BlackRock HPS Credit Strategies Fund

³ BlackRock, as of October 31, 2025. For illustrative purposes only. Subject to change. Neither asset allocation nor diversification can guarantee profit or prevent loss. Direct Lending (30-50%): Privately originated senior secured loans to established core and upper middle market companies on a global basis. Asset-Based Lending (5-15%): Private credit investments backed by identified hard asset or financial asset collateral (e.g., infrastructure, equipment leases, real estate, music/media royalties, etc.). Opportunistic and Multi-Asset Credit (10-20%): Dynamic relative value allocation across liquid non-investment grade credit markets, driven by fundamental credit focused asset selection. Structured Credit (5-15%): Investments in CLO tranches across the capital stack. Performing Liquid Credit (20-30%): Higher credit quality broadly syndicated loans, high yield and other fixed income securities with an emphasis on tranche size, bid depth and other liquidity characteristics.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.blackrock.com.
⁴ Net annualized returns
⁵ Inception for share class I is 2/28/19.
⁶ The performance information for periods prior to the inception date of the Class A Shares (3/31/2020) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class A Share.
⁷ he performance information for periods prior to the inception date of the Class W Shares (7/12/2021) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class W Share.
⁸ The performance information for periods prior to the inception date of the Class U Shares (7/12/2021) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class U Share.

BlackRock HPS Credit Strategies Fund returns include reinvestment of dividends and capital gains. Maximum sales charge for Class A shares is 2.50%. Maximum sales charge for Class W shares is 3.50%. Expenses stated as of the Fund’s most recent prospectus including Total/Net, Including Investment Related Expenses: Institutional Shares, 1.73%/1.72%; Class A Shares, 2.41%/2.41%, Class W Shares, 2.39%/2.38%, Class U Shares, 2.47%/2.46%. The Net expenses reflect the Fund contractually agreeing to waive and/or reimburse certain operating and other expenses to limit certain expenses to 0.50% of the Fund’s average daily value of the net assets of each share class. Contractual waivers have a current end date of June 30, 2026. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Total and Net expenses. The cost of leverage is subject to change based on market conditions and the Fund’s use of leverage may increase or decrease over time. Institutional shares are not subject to a distribution fee or shareholder servicing fee. Class A , Class W and Class U shares are subject to these fees at an annual rate of 0.75%. 0.25% of the fee is a shareholder service fee and 0.50% is a distribution fee paid to dealers.