26(b) | 1,596 | 1,532,160 | ||||||||||
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 | 2 | 1,975 | ||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) | ||||||||||||
7.50%, 10/01/25 | 2 | 1,999 | ||||||||||
6.00%, 03/01/27 | 6 | 5,680 | ||||||||||
6.00%, 12/31/30 | 4 | 3,575 | ||||||||||
6.00%, 09/01/31 | 20 | 17,685 | ||||||||||
Tap Rock Resources LLC, 7.00%, 10/01/26(b) | 309 | 270,702 | ||||||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) | 45 | 46,308 | ||||||||||
Transocean, Inc.(b) | ||||||||||||
7.50%, 01/15/26 | 55 | 49,938 | ||||||||||
11.50%, 01/30/27 | 51 | 52,673 | ||||||||||
8.75%, 02/15/30 | 247 | 251,940 | ||||||||||
Vantage Drilling International, 9.50%, 02/15/28(b) | 250 | 245,052 | ||||||||||
Venture Global Calcasieu Pass LLC, 3.88%, 11/01/33(b) | 4 | 3,360 | ||||||||||
Vermilion Energy, Inc., 6.88%, 05/01/30(b) | 29 | 26,410 | ||||||||||
Western Midstream Operating LP | ||||||||||||
5.30%, 03/01/48 | 54 | 45,755 |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
Western Midstream Operating LP (continued) | ||||||||||||
5.50%, 08/15/48 | USD | 6 | $ | 5,167 | ||||||||
5.50%, 02/01/50 | 89 | 75,516 | ||||||||||
|
| |||||||||||
12,620,091 | ||||||||||||
Passenger Airlines — 0.3% | ||||||||||||
Allegiant Travel Co., 7.25%, 08/15/27(b) | 29 | 28,869 | ||||||||||
American Airlines, Inc.(b) | ||||||||||||
11.75%, 07/15/25 | 371 | 405,889 | ||||||||||
7.25%, 02/15/28 | 15 | 14,587 | ||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | ||||||||||||
5.50%, 04/20/26 | 44 | 43,128 | ||||||||||
5.75%, 04/20/29 | 205 | 196,647 | ||||||||||
Avianca Midco 2 PLC, 9.00%, 12/01/28(b) | 141 | 115,710 | ||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b) | 89 | 84,493 | ||||||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b) | 42 | 42,670 | ||||||||||
United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27 | 11 | 10,492 | ||||||||||
United Airlines, Inc., 4.63%, 04/15/29(b) | 393 | 355,469 | ||||||||||
|
| |||||||||||
1,297,954 | ||||||||||||
Pharmaceuticals — 0.1% | ||||||||||||
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28(b) | 200 | 178,046 | ||||||||||
Option Care Health, Inc., 4.38%, 10/31/29(b) | 42 | 37,090 | ||||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, 04/30/31(b) | 200 | 177,529 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | 22 | 19,786 | ||||||||||
|
| |||||||||||
412,451 | ||||||||||||
Real Estate Management & Development — 1.3% | ||||||||||||
Agile Group Holdings Ltd., (5 year CMT + 11.29%), 7.88%(a)(d)(e) | 200 | 63,000 | ||||||||||
China Aoyuan Group Ltd.(c)(e)(g) | ||||||||||||
5.98%, 08/18/25 | 200 | 18,000 | ||||||||||
6.20%, 03/24/26 | 200 | 18,000 | ||||||||||
China SCE Group Holdings Ltd., 5.95%, 09/29/24(e) | 200 | 106,000 | ||||||||||
Country Garden Holdings Co. Ltd.(e) | ||||||||||||
5.40%, 05/27/25 | 200 | 133,500 | ||||||||||
7.25%, 04/08/26 | 300 | 189,000 | ||||||||||
4.80%, 08/06/30 | 200 | 101,000 | ||||||||||
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(b) | 62 | 55,507 | ||||||||||
Fantasia Holdings Group Co. Ltd.(c)(g) | ||||||||||||
11.75%, 04/17/22(e) | 710 | 72,775 | ||||||||||
12.25%, 10/18/22 | 200 | 20,500 | ||||||||||
KWG Group Holdings Ltd. | ||||||||||||
7.88%, 08/30/24 | 250 | 85,000 | ||||||||||
5.88%, 11/10/24(e) | 200 | 53,000 | ||||||||||
Modern Land China Co. Ltd., (2.00% Cash or 2.00% PIK), 9.00%, 12/30/26(c)(e)(f)(g) | 240 | 16,220 | ||||||||||
New Metro Global Ltd., 4.80%, 12/15/24(e) | 200 | 154,000 | ||||||||||
NWD Finance BVI Ltd., (5 year CMT + 7.89%), 5.25%(a)(d)(e) | 200 | 173,000 | ||||||||||
NWD MTN Ltd., 4.13%, 07/18/29(e) | 200 | 164,958 | ||||||||||
Pakuwon Jati Tbk PT, 4.88%, 04/29/28(e) | 200 | 175,662 | ||||||||||
PCPD Capital Ltd., 5.13%, 06/18/26(e) | 200 | 165,100 | ||||||||||
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24(e) | 200 | 47,038 | ||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp.(b) | ||||||||||||
5.75%, 01/15/29 | 61 | 45,656 |
9 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Real Estate Management & Development (continued) | ||||||||||||
Realogy Group LLC/Realogy Co.-Issuer | ||||||||||||
5.25%, 04/15/30 | USD | 24 | $ | 17,493 | ||||||||
RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25(e) |
| 225 | 177,750 | |||||||||
Shui On Development Holding Ltd., 5.50%, 03/03/25(e) | 200 | 169,975 | ||||||||||
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22(c)(g) | 200 | 2,000 | ||||||||||
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24(e) | 200 | 121,000 | ||||||||||
Sino-Ocean Land Treasure IV Ltd., 4.75%, 08/05/29(e) | 200 | 74,000 | ||||||||||
Starwood Property Trust, Inc., 4.38%, 01/15/27(b) | 14 | 11,570 | ||||||||||
Theta Capital Pte. Ltd., 8.13%, 01/22/25(e) | 200 | 160,663 | ||||||||||
Times China Holdings Ltd., | 200 | 30,000 | ||||||||||
VICI Properties LP, 5.13%, 05/15/32 | 990 | 932,719 | ||||||||||
VLL International, Inc., 5.75%, 11/28/24(e) | 200 | 191,225 | ||||||||||
WeWork Cos., Inc., 7.88%, 05/01/25(b) | 2,691 | 1,486,777 | ||||||||||
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24(e) | 200 | 194,000 | ||||||||||
|
| |||||||||||
5,426,088 | ||||||||||||
Semiconductors & Semiconductor Equipment(b) —0.3% | ||||||||||||
Broadcom, Inc., 3.75%, 02/15/51 | 1,765 | 1,299,843 | ||||||||||
Synaptics, Inc., 4.00%, 06/15/29 | 129 | 111,086 | ||||||||||
|
| |||||||||||
1,410,929 | ||||||||||||
Software — 2.4% | ||||||||||||
Alteryx, Inc., 8.75%, 03/15/28 | 46 | 46,298 | ||||||||||
Boxer Parent Co., Inc.(b) | ||||||||||||
7.13%, 10/02/25 | 91 | 90,566 | ||||||||||
9.13%, 03/01/26 | 313 | 303,522 | ||||||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |
| 250 | 245,720 | |||||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(b) |
| 3,427 | 3,031,538 | |||||||||
Elastic NV, 4.13%, 07/15/29(b) | 66 | 56,348 | ||||||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) | 4 | 3,435 | ||||||||||
MicroStrategy, Inc. | ||||||||||||
0.00%, 02/15/27(h)(i) | 123 | 64,349 | ||||||||||
6.13%, 06/15/28(b) | 4,090 | 3,629,875 | ||||||||||
Oracle Corp., 3.95%, 03/25/51 | 630 | 474,061 | ||||||||||
Skillz, Inc., 10.25%, 12/15/26(b) | 1,550 | 1,069,500 | ||||||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b) | 1,468 | 1,105,051 | ||||||||||
|
| |||||||||||
10,120,263 | ||||||||||||
Specialized REITs — 0.0% | ||||||||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) | 100 | 97,000 | ||||||||||
|
| |||||||||||
Specialty Retail(b) — 0.1% | ||||||||||||
Arko Corp., 5.13%, 11/15/29 | 32 | 26,486 | ||||||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 | 250 | 245,403 | ||||||||||
Staples, Inc., 7.50%, 04/15/26 | 79 | 69,214 | ||||||||||
|
| |||||||||||
341,103 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.0% | ||||||||||||
Coherent Corp., 5.00%, 12/15/29(b) | 56 | 50,831 | ||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods — 0.5% | ||||||||||||
Calceus Acquisition, Inc., 9.75%, 02/12/25(j) | 1,933 | 1,858,102 | ||||||||||
Crocs, Inc.(b) | ||||||||||||
4.25%, 03/15/29 | 13 | 11,403 | ||||||||||
4.13%, 08/15/31 | 22 | 18,126 |
Security | Par (000) | Value | ||||||||||
Textiles, Apparel & Luxury Goods (continued) | ||||||||||||
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21(c)(e)(g)(h) | EUR | 300 | $ | 281,792 | ||||||||
Hanesbrands, Inc., 9.00%, 02/15/31(b) | USD | 60 | 61,425 | |||||||||
Kontoor Brands, Inc., 4.13%, 11/15/29(b) | 18 | 15,447 | ||||||||||
|
| |||||||||||
2,246,295 | ||||||||||||
Tobacco — 0.0% | ||||||||||||
BAT Capital Corp., 4.54%, 08/15/47 | 100 | 74,473 | ||||||||||
|
| |||||||||||
Transportation Infrastructure(e) — 0.1% | ||||||||||||
Delhi International Airport Ltd., 6.13%, 10/31/26 | 200 | 189,975 | ||||||||||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 | 200 | 173,918 | ||||||||||
|
| |||||||||||
363,893 | ||||||||||||
Utilities — 0.1% | ||||||||||||
Consensus Cloud Solutions, Inc.(b) | ||||||||||||
6.00%, 10/15/26 | 13 | 11,294 | ||||||||||
6.50%, 10/15/28 | 15 | 12,440 | ||||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e) | 250 | 210,672 | ||||||||||
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e) | 162 | 157,832 | ||||||||||
Vistra Operations Co. LLC, 4.38%, 05/01/29(b) | 22 | 19,479 | ||||||||||
|
| |||||||||||
411,717 | ||||||||||||
Wireless Telecommunication Services(b) — 0.9% | ||||||||||||
Altice France SA/France, 5.13%, 07/15/29 | 200 | 150,500 | ||||||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24 | 3,901 | 3,549,742 | ||||||||||
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31 | 200 | 171,444 | ||||||||||
|
| |||||||||||
3,871,686 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds — 29.0% |
| 124,547,076 | ||||||||||
|
| |||||||||||
Floating Rate Loan Interests(a) | ||||||||||||
Aerospace & Defense — 0.2% | ||||||||||||
Atlas CC Acquisition Corp. | ||||||||||||
Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28 | 139 | 124,192 | ||||||||||
Term Loan C, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28 | 27 | 23,069 | ||||||||||
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR US + 4.00%), 9.16%, 10/31/26 | 15 | 15,315 | ||||||||||
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29 | 34 | 33,034 | ||||||||||
Dynasty Acquisition Co., Inc. | ||||||||||||
2020 CAD Term Loan B2, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26 | 37 | 36,495 | ||||||||||
2020 Term Loan B1, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26 | 54 | 52,436 | ||||||||||
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR US + 5.60%), 10.41%, 04/09/26 | 24 | 18,636 | ||||||||||
Peraton Corp. | ||||||||||||
2nd Lien Term Loan B1, (3 mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29 | 95 | 92,429 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 10 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Aerospace & Defense (continued) | ||||||||||||
Peraton Corp. (continued) | ||||||||||||
Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 02/01/28 | USD | 163 | $ | 160,057 | ||||||||
TransDigm, Inc., 2023 Term Loan I, (3 mo. SOFR CME + 3.25%), 8.15%, 08/24/28 | 134 | 133,345 | ||||||||||
|
| |||||||||||
689,008 | ||||||||||||
Air Freight & Logistics — 0.0% | ||||||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.45%, 04/06/28 | 53 | 51,240 | ||||||||||
Kestrel Bidco, Inc., Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.00%), 7.86%, 12/11/26 | 70 | 67,004 | ||||||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 12/15/28 | 53 | 44,111 | ||||||||||
|
| |||||||||||
162,355 | ||||||||||||
Automobile Components — 0.1% | ||||||||||||
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/10/28 | 38 | 37,808 | ||||||||||
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/30/26 | 192 | 191,006 | ||||||||||
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 02/05/26 | 144 | 141,064 | ||||||||||
|
| |||||||||||
369,878 | ||||||||||||
Banks — 0.1% | ||||||||||||
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.00%), 9.84%, 08/02/27 | 137 | 131,399 | ||||||||||
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.00%), 9.84%, 10/29/28 | 80 | 77,806 | ||||||||||
|
| |||||||||||
209,205 | ||||||||||||
Beverages — 0.0% | ||||||||||||
Naked Juice LLC | ||||||||||||
2nd Lien Term Loan, (3 mo. SOFRTE at 0.50% Floor + 6.00%), 11.00%, 01/24/30 | 139 | 103,801 | ||||||||||
Term Loan, (3 mo. SOFRTE at 0.50% Floor + 3.25%), 8.25%, 01/24/29 | 80 | 69,598 | ||||||||||
|
| |||||||||||
173,399 | ||||||||||||
Broadline Retail — 1.2% | ||||||||||||
LSF9 Atlantis Holdings LLC, 2022 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 7.25%), 12.15%, 03/31/29 | 1,707 | 1,658,912 | ||||||||||
PUG LLC, EUR Term Loan B, (1 mo. EURIBOR + 3.50%), 6.41%, 02/12/27 | EUR | 4,250 | 3,254,042 | |||||||||
|
| |||||||||||
4,912,954 | ||||||||||||
Building Materials — 0.0% | ||||||||||||
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 04/12/28 | USD | 9 | 8,238 | |||||||||
|
| |||||||||||
Building Products — 0.1% | ||||||||||||
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 11/23/27 | 83 | 73,882 | ||||||||||
CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.41%, 04/28/29 | 45 | 44,243 | ||||||||||
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 07/28/28 | 61 | 58,695 |
Security | Par (000) | Value | ||||||||||
Building Products (continued) | ||||||||||||
New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 6.00%), 10.81%, 03/08/29 | USD | 34 | $ | 29,069 | ||||||||
Standard Industries, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 7.12%, 09/22/28 | 62 | 61,616 | ||||||||||
Wilsonart LLC, 2021 Term Loan E, (6 mo. LIBOR US at 1.00% Floor + 3.25%), 8.46%, 12/31/26 | 151 | 144,765 | ||||||||||
|
| |||||||||||
412,270 | ||||||||||||
Capital Markets — 0.6% | ||||||||||||
Ascensus Holdings, Inc. | ||||||||||||
2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.50%), 11.31%, 08/02/29 | 75 | 66,872 | ||||||||||
Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 08/02/28 | 161 | 155,846 | ||||||||||
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.75%), 7.78%, 10/22/27 | 32 | 31,421 | ||||||||||
Deerfield Dakota Holding LLC | ||||||||||||
2020 USD Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.75%), 8.65%, 04/09/27 | 251 | 242,534 | ||||||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28 | 170 | 155,691 | ||||||||||
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.19%, 11/12/27 | 32 | 31,164 | ||||||||||
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 06/30/28 | 78 | 77,084 | ||||||||||
Foreside Financial, Incremental Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.50%), 10.54%, 09/30/27(j) | 1,655 | 1,596,780 | ||||||||||
GC Champion Acquisition LLC(j) | ||||||||||||
1st Lien Delayed Draw Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.75%), 11.56%, 08/21/28 | 48 | 47,575 | ||||||||||
1st Lien Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.75%), 11.15%, 08/21/28 | 173 | 170,414 | ||||||||||
OpCo Borrower, LLC, Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.50%), 11.40%, 08/19/27(j) | 170 | 169,591 | ||||||||||
|
| |||||||||||
2,744,972 | ||||||||||||
Chemicals — 0.7% | ||||||||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.75%), 9.71%, 08/27/26 | 93 | 91,434 | ||||||||||
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3 mo. SOFR CME at 0.50% Floor + 3.00%), 7.90%, 12/20/29 | 56 | 55,848 | ||||||||||
CPC Acquisition Corp., Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 12/29/27 | 14 | 10,544 | ||||||||||
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.375%), 8.96%, 10/04/29 | 60 | 56,583 | ||||||||||
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.81%, 01/31/26 | 77 | 76,855 | ||||||||||
HB Fuller Co., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 02/15/30 | 16 | 16,055 | ||||||||||
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3 mo. SOFR CME + 3.50%), 8.41%, 02/18/30 | 30 | 29,802 | ||||||||||
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 9.16%, 07/03/28 | 35 | 32,572 | ||||||||||
LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.42%, 10/15/28 | 92 | 88,844 |
11 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Chemicals (continued) | ||||||||||||
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. SOFR CME + 2.50%), 7.66%, 03/02/26 | USD | 56 | $ | 56,030 | ||||||||
Momentive Performance Materials, Inc., 2023 Term Loan, 03/31/28(j)(k) | 99 | 96,773 | ||||||||||
OQ Chemicals Corp., 2017 USD Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.00%, 10/14/24 | 97 | 94,116 | ||||||||||
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.50%), 7.33%, 06/09/28 | 63 | 62,486 | ||||||||||
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27 | 49 | 47,522 | ||||||||||
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 7.92%, 08/02/28 | 96 | 94,724 | ||||||||||
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. SOFR CME + 2.75%), 7.53%, 10/01/25 | 5 | 4,528 | ||||||||||
Supplyone, Inc., Term Loan, (1 mo. LIBOR US at 1.00% Floor + 5.50%), 10.42%, 02/01/24(j) | 1,965 | 1,926,683 | ||||||||||
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28 | 45 | 45,020 | ||||||||||
|
| |||||||||||
2,886,419 | ||||||||||||
Commercial Services & Supplies — 3.2% | ||||||||||||
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 05/12/28 | 227 | 215,477 | ||||||||||
Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 8.91%, 02/15/29 | 32 | 30,893 | ||||||||||
Aramark Services, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.50%), 7.34%, 04/06/28 | 127 | 126,404 | ||||||||||
Asurion LLC | ||||||||||||
2020 Term Loan B8, (1 mo. LIBOR US + 3.25%), 8.09%, 12/23/26 | 39 | 35,833 | ||||||||||
2021 2nd Lien Term Loan B3, (1 mo. LIBOR US + 5.25%), 10.09%, 01/31/28 | 144 | 119,376 | ||||||||||
2023 Term Loan B11, (1 mo. SOFR CME + 4.25%), 9.16%, 08/19/28 | 43 | 39,479 | ||||||||||
Covanta Holding Corp. | ||||||||||||
2021 Term Loan C, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28 | 4 | 4,378 | ||||||||||
2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28 | 58 | 57,833 | ||||||||||
Creative Artists Agency LLC, 2023 Term Loan B, (1 mo. SOFR CME + 3.50%), 8.31%, 11/27/28 | 76 | 75,652 | ||||||||||
GFL Environmental, Inc., 2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.91%, 05/28/27 | 60 | 59,832 | ||||||||||
INH Buyer, Inc., 2021 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.00%), 12.00%, 06/28/28(j) | 2,720 | 2,132,637 | ||||||||||
Oak Purchaser, Inc., Delayed Draw Term Loan, (3 mo. SOFR CME at 0.75% Floor + 5.50%), 10.36%, 04/28/28(j) | 1,439 | 573,365 | ||||||||||
Oversight Systems, Inc., Term Loan, (1 mo. SOFR CME at 1.00% Floor + 5.25%), 10.16%, 09/23/26(j) | 964 | 929,990 | ||||||||||
Packers Holdings LLC, 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.25%), 8.09%, 03/09/28 | 54 | 48,975 | ||||||||||
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.52%, 09/23/26 | 76 | 75,631 |
Security | Par (000) | Value | ||||||||||
Commercial Services & Supplies (continued) | ||||||||||||
Security Services Acquisition Sub Corp., Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.00%), 10.84%, 02/15/24(j) | USD | 2,279 | $ | 2,236,605 | ||||||||
Terraboost Media, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.00%), 9.19%, 08/21/26(j) | 2,567 | 2,369,535 | ||||||||||
Thunder Purchaser, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 06/30/28 | 574 | 546,458 | ||||||||||
Revolver, (3 mo. LOC + 5.75%), 10.56%, 06/30/27 | 129 | 122,362 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 06/30/28 | 2,173 | 2,068,891 | ||||||||||
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR US + 4.00%), 8.84%, 08/27/25 | 63 | 62,977 | ||||||||||
Viad Corp., Initial Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.00%), 9.92%, 07/30/28 | 49 | 46,431 | ||||||||||
VT Topco, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.75%), 11.59%, 07/31/26(j) | 623 | 596,729 | ||||||||||
West Technology Group LLC, 2023 Term Loan B3, (3 mo. SOFR CME at 1.00% Floor + 4.00%), 8.93%, 04/10/27 | 1,497 | 1,287,745 | ||||||||||
|
| |||||||||||
13,863,488 | ||||||||||||
Communications Equipment — 0.0% | ||||||||||||
Ciena Corp., 2023 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.19%, 01/18/30 | 12 | 11,978 | ||||||||||
ViaSat, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.42%, 03/02/29 | 115 | 111,753 | ||||||||||
|
| |||||||||||
123,731 | ||||||||||||
Construction & Engineering — 0.4% | ||||||||||||
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 09/30/29(j) | 91 | 76,895 | ||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.25%), 9.13%, 06/21/24 | 129 | 119,430 | ||||||||||
Corestates, Inc., Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.16%, 03/31/28(j) | 333 | 320,728 | ||||||||||
Pueblo Mechanical and Controls LLC(j) | ||||||||||||
2022 Delayed Draw Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.00%), 10.78%, 08/23/28 | 395 | 387,872 | ||||||||||
2022 Revolver, (PRIME + 5.00%), 13.00%, 08/23/27 | 29 | 28,726 | ||||||||||
2022 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.00%), 10.83%, 08/23/28 | 721 | 708,760 | ||||||||||
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 06/02/28 | 138 | 133,178 | ||||||||||
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 05/12/28 | 65 | 62,765 | ||||||||||
|
| |||||||||||
1,838,354 | ||||||||||||
Construction Materials — 0.5% | ||||||||||||
Core & Main LP, 2021 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.37%, 07/27/28(j) | 190 | 188,612 | ||||||||||
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/29/25 | 97 | 96,732 | ||||||||||
Kellermeyer Bergensons Services LLC(j) | ||||||||||||
2019 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.83%, 11/07/26 | 414 | 374,316 | ||||||||||
2020 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.83%, 11/07/26 | 91 | 82,567 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 12 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Construction Materials (continued) | ||||||||||||
Kellermeyer Bergensons Services LLC(j) (continued) | ||||||||||||
2021 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.83%, 11/07/26 | USD | 127 | $ | 114,356 | ||||||||
Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 04/29/29 | 57 | 55,175 | ||||||||||
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR US + 3.00%), 7.87%, 06/01/26 | 8 | 7,976 | ||||||||||
Thermostat Purchaser III, Inc., 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 7.25%), 12.20%, 08/31/29(j) | 1,388 | 1,290,659 | ||||||||||
|
| |||||||||||
2,210,393 | ||||||||||||
Consumer Finance — 0.5% | ||||||||||||
WorldRemit Ltd., Term Loan, (1 mo. LIBOR US at 1.00% Floor + 9.25%), 14.21%, 01/27/25(j) | 2,000 | 1,970,000 | ||||||||||
|
| |||||||||||
Consumer Staples Distribution & Retail — 0.3% | ||||||||||||
H-Food Holdings LLC | ||||||||||||
2018 Term Loan B, (1 mo. LIBOR US + 3.688%), 8.53%, 05/23/25 | 25 | 21,284 | ||||||||||
2020 Incremental Term Loan B3, (1 mo. LIBOR US at 1.00% Floor + 5.00%), 9.84%, 05/23/25 | 11 | 9,247 | ||||||||||
JP Intermediate B LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.50%), 10.33%, 11/20/25 | 1,642 | 952,050 | ||||||||||
U.S. Foods, Inc. | ||||||||||||
2019 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 09/13/26 | 27 | 27,211 | ||||||||||
2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 11/22/28 | 100 | 99,751 | ||||||||||
|
| |||||||||||
1,109,543 | ||||||||||||
Containers & Packaging — 0.1% | ||||||||||||
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.67%, 12/01/27 | 161 | 159,021 | ||||||||||
Mauser Packaging Solutions Holding Co., Term Loan B, (3 mo. SOFR CME + 4.00%), 8.78%, 08/14/26 | 51 | 50,508 | ||||||||||
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.67%, 07/31/26 | 16 | 15,554 | ||||||||||
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.42%, 08/18/27 | 69 | 52,584 | ||||||||||
Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 09/15/28 | 47 | 45,607 | ||||||||||
|
| |||||||||||
323,274 | ||||||||||||
Distributors — 0.7% | ||||||||||||
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. SOFR CME + 2.00%), 6.91%, 01/15/27 | 30 | 30,026 | ||||||||||
CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.50%), 8.13%, 11/08/27 | 79 | 77,591 | ||||||||||
Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.31%, 12/14/27 | 94 | 93,448 | ||||||||||
Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 8.06%, 11/09/29 | 70 | 69,694 | ||||||||||
Kid Distro Holdings LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 10/01/27(j) | 1,294 | 1,263,665 |
Security | Par (000) | Value | ||||||||||
Distributors (continued) | ||||||||||||
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 02/12/27(j) | USD | 31 | $ | 21,833 | ||||||||
Syndigo LLC, 2020 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 8.00%), 12.87%, 12/15/28(j) | 2,000 | 1,580,000 | ||||||||||
|
| |||||||||||
3,136,257 | ||||||||||||
Diversified Consumer Services — 2.6% | ||||||||||||
2U, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 6.50%), 11.32%, 12/28/26 | 352 | 337,457 | ||||||||||
Ascend Learning LLC | ||||||||||||
2021 2nd Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.75%), 10.66%, 12/10/29 | 129 | 110,725 | ||||||||||
2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 12/11/28 | 43 | 39,134 | ||||||||||
BW Holding, Inc., 2021 First Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.00%), 9.04%, 12/14/28 | 3,071 | 2,797,316 | ||||||||||
Chronicle Bidco, Inc., 2022 Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.25%), 11.61%, 05/18/29(j) | 2,941 | 2,864,864 | ||||||||||
Emerald Expositions Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR US + 2.50%), 7.34%, 05/22/24 | 108 | 106,398 | ||||||||||
Employ, Inc., Term Loan, (3 mo. SOFR CME + 8.00%), 12.83%, 07/15/29(j) | 250 | 244,100 | ||||||||||
Laseraway Intermediate Holdings II LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.75%), 10.58%, 10/14/27 | 1,490 | 1,458,560 | ||||||||||
OLA Netherlands BV, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 6.25%), 11.11%, 12/15/26 | 113 | 106,299 | ||||||||||
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.58%, 10/28/27 | 69 | 64,877 | ||||||||||
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.33%, 01/15/27 | 159 | 157,422 | ||||||||||
Thrasio LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.00%), 12.16%, 12/18/26 | 2,985 | 2,604,489 | ||||||||||
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.50%), 8.40%, 07/20/28 | 24 | 24,017 | ||||||||||
|
| |||||||||||
10,915,658 | ||||||||||||
Diversified REITs — 0.0% | ||||||||||||
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.85%, 05/11/24 | 27 | 27,215 | ||||||||||
|
| |||||||||||
Diversified Telecommunication Services — 0.9% | ||||||||||||
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.38%, 10/02/27 | 19 | 15,148 | ||||||||||
Frontier Communications Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.63%, 05/01/28 | 48 | 45,588 | ||||||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 4.25%), 9.08%, 02/01/29 | 3,777 | 3,729,627 | ||||||||||
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 11/04/26 | 58 | 57,702 | ||||||||||
Level 3 Financing, Inc., 2019 Term Loan B, 03/01/27(k) | 70 | 58,858 | ||||||||||
Lumen Technologies, Inc., 2020 Term Loan B, (3 mo. SOFR CME + 2.25%), 7.17%, 03/15/27 | 85 | 55,667 | ||||||||||
Telesat Canada, Term Loan B5, (3 mo. LIBOR US + 2.75%), 7.58%, 12/07/26 | 13 | 6,558 | ||||||||||
|
| |||||||||||
3,969,148 |
13 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Electric Utilities — 0.1% | ||||||||||||
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 03/31/28 | USD | 208 | $ | 185,847 | ||||||||
|
| |||||||||||
Electrical Equipment — 0.1% | ||||||||||||
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.91%, 06/23/28 | 64 | 60,712 | ||||||||||
AZZ, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 9.16%, 05/13/29 | 32 | 32,438 | ||||||||||
Emerald Technologies (U.S.) Acquisition., Inc., Revolver, (1 mo. SOFR CME + 6.00%), 10.80%, 12/29/26(j) | 437 | 396,740 | ||||||||||
Gates Global LLC, 2021 Term Loan B3, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 03/31/27 | 45 | 45,050 | ||||||||||
|
| |||||||||||
534,940 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.3% | ||||||||||||
Coherent Corp., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.67%, 07/02/29 | 60 | 59,946 | ||||||||||
Emerald Electronics Manufacturing Services, Term Loan, (1 mo. SOFRTE at 1.00% Floor + 6.25%), 11.16%, 12/29/27 | 1,445 | 1,358,007 | ||||||||||
|
| |||||||||||
1,417,953 | ||||||||||||
Energy Equipment & Services — 0.0% |
| |||||||||||
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 10/05/28 | 132 | 129,922 | ||||||||||
|
| |||||||||||
Entertainment — 0.1% | ||||||||||||
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.13%, 03/08/30 | 44 | 43,450 | ||||||||||
City Football Group Ltd., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.78%, 07/21/28 | 96 | 91,107 | ||||||||||
Delta 2 Lux SARL, Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 01/15/30 | 60 | 60,025 | ||||||||||
Gympass, Term Loan, (1 mo. SOFR CME + 4.00%, 4.00% PIK), 8.97%, 06/24/27(f)(j) | 257 | 252,367 | ||||||||||
Streamland Media Midco LLC, 2022 Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.75%), 11.69%, 07/28/25(j) | 75 | 72,444 | ||||||||||
|
| |||||||||||
519,393 | ||||||||||||
Environmental, Maintenance & Security Service — 0.1% | ||||||||||||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 09/07/27 | 125 | 124,366 | ||||||||||
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 11/02/27 | 100 | 91,977 | ||||||||||
|
| |||||||||||
216,343 | ||||||||||||
Financial Services — 13.4% | ||||||||||||
2-10 HBW, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.00%), 10.63%, 03/25/27(j) | 2,142 | 2,119,826 | ||||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.00%), 9.05%, 02/16/28 | 36 | 34,904 | ||||||||||
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR US + 4.50%), 9.34%, 07/31/26 | 64 | 62,448 | ||||||||||
AHF Parent Holding, Inc., Term Loan, (3 mo. SOFRTE at 0.75% Floor + 6.25%), 11.41%, 02/01/28 | 1,900 | 1,810,947 | ||||||||||
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.61%, 02/04/28 | 63 | 62,646 |
Security | Par (000) | Value | ||||||||||
Financial Services (continued) | ||||||||||||
Altice France SA/France, 2023 USD Term Loan B14, (2 mo. SOFR CME + 5.50%), 10.17%, 08/15/28(j) | USD | 85 | $ | 80,800 | ||||||||
ARAS Corp.(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 6.50%), 11.13%, 04/13/27 | 101 | 95,655 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 3.25%), 8.07%, 04/13/27 | 2,210 | 2,095,263 | ||||||||||
Arrow Purchaser, Inc.(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 6.75%), 11.67%, 04/15/26 | 102 | 102,339 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.75%), 11.71%, 04/15/26 | 947 | 947,366 | ||||||||||
Bynder Holding B.V., Term Loan Tranche A, (6 mo. SOFR CME + 7.25%), 12.05%, 01/26/29(j) | 15 | 14,567 | ||||||||||
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.62%, 10/22/26 | 75 | 74,061 | ||||||||||
CBI-Gator Acquisition LLC, Term Loan, (6 mo. LIBOR US + 5.75%), 10.90%, 10/25/27(j) | 2,776 | 2,539,874 | ||||||||||
CivicPlus LLC(j) | ||||||||||||
2022 Holdco Notes, (6 mo. SOFR CME at 0.75% Floor + 11.75%), 16.54%, 06/09/34 | 656 | 644,775 | ||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.25%), 11.70%, 08/24/27 | 363 | 357,448 | ||||||||||
Term Loan, (3 mo. LIBOR US at 0.75% Floor +4.25%, 2.50% PIK), 9.20%, 08/24/27(f) | 775 | 762,556 | ||||||||||
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.50%), 7.34%, 09/01/28 | 80 | 78,515 | ||||||||||
Comet Bidco Ltd., 2018 USD Term Loan B, (6 mo. LIBOR US at 1.00% Floor + 5.00%), 10.21%, 09/30/24 | 2,955 | 2,419,058 | ||||||||||
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 7.25%), 12.16%, 12/01/28 | 14 | 11,865 | ||||||||||
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR US + 4.00%), 8.84%, 02/07/25 | 133 | 126,386 | ||||||||||
Freedom Financial Network Funding LLC, 1st Lien Term Loan, (6 mo. SOFR CME at 1.00% Floor + 9.00%), 13.70%, 09/21/27(j) | 375 | 361,875 | ||||||||||
FSK Pallet Holding Corp., Term Loan, (3 mo. SOFR CME at 1.25% Floor + 6.00%), 10.78%, 12/23/26(j) | 100 | 96,927 | ||||||||||
Gainwell Acquisition Corp., Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 9.00%, 10/01/27 | 126 | 120,239 | ||||||||||
GC Waves Holdings, Inc.(j) | ||||||||||||
2020 Delayed Draw Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.50%), 10.34%, 08/13/26 | 879 | 849,680 | ||||||||||
2021 Delayed Draw Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.50%), 10.34%, 08/13/26 | 2,184 | 2,112,215 | ||||||||||
Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.50%), 10.34%, 08/13/26 | 883 | 854,071 | ||||||||||
Greystone Affordable Housing Initiatives LLC(j) | ||||||||||||
2022 Term Loan, (1 mo. SOFR CME + 6.50%), 11.42%, 03/08/27 | 1,636 | 1,620,982 | ||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US + 6.00%), 11.14%, 07/01/26 | 2,800 | 2,760,800 | ||||||||||
HowlCo LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.92%, 10/23/26(j) | 1,092 | 1,055,270 | ||||||||||
IT Parent LLC(j) | ||||||||||||
2021 Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.25%), 11.11%, 09/30/26 | 313 | 291,887 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 14 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Financial Services (continued) | ||||||||||||
IT Parent LLC(j) (continued) | ||||||||||||
Revolver, (1 mo. LIBOR US at 1.00% Floor + 6.25%), 11.41%, 10/01/26 | USD | 299 | $ | 278,826 | ||||||||
Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.25%), 11.16%, 10/01/26 | 2,454 | 2,289,436 | ||||||||||
Job & Talent USA, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (1 mo. SOFR CME at 1.00% Floor + 8.75%), 13.61%, 01/27/25 | 500 | 494,000 | ||||||||||
Term Loan, (1 mo. SOFR CME at 1.00% Floor + 8.75%), 13.61%, 01/27/25 | 1,500 | 1,482,000 | ||||||||||
Term loan 3, (1 mo. SOFR CME at 1.00% Floor + 8.75%), 13.61%, 02/17/25 | 2,000 | 1,976,000 | ||||||||||
KKR Apple Bidco LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 09/23/28 | 45 | 43,922 | ||||||||||
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 12/17/27 | — | (l) | 6,994 | |||||||||
LJ Avalon Holdings LLC(j) | ||||||||||||
Delayed Draw Term Loan, 02/01/30(k) | 23 | 22,298 | ||||||||||
Revolver, 02/01/29(k) | 9 | 8,919 | ||||||||||
Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.50%), 11.33%, 02/01/30 | 57 | 55,002 | ||||||||||
Money Transfer Acquisition Inc., 2022 Term Loan, (3 mo. SOFRTE + 8.25%), 13.08%, 11/15/27(j) | 459 | 450,462 | ||||||||||
MSM Acquisitions, Inc.(j) | ||||||||||||
2021 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.00%, 12/09/26 | 81 | 77,462 | ||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.00%, 12/09/26 | 350 | 333,799 | ||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 5.00%), 11.00%, 12/09/26 | 90 | 85,604 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.00%, 12/09/26 | 1,061 | 1,012,299 | ||||||||||
Oak Purchaser, Inc., Term Loan, (3 mo. SOFR CME at 0.75% Floor + 5.50%), 10.36%, 04/28/28(j) | 2,159 | 2,087,492 | ||||||||||
Oasis Financial LLC, 2nd Lien Term Loan, | 2,000 | 1,948,000 | ||||||||||
Porcelain Acquisition Corp., Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 04/01/27(j) | 1,237 | 1,219,299 | ||||||||||
PTSH Intermediate Holdings LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.75%), 10.91%, 12/17/27(j) | 2,501 | 2,457,784 | ||||||||||
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 09/25/26 | 134 | 109,458 | ||||||||||
RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.75%), 8.55%, 02/08/28 | 9 | 7,782 | ||||||||||
Showtime Acquisition LLC (World Choice)(j) 0.00%, 08/07/28(k) | 6 | 6,329 | ||||||||||
Delayed Draw Term Loan, 02/06/28(k) | 5 | 4,917 | ||||||||||
Term Loan, (3 mo. SOFR CME + 7.50%), 12.30%, 02/06/28 | 89 | 86,047 | ||||||||||
Skopima Merger Sub, Inc., 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.50%), 12.34%, 04/30/29(j) | 3,000 | 2,817,000 | ||||||||||
SMG U.S. Midco 2, Inc., 2020 Term Loan, | 33 | 32,615 | ||||||||||
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR US + 4.00%), 8.90%, 07/30/25 | 33 | 32,383 |
Security | Par (000) | Value | ||||||||||
Financial Services (continued) | ||||||||||||
Sunland Asphalt & Construction LLC(j) | ||||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.15%, 01/13/26 | USD | 347 | $ | 340,340 | ||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 11.15%, 01/13/26 | 1,033 | 1,012,164 | ||||||||||
Supplyone, Inc., Incremental Term Loan, (1 mo. LIBOR US at 1.00% Floor + 5.50%), 10.17%, 02/01/24(j) | 1,247 | 1,219,988 | ||||||||||
Touchstone Acquisition, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.00%), 10.86%, 12/29/28(j) | 4,455 | 4,330,706 | ||||||||||
Veritas U.S., Inc., 2021 USD Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 5.00%), 9.84%, 09/01/25 | 161 | 121,394 | ||||||||||
VS Buyer LLC, Term Loan B, (2 mo. LIBOR US + 3.00%), 7.70%, 02/28/27 | 47 | 46,565 | ||||||||||
Wealth Enhancement Group LLC, 2021 August Delayed Draw Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.00%), 10.86%, 10/04/27(j) | 1,198 | 1,175,229 | ||||||||||
Wharf Street Rating Acquisition LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.00%), 10.84%, 12/10/27(j) | 3,921 | 3,805,094 | ||||||||||
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 10/19/27 | 64 | 63,303 | ||||||||||
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR US + 2.50%), 7.18%, 04/30/28 | 54 | 53,166 | ||||||||||
Zilliant, Inc., Term Loan, (1 mo. LIBOR US + 6.50%), 11.28%, 12/21/27(j) | 1,568 | 1,472,479 | ||||||||||
|
| |||||||||||
57,631,802 | ||||||||||||
Food Products — 0.2% | ||||||||||||
8th Avenue Food & Provisions, Inc. | ||||||||||||
2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/01/25 | 42 | 36,420 | ||||||||||
2021 Incremental Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.59%, 10/01/25 | 111 | 98,335 | ||||||||||
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR US + 2.50%), 7.34%, 10/10/26 | 5 | 4,775 | ||||||||||
Chobani LLC, 2020 Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.50%), 8.42%, 10/25/27(j) | 164 | 162,211 | ||||||||||
Froneri International Ltd., 2020 USD Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 01/29/27 | 127 | 124,514 | ||||||||||
Nomad Foods U.S. LLC, 2022 Term Loan B, | 32 | 31,946 | ||||||||||
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.09%, 02/05/26 | 11 | 11,062 | ||||||||||
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.33%, 06/08/28(j) | 129 | 127,747 | ||||||||||
UTZ Quality Foods LLC, 2021 Term Loan B, | 126 | 125,710 | ||||||||||
|
| |||||||||||
722,720 | ||||||||||||
Gas Utilities — 0.0% | ||||||||||||
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.31%, 12/21/28 | 173 | 167,329 | ||||||||||
|
| |||||||||||
Ground Transportation — 0.1% | ||||||||||||
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 08/06/27 | 66 | 64,701 |
15 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Ground Transportation (continued) | ||||||||||||
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR US + 2.00%), 7.00%, 12/30/26 | USD | 31 | $ | 30,868 | ||||||||
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 5.50%), 9.94%, 08/04/25 | 27 | 24,900 | ||||||||||
Uber Technologies, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 2.75%), 7.87%, 02/28/30 | 83 | 82,560 | ||||||||||
|
| |||||||||||
203,029 | ||||||||||||
Health Care Equipment & Supplies — 0.4% | ||||||||||||
Appriss Health LLC(j) | ||||||||||||
Revolver, (1 mo. LIBOR US at 1.00% Floor + 7.25%), 11.93%, 05/06/27 | 47 | 44,405 | ||||||||||
Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.25%), 11.96%, 05/06/27 | 1,412 | 1,327,151 | ||||||||||
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 11/01/28 | 158 | 155,598 | ||||||||||
Insulet Corp., Term Loan B, (1 mo. SOFR CME + 3.25%), 8.17%, 05/04/28 | 31 | 31,175 | ||||||||||
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 10/23/28 | 240 | 233,312 | ||||||||||
|
| |||||||||||
1,791,641 | ||||||||||||
Health Care Providers & Services — 1.5% | ||||||||||||
Alcami Corp., 2022 Term Loan, (1 mo. SOFR CME at 1.00% Floor + 7.00%), 11.91%, 12/21/28(j) | 71 | 68,639 | ||||||||||
Aveanna Healthcare LLC(k) | ||||||||||||
2021 2nd Lien Term Loan, 12/10/29(j) | 1,189 | 725,595 | ||||||||||
2021 Term Loan B, 07/17/28 | 1,925 | 1,628,412 | ||||||||||
BW NHHC Holdco, Inc.(j) | ||||||||||||
2022 1st Lien Second Out Term Loan, 01/15/26(k) | 1,987 | 1,390,726 | ||||||||||
2022 2nd Lien Third Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 12.00%), 16.88%, 11/15/26 | 1,359 | 543,681 | ||||||||||
2022 Super Priority Term Loan, (3 mo. SOFR CME at 2.00% Floor + 7.50%), 12.01%, 01/15/26 | 426 | 425,689 | ||||||||||
CBI-Gator Acquisition LLC, Revolver, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.93%, 10/25/27(j) | 197 | 180,415 | ||||||||||
CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 09/29/28 | 156 | 154,695 | ||||||||||
Envision Healthcare Corp. | ||||||||||||
2022 First Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.875%), 12.92%, 03/31/27 | 33 | 27,393 | ||||||||||
2022 Second Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 4.25%), 9.15%, 03/31/27 | 40 | 9,243 | ||||||||||
EyeCare Partners LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.75%), 11.59%, 11/15/29 | 76 | 57,283 | ||||||||||
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR US + 4.50%), 9.66%, 03/05/26 | 36 | 31,891 | ||||||||||
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.25%), 9.15%, 09/01/28 | 66 | 53,149 | ||||||||||
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 02/14/25 | 2 | 1,883 | ||||||||||
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.25%), 12.98%, 04/29/25 | 1,248 | 748,547 | ||||||||||
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 12/11/26 | 75 | 71,977 |
Security | Par (000) | Value | ||||||||||
Health Care Providers & Services (continued) | ||||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.46%, 08/31/26 | USD | 27 | $ | 26,847 | ||||||||
Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.11%, 05/16/29 | 38 | 37,634 | ||||||||||
WCG Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27 | 47 | 44,576 | ||||||||||
|
| |||||||||||
6,228,275 | ||||||||||||
Health Care Services — 0.5% | ||||||||||||
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 7.00%), 11.99%, 11/01/29 | 80 | 72,400 | ||||||||||
Team Services Group, Second Lien Term Loan, (6 mo. LIBOR US at 1.00% Floor + 9.00%), 13.93%, 12/18/28(j) | 2,265 | 2,128,755 | ||||||||||
|
| |||||||||||
2,201,155 | ||||||||||||
Health Care Technology — 0.4% | ||||||||||||
AthenaHealth Group, Inc., 2022 Term Loan B, | 143 | 133,723 | ||||||||||
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 10/10/25 | 32 | 31,989 | ||||||||||
IQVIA, Inc., 2018 USD Term Loan B3, (1 mo. LIBOR US + 1.75%), 6.59%, 06/11/25 | 47 | 46,728 | ||||||||||
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28 | 191 | 173,714 | ||||||||||
Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 07/24/26 | 157 | 146,708 | ||||||||||
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 04/02/29(j) | 1,309 | 1,309,098 | ||||||||||
|
| |||||||||||
1,841,960 | ||||||||||||
Hotels, Restaurants & Leisure — 2.0% | ||||||||||||
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.75%), 8.59%, 02/02/26 | 52 | 49,947 | ||||||||||
Bally’s Corp., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.96%, 10/02/28 | 64 | 61,151 | ||||||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 11/19/26 | 126 | 125,014 | ||||||||||
Caesars Entertainment, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 02/06/30 | 58 | 57,629 | ||||||||||
Carnival Corp., USD Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.00%), 7.84%, 06/30/25 | 129 | 126,935 | ||||||||||
ClubCorp Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 09/18/24 | 1,894 | 1,803,397 | ||||||||||
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28 | 66 | 65,211 | ||||||||||
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 3.00%), 8.16%, 03/08/24 | 1,498 | 1,355,412 | ||||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.81%, 01/27/29 | 207 | 203,341 | ||||||||||
Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.41%, 07/22/28 | 67 | 66,578 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 16 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||
Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 11/30/29 | USD | 110 | $ | 110,081 | ||||||||
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. SOFR CME + 1.75%), 6.64%, 06/22/26 | 76 | 76,152 | ||||||||||
IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.00%), 7.83%, 12/15/27 | 109 | 107,589 | ||||||||||
Oravel Stays Singapore Pte. Ltd., Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 8.25%), 13.27%, 06/23/26 | 4,286 | 3,671,658 | ||||||||||
Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.66%, 05/03/29 | 94 | 93,421 | ||||||||||
Playa Resorts Holding B.V., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 8.99%, 01/05/29 | 22 | 21,787 | ||||||||||
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 03/13/28 | 52 | 51,686 | ||||||||||
Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.96%, 04/14/29 | 102 | 101,290 | ||||||||||
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.88%, 08/25/28 | 30 | 29,774 | ||||||||||
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.25% Floor + 2.25%), 7.10%, 02/08/27 | 63 | 62,366 | ||||||||||
Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR US + 6.75%), 10.16%, 05/29/26 | 58 | 32,937 | ||||||||||
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/03/28 | 112 | 110,782 | ||||||||||
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 05/30/25 | 16 | 15,716 | ||||||||||
|
| |||||||||||
8,399,854 | ||||||||||||
Household Durables — 1.2% | ||||||||||||
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.25%), 9.41%, 05/17/28 | 87 | 68,280 | ||||||||||
Colony Display LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.50%), 14.66%, 06/30/26(j) | 1,319 | 1,173,363 | ||||||||||
HomeRenew Buyer, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.50%), 11.54%, 11/19/27 | 1,307 | 1,240,186 | ||||||||||
Revolver, (1 mo. SOFR CME at 1.00% Floor + 6.50%), 11.37%, 11/19/27 | 282 | 267,762 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.50%), 11.54%, 11/19/27 | 2,132 | 2,023,479 | ||||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 8.37%, 02/26/29 | 135 | 120,972 | ||||||||||
Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.66%, 12/08/28(j) | 21 | 19,366 | ||||||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.75%, 10/06/28 | 77 | 64,736 | ||||||||||
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 10/30/27 | 171 | 146,529 | ||||||||||
|
| |||||||||||
5,124,673 |
Security | Par (000) | Value | ||||||||||
Household Products — 0.0% | ||||||||||||
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.00%), 6.96%, 03/03/28 | USD | 34 | $ | 33,503 | ||||||||
|
| |||||||||||
Independent Power and Renewable Electricity Producers — 0.0% | ||||||||||||
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 01/15/25 | 13 | 12,965 | ||||||||||
|
| |||||||||||
Industrial Conglomerates — 0.8% | ||||||||||||
AVSC Holding Corp. | ||||||||||||
2020 Term Loan B1, 03/03/25(k) | 65 | 62,352 | ||||||||||
2020 Term Loan B3, (3 mo. LIBOR US + 15.00%, 10.00% PIK), 15.00%, 10/15/26(f) | 33 | 34,287 | ||||||||||
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 09/29/28 | 96 | 96,045 | ||||||||||
Patriot Home Care, Term Loan, (1 mo. LIBOR US + 6.00%), 10.84%, 05/05/28(j) | 2,942 | 2,886,482 | ||||||||||
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 07/28/28 | 118 | 92,196 | ||||||||||
Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27 | 137 | 132,827 | ||||||||||
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.42%, 03/02/27 | 121 | 118,500 | ||||||||||
|
| |||||||||||
3,422,689 | ||||||||||||
Insurance — 3.6% | ||||||||||||
Alera Group Holdings, Inc.(j) | ||||||||||||
2021 1st Lien Delayed Draw Term Loan, (1 mo. SOFRTE + 6.00%), 10.84%, 10/02/28 | 526 | 500,133 | ||||||||||
2021 Delayed Draw Term Loan, (1 mo. SOFRTE + 6.00%), 10.91%, 10/02/28 | 865 | 823,158 | ||||||||||
2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor +6.00%), 10.91%, 10/02/28 | 3,046 | 2,896,515 | ||||||||||
Alliant Holdings Intermediate LLC | ||||||||||||
2021 Term Loan B4, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.28%, 11/06/27 | 111 | 109,778 | ||||||||||
2023 Term Loan B5, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.35%, 11/05/27 | 230 | 227,124 | ||||||||||
AmWINS Group, Inc. | ||||||||||||
2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor +2.25%), 7.11%, 02/19/28 | 113 | 111,632 | ||||||||||
2023 Incremental Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 2.75%), 7.66%, 02/19/28 | 24 | 23,790 | ||||||||||
AssuredPartners, Inc. | ||||||||||||
2020 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27 | 90 | 89,328 | ||||||||||
2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor +3.50%), 8.34%, 02/12/27 | 40 | 39,474 | ||||||||||
Higginbotham Insurance Agency, Inc., 2021 1st Amendment Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.25%), 10.09%, 11/25/26(j) | 2,458 | 2,438,348 | ||||||||||
Hub International Ltd. | ||||||||||||
2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor +3.25%), 8.06%, 04/25/25 | 203 | 202,417 | ||||||||||
2022 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 8.73%, 11/10/29 | 33 | 32,782 | ||||||||||
Integrity Marketing Acquisition LLC(j) | ||||||||||||
2020 3rd Amendment Delayed Draw Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.05%), 11.00%, 08/27/25 | 1,302 | 1,273,467 |
17 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Insurance (continued) | ||||||||||||
Integrity Marketing Acquisition LLC(j) (continued) |
| |||||||||||
2021 4th Amendment Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.05%), 11.00%, 08/27/25 | USD | 656 | $ | 642,006 | ||||||||
2021 6th Amendment Delayed Draw Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.05%), 11.00%, 08/27/25 | 988 | 966,116 | ||||||||||
2021 8th Amendment Delayed Draw Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.02%), 10.97%, 08/27/25 | 843 | 837,068 | ||||||||||
Peter C. Foy & Associates Insurance Services LLC(j) | ||||||||||||
2021 First Lien Delayed Draw Term loan, (1 mo. LIBOR US at 0.75% Floor + 6.00%), 11.21%, 11/01/28 | 589 | 565,830 | ||||||||||
2021 First Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.00%), 11.21%, 11/01/28 | 2,120 | 2,036,987 | ||||||||||
2022 1st Amendment Delayed Draw Term loan B, (3 mo. SOFRTE at 0.75% Floor + 6.00%), 11.12%, 11/01/28 | 1,147 | 1,102,204 | ||||||||||
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.00%), 7.91%, 09/01/27 | 135 | 134,075 | ||||||||||
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 02/17/28 | 160 | 158,003 | ||||||||||
USI, Inc. | ||||||||||||
2019 Incremental Term Loan B, (3 mo. LIBOR US + 3.25%), 8.41%, 12/02/26 | 5 | 4,826 | ||||||||||
2022 Incremental Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.65%, 11/22/29 | 157 | 156,236 | ||||||||||
|
| |||||||||||
15,371,297 | ||||||||||||
Interactive Media & Services — 0.1% | ||||||||||||
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.91%, 06/26/28 | 47 | 46,804 | ||||||||||
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.00%), 7.84%, 10/30/26 | 89 | 88,091 | ||||||||||
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.35%, 01/29/26 | 46 | 45,838 | ||||||||||
Research Now Group, Inc., 2017 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 9.50%), 14.31%, 12/20/25 | 500 | 300,000 | ||||||||||
|
| |||||||||||
480,733 | ||||||||||||
IT Services — 9.0% | ||||||||||||
Acquia, Inc.(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 7.00%), 12.16%, 10/31/25 | 36 | 35,951 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.00%), 11.79%, 10/31/25 | 481 | 480,902 | ||||||||||
Aerospike, Term Loan, (1 mo. SOFR CME + 7.50%), 12.42%, 12/29/25(j) | 1,713 | 1,681,981 | ||||||||||
Aerospike Inc., 2023 Second Amendment Delayed Draw Term Loan, (Prime + 6.50%), 12.42%, 12/29/25(j) | 88 | 87,821 | ||||||||||
Alphasense, Inc., 2022 Term Loan, (1 mo. SOFR CME at 1.00% Floor + 7.00%), 11.87%, 03/11/27(j) | 500 | 499,650 | ||||||||||
Aruba Investments Holdings LLC | ||||||||||||
2020 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.75%), 12.59%, 11/24/28 | 45 | 40,275 |
Security | Par (000) | Value | ||||||||||
IT Services (continued) | ||||||||||||
Aruba Investments Holdings LLC (continued) | ||||||||||||
2020 USD Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 11/24/27 | USD | 19 | $ | 18,125 | ||||||||
Astra Acquisition Corp. | ||||||||||||
2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.25%), 10.09%, 10/25/28 | 3,824 | 3,290,992 | ||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 8.875%), 13.73%, 10/25/29(j) | 4,702 | 3,456,181 | ||||||||||
Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/02/25 | 95 | 93,908 | ||||||||||
Bullhorn, Inc., 2020 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 09/30/26(j) | 2,405 | 2,333,115 | ||||||||||
Camelot Finance SA, Term Loan B, (1 mo. LIBOR US + 3.00%), 7.84%, 10/30/26 | 102 | 102,092 | ||||||||||
CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 09/21/28 | 79 | 77,930 | ||||||||||
CoreLogic, Inc. | ||||||||||||
2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 06/04/29 | 229 | 168,298 | ||||||||||
Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 06/02/28 | 187 | 158,673 | ||||||||||
Edifecs, Inc.(j) | ||||||||||||
2021 1st Amendment Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.50%), 10.35%, 09/21/26 | 376 | 361,743 | ||||||||||
2021 2nd Amendment Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.50%), 10.35%, 09/21/26 | 1,550 | 1,486,259 | ||||||||||
Tranche B Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.50%), 12.35%, 09/21/26 | 1,033 | 1,043,077 | ||||||||||
Ensono LP, 2021 2nd Lien Term Loan, (3 mo. LIBOR US + 8.00%), 13.16%, 05/25/29(j) | 3,000 | 2,775,000 | ||||||||||
ESO Solutions, Inc., Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.00%), 11.90%, 05/03/27(j) | 3,696 | 3,522,592 | ||||||||||
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 12/01/27 | 151 | 148,461 | ||||||||||
Grey Orange Interrnational, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (3 mo. SOFR CME + 7.25%), 11.67%, 05/01/25 | 250 | 249,000 | ||||||||||
Term Loan, (3 mo. LIBOR US + 7.25%), 12.23%, 05/01/25 | 250 | 249,000 | ||||||||||
Hyphen Solutions LLC(j) | ||||||||||||
2021 Term Loan, (1 mo. LIBOR US at 1.00% Floor + 5.50%), 10.34%, 10/27/26 | 1,489 | 1,403,803 | ||||||||||
Term Loan, (1 mo. LIBOR US at 1.00% Floor + 5.50%), 10.34%, 10/27/26 | 1,474 | 1,389,879 | ||||||||||
Integratecom, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.00%), 10.85%, 12/15/27 | 100 | 97,152 | ||||||||||
Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.00%), 10.78%, 12/15/27 | 1,561 | 1,516,900 | ||||||||||
Madison Logic Holdings, Inc., Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.00%), 11.85%, 12/30/28(j) | 89 | 85,829 | ||||||||||
OpenMarket, Inc., Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.25%), 11.41%, 09/17/26(j) | 4,432 | 4,330,994 | ||||||||||
Pico Quantitative Trade Holding LLC, Term Loan, (3 mo. LIBOR US at 1.50% Floor + 7.25%), 12.32%, 02/07/25(j) | 931 | 939,045 | ||||||||||
PUG LLC, USD Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27 | 172 | 124,243 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 18 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
IT Services (continued) | ||||||||||||
Sellerx Opco GmbH, Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 13.16%, 10/22/25(j) | USD | 2,499 | $ | 2,498,984 | ||||||||
Smarsh, Inc.(j) | ||||||||||||
2022 Delayed Draw Term loan, (3 mo. SOFRTE at 0.75% Floor + 6.50%), 11.29%, 02/16/29 | 190 | 181,714 | ||||||||||
2022 Revolver, (3 mo. SOFRTE at 0.75% Floor + 6.50%), 11.40%, 02/16/29 | 19 | 17,821 | ||||||||||
2022 Term Loan, (3 mo. SOFRTE at 0.75% Floor + 6.50%), 11.29%, 02/16/29 | 1,524 | 1,453,714 | ||||||||||
Spartan Bidco Pty. Ltd., Term Loan, (3 mo. SOFR CME + 0.75%, 6.50% PIK), 5.56%, 01/24/28(f)(j) | 1,889 | 1,859,418 | ||||||||||
Trans Union LLC, 2021 Term Loan B6, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 12/01/28 | 169 | 166,750 | ||||||||||
Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.70%, 06/28/29 | 23 | 22,126 | ||||||||||
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR US + 2.25%), 7.09%, 03/31/28 | 23 | 22,357 | ||||||||||
|
| |||||||||||
38,471,755 | ||||||||||||
Leisure Products — 1.1% | ||||||||||||
Delivery Hero SE, USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 5.75%), 10.50%, 08/12/27 | 4,776 | 4,664,900 | ||||||||||
Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.84%, 12/01/28(j) | 64 | 58,023 | ||||||||||
Peloton Interactive, Inc., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 6.50%), 11.76%, 05/25/27 | 49 | 48,349 | ||||||||||
Topgolf Callaway Brands Corp., Term Loan B, (3 mo. SOFR CME + 3.50%), 8.26%, 03/15/30 | 53 | 52,611 | ||||||||||
|
| |||||||||||
4,823,883 | ||||||||||||
Life Sciences Tools & Services — 0.1% | ||||||||||||
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 11/08/27 | 83 | 83,031 | ||||||||||
Curia Global, Inc., 2021 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.53%, 08/30/26 | 9 | 7,846 | ||||||||||
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.34%, 02/04/27 | 129 | 121,565 | ||||||||||
ICON Luxembourg SARL, LUX Term Loan, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.41%, 07/03/28 | 108 | 107,423 | ||||||||||
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 3.00%), 7.63%, 10/19/27 | 78 | 77,361 | ||||||||||
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/15/28 | 153 | 151,234 | ||||||||||
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.25%), 7.41%, 07/03/28 | 27 | 26,974 | ||||||||||
|
| |||||||||||
575,434 | ||||||||||||
Machinery — 1.2% | ||||||||||||
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.07%, 08/17/26 | 64 | 61,884 | ||||||||||
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.94%, 05/14/28 | 30 | 29,720 | ||||||||||
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 10/21/28 | 141 | 138,151 |
Security | Par (000) | Value | ||||||||||
Machinery (continued) | ||||||||||||
Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 01/29/29 | USD | 126 | $ | 124,278 | ||||||||
Gardner Denver, Inc., 2020 USD Term Loan B2, (1 mo. SOFR CME + 1.75%), 6.66%, 03/01/27 | 64 | 64,102 | ||||||||||
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.66%, 03/01/27 | 94 | 93,240 | ||||||||||
Madison IAQ LLC, Term Loan, (6 mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28 | 193 | 183,608 | ||||||||||
Roper Industrial Products Investment Co., USD Term Loan, (3 mo. SOFR CME + 4.50%), 9.40%, 11/22/29 | 77 | 76,312 | ||||||||||
Sonny’s Enterprises LLC(j) | ||||||||||||
2020 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.75%), 11.57%, 08/05/26 | 2,835 | 2,863,355 | ||||||||||
2020 Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.75%), 11.05%, 08/05/26 | 1,030 | 1,040,346 | ||||||||||
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.41%, 04/05/29 | 86 | 81,566 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 8.15%, 03/28/25 | 179 | 169,615 | ||||||||||
|
| |||||||||||
4,926,177 | ||||||||||||
Media — 1.0% | ||||||||||||
Altice Financing SA | ||||||||||||
2017 USD Term Loan B, (3 mo. LIBOR US + 2.75%), 7.58%, 07/15/25 | 7 | 6,586 | ||||||||||
USD 2017 1st Lien Term Loan, (3 mo. LIBOR US + 2.75%), 7.58%, 01/31/26 | 81 | 79,387 | ||||||||||
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.00%), 7.68%, 04/22/26 | 100 | 72,480 | ||||||||||
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 05/03/28 | 62 | 60,215 | ||||||||||
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. SOFR CME + 1.75%), 6.56%, 04/30/25 | — | (l) | 448 | |||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR US + 3.50%), 8.33%, 08/21/26 | 202 | 187,461 | ||||||||||
CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR US + 3.50%), 8.66%, 12/17/26 | — | (l) | 73 | |||||||||
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.50%), 8.35%, 12/11/26 | 208 | 206,556 | ||||||||||
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR US + 2.50%), 7.18%, 04/15/27 | 85 | 74,818 | ||||||||||
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 2.75%), 7.67%, 01/07/28 | 17 | 16,601 | ||||||||||
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.25%), 8.10%, 12/01/23 | 65 | 45,607 | ||||||||||
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 03/24/25 | 79 | 77,407 | ||||||||||
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. SOFR CME + 1.75%), 6.61%, 10/17/26(j) | 159 | 157,106 | ||||||||||
MH Sub I LLC | ||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 09/13/24 | 124 | 122,063 | ||||||||||
2020 Incremental Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.75%), 8.59%, 09/13/24 | 23 | 22,314 | ||||||||||
2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 11.06%, 02/23/29 | 98 | 89,200 | ||||||||||
NEP/NCP Holdco, Inc., 2018 2nd Lien Term Loan, (1 mo. LIBOR US + 7.00%), 11.84%, 10/19/26 | 141 | 112,776 |
19 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
Sinclair Television Group, Inc., 2021 Term Loan B3, (1 mo. LIBOR US + 3.00%), 7.85%, 04/01/28 | USD | 10 | $ | 9,502 | ||||||||
Suited Connector LLC(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.98%, 12/01/27 | 360 | 284,966 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.00%), 10.92%, 12/01/27 | 2,199 | 1,739,181 | ||||||||||
UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.57%, 04/29/26 | 44 | 43,672 | ||||||||||
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR US + 2.925%), 7.61%, 01/31/29 | 63 | 61,849 | ||||||||||
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR US + 3.25%), 7.93%, 01/31/29 | 78 | 77,035 | ||||||||||
Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 4.25%), 9.05%, 05/11/29(j) | 47 | 46,156 | ||||||||||
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.60%, 05/18/25 | 161 | 159,403 | ||||||||||
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR US + 2.125%), 6.97%, 01/20/28 | 139 | 136,752 | ||||||||||
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/09/27 | 691 | 559,637 | ||||||||||
|
| |||||||||||
4,449,251 | ||||||||||||
Oil, Gas & Consumable Fuels — 0.0% | ||||||||||||
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 9.00%), 13.82%, 11/01/25 | 62 | 65,669 | ||||||||||
Lealand Finance Co. BV | ||||||||||||
2020 Make Whole Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 06/28/24 | 1 | 552 | ||||||||||
2020 Take Back Term Loan, (1 mo. LIBOR US + 1.00%, 3.00% PIK), 5.84%, 06/30/25(f) | 5 | 3,469 | ||||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.36%, 09/19/29 | 11 | 10,831 | ||||||||||
Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 10/18/28 | 95 | 93,198 | ||||||||||
|
| |||||||||||
173,719 | ||||||||||||
Passenger Airlines — 0.2% | ||||||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.56%, 04/20/28 | 141 | 143,549 | ||||||||||
Air Canada, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28 | 144 | 143,032 | ||||||||||
American Airlines, Inc. | ||||||||||||
2017 1st Lien Term Loan, (6 mo. LIBOR US + 3.50%), 8.26%, 01/29/27 | 168 | 163,491 | ||||||||||
2023 Term Loan B, (6 mo. SOFR CME + 2.75%), 8.15%, 02/15/28 | 120 | 117,094 | ||||||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27 | 143 | 148,210 | ||||||||||
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.57%, 04/21/28 | 111 | 110,385 | ||||||||||
|
| |||||||||||
825,761 | ||||||||||||
Personal Care Products — 0.4% | ||||||||||||
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE at 1.00% Floor + 6.00%), 11.02%, 12/22/26 | 82 | 79,294 |
Security | Par (000) | Value | ||||||||||
Personal Care Products (continued) | ||||||||||||
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.91%, 10/01/26 | USD | 401 | $ | 396,742 | ||||||||
Supergoop LLC(j) | ||||||||||||
Revolver, (PRIME + 4.75%), 11.67%, 12/22/27 | 48 | 47,126 | ||||||||||
Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.75%), 10.61%, 12/22/28 | 1,185 | 1,157,626 | ||||||||||
|
| |||||||||||
1,680,788 | ||||||||||||
Pharmaceuticals — 0.2% | ||||||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (3 mo. LIBOR US + 3.50%), 8.38%, 05/04/25 | 66 | 62,284 | ||||||||||
Amynta Agency Borrower, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 5.00%), 9.99%, 02/28/28 | 41 | 39,247 | ||||||||||
Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 5.25%), 10.09%, 02/01/27 | 61 | 45,358 | ||||||||||
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.81%, 02/22/28 | 155 | 153,717 | ||||||||||
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.41%, 08/01/27 | 123 | 120,001 | ||||||||||
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 05/05/28 | 113 | 112,533 | ||||||||||
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 10/27/28 | 64 | 63,487 | ||||||||||
Organon & Co., USD Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 8.00%, 06/02/28 | 73 | 72,763 | ||||||||||
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.16%, 11/18/27(j) | 114 | 109,289 | ||||||||||
|
| |||||||||||
778,679 | ||||||||||||
Professional Services — 1.0% | ||||||||||||
Accordion Partners LLC(j) | ||||||||||||
Delayed Draw Term Loan, 08/29/29(k) | 15 | 15,109 | ||||||||||
Revolver, 08/29/28(k) | 16 | 14,996 | ||||||||||
Term Loan, (3 mo. SOFR CME + 6.25%), 11.15%, 08/29/29 | 177 | 171,280 | ||||||||||
DTI Holdco, Inc., 2022 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 7.75%), 12.43%, 04/26/30(j) | 4,000 | 3,440,000 | ||||||||||
Dun & Bradstreet Corp. | ||||||||||||
2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 8.04%, 01/18/29 | 65 | 64,817 | ||||||||||
Term Loan, (1 mo. LIBOR US + 3.25%), 8.10%, 02/06/26 | 242 | 241,066 | ||||||||||
Element Materials Technology Group U.S. Holdings, Inc. | ||||||||||||
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29 | 36 | 35,118 | ||||||||||
2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29 | 77 | 76,088 | ||||||||||
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.75%), 9.56%, 04/29/29 | 81 | 71,757 | ||||||||||
|
| |||||||||||
4,130,231 | ||||||||||||
Real Estate Management & Development — 0.7% | ||||||||||||
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/03/28 | 148 | 142,074 | ||||||||||
Cushman & Wakefield U.S. Borrower LLC | ||||||||||||
2020 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 08/21/25 | 53 | 51,915 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 20 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Real Estate Management & Development (continued) | ||||||||||||
Cushman & Wakefield U.S. Borrower LLC (continued) | ||||||||||||
2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 01/31/30(j) | USD | 76 | $ | 72,551 | ||||||||
SitusAMC Holdings Corp., 2021 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.50%), 10.66%, 12/22/27(j) | 2,970 | 2,866,050 | ||||||||||
|
| |||||||||||
3,132,590 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.0% | ||||||||||||
MKS Instruments, Inc., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.61%, 08/17/29 | 75 | 74,202 | ||||||||||
|
| |||||||||||
Software — 8.9% | ||||||||||||
Anaconda, Inc., Term Loan, (3 mo. SOFR CME + 7.50%), 12.37%, 07/27/27(j) | 100 | 97,700 | ||||||||||
Applied Systems, Inc. | ||||||||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.75%), 11.65%, 09/17/27 | 27 | 26,524 | ||||||||||
2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.40%, 09/18/26 | 16 | 16,471 | ||||||||||
Backoffice Associates Holdings LLC(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 6.75%), 11.91%, 04/30/26 | 228 | 225,293 | ||||||||||
Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.75%), 12.57%, 04/30/26 | 2,156 | 2,134,624 | ||||||||||
Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.18%, 08/15/29 | 98 | 93,937 | ||||||||||
Bluefin Holding LLC, Term Loan, (1 mo. LIBOR US at 1.00% Floor + 5.75%), 10.59%, 09/04/26(j) | 294 | 279,141 | ||||||||||
Bynder Holding B.V., Term Loan Tranche B, (6 mo. SOFR CME + 7.25%), 12.05%, 01/26/29(j) | 54 | 52,804 | ||||||||||
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.15%, 07/06/29 | 61 | 60,579 | ||||||||||
Cloudera, Inc. | ||||||||||||
2021 Second Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 6.00%), 10.91%, 10/08/29 | 51 | 44,965 | ||||||||||
2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 10/08/28(j) | 39 | 36,929 | ||||||||||
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 10/16/28 | 66 | 60,525 | ||||||||||
Cybergrants Holdings LLC(j) | ||||||||||||
Revolver, (3 mo. LOC at 0.75% Floor + 6.00%), 11.77%, 09/08/27 | 191 | 185,663 | ||||||||||
Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.00%), 11.16%, 09/08/27 | 3,105 | 3,012,920 | ||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.08%, 05/28/24 | 40 | 36,377 | ||||||||||
Elastic Path Software, Inc., Term Loan, | 1,342 | 1,338,066 | ||||||||||
Epicor Software Corp. | ||||||||||||
2020 2nd Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.75%), 12.59%, 07/31/28 | 31 | 30,938 | ||||||||||
2020 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 07/30/27 | 143 | 140,183 | ||||||||||
Fusion Holding Corp.(j) | ||||||||||||
1st Lien Term Loan, 0.00%, 09/15/27(k) | 19 | 18,868 |
Security | Par (000) | Value | ||||||||||
Software (continued) | ||||||||||||
Fusion Holding Corp.(j) (continued) | ||||||||||||
Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.25%), 11.13%, 09/15/29 | 231 | $ | 225,367 | |||||||||
Fusion Risk Management, Inc.(j) | ||||||||||||
Revolver, (3 mo. SOFR CME at 1.00% Floor + 6.50%), 11.46%, 08/30/28 | 18 | 17,936 | ||||||||||
Term Loan, (3 mo. SOFR CME at 1.00% Floor + 3.25%, 3.50% PIK), 8.14%, 08/30/28(f) | USD | 173 | 165,359 | |||||||||
Informatica LLC, 2021 USD Term Loan B, | 172 | 170,796 | ||||||||||
Inmoment, Inc., Term Loan, (3 mo. LIBOR US at 0.75% Floor +5.00%, 2.00% PIK), 9.08%, 06/08/28(f)(j) | 4,055 | 3,950,402 | ||||||||||
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28(j) | 16 | 15,593 | ||||||||||
IPS Corp. | ||||||||||||
2021 2nd Lien Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 10/01/29(j) | 116 | 92,834 | ||||||||||
2021 Delayed Draw Term Loan, 0.00%, 10/02/28(l) | — | 293 | ||||||||||
2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.41%, 10/02/28 | 54 | 50,652 | ||||||||||
Keep Truckin, Inc.(j) | ||||||||||||
Delayed Draw Term Loan, (1 mo. SOFR CME at 1.00% Floor + 7.25%), 12.04%, 04/08/25 | 988 | 976,237 | ||||||||||
Delayed Draw Term Loan 2, (1 mo. SOFR CME at 1.00% Floor + 7.25%), 12.04%, 04/08/25 | 1,512 | 1,493,763 | ||||||||||
Term Loan, (1 mo. SOFR CME at 1.00% Floor + 7.25%), 12.05%, 10/05/24 | 2,000 | 1,976,000 | ||||||||||
Kong, Inc., Term Loan, (1 mo. SOFR CME at 1.00% Floor + 3.25%, 3.25% PIK), 10.28%, 11/01/29(f)(j) | 100 | 99,527 | ||||||||||
Lightspeed Solution LLC(j) | ||||||||||||
Delayed Draw Term Loan, (1 mo. SOFRTE at 0.75% Floor + 6.50%), 11.17%, 03/01/28 | 9 | 8,102 | ||||||||||
Term Loan, (3 mo. SOFRTE at 0.75% Floor + 6.50%), 11.37%, 03/01/28 | 383 | 372,151 | ||||||||||
Magenta Buyer LLC | ||||||||||||
2021 USD 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.58%, 07/27/28 | 2,488 | 2,042,480 | ||||||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 8.25%), 13.08%, 07/27/29 | 2,197 | 1,625,545 | ||||||||||
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.52%, 03/01/29 | 176 | 164,693 | ||||||||||
PERCHHQ LLC, Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.00%), 13.34%, 10/15/25(j) | 3,135 | 2,824,568 | ||||||||||
Persado, Inc., Term Loan, (1 mo. LIBOR US + 7.00%), 12.17%, 02/03/27(j) | 150 | 142,543 | ||||||||||
Planview Parent, Inc., 2nd Lien Term Loan, | 76 | 67,007 | ||||||||||
Pluralsight, Inc.(j) | ||||||||||||
Revolver, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 12.78%, 04/06/27 | 96 | 90,799 | ||||||||||
Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 12.78%, 04/06/27 | 3,309 | 3,143,403 | ||||||||||
Proofpoint, Inc. | ||||||||||||
1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/31/28 | 86 | 83,929 | ||||||||||
2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.25%), 11.09%, 08/31/29 | 170 | 159,941 |
21 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Software (continued) | ||||||||||||
RealPage, Inc. | ||||||||||||
1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 04/24/28 | USD | 318 | $ | 308,249 | ||||||||
2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.50%), 11.34%, 04/23/29 | 1,034 | 973,304 | ||||||||||
Restoration Hardware, Inc., Term Loan B, | 41 | 38,070 | ||||||||||
Reveal Brainspace, Term Loan, (3 mo. LIBOR US + 5.00%), 10.22%, 03/10/28(j) | 500 | 486,550 | ||||||||||
Rigup, Inc., Delayed Draw Term Loan, | 645 | 669,176 | ||||||||||
SEP Raptor Acquisition, Inc., Term Loan, | 1,726 | 1,691,473 | ||||||||||
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.68%, 08/01/25 | 63 | 62,673 | ||||||||||
Sophia LP | ||||||||||||
2020 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 13.16%, 10/09/28 | 1,000 | 991,250 | ||||||||||
2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27 | 58 | 56,799 | ||||||||||
Superman Holdings LLC, Term Loan, (3 mo. LIBOR US at 1.00% Floor + 6.125%), 11.28%, 08/31/27(j) | 1,686 | 1,655,384 | ||||||||||
Syntellis Performance Solutions LLC, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 6.50%), 11.31%, 08/02/27(j) | 1,263 | 1,225,226 | ||||||||||
Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.81%, 08/31/28 | 235 | 234,279 | ||||||||||
Thunder Purchaser, Inc.(j) | ||||||||||||
2021 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 06/30/28 | 83 | 79,121 | ||||||||||
2021 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.91%, 06/30/28 | 263 | 250,838 | ||||||||||
TIBCO Software, Inc. | ||||||||||||
2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 03/30/29 | 262 | 237,548 | ||||||||||
2022 USD Term Loan A, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 09/29/28 | 1,544 | 1,389,342 | ||||||||||
UKG, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.03%, 05/03/27 | 62 | 59,622 | ||||||||||
Ultimate Software Group, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.25%), 8.03%, 05/04/26 | 91 | 88,673 | ||||||||||
ZoomInfo LLC, 2023 Term Loan B, (1 mo. SOFR CME + 2.75%), 7.66%, 02/28/30 | 17 | 16,915 | ||||||||||
|
| |||||||||||
38,366,919 | ||||||||||||
Specialty Retail — 2.6% | ||||||||||||
Belron Finance U.S. LLC | ||||||||||||
2019 USD Term Loan B3, (3 mo. LIBOR US + 2.25%), 7.06%, 10/30/26(j) | 41 | 40,533 | ||||||||||
2021 USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.425%), 7.30%, 04/13/28 | 110 | 109,439 | ||||||||||
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/24/28 | 76 | 75,255 | ||||||||||
Hanna Andersson LLC, Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.00%), 10.71%, 07/02/26(j) | 3,369 | 3,210,419 | ||||||||||
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 4.00%), 8.92%, 05/04/28 | 128 | 125,783 |
Security | Par (000) | Value | ||||||||||
Specialty Retail (continued) | ||||||||||||
MED ParentCo LP, 1st Lien Term Loan, | USD | 54 | $ | 47,454 | ||||||||
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1 mo. SOFR CME at 0.75% Floor + 8.35%, 1.50% PIK), 13.11%, 06/30/27 | 130 | 106,274 | ||||||||||
PetSmart, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.66%, 02/11/28 | 159 | 158,046 | ||||||||||
Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 08/04/28 | 75 | 74,309 | ||||||||||
Razor Group GmbH(j) | ||||||||||||
Delayed Draw Term Loan, (1 mo. LIBOR US + 9.00%), 15.16%, 04/23/25 | 4,098 | 3,954,371 | ||||||||||
Fixed Term Loan, 0.00%, 09/30/23 | 401 | 432,816 | ||||||||||
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR US at 1.00% Floor + 5.50%), 10.31%, 12/20/24 | 3,423 | 2,595,315 | ||||||||||
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.24%, 11/01/28 | — | (l) | 45 | |||||||||
Sally Holdings LLC, 2023 Term Loan B, | 29 | 28,891 | ||||||||||
Woof Holdings, Inc., 1st Lien Term Loan, | 19 | 18,136 | ||||||||||
|
| |||||||||||
10,977,086 | ||||||||||||
Technology Hardware, Storage & Peripherals — 1.3% | ||||||||||||
Electronics for Imaging, Inc., Term Loan, | 2,409 | 1,885,242 | ||||||||||
SumUp Holdings, 2021 Delayed Draw Term Loan, (3 mo. SOFR CME at 1.00% Floor + 6.85%), 11.94%, 12/20/28(j) | 3,772 | 3,684,686 | ||||||||||
|
| |||||||||||
5,569,928 | ||||||||||||
Textiles, Apparel & Luxury Goods — 1.6% | ||||||||||||
Calceus Acquisition, Inc., Term Loan B, | 266 | 255,360 | ||||||||||
Crocs, Inc., Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.41%, 02/20/29 | 58 | 58,013 | ||||||||||
Hanesbrands, Inc., 2023 Term Loan B, | 25 | 24,875 | ||||||||||
International Textile Group, Inc., 2022 Delayed Draw Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.50%), 13.55%, 02/14/27(j) | 2,600 | 2,597,400 | ||||||||||
James Perse Enterprises, Inc., Term Loan, (1 mo. SOFR CME at 1.00% Floor + 6.25%), 11.06%, 09/02/27(j) | 4,000 | 4,021,600 | ||||||||||
|
| |||||||||||
6,957,248 | ||||||||||||
Trading Companies & Distributors — 0.4% | ||||||||||||
AP Core Holdings II LLC, High-Yield Term Loan B2, (1 mo. LIBOR US at 0.75% Floor + 5.50%), 10.34%, 09/01/27 | 1,500 | 1,457,505 | ||||||||||
ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR US + 4.75%), 9.91%, 04/03/28 | 16 | 14,767 | ||||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%), 8.16%, 06/02/28 | 88 | 84,245 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 22 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Trading Companies & Distributors (continued) | ||||||||||||
TMK Hawk Parent Corp. | ||||||||||||
2020 Super Priority First Out Term Loan A, (3 mo. LIBOR US at 1.00% Floor + 9.50%), 14.46%, 05/30/24(j) | USD | 22 | $ | 21,597 | ||||||||
2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.50%), 8.46%, 08/28/24 | 70 | 39,400 | ||||||||||
|
| |||||||||||
1,617,514 | ||||||||||||
Transportation — 0.1% | ||||||||||||
Traack Technologies, Inc., Term Loan, | 500 | 488,350 | ||||||||||
|
| |||||||||||
Transportation Infrastructure — 0.2% | ||||||||||||
Geo Parent Corp., Term Loan, (3 mo. SOFR CME + 5.25%), 10.17%, 12/19/25(j) | 967 | 904,383 | ||||||||||
KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.75%), 10.59%, 09/21/29 | 19 | 18,568 | ||||||||||
|
| |||||||||||
922,951 | ||||||||||||
Wireless Telecommunication Services — 0.2% | ||||||||||||
Gainwell Acquisition Corp., 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 12.79%, 10/02/28(j) | 994 | 952,062 | ||||||||||
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.70%, 04/30/28 | 52 | 51,629 | ||||||||||
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 04/11/25 | 23 | 23,252 | ||||||||||
|
| |||||||||||
1,026,943 | ||||||||||||
|
| |||||||||||
Total Floating Rate Loan Interests — 67.3% |
| 288,663,191 | ||||||||||
|
| |||||||||||
Foreign Agency Obligations | ||||||||||||
Mongolia — 0.0% | ||||||||||||
Mongolia Government International Bond, 5.13%, 04/07/26(e) | 200 | 176,022 | ||||||||||
|
| |||||||||||
Pakistan — 0.0% | ||||||||||||
Pakistan Government International Bond(e) | ||||||||||||
6.00%, 04/08/26 | 300 | 108,033 | ||||||||||
7.38%, 04/08/31 | 200 | 69,522 | ||||||||||
|
| |||||||||||
177,555 | ||||||||||||
Sri Lanka — 0.1% | ||||||||||||
Sri Lanka Government International Bond(c)(e)(g) |
| |||||||||||
6.35%, 06/28/24 | 310 | 108,849 | ||||||||||
6.85%, 11/03/25 | 200 | 72,412 | ||||||||||
6.83%, 07/18/26 | 200 | 72,022 | ||||||||||
6.20%, 05/11/27 | 200 | 70,100 | ||||||||||
|
| |||||||||||
323,383 |
Security | Par (000) | Value | ||||||||||
Vietnam — 0.1% | ||||||||||||
Vietnam Government International Bond, 4.80%, 11/19/24(e) | USD | 250 | $ | 244,090 | ||||||||
|
| |||||||||||
Total Foreign Agency Obligations — 0.2% |
| 921,050 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Investment Companies | ||||||||||||
Capital Markets — 0.4% | ||||||||||||
iShares JP Morgan USD Emerging Markets Bond ETF(m) | 18,476 | 1,594,109 | ||||||||||
|
| |||||||||||
Financial Services — 0.0% | ||||||||||||
Invesco Senior Loan ETF | 7,104 | 147,763 | ||||||||||
|
| |||||||||||
Total Investment Companies — 0.4% |
| 1,741,872 | ||||||||||
|
| |||||||||||
Par (000) | ||||||||||||
Preferred Securities | ||||||||||||
Capital Trusts — 1.4%(a) | ||||||||||||
Banks — 0.6% | ||||||||||||
Bank of East Asia Ltd., 5.88%(d)(e) | USD | 250 | 217,156 | |||||||||
Industrial & Commercial Bank of China Ltd., 3.20%(d)(e) | 400 | 374,000 | ||||||||||
ING Groep NV, 3.88%(d) | 372 | 269,730 | ||||||||||
Toronto-Dominion Bank, 8.13%, 10/31/82 | 1,526 | 1,548,890 | ||||||||||
|
| |||||||||||
2,409,776 | ||||||||||||
Financial Services — 0.8% | ||||||||||||
Barclays PLC, 8.00%(d) | 4,150 | 3,543,063 | ||||||||||
|
| |||||||||||
Independent Power and Renewable Electricity Producers(b)(d) — 0.0% | ||||||||||||
NRG Energy, Inc., 10.25% | 92 | 87,916 | ||||||||||
Vistra Corp., 7.00% | 43 | 37,840 | ||||||||||
|
| |||||||||||
125,756 | ||||||||||||
|
| |||||||||||
6,078,595 | ||||||||||||
|
| |||||||||||
Shares | ||||||||||||
Preferred Stocks — 1.1% | ||||||||||||
Commercial Services & Supplies(j) — 0.8% | ||||||||||||
StubHub | 3,000 | 3,498,105 | ||||||||||
Verscend Intermediate Holding | 33 | 41,993 | ||||||||||
|
| |||||||||||
3,540,098 | ||||||||||||
Financial Services — 0.0% | ||||||||||||
Alliant Holdings, Inc.(j) | 55 | 51,342 | ||||||||||
|
|
23 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotel & Resort REITs(d) — 0.0% | ||||||||
Ashford Hospitality Trust, Inc., Series I | 3,636 | $ | 61,775 | |||||
Braemar Hotels & Resorts, Inc., Series B(h) | 4,740 | 75,935 | ||||||
|
| |||||||
137,710 | ||||||||
IT Services — 0.3% | ||||||||
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $744,776)(j)(n) | 6,797 | 1,075,047 | ||||||
|
| |||||||
4,804,197 | ||||||||
|
| |||||||
Total Preferred Securities — 2.5% | 10,882,792 | |||||||
|
| |||||||
Warrants | ||||||||
Capital Markets — 0.0% | ||||||||
Pico Quantitative Trade Holding LLC, (Issued 02/07/20, Expires 02/07/30)(c)(j) | 142 | 31,358 | ||||||
|
| |||||||
Consumer Discretionary — 0.0% | ||||||||
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(c) | 202 | — | ||||||
|
| |||||||
Consumer Finance — 0.0% | ||||||||
WorldRemit Ltd., Series D, (Issued 02/11/21, Expires 02/11/31, Strike Price USD 37.59)(c)(j) | 1,596 | 16,019 | ||||||
|
| |||||||
Diversified Consumer Services — 0.0% | ||||||||
PERCHHQ LLC, (Expires 10/15/27)(c)(j)(o) | 21,736 | 58,650 | ||||||
|
| |||||||
Electrical Equipment — 0.1% | ||||||||
Razor Group GmbH, (Issued 04/30/21, Expires 04/30/28)(c)(j) | 46 | 151,582 | ||||||
|
| |||||||
IT Services(c)(j) — 0.0% | ||||||||
Grey Orange, (Expires 05/06/32) | 339 | 1,687 | ||||||
SellerX Germany GmbH & Co. KG, Series B, (Issued 11/22/21, Expires 11/22/28) | 19 | 38,509 | ||||||
|
| |||||||
40,196 | ||||||||
Oil, Gas & Consumable Fuels — 0.0% | ||||||||
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)(c) | 20 | 170 | ||||||
|
| |||||||
Specialty Retail — 0.0% | ||||||||
Razor Group Gmbh(c)(j) | 14 | 81,155 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods(c)(j) — 0.0% | ||||||||
Elevate Brands Holdco, Inc., (Strike Price | 10,931 | 8,498 | ||||||
Elevate Textiles, Inc., (Strike Price USD 3.54) | 21,862 | 10,548 | ||||||
|
| |||||||
19,046 | ||||||||
|
| |||||||
Total Warrants — 0.1% | 398,176 | |||||||
|
| |||||||
Total Long-Term Investments — 108.4% | 465,399,432 | |||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(m)(p) | 3,899,806 | $ | 3,899,806 | |||||
|
| |||||||
Total Short-Term Securities — 0.9% | 3,899,806 | |||||||
|
| |||||||
Total Investments — 109.3% | 469,299,238 | |||||||
Liabilities in Excess of Other Assets — (9.3)% |
| (40,125,510 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 429,173,728 | ||||||
|
|
(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) | Non-income producing security. |
(d) | Perpetual security with no stated maturity date. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | 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. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Convertible security. |
(i) | Zero-coupon bond. |
(j) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(k) | 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. |
(l) | Rounds to less than 1,000. |
(m) | Affiliate of the Fund. |
(n) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,075,047, representing 0.3% of its net assets as of period end, and an original cost of $744,776. |
(o) | All or a portion of the security is held by a wholly-owned subsidiary. |
(p) | Annualized 7-day yield as of period end. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
CONSOLIDATED SCHEDULE OF INVESTMENTS | 24 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 12/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 03/31/23 | Shares Held at 03/31/23 | Income | Capital Gain Distributions from Underlying | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 3,149,181 | $ | 750,625 | (a) | $ | — | $ | — | $ | — | $ | 3,899,806 | 3,899,806 | $ | 23,055 | $ | — | ||||||||||||||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 1,562,885 | — | — | — | 31,224 | 1,594,109 | 18,476 | 12,759 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | — | $ | 31,224 | $ | 5,493,915 | $ | 35,814 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
10-Year U.S. Ultra Long Treasury Note | 107 | 06/21/23 | $ | 12,975 | $ | (67,572 | ) | |||||||||
U.S. Long Bond | 5 | 06/21/23 | 657 | 15,584 | ||||||||||||
Ultra U.S. Treasury Bond | 9 | 06/21/23 | 1,275 | 65,214 | ||||||||||||
5-Year U.S. Treasury Note | 323 | 06/30/23 | 35,416 | 723,791 | ||||||||||||
|
| |||||||||||||||
737,017 | ||||||||||||||||
|
| |||||||||||||||
Short Contracts | ||||||||||||||||
Euro Stoxx 50 Index | 202 | 06/16/23 | 9,350 | (569,696 | ) | |||||||||||
Russell 2000 E-Mini Index | 36 | 06/16/23 | 3,264 | (91,751 | ) | |||||||||||
S&P 500 E-Mini Index | 16 | 06/16/23 | 3,310 | (148,259 | ) | |||||||||||
10-Year U.S. Treasury Note | 501 | 06/21/23 | 57,646 | (1,677,144 | ) | |||||||||||
2-Year U.S. Treasury Note | 82 | 06/30/23 | 16,941 | (17,537 | ) | |||||||||||
|
| |||||||||||||||
(2,504,387 | ) | |||||||||||||||
|
| |||||||||||||||
$ | (1,767,370 | ) | ||||||||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
EUR | 35,000 | USD | 37,832 | Bank of America N.A. | 04/14/23 | $ | 146 | |||||||||||||
USD | 137,385 | EUR | 126,000 | Bank of America N.A. | 06/21/23 | 137 | ||||||||||||||
|
| |||||||||||||||||||
283 | ||||||||||||||||||||
|
| |||||||||||||||||||
EUR | 30,000 | USD | 32,615 | Goldman Sachs International | 04/14/23 | (62 | ) | |||||||||||||
EUR | 13,000 | USD | 14,161 | HSBC Bank PLC | 04/14/23 | (55 | ) | |||||||||||||
USD | 10,612 | EUR | 10,000 | Deutsche Bank AG | 04/14/23 | (239 | ) | |||||||||||||
USD | 43,108 | EUR | 40,000 | Goldman Sachs International | 04/14/23 | (296 | ) | |||||||||||||
USD | 10,766 | EUR | 10,000 | HSBC Bank PLC | 04/14/23 | (85 | ) | |||||||||||||
USD | 23,634 | EUR | 22,000 | Morgan Stanley & Co. International PLC | 04/14/23 | (238 | ) | |||||||||||||
USD | 594,107 | EUR | 560,000 | Morgan Stanley & Co. International PLC | 04/14/23 | (13,547 | ) | |||||||||||||
USD | 11,986 | GBP | 10,000 | JPMorgan Chase Bank N.A. | 04/14/23 | (353 | ) | |||||||||||||
EUR | 265,887 | USD | 291,252 | Barclays Bank PLC | 06/21/23 | (1,631 | ) | |||||||||||||
USD | 1,768,059 | EUR | 1,635,000 | Goldman Sachs International | 06/21/23 | (12,886 | ) | |||||||||||||
USD | 1,758,838 | EUR | 1,635,500 | Morgan Stanley & Co. International PLC | 06/21/23 | (22,651 | ) | |||||||||||||
|
| |||||||||||||||||||
(52,043 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
$ | (51,760 | ) | ||||||||||||||||||
|
|
25 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund |
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index | Financing Rate Paid by the Fund | Payment Frequency | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
CDX.NA.HY.40.V1 | 5.00 | % | Quarterly | 06/20/28 | USD | 42,300 | $ | (717,449 | ) | $ | (269,447 | ) | $ | (448,002 | ) | |||||||||||||
|
|
|
|
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 33,217,528 | $ | — | $ | 33,217,528 | ||||||||
Common Stocks | ||||||||||||||||
Construction & Engineering | — | 734 | — | 734 | ||||||||||||
Hotel & Resort REITs | 2,119,395 | — | — | 2,119,395 | ||||||||||||
Household Durables | 2,295,600 | — | — | 2,295,600 | ||||||||||||
Pharmaceuticals | 602,138 | — | — | 602,138 | ||||||||||||
Specialty Retail | — | 9,880 | — | 9,880 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Aerospace & Defense | — | 2,824,628 | — | 2,824,628 | ||||||||||||
Automobile Components | — | 1,888,712 | — | 1,888,712 | ||||||||||||
Automobiles | — | 149,007 | — | 149,007 | ||||||||||||
Banks | — | 3,851,437 | — | 3,851,437 | ||||||||||||
Beverages | — | 1,749,594 | — | 1,749,594 | ||||||||||||
Broadline Retail | — | 2,672,836 | — | 2,672,836 | ||||||||||||
Building Materials | — | 540,900 | — | 540,900 | ||||||||||||
Building Products | — | 2,221,375 | — | 2,221,375 | ||||||||||||
Capital Markets | — | 1,152,190 | — | 1,152,190 | ||||||||||||
Chemicals | — | 1,250,475 | — | 1,250,475 | ||||||||||||
Commercial Services & Supplies | — | 1,169,289 | — | 1,169,289 | ||||||||||||
Communications Equipment | — | 490,892 | — | 490,892 | ||||||||||||
Construction & Engineering | — | 196,288 | — | 196,288 | ||||||||||||
Construction Materials | — | 65,131 | — | 65,131 | ||||||||||||
Consumer Discretionary | — | 6,953,809 | — | 6,953,809 | ||||||||||||
Consumer Finance | — | 3,124,500 | — | 3,124,500 | ||||||||||||
Consumer Staples Distribution & Retail | — | 66,720 | — | 66,720 | ||||||||||||
Containers & Packaging | — | 413,925 | — | 413,925 | ||||||||||||
Diversified Consumer Services | — | 1,923,477 | — | 1,923,477 |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 26 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Diversified REITs | $ | — | $ | 2,027,997 | $ | — | $ | 2,027,997 | ||||||||
Diversified Telecommunication Services | — | 1,723,702 | — | 1,723,702 | ||||||||||||
Electric Utilities | — | 1,184,827 | — | 1,184,827 | ||||||||||||
Electrical Equipment | — | 101,238 | — | 101,238 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 240,195 | — | 240,195 | ||||||||||||
Energy Equipment & Services | — | 864,091 | — | 864,091 | ||||||||||||
Environmental, Maintenance & Security Service | — | 383,596 | — | 383,596 | ||||||||||||
Financial Services | — | 6,119,559 | — | 6,119,559 | ||||||||||||
Food Products | — | 674,422 | — | 674,422 | ||||||||||||
Gas Utilities | — | 14,854 | — | 14,854 | ||||||||||||
Health Care Equipment & Supplies | — | 109,215 | — | 109,215 | ||||||||||||
Health Care Providers & Services | — | 3,330,629 | — | 3,330,629 | ||||||||||||
Health Care Technology | — | 441,108 | — | 441,108 | ||||||||||||
Hotels, Restaurants & Leisure | — | 7,386,749 | — | 7,386,749 | ||||||||||||
Household Durables | — | 959,844 | — | 959,844 | ||||||||||||
Household Products | — | 31,988 | — | 31,988 | ||||||||||||
Independent Power and Renewable Electricity Producers | — | 1,192,573 | — | 1,192,573 | ||||||||||||
Insurance | — | 1,866,829 | — | 1,866,829 | ||||||||||||
Interactive Media & Services | — | 2,509,270 | — | 2,509,270 | ||||||||||||
Internet Software & Services | — | 696,980 | — | 696,980 | ||||||||||||
IT Services | — | 4,636,463 | — | 4,636,463 | ||||||||||||
Leisure Products | — | 80,849 | — | 80,849 | ||||||||||||
Machinery | — | 1,024,273 | — | 1,024,273 | ||||||||||||
Media | — | 12,791,490 | — | 12,791,490 | ||||||||||||
Metals & Mining | — | 2,526,026 | — | 2,526,026 | ||||||||||||
Multi-Utilities | — | 178,350 | — | 178,350 | ||||||||||||
Oil, Gas & Consumable Fuels | — | 12,620,091 | — | 12,620,091 | ||||||||||||
Passenger Airlines | — | 1,297,954 | — | 1,297,954 | ||||||||||||
Pharmaceuticals | — | 412,451 | — | 412,451 | ||||||||||||
Real Estate Management & Development | — | 5,426,088 | — | 5,426,088 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 1,410,929 | — | 1,410,929 | ||||||||||||
Software | — | 10,120,263 | — | 10,120,263 | ||||||||||||
Specialized REITs | — | 97,000 | — | 97,000 | ||||||||||||
Specialty Retail | — | 341,103 | — | 341,103 | ||||||||||||
Technology Hardware, Storage & Peripherals | — | 50,831 | — | 50,831 | ||||||||||||
Textiles, Apparel & Luxury Goods | 281,792 | 106,401 | 1,858,102 | 2,246,295 | ||||||||||||
Tobacco | — | 74,473 | — | 74,473 | ||||||||||||
Transportation Infrastructure | — | 363,893 | — | 363,893 | ||||||||||||
Utilities | — | 411,717 | — | 411,717 | ||||||||||||
Wireless Telecommunication Services | — | 3,871,686 | — | 3,871,686 | ||||||||||||
Floating Rate Loan Interests | — | 80,864,402 | 207,798,789 | 288,663,191 | ||||||||||||
Foreign Agency Obligations | — | 921,050 | — | 921,050 | ||||||||||||
Investment Companies | 1,741,872 | — | — | 1,741,872 | ||||||||||||
Preferred Securities | ||||||||||||||||
Capital Trusts | — | 6,078,595 | — | 6,078,595 | ||||||||||||
Preferred Stocks | 137,710 | — | 4,666,487 | 4,804,197 | ||||||||||||
Warrants | 170 | — | 398,006 | 398,176 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 3,899,806 | — | — | 3,899,806 | ||||||||||||
Unfunded Floating Rate Loan Interests(a) | — | — | 8,858 | 8,858 | ||||||||||||
Liabilities | ||||||||||||||||
Unfunded Floating Rate Loan Interests(a) | — | (1,786 | ) | (446,527 | ) | (448,313 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 11,078,483 | $ | 243,497,585 | $ | 214,283,715 | $ | 468,859,783 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 283 | $ | — | $ | 283 | ||||||||
Interest Rate Contracts | 804,589 | — | — | 804,589 | ||||||||||||
Liabilities | ||||||||||||||||
Credit Contracts | — | (448,002 | ) | — | (448,002 | ) | ||||||||||
Equity Contracts | (240,010 | ) | (569,696 | ) | — | (809,706 | ) |
27 |
|
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities (continued) | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | (52,043 | ) | $ | — | $ | (52,043 | ) | ||||||
Interest Rate Contracts | (1,762,253 | ) | — | — | (1,762,253 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (1,197,674 | ) | $ | (1,069,458 | ) | $ | — | $ | (2,267,132 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $42,350,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| ||||||||||||||||||||||||
Corporate Bonds | Floating Rate Loan Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Warrants | Total | |||||||||||||||||||
| ||||||||||||||||||||||||
Assets/Liabilities | ||||||||||||||||||||||||
Opening balance, as of December 31, 2022 | $ | 1,771,094 | $ | 202,600,348 | $ | 4,690,451 | $ | (596,398 | ) | $ | 421,148 | $ | 208,886,643 | |||||||||||
Transfers into Level 3(a) | — | 4,996,330 | — | — | — | 4,996,330 | ||||||||||||||||||
Transfers out of Level 3(b) | — | (69,322 | ) | — | — | — | (69,322 | ) | ||||||||||||||||
Accrued discounts/premiums | 3,176 | 115,080 | — | — | — | 118,256 | ||||||||||||||||||
Net realized gain (loss) | — | (31,325 | ) | — | — | — | (31,325 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation)(c) | 83,832 | (1,119,745 | ) | (23,964 | ) | 158,729 | (23,142 | ) | (924,290 | ) | ||||||||||||||
Purchases | — | 3,523,169 | — | — | — | 3,523,169 | ||||||||||||||||||
Sales | — | (2,215,746 | ) | — | — | — | (2,215,746 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Closing balance, as of March 31, 2023 | $ | 1,858,102 | $ | 207,798,789 | $ | 4,666,487 | $ | (437,669 | ) | $ | 398,006 | $ | 214,283,715 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(c) | $ | 83,832 | $ | (1,146,331 | ) | $ | (23,964 | ) | $ | 51,364 | $ | (23,142 | ) | $ | (1,058,241 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | As of December 31, 2022, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2023, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |
(b) | As of December 31, 2022, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2023, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $12,498,964. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
Value | | Valuation Approach |
| Unobservable Inputs | | Range of Unobservable Inputs Utilized |
(a) | | Weighted Average of Unobservable Inputs Based on Fair Value |
| ||||||||
Assets | ||||||||||||||||||
Corporate Bonds | $ | 1,858,102 | Income | Discount Rate | 13% | — | ||||||||||||
Floating Rate Loan Interests | 194,881,202 | Income | Discount Rate | 10% - 22% | 12% | |||||||||||||
Preferred Stocks | 4,666,487 | Income | Discount Rate | 12% - 14% | 14% | |||||||||||||
Market | Revenue Multiple | 3.15x - 3.65x | 3.40x | |||||||||||||||
Recent Transactions | (b) | — | ||||||||||||||||
Warrants | 378,960 | Market | Revenue Multiple | 1.40x - 11.00x | 2.43x | |||||||||||||
Time to Exit | 1.0 - 4.3 years | 2.3 years |
CONSOLIDATED SCHEDULE OF INVESTMENTS | 28 |
Consolidated Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock Credit Strategies Fund |
Value | | Valuation Approach |
| | Unobservable Inputs |
| | Range of Unobservable Inputs Utilized |
(a) | | Weighted Average of Unobservable Inputs Based |
| ||||||||
Volatility | 55% - 65% | 64% | ||||||||||||||||||
|
| |||||||||||||||||||
$ | 201,784,751 | |||||||||||||||||||
|
|
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
(b) | For the period end March 31, 2023, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value. |
Currency Abbreviation | ||
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar | |
Portfolio Abbreviation | ||
CDI | CREST Depository Interest | |
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury | |
CR | Custodian Receipt | |
DAC | Designated Activity Company | |
ETF | Exchange-Traded Fund | |
EURIBOR | Euro Interbank Offered Rate | |
LIBOR | London Interbank Offered Rate | |
LOC | Letter of Credit | |
MTN | Medium-Term Note | |
PCL | Public Company Limited | |
PIK | Payment-in-Kind | |
REIT | Real Estate Investment Trust | |
S&P | Standard & Poor’s | |
SOFR | Secured Overnight Financing Rate | |
SOFR CME | Secured Overnight Financing Rate Chicago Mercantile Exchange | |
SOFRTE | Term Secured Overnight Financing Rate |
29 |
|