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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-08603

Name of Fund: |  | BlackRock Debt Strategies Fund, Inc. (DSU)

Fund Address: |  | 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Debt Strategies Fund, Inc.,
50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code:
(800) 882-0052,
Option 4
Date of fiscal year end: 12/31/2024
Date of reporting period: 06/30/2024

Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.

June 30, 2024

2024 Semi-Annual Report (Unaudited)

BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
BlackRock Income Trust, Inc. (BKT)
BlackRock Limited Duration Income Trust (BLW)
BlackRock Multi-Sector Income Trust (BIT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information
(unaudited)
Section 19(a) Notices
BlackRock Debt Strategies Fund, Inc.
’
s (DSU), BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA), BlackRock Income Trust, Inc.
’
s (BKT), BlackRock Limited
Duration Income Trust’s (BLW) and BlackRock Multi-Sector Income Trust
’
s (BIT) (collectively, the “Funds" or individually, a “Fund”) amounts and sources of distributions
reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for
tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Each Fund will provide
a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2024

|  | Total Cumulative Distributions for the Fiscal Period | % Breakdown of the Total Cumulative Distributions for the Fiscal Period
Fund Name |  | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital (a) | Total Per Common Share | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital | Total Per Common Share
DSU |  | $ 0.490927 | $ — | $ — | $ 0.101453 | $ 0.592380 | 83 % | — % | — % | 17 % | 100 %
FRA |  | 0.611348 | — | — | 0.131692 | 0.743040 | 82 | — | — | 18 | 100
BKT |  | 0.203628 | — | — | 0.325572 | 0.529200 | 38 | — | — | 62 | 100
BLW |  | 0.587721 | — | — | 0.059679 | 0.647400 | 91 | — | — | 9 | 100
BIT |  | 0.471579 | — | — | 0.270621 | 0.742200 | 64 | — | — | 36 | 100

(a) | Each Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Fund is returned to the shareholder. A return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Fund’s net asset value per share.

Section 19(a) notices for the Funds, as applicable, are available on the BlackRock website at
blackrock.com
.
Managed Distribution Plan
The Funds, each with the approval of its Board of Directors (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies, to
support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Funds currently distribute the following fixed amounts
per share on a monthly basis.

Fund Name | Amount Per Common Share
DSU | $ 0.098730
FRA | 0.123840
BKT | 0.088200
BLW | 0.107900
BIT | 0.123700

The fixed amounts distributed per share are subject to change at the discretion of each Fund
’
s Board. Each Fund is currently not relying on any exemptive relief from
Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Fund will distribute all available investment income to its shareholders
as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned
on a monthly basis, a Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to
shareholders is expected to be at the fixed amount established by the Board; however, a Fund may make additional distributions from time to time, including additional capital
gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
Shareholders should not draw any conclusions about a Fund
’
s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund
’
s total
return performance is presented in its financial highlights table.
Each Fund
’
s Board may amend, suspend or terminate a Fund
’
s Plan at any time without prior notice to the Fund
’
s shareholders if it deems such actions to be in the best
interests of the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund
’
s stock is trading at or above
net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples
of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or
decreasing corporate dividend distributions and changes in the Code. Please refer to DSU
’
s, BKT
’
s, BLW
’
s and BIT
’
s prospectus for a more complete description of a Fund
’
s
risks.
2
2024
BlackRock Semi-Annual Report to Shareholders

Table of Contents
Page

Supplemental Information | 2
Semi-Annual Report: |
The Benefits and Risks of Leveraging | 4
Derivative Financial Instruments | 4
Fund Summary | 5
Financial Statements: |
Schedules of Investments | 16
Statements of Assets and Liabilities | 152
Statements of Operations | 156
Statements of Changes in Net Assets | 158
Statements of Cash Flows | 161
Financial Highlights | 165
Notes to Financial Statements | 170
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement | 185
Additional Information | 189
Glossary of Terms Used in this Report | 192

3

The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no
guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income
earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets
obtained from leverage) are invested in higher-yielding portfolio investments, each Fund
’
s shareholders benefit from the incremental net income. The interest earned on
securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings
(less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Fund’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available
for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive
slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the
securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is
significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares
(“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and
other costs of leverage exceed a Fund
’
s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage.
Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value
of portfolio investments. In contrast, the amount of each Fund
’
s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates.
As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict
accurately, and there is no assurance that a Fund
’
s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund
’
s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining
market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required
to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the
terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain
types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the
shareholders. Moreover, to the extent the calculation of each Fund
’
s investment advisory fees includes assets purchased with the proceeds of leverage, the investment
advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.
Each Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt
securities up to 33 1/3% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In
addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than
those imposed by the 1940 Act.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets
without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency
exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect
correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument.
Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or
comply with an outer limit on fund leverage risk based on value-at-risk. The Funds
’
successful use of a derivative financial instrument depends on the investment adviser’s
ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used,
may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these
instruments, if any, are discussed in detail in the Notes to Financial Statements.
4
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Investment Objective
BlackRock Debt Strategies Fund, Inc.
’
s (DSU) (the “Fund”)
primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio
of U.S. companies’ debt instruments, including senior and subordinated corporate loans, both secured and unsecured, which are rated in the lower rating categories of the
established rating services (BBB or lower by S&P Global Ratings ("S&P") or Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”)) or unrated debt instruments, which
are in the judgment of the investment adviser of equivalent quality. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund’s
secondary investment objective is to seek to provide capital appreciation.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

Symbol on New York Stock Exchange | DSU
Initial Offering Date | March 27, 1998
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($10.84) (a) | 10.93%
Current Monthly Distribution per Common Share (b) | $0.098730
Current Annualized Distribution per Common Share (b) | $1.184760
Leverage as of June 30, 2024 (c) | 21%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 10.84 | $ 10.79 | 0.46 % | $ 11.36 | $ 10.26
Net Asset Value | 10.74 | 10.89 | (1.38 ) | 10.91 | 10.72

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV (a)(b) | 4.16 % | 11.63 % | 6.16 % | 5.84 %
Fund at Market Price (a)(b) | 6.10 | 23.37 | 8.97 | 6.84
Reference Benchmark (c) | 3.50 | 10.81 | 4.75 | 4.48
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d) | 2.58 | 10.43 | 3.90 | 4.30
Morningstar LSTA Leveraged Loan Index (e) | 4.40 | 11.11 | 5.53 | 4.60

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b) | The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (50%) and the Morningstar LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods.
(d) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.
(e) | An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future
performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
Fund Summary
5

Fund Summary
as of June 30, 2024
(continued)
BlackRock Debt Strategies Fund, Inc. (DSU)
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
From a sector perspective, technology was the largest absolute contributor. By credit rating, B rated bonds were the leading contributor, followed by BBs and CCCs. Bank loans
were the top contributor from an allocation standpoint.
At the sector level, restaurants were the only notable detractor from absolute performance. The Funds allocation to CC rated issues detracted, as well.
The Fund’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy.
Describe recent portfolio activity.
The investment adviser added to the Fund
’
s allocation to BBB and BB rated issues and trimmed its position in CCCs. It also increased the allocation to B2s, moving from a
small underweight to a slight overweight. Conversely, it decreased the position in B1s from an overweight to an underweight.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Fund was overweight in BBBs and B2/B3s. It also maintained a small but important overweight in CCCs to capitalize on idiosyncratic opportunities. The Fund’s largest
overweights were in the technology, diversified manufacturing, and property and casualty sectors, whereas its most significant underweights were in retailers, cable and
satellite, and independent energy.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Floating Rate Loan Interests | 80.3 %
Corporate Bonds | 13.9
Asset-Backed Securities | 2.3
Investment Companies | 1.9
Other* | 1.6

CREDIT QUALITY ALLOCATION
Credit Rating (a) | Percent of Total Investments (b)
A | 0.1 %
BBB/Baa | 8.6
BB/Ba | 28.1
B | 53.3
CCC/Caa | 5.4
N/R (c) | 4.5

(a) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(b) | Excludes short-term securities.
(c) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund ’ s total investments. Please refer to the Schedule of Investments for details.

6
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Investment Objective
BlackRock Floating Rate Income Strategies Fund, Inc.
’
s (FRA) (the “Fund”)
investment objective is to provide shareholders with high current income and such
preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. The Fund seeks
to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in floating rate debt securities, including floating or variable
rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month
or calendar quarter). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that
are rated below investment grade at the time of investment or, if unrated, are considered by the investment adviser to be of comparable quality. The Fund may invest directly
in floating rate debt securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

Symbol on New York Stock Exchange | FRA
Initial Offering Date | October 31, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($12.94) (a) | 11.48%
Current Monthly Distribution per Common Share (b) | $0.123840
Current Annualized Distribution per Common Share (b) | $1.486080
Leverage as of June 30, 2024 (c) | 24%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 12.94 | $ 12.66 | 2.21 % | $ 13.32 | $ 12.22
Net Asset Value | 13.08 | 13.26 | (1.36 ) | 13.30 | 13.05

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV (a)(b) | 4.44 % | 11.62 % | 6.33 % | 5.47 %
Fund at Market Price (a)(b) | 8.22 | 18.83 | 8.72 | 5.95
Morningstar LSTA Leveraged Loan Index (c) | 4.40 | 11.11 | 5.53 | 4.60

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b) | The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future
performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
From a sector perspective, technology and healthcare were the largest absolute contributors. By credit rating, B rated bonds were the leading contributor, followed by BBs and
CCCs. Bank loans were the top contributor from an allocation standpoint.
At the sector level, restaurants were the only notable detractor from absolute performance. The Funds allocation to CC rated issues detracted, as well.
The Fund’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy.
Fund Summary
7

Fund Summary
as of June 30, 2024
(continued)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Describe recent portfolio activity.
The investment adviser added to the Fund’s allocation to BBB rated issues, increased the extent of its overweight in BBs, and trimmed its position in CCCs. It also increased
the allocation to B2s, moving from a small underweight to a slight overweight. Conversely, it decreased the position in B1s from an overweight to an underweight.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Fund was overweight in BBBs and BBs. It also maintained a small but important overweight in CCCs to capitalize on idiosyncratic opportunities. The Fund’s sector
positioning is largely the result of bottom-up security selection, but top-down considerations are factored into the analysis of individual issues. While technology continues to
represents the largest absolute allocation due to its large index weighting, the portfolio is underweight in the sector relative terms. The Fund’s out-of-benchmark allocations
remained limited.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Floating Rate Loan Interests | 93.6 %
Investment Companies | 2.4
Asset-Backed Securities | 1.9
Corporate Bonds | 1.3
Other* | 0.8

CREDIT QUALITY ALLOCATION
Credit Rating (a) | Percent of Total Investments (b)
A | 0.1 %
BBB/Baa | 9.2
BB/Ba | 26.3
B | 55.2
CCC/Caa | 4.5
N/R (c) | 4.7

(a) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(b) | Excludes short-term securities.
(c) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund ’ s total investments. Please refer to the Schedule of Investments for details.

8
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
BlackRock Income Trust, Inc. (BKT)
Investment Objective
BlackRock Income Trust, Inc.
’
s (BKT) (the “Fund”)
investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high
monthly income. The Fund seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Fund invests at least 80% of its
assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P
Global Ratings ("S&P") or Aaa by Moody’s Investors Service, Inc ("Moody
’
s"). The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

Symbol on New York Stock Exchange | BKT
Initial Offering Date | July 22, 1988
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($11.93) (a) | 8.87%
Current Monthly Distribution per Common Share (b) | $0.088200
Current Annualized Distribution per Common Share (b) | $1.058400
Leverage as of June 30, 2024 (c) | 23%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 11.93 | $ 12.18 | (2.05 ) % | $ 12.36 | $ 11.12
Net Asset Value | 12.06 | 12.73 | (5.26 ) | 12.73 | 11.75

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV (a)(b) | (0.95 ) % | 3.48 % | (1.69 ) % | 0.71 %
Fund at Market Price (a)(b) | 2.41 | 7.25 | (0.73 ) | 1.60
FTSE Mortgage Index (c) | (1.00 ) | 2.10 | (0.83 ) | 0.86

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b) | The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An unmanaged index that includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future
performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Performance of the Fund benefited over the period from an allocation to last cash flow structures within agency collateralized mortgage obligations (“CMOs”) as spreads
tightened, as well as agency mortgage-backed security (“MBS”) derivatives including interest-only securities. Allocations across agency commercial mortgage-backed
securities (“CMBS”) including single-asset/single-borrower (“SASB”) and interest-only securities also proved additive.
Tactical positioning with respect to portfolio duration and corresponding interest rate sensitivity detracted, specifically a long duration bias as Treasury yields moved higher over
the period.
The Fund
’
s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund
’
s investment strategy.
Fund Summary
9

Fund Summary
as of June 30, 2024
(continued)
BlackRock Income Trust, Inc. (BKT)
Describe recent portfolio activity.
The Fund
’
s substantial allocation to well-structured agency CMOs as a source of high-quality income was slightly reduced over the period. The allocation to agency MBS
pass-throughs was also reduced slightly while increasing the underweight to low coupon pools and increasing the overweight to middle coupons. The allocation to CMBS was
increased.
The Fund held derivatives during the period as a part of its investment strategy and can sometimes have notional derivative exposure greater than 20%. Derivatives are used
by the portfolio management team as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used
Treasury futures to express duration bias and curve bias. The Fund also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when
relative value opportunities present themselves.
Describe portfolio positioning at period end.
At the end of the period, the Fund held a substantial allocation to well-structured agency CMOs as well as agency MBS passthrough securities with a focus on middle coupons.
Holdings were focused on seasoned collateral, which demonstrates more favorable prepayment performance across both higher and lower mortgage rate regimes relative to
generic collateral. The Fund held a modest but increased allocation to floating rate, AAA-rated non-agency CMBS to augment income, with a focus on SASB issues in order
to be more discerning with respect to the underlying collateral.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
U.S. Government Sponsored Agency Securities | 98.7 %
Non-Agency Mortgage-Backed Securities | 1.3
Asset-Backed Securities | — (a)

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (c)
AAA/Aaa (d) | 99.6 %
AA/Aa | 0.1
CCC/Caa | — (a)
N/R | 0.3

(a) | Rounds to less than 0.1%.
(b) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(c) | Excludes short-term securities.
(d) | Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

10
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Investment Objective
BlackRock Limited Duration Income Trust
’
s (BLW) (the “Fund”)
investment objective is to provide current income and capital appreciation. The Fund seeks to achieve its
investment objective by investing primarily in three distinct asset classes:
•
intermediate duration, investment grade corporate bonds, mortgage-related securities, asset-backed securities and U.S. Government and agency securities;
•
senior, secured floating rate loans made to corporate and other business entities; and
•
U.S. dollar-denominated securities of U.S. and non-U.S. issuers rated below investment grade at the time of investment or unrated and deemed by the investment
adviser to be of comparable quality and, to a limited extent, non-U.S. dollar denominated securities of non-U.S. issuers rated below investment grade or unrated and
deemed by the investment adviser to be of comparable quality.
The Fund’s portfolio normally has an average portfolio duration of less than five years (including the effect of anticipated leverage), although it may be longer from time to time
depending on market conditions. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

Symbol on New York Stock Exchange | BLW
Initial Offering Date | July 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($13.96) (a) | 9.28%
Current Monthly Distribution per Common Share (b) | $0.107900
Current Annualized Distribution per Common Share (b) | $1.294800
Leverage as of June 30, 2024 (c) | 41%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The monthly distribution per Common Share, declared on July 1, 2024, was increased to $0.113200 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 13.96 | $ 13.98 | (0.14 ) % | $ 14.22 | $ 13.30
Net Asset Value | 13.95 | 14.11 | (1.13 ) | 14.13 | 13.77

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV (a)(b) | 3.57 % | 12.27 % | 4.42 % | 5.30 %
Fund at Market Price (a)(b) | 4.61 | 18.98 | 6.95 | 5.89
Reference Benchmark (c) | 2.91 | 9.10 | 3.71 | 3.60
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d) | 2.58 | 10.43 | 3.90 | 4.30
Morningstar LSTA Leveraged Loan Index (e) | 4.40 | 11.11 | 5.53 | 4.60
BATS S Benchmark (f) | 1.76 | 5.74 | 1.51 | 1.77

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b) | The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%), the Morningstar LSTA Leveraged Loan Index (33.33%), and the BATS S Benchmark (33.34%). The Reference Benchmark’s index content and weightings may have varied over past periods.
(d) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.
(e) | An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.
(f) | A composite index comprised of Bloomberg ABS 1-3 Year AAA Rated ex Home Equity Index, Bloomberg Corporate 1-5 year Index, Bloomberg CMBS Investment Grade 1-3.5 Yr. Index, Bloomberg MBS 15 Yr Index and Bloomberg Credit Ex-Corporate 1-5 Yr Index.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Fund Summary
11

Fund Summary
as of June 30, 2024
(continued)
BlackRock Limited Duration Income Trust (BLW)
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future
performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
The largest contributors to the Fund
’
s absolute performance over the period included exposure to a range of credit-oriented sectors including bank loans, high yield corporate
bonds, collateralized loan obligations (“CLOs”) and capital securities. Exposure to emerging markets debt also proved additive.
The largest detractor from the Fund
’
s performance was its use of derivatives, including Treasury futures, currency forwards, currency options, interest rate swaps and credit
default swaps. Derivative securities were employed primarily to adjust duration (sensitivity to interest rate changes) and yield curve exposure, as well as to hedge credit and
currency risk. Currency forwards were used to provide the portfolio with active currency exposure. Exposure to U.S. Treasuries and agency mortgage-backed securities
(“MBS”) detracted as well.
The Fund
’
s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund
’
s investment strategy.
Describe recent portfolio activity.
The Fund traded duration tactically over the period amid mixed economic data, while maintaining an overall long-duration bias due to slowing inflation and as a hedge against
any widening in credit spreads. The Fund initially increased exposure to high yield corporate bonds as the sector benefited from an uptick in credit quality as well as a decrease
in net supply.
As volatility decreased and agency MBS spreads compressed, the Fund reduced exposure in the sector while taking profits. Toward the end of the period,
indexed exposure to high yield credit default swaps was added as a hedge against potential spread widening due to uncertainty surrounding the U.S. presidential election.
Finally, in June 2024, the Fund added positions in shorter maturity U.S. Treasuries to benefit from any curve steepening.
Describe portfolio positioning at period end.
At period end, the Fund maintained diversified exposure to non-government spread sectors including bank loans, high yield and investment grade corporate bonds, and CLOs.
As noted, the Fund also held exposure to U.S. Treasuries. The Fund was positioned with an overweight to duration and corresponding interest rate sensitivity versus the
benchmark on the view that the United States Federal Reserve was poised to begin cutting interest rates later this year.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
12
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
(continued)
BlackRock Limited Duration Income Trust (BLW)
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Corporate Bonds | 43.8 %
Floating Rate Loan Interests | 35.9
U.S. Treasury Obligations | 6.6
Asset-Backed Securities | 4.2
Preferred Securities | 3.8
U.S. Government Sponsored Agency Securities | 2.3
Non-Agency Mortgage-Backed Securities | 2.0
Other* | 1.4

CREDIT QUALITY ALLOCATION
Credit Rating (a) | Percent of Total Investments (b)
AAA/Aaa (c) | 10.1 %
AA/Aa | 0.7
A | 1.6
BBB/Baa | 10.2
BB/Ba | 30.4
B | 38.3
CCC/Caa | 4.9
CC | — (d)
C | 0.3
D | — (d)
N/R (e) | 3.5

(a) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(b) | Excludes short-term securities.
(c) | Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.
(d) | Rounds to less than 0.1%.
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund ’ s total investments. Please refer to the Schedule of Investments for details.

Fund Summary
13

Fund Summary
as of June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Investment Objective
BlackRock Multi-Sector Income Trust
’
s (BIT) (the “Fund”)
primary investment objective is to seek high current income, with a secondary objective of capital appreciation.
The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other
investments with similar economic characteristics. The Fund may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the
Fund’s investments in loans, the Fund may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

Symbol on New York Stock Exchange | BIT
Initial Offering Date | February 27, 2013
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($14.58) (a) | 10.18%
Current Monthly Distribution per Common Share (b) | $0.123700
Current Annualized Distribution per Common Share (b) | $1.484400
Leverage as of June 30, 2024 (c) | 35%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 14.58 | $ 15.00 | (2.80 ) % | $ 15.88 | $ 14.53
Net Asset Value | 14.44 | 14.76 | (2.17 ) | 14.76 | 14.26

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV (a)(b) | 2.89 % | 10.75 % | 4.35 % | 6.04 %
Fund at Market Price (a)(b) | 2.23 | 12.37 | 5.98 | 7.14
Bloomberg U.S. Aggregate Bond Index (c) | (0.71 ) | 2.63 | (0.23 ) | 1.35

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b) | The Fund ’ s premium to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future
performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positive contributions to the Fund
’
s performance over the period were highlighted by exposure to U.S. high yield corporate bonds. In addition, exposure to non-agency
residential mortgage-backed securities (“MBS”), collateralized loan obligations (“CLOs”) and commercial mortgage-backed securities (“CMBS”) proved additive.
The principal detractor from the Fund
’
s performance was the use of reverse repurchase agreements.
Describe recent portfolio activity.
The Fund continued to favor CLOs as a high quality source of attractive risk-adjusted income, and as such increased its allocation to the sector. The Fund
’
s allocation to high
yield corporate bonds was also increased as a source of incremental yield given sound fundamentals within the sector. Conversely, the Fund reduced the allocation to
investment grade corporate bonds as spreads narrowed, realizing gains in doing so.
14
2024
BlackRock Semi-Annual Report to Shareholders

Fund Summary
as of June 30, 2024
(continued)
BlackRock Multi-Sector Income Trust (BIT)
The Fund
’
s practice of maintaining a speciﬁed level of monthly distributions to shareholders resulted in a lower portfolio turnover relative to most traditional fixed income
portfolios.
Describe portfolio positioning at period end.
At period end, the Fund maintained a diversified exposure within non-governmental spread sectors, including high yield corporate bonds, agency and non-agency MBS,
investment grade corporate bonds and capital securities. The Fund ended the period with a relatively long duration stance on the view that the United States Federal Reserve
would reduce interest rates in 2024.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Corporate Bonds | 55.7 %
Asset-Backed Securities | 12.6
Non-Agency Mortgage-Backed Securities | 11.6
U.S. Government Sponsored Agency Securities | 8.6
Floating Rate Loan Interests | 5.0
Preferred Securities | 4.0
Other* | 2.5

CREDIT QUALITY ALLOCATION
Credit Rating (a) | Percent of Total Investments (b)
AAA/Aaa (c) | 15.4 %
AA/Aa | 1.5
A | 2.5
BBB/Baa | 9.5
BB/Ba | 26.7
B | 26.1
CCC/Caa | 5.4
CC | 0.3
C | 3.8
D | — (d)
N/R (e) | 8.8

(a) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(b) | Excludes short-term securities.
(c) | Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.
(d) | Rounds to less than 0.1%.
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund ’ s total investments. Please refer to the Schedule of Investments for details.

Fund Summary
15

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo. CME Term SOFR + 4.70%), 10.02%, 01/25/36 (a)(b) | USD | 1,000 | $ 1,015,189
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-mo. CME Term SOFR + 3.85%), 9.18%, 05/15/37 (a)(b) |  | 1,000 | 1,012,491
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.35%), 8.68%, 07/15/37 (a)(b) |  | 2,000 | 1,999,810
Golub Capital Partners CLO Ltd. (a)(b) |  |  |
Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.82%, 04/25/36 |  | 1,000 | 1,020,795
Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 8.51%, 07/25/37 |  | 1,500 | 1,499,955
Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 3.40%, 07/25/37 (a)(b) |  | 1,090 | 1,089,722
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. CME Term SOFR + 3.45%), 8.78%, 04/20/37 (a)(b) |  | 1,500 | 1,499,840
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.77%, 04/20/36 (a)(b) |  | 1,000 | 1,043,721
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 9.57%, 04/20/37 (a)(b) |  | 1,590 | 1,608,169
Symphony CLO Ltd. (a)(b) |  |  |
Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.52%, 04/24/36 |  | 1,000 | 1,025,003
Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.33%, 01/14/34 |  | 1,000 | 1,016,008
Unique Pub Finance Co. PLC (c) |  |  |
Series 02, Class N, 6.46%, 03/30/32 | GBP | 100 | 130,939
Series 02-1, Class A4, 5.66%, 06/30/27 |  | 28 | 34,782
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.47%, 04/20/36 (a)(b) | USD | 1,000 | 1,031,206
Total Asset-Backed Securities — 3.0% (Cost: $14,860,496) | 15,027,630

|  | Shares |
Common Stocks
Construction & Engineering — 0.0% |
McDermott International Ltd. (d) |  | 141,483 | 41,030
Electrical Equipment — 0.0% |
SunPower Corp. (d) |  | 1,707 | 5,053
Energy Equipment & Services — 0.0% |
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0) (d)(e)(f) |  | 7,288 | —
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $73,447) (d)(e)(f) |  | 5,846 | 312,761

Security |  | Shares | Value
Financial Services (d) — 0.1% |
NMG Parent LLC |  | 1,477 | $ 147,700
Travelport Finance Luxembourg SARL (e) |  | 228 | 615,292
|  |  | 762,992
Health Care Providers & Services — 0.1% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $875,815) (d)(f) |  | 28,198 | 289,029
Industrial Conglomerates — 0.0% |
Ameriforge Group, Inc. (d)(e) |  | 1,664 | 17
Oil, Gas & Consumable Fuels — 0.0% |
Kcad Holdings I Ltd. (d)(e) |  | 1,075,282,733 | 10,753
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd. (d) |  | 213 | 182
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (d)(e) |  | 24,798 | 216,980
Total Common Stocks — 0.3% (Cost: $15,752,890) | 1,638,797

|  | Par (000) |
Corporate Bonds
Advertising Agencies (b) — 0.0%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | USD | 186 | 178,518
Stagwell Global LLC, 5.63%, 08/15/29 |  | 32 | 29,556
|  |  | 208,074
Aerospace & Defense (b) — 0.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 |  | 71 | 72,376
Boeing Co., 6.53%, 05/01/34 |  | 175 | 179,183
Bombardier, Inc. |  |  |
7.88%, 04/15/27 |  | 4 | 4,010
6.00%, 02/15/28 |  | 206 | 203,630
7.50%, 02/01/29 |  | 4 | 4,145
8.75%, 11/15/30 |  | 118 | 127,532
7.25%, 07/01/31 |  | 36 | 36,962
7.00%, 06/01/32 |  | 62 | 62,861
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 |  | 200 | 198,000
Spirit AeroSystems, Inc. |  |  |
9.38%, 11/30/29 |  | 111 | 119,507
9.75%, 11/15/30 |  | 128 | 141,199
TransDigm, Inc. |  |  |
6.75%, 08/15/28 |  | 527 | 533,442
6.38%, 03/01/29 |  | 659 | 662,323
7.13%, 12/01/31 |  | 201 | 207,106
6.63%, 03/01/32 |  | 663 | 669,669
Triumph Group, Inc., 9.00%, 03/15/28 |  | 212 | 222,227
|  |  | 3,444,172
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 7 | 7,087
Automobile Components — 0.4%
Champions Financing, Inc., 8.75%, 02/15/29 (b) |  | 289 | 296,362

16
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobile Components (continued)
Clarios Global LP, 6.75%, 05/15/25 (b) | USD | 486 | $ 485,852
Clarios Global LP/Clarios U.S. Finance Co. (b) |  |  |
8.50%, 05/15/27 |  | 624 | 627,520
6.75%, 05/15/28 |  | 193 | 195,326
Forvia SE, 3.75%, 06/15/28 (c) | EUR | 100 | 103,080
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) | USD | 121 | 122,624
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 |  | 26 | 24,201
5.63%, 04/30/33 |  | 30 | 27,118
NM Holdings Co. LLC (e) |  |  |
12.00%, 06/01/09 |  | 5,150 | —
Series B, 9.50%, 07/01/05 |  | 5,125 | —
Phinia, Inc., 6.75%, 04/15/29 (b) |  | 38 | 38,564
Tenneco, Inc., 8.00%, 11/17/28 (b) |  | 77 | 70,097
ZF Finance GmbH, 5.75%, 08/03/26 (c) | EUR | 100 | 109,772
|  |  | 2,100,516
Automobiles — 0.1%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 | USD | 39 | 36,951
5.00%, 02/15/32 (b) |  | 73 | 66,138
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 (c) | GBP | 100 | 125,462
Carvana Co. (b)(g) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 57 | 62,396
(14.00% PIK), 14.00%, 06/01/31 |  | 165 | 185,348
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 54 | 55,840
Wabash National Corp., 4.50%, 10/15/28 (b) |  | 70 | 62,988
|  |  | 595,123
Banks — 0.1%
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(c) | EUR | 100 | 107,277
Banco Espirito Santo SA |  |  |
2.63%, 05/08/17 (c) |  | 100 | 29,987
4.75%, 01/15/18 |  | 200 | 59,973
4.00%, 01/21/19 |  | 100 | 29,987
Barclays Bank PLC, 1.00%, 02/16/29 (h) | USD | 93 | 96,415
Deutsche Bank AG, (5-year EURIBOR ICE Swap + 4.55%), 4.50% (a)(c)(i) | EUR | 200 | 191,165
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) | USD | 26 | 27,969
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(c) | EUR | 100 | 108,059
|  |  | 650,832
Broadline Retail (b) — 0.1%
Ken Garff Automotive LLC, 4.88%, 09/15/28 | USD | 39 | 36,146
LCM Investments Holdings II LLC |  |  |
4.88%, 05/01/29 |  | 103 | 96,277
8.25%, 08/01/31 |  | 93 | 97,043
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 |  | 38 | 37,542
Rakuten Group, Inc., 9.75%, 04/15/29 |  | 200 | 206,150
|  |  | 473,158
Building Materials — 0.4%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 51 | 50,490
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b) |  | 67 | 65,687
EMRLD Borrower LP/Emerald Co-Issuer, Inc. (b) |  |  |
6.63%, 12/15/30 |  | 703 | 708,485

Security |  | Par (000) | Value
Building Materials (continued)
EMRLD Borrower LP/Emerald Co-Issuer, Inc. (b) (continued) |  |  |
07/15/31 (j) | USD | 55 | $ 55,687
Masterbrand, Inc., 7.00%, 07/15/32 (b) |  | 35 | 35,395
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 |  | 26 | 24,547
9.75%, 07/15/28 |  | 40 | 40,666
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 |  | 119 | 116,259
8.88%, 11/15/31 |  | 178 | 188,845
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (c) | EUR | 100 | 101,146
5.00%, 02/15/27 (b) | USD | 27 | 26,246
4.38%, 07/15/30 (b) |  | 176 | 159,019
3.38%, 01/15/31 (b) |  | 34 | 28,646
Summit Materials LLC/Summit Materials Finance Corp. (b) |  |  |
5.25%, 01/15/29 |  | 112 | 107,881
7.25%, 01/15/31 |  | 102 | 105,637
|  |  | 1,814,636
Building Products (b) — 0.2%
Beacon Roofing Supply, Inc. |  |  |
4.13%, 05/15/29 |  | 31 | 28,240
6.50%, 08/01/30 |  | 48 | 48,432
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 24 | 21,299
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |  | 27 | 26,528
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 759 | 732,352
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (g) |  | 109 | 109,003
|  |  | 965,854
Capital Markets — 0.2%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b) |  | 55 | 55,274
Ares Capital Corp. |  |  |
5.88%, 03/01/29 |  | 35 | 34,496
5.95%, 07/15/29 |  | 70 | 68,814
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 25 | 27,190
Blackstone Private Credit Fund |  |  |
3.25%, 03/15/27 |  | 24 | 22,157
5.95%, 07/16/29 (b) |  | 34 | 33,298
6.25%, 01/25/31 (b) |  | 41 | 40,765
Blue Owl Capital Corp., 3.40%, 07/15/26 |  | 5 | 4,711
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (b) |  | 38 | 39,206
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 |  | 58 | 59,595
6.60%, 09/15/29 (b) |  | 25 | 24,661
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/29 (b) |  | 26 | 25,436
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b) |  | 65 | 61,651
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 |  | 16 | 15,874
5.25%, 05/15/27 |  | 185 | 173,645
9.75%, 01/15/29 (b) |  | 77 | 79,772
4.38%, 02/01/29 |  | 55 | 47,027
9.00%, 06/15/30 (b) |  | 49 | 48,753

Schedule of Investments
17

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Oaktree Strategic Credit Fund, 8.40%, 11/14/28 (b) | USD | 43 | $ 45,452
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(i) |  | 69 | 69,411
|  |  | 977,188
Chemicals — 0.6%
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 60 | 56,953
5.75%, 11/15/28 (b) |  | 103 | 95,094
4.63%, 11/15/29 (b) |  | 39 | 33,579
Element Solutions, Inc., 3.88%, 09/01/28 (b) |  | 498 | 457,667
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 200 | 173,488
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b) |  | 184 | 185,457
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29 (c) | EUR | 100 | 113,387
Ingevity Corp., 3.88%, 11/01/28 (b) | USD | 23 | 20,868
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(g) |  | 90 | 73,950
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) |  | 42 | 39,751
Minerals Technologies, Inc., 5.00%, 07/01/28 (b) |  | 55 | 52,201
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (c) | EUR | 100 | 114,739
9.75%, 11/15/28 (b) | USD | 200 | 211,594
7.25%, 06/15/31 (b) |  | 200 | 198,802
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 185 | 167,538
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 55 | 53,038
5.63%, 08/15/29 |  | 1,040 | 958,563
7.38%, 03/01/31 |  | 53 | 53,714
|  |  | 3,060,383
Commercial Services & Supplies — 1.0%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 9 | 8,300
4.88%, 07/15/32 |  | 68 | 62,444
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 294 | 294,765
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |  |  |
6.63%, 07/15/26 |  | 11 | 10,967
9.75%, 07/15/27 |  | 30 | 29,817
6.00%, 06/01/29 |  | 323 | 282,749
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b) |  | 400 | 364,625
4.88%, 06/01/28 (c) | GBP | 100 | 113,611
APi Group DE, Inc. (b) |  |  |
4.13%, 07/15/29 | USD | 67 | 60,970
4.75%, 10/15/29 |  | 32 | 29,857
APX Group, Inc. (b) |  |  |
6.75%, 02/15/27 |  | 46 | 45,881
5.75%, 07/15/29 |  | 86 | 82,511
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 161 | 152,080
6.50%, 05/15/32 (b) |  | 273 | 276,655
Boels Topholding BV, 5.75%, 05/15/30 (c) | EUR | 100 | 108,487
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) | USD | 400 | 417,061
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 39 | 39,409
6.75%, 06/15/32 |  | 58 | 58,426
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 |  | 238 | 230,752

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Fortress Transportation and Infrastructure Investors LLC (b) (continued) |  |  |
7.88%, 12/01/30 | USD | 172 | $ 179,934
7.00%, 05/01/31 |  | 245 | 250,306
7.00%, 06/15/32 |  | 154 | 156,179
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 61 | 58,289
9.50%, 11/01/27 |  | 30 | 30,139
7.75%, 02/15/28 |  | 175 | 178,235
6.00%, 06/01/29 |  | 27 | 24,633
Global Payments, Inc., 1.50%, 03/01/31 (b)(h) |  | 142 | 130,001
Herc Holdings, Inc. (b) |  |  |
5.50%, 07/15/27 |  | 101 | 99,419
6.63%, 06/15/29 |  | 67 | 67,940
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) |  | 39 | 36,359
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |  | 52 | 48,164
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28 (b) |  | 178 | 175,405
Q-Park Holding I BV, 02/15/30 (c)(j) | EUR | 100 | 106,827
Service Corp. International, 4.00%, 05/15/31 | USD | 45 | 40,076
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |  | 76 | 73,588
Sotheby ’ s, 7.38%, 10/15/27 (b) |  | 200 | 167,011
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |  | 202 | 150,324
United Rentals North America, Inc., 6.13%, 03/15/34 (b) |  | 45 | 44,836
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |  | 201 | 207,591
Williams Scotsman, Inc. (b) |  |  |
6.63%, 06/15/29 |  | 48 | 48,380
7.38%, 10/01/31 |  | 63 | 64,834
Worldline SA/France, 0.00%, 07/30/26 (c)(k) | EUR | 14 | 14,338
|  |  | 5,022,175
Communications Equipment (b) — 0.0%
CommScope, Inc., 4.75%, 09/01/29 | USD | 72 | 49,846
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 31 | 26,182
|  |  | 76,028
Construction & Engineering — 0.2%
Arcosa, Inc., 4.38%, 04/15/29 (b) |  | 117 | 108,649
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (c) | EUR | 100 | 101,230
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) | USD | 624 | 674,353
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |  | 37 | 34,625
Pike Corp., 8.63%, 01/31/31 (b) |  | 23 | 24,364
|  |  | 943,221
Construction Materials (b) — 0.0%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  | 10 | 8,945
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 12 | 11,580
Gates Corp., 6.88%, 07/01/29 |  | 74 | 75,290
H&E Equipment Services, Inc., 3.88%, 12/15/28 |  | 20 | 18,045
Resideo Funding, Inc., 4.00%, 09/01/29 |  | 18 | 15,865
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 32 | 32,914
|  |  | 162,639
Consumer Finance — 0.2%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 36 | 37,819
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (h) |  | 100 | 106,150
Navient Corp. |  |  |
5.50%, 03/15/29 |  | 66 | 60,259

18
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Consumer Finance (continued)
Navient Corp. (continued) |  |  |
9.38%, 07/25/30 | USD | 70 | $ 73,603
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 53 | 53,188
9.00%, 01/15/29 |  | 122 | 128,713
5.38%, 11/15/29 |  | 126 | 118,170
7.88%, 03/15/30 |  | 99 | 102,074
4.00%, 09/15/30 |  | 95 | 81,533
7.50%, 05/15/31 |  | 27 | 27,321
SLM Corp., 3.13%, 11/02/26 |  | 56 | 52,162
|  |  | 840,992
Consumer Staples Distribution & Retail (b) — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
5.88%, 02/15/28 |  | 84 | 83,025
6.50%, 02/15/28 |  | 10 | 10,047
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  | 104 | 100,776
Performance Food Group, Inc., 4.25%, 08/01/29 |  | 74 | 67,370
Post Holdings, Inc. |  |  |
5.50%, 12/15/29 |  | 11 | 10,614
4.63%, 04/15/30 |  | 36 | 33,081
4.50%, 09/15/31 |  | 28 | 25,098
6.25%, 02/15/32 |  | 70 | 70,091
U.S. Foods, Inc. |  |  |
4.63%, 06/01/30 |  | 13 | 12,078
7.25%, 01/15/32 |  | 60 | 62,267
United Natural Foods, Inc., 6.75%, 10/15/28 |  | 22 | 19,861
|  |  | 494,308
Containers & Packaging — 0.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |  |  |
6.00%, 06/15/27 |  | 200 | 196,524
4.00%, 09/01/29 |  | 285 | 241,183
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (c) | EUR | 100 | 88,783
4.13%, 08/15/26 (b) | USD | 200 | 173,593
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 76 | 74,695
8.75%, 04/15/30 |  | 252 | 246,621
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 |  | 17 | 16,788
5.88%, 11/01/28 |  | 71 | 64,742
9.50%, 11/01/28 |  | 117 | 117,922
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 |  | 784 | 799,673
9.25%, 04/15/27 |  | 15 | 15,010
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 |  | 10 | 9,980
7.25%, 05/15/31 |  | 42 | 41,927
Sealed Air Corp. (b) |  |  |
5.00%, 04/15/29 |  | 15 | 14,276
6.50%, 07/15/32 |  | 46 | 45,742
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) |  | 27 | 29,489
|  |  | 2,176,948

Security |  | Par (000) | Value
Diversified Consumer Services (b) — 0.0%
Match Group Holdings II LLC, 3.63%, 10/01/31 | USD | 53 | $ 44,893
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |  | 113 | 97,715
|  |  | 142,608
Diversified REITs — 0.2%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |  | 35 | 30,665
HAT Holdings I LLC/HAT Holdings II LLC (b) |  |  |
3.38%, 06/15/26 |  | 59 | 55,634
8.00%, 06/15/27 |  | 54 | 56,140
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 77 | 70,335
SBA Communications Corp. |  |  |
3.13%, 02/01/29 |  | 294 | 262,115
3.88%, 02/15/27 |  | 27 | 25,732
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28 (b) |  | 450 | 440,677
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b) |  | 147 | 145,078
|  |  | 1,086,376
Diversified Telecommunication Services — 1.0%
Altice Financing SA (b) |  |  |
9.63%, 07/15/27 |  | 200 | 183,259
5.75%, 08/15/29 |  | 236 | 171,349
Altice France SA/France |  |  |
11.50%, 02/01/27 (c) | EUR | 100 | 87,577
5.13%, 07/15/29 (b) | USD | 200 | 131,520
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b) |  | 200 | 193,030
Frontier Communications Holdings LLC (b) |  |  |
5.88%, 10/15/27 |  | 12 | 11,716
5.00%, 05/01/28 |  | 21 | 19,784
8.75%, 05/15/30 |  | 550 | 566,743
8.63%, 03/15/31 |  | 98 | 100,952
GCI LLC, 4.75%, 10/15/28 (b) |  | 35 | 31,947
Iliad Holding SASU, 7.00%, 10/15/28 (b) |  | 200 | 198,326
iliad SA (c) |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,873
5.63%, 02/15/30 |  | 100 | 109,594
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 | USD | 238 | 237,405
4.88%, 06/15/29 |  | 133 | 75,981
11.00%, 11/15/29 |  | 731 | 747,890
10.50%, 05/15/30 |  | 317 | 313,961
10.75%, 12/15/30 |  | 2 | 1,995
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (c) | EUR | 100 | 109,639
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 | USD | 50 | 32,601
4.13%, 04/15/30 |  | 50 | 31,349
SoftBank Group Corp., 2.88%, 01/06/27 (c) | EUR | 100 | 101,363
Telecom Italia Capital SA, 7.20%, 07/18/36 (b) | USD | 200 | 206,120
T-Mobile U.S., Inc. |  |  |
3.38%, 04/15/29 |  | 67 | 61,873
3.50%, 04/15/31 |  | 26 | 23,359
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31 (b) |  | 200 | 168,675
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b) |  | 82 | 77,248

Schedule of Investments
19

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 | USD | 897 | $ 717,390
6.13%, 03/01/28 |  | 211 | 141,276
|  |  | 4,962,795
Electric Utilities — 0.2%
Clearway Energy Operating LLC (b) |  |  |
4.75%, 03/15/28 |  | 8 | 7,644
3.75%, 01/15/32 |  | 97 | 82,470
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(i) |  | 144 | 140,278
FirstEnergy Corp., 4.00%, 05/01/26 (h) |  | 163 | 161,207
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54 (a) |  | 70 | 70,401
NextEra Energy Operating Partners LP (b) |  |  |
3.88%, 10/15/26 |  | 17 | 16,166
7.25%, 01/15/29 |  | 43 | 44,095
NRG Energy, Inc., 7.00%, 03/15/33 (b) |  | 25 | 26,390
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |  | 32 | 29,620
PG&E Corp., 4.25%, 12/01/27 (b)(h) |  | 58 | 58,493
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |  | 34 | 36,252
Texas Competitive Electric Holdings, Series M, 5.03%, 11/10/17 (d)(e)(l) |  | 2,375 | —
TransAlta Corp., 7.75%, 11/15/29 |  | 8 | 8,348
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(i) |  | 44 | 44,374
Vistra Operations Co. LLC (b) |  |  |
5.63%, 02/15/27 |  | 41 | 40,313
5.00%, 07/31/27 |  | 5 | 4,837
7.75%, 10/15/31 |  | 126 | 131,215
6.88%, 04/15/32 |  | 95 | 96,441
6.95%, 10/15/33 |  | 30 | 32,109
|  |  | 1,030,653
Electrical Equipment (b) — 0.0%
WESCO Distribution, Inc. |  |  |
6.38%, 03/15/29 |  | 47 | 47,170
6.63%, 03/15/32 |  | 58 | 58,610
|  |  | 105,780
Electronic Equipment, Instruments & Components (b) — 0.1%
Coherent Corp., 5.00%, 12/15/29 |  | 109 | 103,155
EquipmentShare.com, Inc., 8.63%, 05/15/32 |  | 23 | 23,849
Sensata Technologies BV, 4.00%, 04/15/29 |  | 36 | 33,052
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 |  | 146 | 134,087
3.75%, 02/15/31 |  | 65 | 56,654
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 29 | 29,326
|  |  | 380,123
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 212 | 212,845
6.25%, 04/01/28 |  | 37 | 36,644
Enerflex Ltd., 9.00%, 10/15/27 (b) |  | 83 | 84,043
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b) |  | 133 | 136,335
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 18 | 17,794
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 167 | 167,313

Security |  | Par (000) | Value
Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp. (continued) |  |  |
7.13%, 03/15/29 (b) | USD | 106 | $ 106,807
Weatherford International Ltd., 8.63%, 04/30/30 (b) |  | 107 | 110,877
|  |  | 872,658
Entertainment (b) — 0.2%
Boyne USA, Inc., 4.75%, 05/15/29 |  | 165 | 153,961
Live Nation Entertainment, Inc. |  |  |
4.75%, 10/15/27 |  | 68 | 65,166
3.75%, 01/15/28 |  | 35 | 32,511
Odeon Finco PLC, 12.75%, 11/01/27 |  | 519 | 543,976
Playtika Holding Corp., 4.25%, 03/15/29 |  | 21 | 18,427
|  |  | 814,041
Environmental, Maintenance & Security Service — 0.4%
Clean Harbors, Inc., 6.38%, 02/01/31 (b) |  | 7 | 7,018
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b) |  | 43 | 39,247
5.00%, 09/01/30 |  | 21 | 18,980
GFL Environmental, Inc. (b) |  |  |
4.00%, 08/01/28 |  | 8 | 7,435
4.75%, 06/15/29 |  | 164 | 154,777
4.38%, 08/15/29 |  | 65 | 59,902
6.75%, 01/15/31 |  | 107 | 109,160
Madison IAQ LLC, 5.88%, 06/30/29 (b) |  | 1,178 | 1,096,010
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 328 | 323,476
|  |  | 1,816,005
Financial Services — 0.4%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (b) |  | 34 | 35,250
Blue Owl Credit Income Corp., 6.65%, 03/15/31 |  | 75 | 73,301
Enact Holdings, Inc., 6.25%, 05/28/29 |  | 33 | 33,010
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 97 | 96,937
9.13%, 05/15/31 |  | 68 | 66,171
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 11 | 11,225
8.00%, 02/15/27 |  | 83 | 85,733
8.00%, 06/15/28 |  | 29 | 30,544
6.88%, 04/15/29 |  | 65 | 66,137
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(g) |  | 27 | 25,590
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 07/01/34 (b)(j) |  | 35 | 34,263
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b) |  | 50 | 50,367
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) |  | 200 | 184,494
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.75%, 06/15/29 |  | 22 | 20,323
07/15/31 (j) |  | 55 | 55,481
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 54 | 47,948
Macquarie Airfinance Holdings Ltd. (b) |  |  |
8.38%, 05/01/28 |  | 28 | 29,511
6.40%, 03/26/29 |  | 15 | 15,254
8.13%, 03/30/29 |  | 57 | 60,260
6.50%, 03/26/31 |  | 40 | 41,133
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 |  | 322 | 315,162
6.00%, 01/15/27 |  | 28 | 27,701

20
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Nationstar Mortgage Holdings, Inc. (b) (continued) |  |  |
5.13%, 12/15/30 | USD | 21 | $ 19,257
5.75%, 11/15/31 |  | 79 | 74,253
7.13%, 02/01/32 |  | 193 | 194,128
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 72 | 74,245
7.13%, 11/15/30 |  | 68 | 67,790
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 |  | 203 | 189,579
3.88%, 03/01/31 |  | 68 | 59,261
4.00%, 10/15/33 |  | 27 | 22,753
|  |  | 2,107,061
Food Products — 0.2%
Aramark International Finance SARL, 3.13%, 04/01/25 (c) | EUR | 100 | 105,890
Aramark Services, Inc., 5.00%, 02/01/28 (b) | USD | 100 | 96,712
B&G Foods, Inc., 09/15/28 (b)(j) |  | 22 | 22,357
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (c) | GBP | 100 | 126,252
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 | USD | 264 | 249,324
7.63%, 07/01/29 |  | 298 | 306,912
Darling Ingredients, Inc., 6.00%, 06/15/30 (b) |  | 76 | 74,728
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) |  | 38 | 39,265
Lion/Polaris Lux 4 SA, 07/01/29 (a)(c)(j) | EUR | 100 | 107,095
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) | USD | 60 | 52,762
|  |  | 1,181,297
Gas Utilities (b) — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 |  | 76 | 78,010
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 29 | 26,116
|  |  | 104,126
Ground Transportation (b) — 0.2%
Genesee & Wyoming, Inc., 6.25%, 04/15/32 |  | 106 | 105,603
GN Bondco LLC, 9.50%, 10/15/31 |  | 48 | 44,740
Uber Technologies, Inc. |  |  |
7.50%, 09/15/27 |  | 28 | 28,549
6.25%, 01/15/28 |  | 201 | 201,236
4.50%, 08/15/29 |  | 491 | 467,820
|  |  | 847,948
Health Care Equipment & Supplies (b) — 0.3%
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 |  | 434 | 444,308
Medline Borrower LP |  |  |
3.88%, 04/01/29 |  | 157 | 144,583
5.25%, 10/01/29 |  | 765 | 730,060
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 |  | 145 | 146,641
Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 64 | 69,094
Sotera Health Holdings LLC, 7.38%, 06/01/31 |  | 48 | 48,071
|  |  | 1,582,757
Health Care Providers & Services — 0.5%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29 (b) |  | 64 | 60,818
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 110 | 104,423
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 |  | 206 | 201,995
3.13%, 02/15/29 |  | 25 | 23,927

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Catalent Pharma Solutions, Inc. (b) (continued) |  |  |
3.50%, 04/01/30 | USD | 86 | $ 82,327
CHS/Community Health Systems, Inc. (b) |  |  |
5.63%, 03/15/27 |  | 168 | 156,443
6.00%, 01/15/29 |  | 180 | 158,851
5.25%, 05/15/30 |  | 215 | 177,266
4.75%, 02/15/31 |  | 98 | 77,051
10.88%, 01/15/32 |  | 139 | 144,669
Concentra Escrow Issuer Corp., 07/15/32 (b)(j) |  | 61 | 61,803
Encompass Health Corp., 4.63%, 04/01/31 |  | 84 | 77,088
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b) |  | 50 | 49,679
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 182 | 170,112
LifePoint Health, Inc. (b) |  |  |
9.88%, 08/15/30 |  | 65 | 69,317
11.00%, 10/15/30 |  | 157 | 172,977
10.00%, 06/01/32 |  | 68 | 69,524
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 251 | 263,524
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b) |  | 155 | 156,571
Tenet Healthcare Corp. |  |  |
6.13%, 06/15/30 |  | 41 | 40,723
6.75%, 05/15/31 |  | 376 | 381,645
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b) |  | 63 | 62,042
|  |  | 2,762,775
Health Care REITs — 0.1%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 100 | 108,340
4.63%, 08/01/29 | USD | 147 | 106,694
3.50%, 03/15/31 |  | 146 | 95,136
|  |  | 310,170
Health Care Technology — 0.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b) |  | 738 | 679,476
Hotel & Resort REITs — 0.2%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 56 | 56,668
RHP Hotel Properties LP/RHP Finance Corp. (b) |  |  |
7.25%, 07/15/28 |  | 68 | 70,317
4.50%, 02/15/29 |  | 153 | 143,485
6.50%, 04/01/32 |  | 194 | 194,014
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |  | 74 | 65,359
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 398 | 414,841
8.88%, 06/15/32 |  | 113 | 105,399
|  |  | 1,050,083
Hotels, Restaurants & Leisure — 1.2%
Boyd Gaming Corp., 4.75%, 06/15/31 (b) |  | 16 | 14,501
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.00%, 10/15/30 (b) |  | 75 | 66,022
Caesars Entertainment, Inc. (b) |  |  |
4.63%, 10/15/29 |  | 419 | 384,127
7.00%, 02/15/30 |  | 386 | 394,369
6.50%, 02/15/32 |  | 175 | 175,858
Carnival Corp. (b) |  |  |
6.00%, 05/01/29 |  | 275 | 271,650
7.00%, 08/15/29 |  | 12 | 12,439
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 616 | 666,872
Churchill Downs, Inc. (b) |  |  |
5.50%, 04/01/27 |  | 108 | 106,262
4.75%, 01/15/28 |  | 47 | 44,892

Schedule of Investments
21

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Churchill Downs, Inc. (b) (continued) |  |  |
5.75%, 04/01/30 | USD | 231 | $ 224,378
6.75%, 05/01/31 |  | 98 | 98,531
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 |  | 139 | 126,582
6.75%, 01/15/30 |  | 586 | 514,600
Hilton Domestic Operating Co., Inc. |  |  |
4.88%, 01/15/30 |  | 14 | 13,437
6.13%, 04/01/32 (b) |  | 50 | 50,242
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 60 | 60,281
Light & Wonder International, Inc., 7.50%, 09/01/31 (b) |  | 81 | 83,691
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 31 | 31,870
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 77 | 76,034
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.79%, 12/15/30 (a)(c) | EUR | 100 | 108,436
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) | USD | 78 | 73,443
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (b) |  | 200 | 179,599
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |  | 40 | 37,260
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 |  | 97 | 95,896
8.38%, 02/01/28 |  | 19 | 19,854
8.13%, 01/15/29 |  | 31 | 32,480
7.75%, 02/15/29 |  | 51 | 53,025
NCL Finance Ltd., 6.13%, 03/15/28 (b) |  | 46 | 45,427
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 41 | 42,076
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 |  | 34 | 24,451
5.88%, 09/01/31 |  | 37 | 25,163
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 36 | 38,881
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (b) |  | 25 | 24,186
Royal Caribbean Cruises Ltd. (b) |  |  |
4.25%, 07/01/26 |  | 24 | 23,227
5.38%, 07/15/27 |  | 25 | 24,616
5.50%, 04/01/28 |  | 40 | 39,490
7.25%, 01/15/30 |  | 36 | 37,275
6.25%, 03/15/32 |  | 87 | 87,731
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 |  | 85 | 78,308
11.25%, 12/15/27 |  | 6 | 5,832
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 69 | 67,262
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b) |  | 257 | 261,655
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b) |  | 24 | 24,390
Station Casinos LLC (b) |  |  |
4.50%, 02/15/28 |  | 69 | 64,924
4.63%, 12/01/31 |  | 31 | 27,630
6.63%, 03/15/32 |  | 49 | 48,759
Vail Resorts, Inc., 6.50%, 05/15/32 (b) |  | 90 | 91,076
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 |  | 58 | 57,400
7.00%, 02/15/29 |  | 13 | 13,069

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Viking Cruises Ltd. (b) (continued) |  |  |
9.13%, 07/15/31 | USD | 215 | $ 232,859
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 27 | 26,394
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (b) |  | 44 | 41,019
Wynn Macau Ltd., 5.63%, 08/26/28 (b) |  | 200 | 187,200
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |  |  |
5.13%, 10/01/29 |  | 202 | 192,115
7.13%, 02/15/31 |  | 128 | 132,726
|  |  | 5,981,772
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co. (b) |  |  |
4.63%, 08/01/29 |  | 32 | 28,830
4.63%, 04/01/30 |  | 46 | 41,113
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 22 | 21,954
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b) |  |  |
5.00%, 06/15/29 |  | 67 | 61,194
4.88%, 02/15/30 |  | 56 | 50,091
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 30 | 30,717
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 20 | 20,350
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 33 | 34,373
Mattamy Group Corp., 4.63%, 03/01/30 (b) |  | 72 | 66,555
Meritage Homes Corp., 1.75%, 05/15/28 (b)(h) |  | 7 | 6,951
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 56 | 56,137
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 5 | 4,570
4.38%, 02/01/32 |  | 97 | 83,564
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 31 | 32,355
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b) |  | 340 | 183,145
Taylor Morrison Communities, Inc., 5.13%, 08/01/30 (b) |  | 20 | 19,152
Tempur Sealy International, Inc. (b) |  |  |
4.00%, 04/15/29 |  | 89 | 80,262
3.88%, 10/15/31 |  | 23 | 19,226
|  |  | 840,539
Household Products — 0.0%
Central Garden & Pet Co. |  |  |
4.13%, 10/15/30 |  | 43 | 38,323
4.13%, 04/30/31 (b) |  | 55 | 48,471
Kronos Acquisition Holdings, Inc., 06/30/31 (j) |  | 15 | 15,015
Spectrum Brands, Inc. (b) |  |  |
3.38%, 06/01/29 (h) |  | 48 | 46,224
3.88%, 03/15/31 |  | 10 | 8,357
|  |  | 156,390
Independent Power and Renewable Electricity Producers (b) — 0.1%
Calpine Corp. |  |  |
4.63%, 02/01/29 |  | 99 | 91,852
5.00%, 02/01/31 |  | 25 | 23,332
NextEra Energy Partners LP (h) |  |  |
0.00%, 11/15/25 (k) |  | 76 | 68,628
2.50%, 06/15/26 |  | 51 | 46,538
|  |  | 230,350
Insurance (b) — 1.2%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 |  | 66 | 66,046

22
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
4.25%, 10/15/27 | USD | 285 | $ 266,855
6.75%, 10/15/27 |  | 782 | 771,333
6.75%, 04/15/28 |  | 109 | 109,173
5.88%, 11/01/29 |  | 415 | 388,335
7.00%, 01/15/31 |  | 251 | 253,566
AmWINS Group, Inc. |  |  |
6.38%, 02/15/29 |  | 36 | 36,098
4.88%, 06/30/29 |  | 88 | 81,863
Ardonagh Finco Ltd., 7.75%, 02/15/31 |  | 200 | 197,713
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 |  | 200 | 195,342
AssuredPartners, Inc., 7.50%, 02/15/32 |  | 99 | 99,373
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 |  | 20 | 20,232
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC |  |  |
7.25%, 02/15/31 |  | 441 | 437,703
8.13%, 02/15/32 |  | 245 | 243,406
HUB International Ltd. |  |  |
7.25%, 06/15/30 |  | 847 | 868,286
7.38%, 01/31/32 |  | 1,039 | 1,053,631
Jones Deslauriers Insurance Management, Inc. |  |  |
8.50%, 03/15/30 |  | 136 | 141,831
10.50%, 12/15/30 |  | 83 | 89,130
Panther Escrow Issuer LLC, 7.13%, 06/01/31 |  | 704 | 712,050
USI, Inc./New York, 7.50%, 01/15/32 |  | 119 | 120,862
|  |  | 6,152,828
Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |  | 200 | 177,620
IT Services — 0.2%
CA Magnum Holdings, 5.38%, 10/31/26 (b) |  | 201 | 192,269
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 121 | 116,972
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |  | 302 | 306,634
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |  | 170 | 169,160
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) |  | 145 | 148,560
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 40 | 40,619
KBR, Inc., 4.75%, 09/30/28 (b) |  | 75 | 69,750
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 52 | 46,773
3.88%, 03/15/31 |  | 129 | 113,454
|  |  | 1,204,191
Leisure Products — 0.0%
Acushnet Co., 7.38%, 10/15/28 (b) |  | 2 | 2,073
Amer Sports Co., 6.75%, 02/16/31 (b) |  | 77 | 76,507
Mattel, Inc., 6.20%, 10/01/40 |  | 21 | 20,699
|  |  | 99,279
Machinery — 0.5%
ATS Corp., 4.13%, 12/15/28 (b) |  | 35 | 31,895
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 |  | 224 | 231,474
9.50%, 01/01/31 |  | 28 | 30,337
Esab Corp., 6.25%, 04/15/29 (b) |  | 66 | 66,396
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) |  | 35 | 25,797

Security |  | Par (000) | Value
Machinery (continued)
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (b) | USD | 512 | $ 530,183
OT Merger Corp., 7.88%, 10/15/29 (b) |  | 37 | 16,650
Terex Corp., 5.00%, 05/15/29 (b) |  | 67 | 63,576
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (c) | EUR | 90 | 92,795
7.63%, 07/15/28 (b) | USD | 200 | 198,474
TK Elevator Midco GmbH, 4.38%, 07/15/27 (c) | EUR | 200 | 206,447
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) | USD | 312 | 302,427
Vertiv Group Corp., 4.13%, 11/15/28 (b) |  | 781 | 729,354
|  |  | 2,525,805
Media — 1.0%
Adelphia Communications Corp., 10.50%, 12/31/49 (d)(e)(l) |  | 400 | —
Cable One, Inc. |  |  |
0.00%, 03/15/26 (h)(k) |  | 28 | 24,500
1.13%, 03/15/28 (h) |  | 82 | 60,867
4.00%, 11/15/30 (b) |  | 5 | 3,732
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
6.38%, 09/01/29 |  | 413 | 392,569
4.50%, 08/15/30 |  | 22 | 18,625
7.38%, 03/01/31 |  | 662 | 652,735
4.25%, 01/15/34 |  | 152 | 115,377
Clear Channel Outdoor Holdings, Inc. (b) |  |  |
5.13%, 08/15/27 |  | 113 | 107,913
7.75%, 04/15/28 |  | 168 | 147,001
9.00%, 09/15/28 |  | 348 | 364,341
7.50%, 06/01/29 |  | 47 | 39,274
7.88%, 04/01/30 |  | 210 | 211,375
CMG Media Corp., 8.88%, 12/15/27 (b) |  | 79 | 45,057
CSC Holdings LLC (b) |  |  |
5.50%, 04/15/27 |  | 200 | 162,228
11.75%, 01/31/29 |  | 200 | 170,571
Directv Financing LLC/Directv Financing Co- Obligor, Inc., 5.88%, 08/15/27 (b) |  | 193 | 181,533
DISH DBS Corp., 5.25%, 12/01/26 (b) |  | 188 | 148,293
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 315 | 308,857
Gray Television, Inc. (b) |  |  |
7.00%, 05/15/27 |  | 81 | 74,577
10.50%, 07/15/29 |  | 107 | 107,576
Lamar Media Corp., 4.00%, 02/15/30 |  | 15 | 13,599
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |  | 180 | 168,576
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 |  | 96 | 92,930
4.25%, 01/15/29 |  | 65 | 59,268
4.63%, 03/15/30 |  | 22 | 19,810
7.38%, 02/15/31 |  | 75 | 78,053
Pinewood Finco PLC, 6.00%, 03/27/30 (c) | GBP | 100 | 124,198
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 | USD | 604 | 460,241
6.50%, 09/15/28 |  | 70 | 34,692
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 11 | 10,349
5.00%, 08/01/27 |  | 92 | 88,064
4.00%, 07/15/28 |  | 53 | 47,878
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 |  | 107 | 102,435

Schedule of Investments
23

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Univision Communications, Inc. (b) (continued) |  |  |
8.00%, 08/15/28 | USD | 207 | $ 201,872
8.50%, 07/31/31 |  | 110 | 106,847
|  |  | 4,945,813
Metals & Mining — 0.5%
Advanced Drainage Systems, Inc. (b) |  |  |
5.00%, 09/30/27 |  | 6 | 5,866
6.38%, 06/15/30 |  | 42 | 42,152
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 46 | 48,272
11.50%, 10/01/31 |  | 219 | 245,066
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 19 | 18,747
4.88%, 10/01/29 |  | 32 | 29,913
7.25%, 08/15/30 |  | 103 | 106,322
5.13%, 10/01/31 |  | 88 | 81,341
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |  | 296 | 296,659
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 65 | 66,919
Constellium SE |  |  |
4.25%, 02/15/26 (c) | EUR | 100 | 106,452
3.75%, 04/15/29 (b) | USD | 250 | 226,657
ERO Copper Corp., 6.50%, 02/15/30 (b) |  | 78 | 75,265
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b) |  | 200 | 209,250
Kaiser Aluminum Corp. (b) |  |  |
4.63%, 03/01/28 |  | 63 | 58,947
4.50%, 06/01/31 |  | 243 | 215,187
Mineral Resources Ltd., 9.25%, 10/01/28 (b) |  | 10 | 10,495
New Gold, Inc., 7.50%, 07/15/27 (b) |  | 147 | 147,938
Novelis Corp. (b) |  |  |
3.25%, 11/15/26 |  | 217 | 204,198
4.75%, 01/30/30 |  | 329 | 305,215
3.88%, 08/15/31 |  | 96 | 83,115
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (c) | EUR | 100 | 100,669
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) | USD | 39 | 35,889
|  |  | 2,720,534
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.0%
Starwood Property Trust, Inc. |  |  |
4.38%, 01/15/27 |  | 13 | 12,308
7.25%, 04/01/29 |  | 43 | 43,461
|  |  | 55,769
Oil, Gas & Consumable Fuels — 2.0%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |  | 136 | 137,487
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.38%, 06/15/29 |  | 66 | 63,978
6.63%, 02/01/32 |  | 75 | 75,675
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 97 | 120,108
8.25%, 12/31/28 |  | 201 | 205,924
5.88%, 06/30/29 |  | 113 | 110,431
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 75 | 78,435
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 56 | 57,030
7.25%, 07/15/32 |  | 45 | 46,267

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28 (b) | USD | 192 | $ 200,250
Buckeye Partners LP |  |  |
6.88%, 07/01/29 (b) |  | 24 | 24,090
5.85%, 11/15/43 |  | 16 | 13,731
5.60%, 10/15/44 |  | 1 | 788
CITGO Petroleum Corp. (b) |  |  |
7.00%, 06/15/25 |  | 163 | 162,956
8.38%, 01/15/29 |  | 130 | 133,993
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 135 | 141,457
8.63%, 11/01/30 |  | 72 | 77,200
8.75%, 07/01/31 |  | 174 | 186,345
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 32 | 28,837
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 32 | 32,717
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 |  | 362 | 350,559
5.88%, 01/15/30 |  | 33 | 30,707
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 250 | 236,981
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 |  | 102 | 103,957
7.38%, 01/15/33 |  | 94 | 94,203
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 57 | 59,831
DT Midstream, Inc., 4.38%, 06/15/31 (b) |  | 79 | 71,955
Enbridge, Inc. (a) |  |  |
(5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 40 | 40,241
(5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 54 | 54,108
(5-year CMT + 4.43%), 8.50%, 01/15/84 |  | 50 | 53,902
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 56 | 58,391
Energy Transfer LP (a) |  |  |
(5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 75 | 73,994
(5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 152 | 158,991
Series B, (3-mo. LIBOR US + 4.16%), 6.63% (i) |  | 29 | 28,142
Series H, (5-year CMT + 5.69%), 6.50% (i) |  | 144 | 142,034
EQM Midstream Partners LP (b) |  |  |
6.38%, 04/01/29 |  | 89 | 89,899
7.50%, 06/01/30 |  | 49 | 52,292
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b) |  | 35 | 37,057
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 29 | 29,308
8.25%, 01/15/29 |  | 82 | 84,652
8.88%, 04/15/30 |  | 28 | 29,454
7.88%, 05/15/32 |  | 91 | 91,867
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 54 | 54,829
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 64 | 64,881
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 3 | 2,963
5.75%, 02/01/29 |  | 72 | 69,672
6.00%, 04/15/30 |  | 5 | 4,830
8.38%, 11/01/33 |  | 159 | 169,455
6.88%, 05/15/34 |  | 84 | 83,092
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 67 | 70,895
7.38%, 07/15/32 |  | 77 | 78,198
ITT Holdings LLC, 6.50%, 08/01/29 (b) |  | 109 | 98,755

24
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 | USD | 3 | $ 3,048
5.88%, 06/15/30 |  | 32 | 31,533
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 |  | 64 | 64,962
6.50%, 04/15/32 |  | 75 | 75,006
Nabors Industries Ltd., 7.50%, 01/15/28 (b) |  | 63 | 60,115
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 37 | 37,636
9.13%, 01/31/30 |  | 48 | 49,725
New Fortress Energy, Inc. (b) |  |  |
6.75%, 09/15/25 |  | 89 | 86,396
8.75%, 03/15/29 |  | 168 | 153,362
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 |  | 132 | 134,496
8.38%, 02/15/32 |  | 266 | 270,095
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 78 | 81,176
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b) |  | 238 | 240,686
3.63%, 04/15/29 (h) |  | 40 | 46,040
8.75%, 06/15/31 (b) |  | 74 | 77,647
Northriver Midstream Finance LP, 07/15/32 (b)(j) |  | 42 | 42,073
Patterson-UTI Energy, Inc., 7.15%, 10/01/33 |  | 25 | 26,480
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 46 | 47,091
Permian Resources Operating LLC (b) |  |  |
7.75%, 02/15/26 |  | 20 | 20,163
8.00%, 04/15/27 |  | 70 | 71,571
5.88%, 07/01/29 |  | 159 | 156,565
9.88%, 07/15/31 |  | 79 | 87,446
7.00%, 01/15/32 |  | 85 | 87,318
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 50 | 51,532
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 4 | 3,957
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |  | 131 | 122,623
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |  | 14 | 13,179
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 49 | 49,458
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 100 | 103,397
SM Energy Co., 6.50%, 07/15/28 |  | 6 | 5,948
Southwestern Energy Co., 4.75%, 02/01/32 |  | 2 | 1,840
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
6.00%, 03/01/27 |  | 14 | 13,798
5.50%, 01/15/28 |  | 21 | 20,091
7.38%, 02/15/29 |  | 122 | 122,596
6.00%, 12/31/30 |  | 2 | 1,863
6.00%, 09/01/31 |  | 41 | 38,316
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 48 | 50,378
9.38%, 02/01/31 |  | 40 | 42,232
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 33 | 33,514
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 32 | 33,027
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 53 | 52,816
8.25%, 05/15/29 |  | 165 | 165,409
8.75%, 02/15/30 |  | 221 | 231,498
8.50%, 05/15/31 |  | 210 | 210,090
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 208 | 215,331

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 | USD | 285 | $ 259,561
4.13%, 08/15/31 |  | 5 | 4,487
Venture Global LNG, Inc. (b) |  |  |
8.13%, 06/01/28 |  | 133 | 137,019
9.50%, 02/01/29 |  | 563 | 616,539
8.38%, 06/01/31 |  | 358 | 371,329
9.88%, 02/01/32 |  | 374 | 407,071
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 51 | 50,124
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 |  | 85 | 92,811
7.88%, 04/15/32 (b) |  | 148 | 150,455
|  |  | 10,190,713
Passenger Airlines — 0.1%
Air Canada, 3.88%, 08/15/26 (b) |  | 73 | 69,437
Air France-KLM, 4.63%, 05/23/29 (c) | EUR | 100 | 105,468
American Airlines, Inc., 8.50%, 05/15/29 (b) | USD | 121 | 125,715
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |  | 16 | 15,119
Finnair OYJ, 4.75%, 05/24/29 (c) | EUR | 100 | 105,390
United Airlines, Inc., 4.63%, 04/15/29 (b) | USD | 175 | 162,979
|  |  | 584,108
Personal Care Products (b) — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |  |  |
4.75%, 01/15/29 |  | 5 | 4,752
6.63%, 07/15/30 |  | 36 | 36,533
|  |  | 41,285
Pharmaceuticals — 0.1%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 60 | 57,695
Bausch Health Cos., Inc., 11.00%, 09/30/28 (b) |  | 132 | 117,480
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b) |  | 77 | 79,462
Option Care Health, Inc., 4.38%, 10/31/29 (b) |  | 79 | 72,515
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27 | EUR | 100 | 104,285
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 | USD | 203 | 190,820
|  |  | 622,257
Professional Services (b) — 0.1%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 243 | 220,498
Dun & Bradstreet Corp., 5.00%, 12/15/29 |  | 153 | 142,111
|  |  | 362,609
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co- Issuer Corp. |  |  |
7.00%, 04/15/30 (b) |  | 45 | 37,036
Series AI, 7.00%, 04/15/30 |  | 80 | 65,415
Cushman & Wakefield U.S. Borrower LLC (b) |  |  |
6.75%, 05/15/28 |  | 101 | 100,255
8.88%, 09/01/31 |  | 38 | 39,978
Howard Hughes Corp., 4.38%, 02/01/31 (b) |  | 53 | 45,636
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (b) |  | 42 | 25,850
|  |  | 314,170
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |  | 51 | 47,464

Schedule of Investments
25

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Semiconductors & Semiconductor Equipment — 0.1%
ams-OSRAM AG, 10.50%, 03/30/29 (c) | EUR | 100 | $ 112,048
MKS Instruments, Inc., 1.25%, 06/01/30 (b)(h) | USD | 61 | 64,946
Synaptics, Inc., 4.00%, 06/15/29 (b) |  | 84 | 76,114
|  |  | 253,108
Software — 1.3%
Boxer Parent Co., Inc., 9.13%, 03/01/26 (b) |  | 177 | 177,137
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 124 | 128,055
Clarivate Science Holdings Corp. (b) |  |  |
3.88%, 07/01/28 |  | 381 | 353,864
4.88%, 07/01/29 |  | 186 | 172,620
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 |  | 1,106 | 1,062,108
9.00%, 09/30/29 |  | 987 | 957,607
8.25%, 06/30/32 |  | 484 | 493,315
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 29 | 29,418
Elastic NV, 4.13%, 07/15/29 (b) |  | 120 | 109,567
Fiserv, Inc., 2.25%, 06/01/27 |  | 1,385 | 1,277,975
McAfee Corp., 7.38%, 02/15/30 (b) |  | 173 | 159,827
MicroStrategy, Inc., 6.13%, 06/15/28 (b) |  | 151 | 146,358
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 |  | 262 | 257,993
6.50%, 06/01/32 |  | 176 | 177,531
UKG, Inc., 6.88%, 02/01/31 (b) |  | 749 | 758,385
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 231 | 209,752
|  |  | 6,471,512
Specialized REITs (b) — 0.0%
Iron Mountain, Inc. |  |  |
7.00%, 02/15/29 |  | 152 | 154,674
5.63%, 07/15/32 |  | 44 | 41,781
|  |  | 196,455
Specialty Retail (b) — 0.2%
ANGI Group LLC, 3.88%, 08/15/28 |  | 80 | 68,739
eG Global Finance PLC, 12.00%, 11/30/28 |  | 415 | 441,841
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 |  | 253 | 246,389
Staples, Inc., 10.75%, 09/01/29 |  | 54 | 51,318
|  |  | 808,287
Technology Hardware, Storage & Peripherals — 0.1%
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 63 | 68,087
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 98 | 105,105
8.50%, 07/15/31 |  | 120 | 129,243
|  |  | 302,435
Textiles, Apparel & Luxury Goods (b) — 0.0%
Crocs, Inc. |  |  |
4.25%, 03/15/29 |  | 57 | 51,954
4.13%, 08/15/31 |  | 13 | 11,319
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 |  | 42 | 41,089
9.00%, 02/15/31 |  | 3 | 3,143
Kontoor Brands, Inc., 4.13%, 11/15/29 |  | 32 | 28,968
|  |  | 136,473

Security |  | Par (000) | Value
Trading Companies & Distributors — 0.0%
GYP Holdings III Corp., 4.63%, 05/01/29 (b) | USD | 74 | $ 68,482
Total Corporate Bonds — 18.0% (Cost: $101,232,132) | 91,340,314
Fixed Rate Loan Interests
Commercial Services & Supplies — 0.2%
AVSC Holding Corp., 2020 Term Loan B3, (10.00% PIK), 15.00%, 10/15/26 (g) |  | 920 | 950,041
Health Care Technology — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 965 | 959,374
Media — 0.1%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (e) |  | 665 | 646,713
Total Fixed Rate Loan Interests — 0.5% (Cost: $2,525,067) | 2,556,128
Floating Rate Loan Interests (a)
Aerospace & Defense — 3.9%
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 09/03/30 |  | 939 | 940,666
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 10/31/30 |  | 1,098 | 1,102,256
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.26%, 08/03/29 |  | 320 | 310,087
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 3,057 | 2,222,873
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 616 | 447,853
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 3,743 | 3,754,232
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.70%), 10.94%, 04/09/26 |  | 750 | 720,403
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 268 | 269,340
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 1,467 | 1,470,947
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 2,726 | 2,724,781
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 11/05/28 |  | 588 | 590,437
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 1,443 | 1,447,535

26
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 7.84%, 02/28/31 | USD | 3,456 | $ 3,462,555
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 03/22/30 |  | 99 | 98,891
|  |  | 19,562,856
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.58%, 03/17/30 |  | 219 | 219,352
Automobile Components — 1.0%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 2,081 | 2,088,804
Clarios Global LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/06/30 |  | 2,112 | 2,114,525
2024 USD Term Loan B, 05/06/30 (m) |  | 33 | 33,041
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 1,011 | 968,396
|  |  | 5,204,766
Automobiles — 0.8%
Dealer Tire Financial LLC |  |  |
2024 Term Loan B, 07/02/31 (e)(m) |  | 1,046 | 1,043,367
2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 12/14/27 |  | 2,620 | 2,612,373
RVR Dealership Holdings LLC, Term Loan B, (1- mo. CME Term SOFR + 3.85%), 9.19%, 02/08/28 |  | 203 | 187,521
|  |  | 3,843,261
Banks — 0.5%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 08/02/28 |  | 2,372 | 2,369,948
Beverages — 0.9%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.43%, 01/24/30 |  | 1,631 | 1,301,204
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/24/29 |  | 3,472 | 3,213,968
|  |  | 4,515,172
Broadline Retail — 0.9%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/24/28 |  | 590 | 587,016
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 3,903 | 3,897,112
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/21/27 |  | 334 | 274,914
|  |  | 4,759,042
Building Materials — 2.4%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.85%, 05/17/28 |  | 1,404 | 1,185,906
Chariot Buyer LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 567 | 568,758

Security |  | Par (000) | Value
Building Materials (continued)
Chariot Buyer LLC (continued) |  |  |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.69%, 11/03/28 | USD | 2,118 | $ 2,115,053
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 8.68%, 04/12/28 |  | 308 | 300,066
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (m) |  | 1,206 | 1,204,493
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 04/29/29 |  | 1,260 | 1,258,011
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/02/29 (e) |  | 478 | 479,439
Standard Industries, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 09/22/28 |  | 1,381 | 1,383,584
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.80%, 01/12/29 |  | 655 | 659,094
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.68%, 12/31/26 |  | 2,977 | 2,976,253
|  |  | 12,130,657
Building Products — 2.1%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/13/29 |  | 230 | 230,728
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 05/19/28 |  | 1,287 | 1,290,260
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 11/23/27 |  | 1,255 | 1,222,585
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 10/02/28 |  | 523 | 521,007
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.94%, 04/28/29 |  | 696 | 696,834
Emerald Debt Merger Sub LLC, Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 05/31/30 |  | 1,509 | 1,507,784
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 1,503 | 1,494,238
Gulfside Supply, Inc., Term Loan B, 06/17/31 (e)(m) |  | 511 | 511,000
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR at 0.00% Floor + 4.18%), 7.90%, 04/12/28 | EUR | 854 | 846,387
Peer Holding III BV, 2024 USD Term Loan B5, 06/20/31 (m) | USD | 589 | 589,247
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (m) |  | 707 | 707,925
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 1,072 | 1,073,402
|  |  | 10,691,397
Capital Markets — 1.5%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/09/30 |  | 543 | 545,005
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 584 | 583,270

Schedule of Investments
27

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Castlelake Aviation One DAC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 10/22/27 | USD | 643 | $ 644,009
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/22/26 |  | 1,882 | 1,883,458
Focus Financial Partners LLC |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 06/30/28 |  | 1,276 | 1,274,658
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 06/30/28 |  | 908 | 906,175
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 08/11/28 |  | 198 | 199,120
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/17/28 |  | 1,795 | 1,799,488
|  |  | 7,835,183
Chemicals — 4.6%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1- mo. CME Term SOFR + 7.10%), 12.44%, 09/30/29 |  | 815 | 736,556
Aruba Investments Holdings LLC |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 1,275 | 1,210,613
2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/24/27 |  | 668 | 661,547
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26 |  | 428 | 426,672
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29 |  | 1,075 | 1,076,158
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 1,034 | 1,029,014
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/01/30 |  | 1,858 | 1,865,887
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.60%, 06/12/31 |  | 1,500 | 1,497,746
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 12/18/30 |  | 1,724 | 1,725,349
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 02/15/30 |  | 262 | 262,192
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 930 | 900,030
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.35%), 8.60%, 02/18/30 |  | 610 | 606,267
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/15/28 (e) |  | 1,611 | 1,578,486
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (e) |  | 1,997 | 1,992,015
NIC Acquisition Corp, Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/29/27 |  | 399 | 332,025

Security |  | Par (000) | Value
Chemicals (continued)
Nouryon USA LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 | USD | 1,133 | $ 1,134,482
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 766 | 765,567
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.70%), 8.91%, 10/14/24 |  | 1,400 | 1,291,632
Potters Borrower LP, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 12/14/27 |  | 471 | 472,620
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 |  | 916 | 916,442
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-week CME Term SOFR at 0.75% Floor + 3.50%), 8.58%, 08/02/30 |  | 1,445 | 1,443,556
WR Grace Holdings LLC, 2021 Term Loan B, (3- mo. CME Term SOFR + 3.25%), 8.59%, 09/22/28 |  | 1,249 | 1,253,072
|  |  | 23,177,928
Commercial Services & Supplies — 4.7%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.33%, 10/24/30 (e) |  | 579 | 581,419
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.84%, 08/17/26 |  | 1,706 | 1,708,459
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 02/04/28 |  | 1,756 | 1,755,739
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 3,598 | 3,580,845
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.34%, 02/15/29 |  | 677 | 679,197
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR + 3.35%, 0.25% PIK), 9.19%, 03/03/25 (g) |  | 856 | 848,460
Boost Newco Borrower LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 01/31/31 |  | 2,292 | 2,291,679
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 382 | 383,938
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 296 | 296,743
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 10/17/30 |  | 529 | 529,114
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 05/04/28 |  | 2,604 | 2,607,070
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.21%, 07/31/28 |  | 155 | 156,013
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.84%, 12/15/28 |  | 679 | 447,829

28
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Prime Security Services Borrower LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 10/13/30 | USD | 647 | $ 646,756
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/14/30 |  | 75 | 75,018
Sotheby ’ s, 2021 Term Loan B, (3-mo. CME Term SOFR + 4.76%), 10.09%, 01/15/27 |  | 2,494 | 2,281,348
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/02/27 |  | 1,438 | 1,383,526
Vestis Corp., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 02/22/31 |  | 899 | 893,759
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.59%, 07/30/28 |  | 876 | 876,235
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 1,709 | 1,719,374
|  |  | 23,742,521
Communications Equipment — 0.5%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 10/24/30 |  | 1,249 | 1,252,152
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 502 | 446,236
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/02/29 |  | 1,026 | 915,288
|  |  | 2,613,676
Construction & Engineering — 2.1%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.88%), 7.22%, 04/17/31 |  | 1,051 | 1,056,476
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.21%, 09/22/28 |  | 1,148 | 1,148,432
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 665 | 665,688
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 3,235 | 3,243,785
Brown Group Holding LLC (m) |  |  |
2022 Incremental Term Loan B2, 07/02/29 |  | 561 | 560,876
Term Loan B, 06/07/28 |  | 1,020 | 1,019,024
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.94%, 12/16/27 |  | 199 | 198,857
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 01/21/28 |  | 925 | 926,156
Propulsion BC Newco LLC, Term Loan, 09/14/29 (m) |  | 196 | 196,480
USIC Holdings, Inc., 2021 Term Loan, (3-mo. CME Term SOFR + 3.61%), 9.08%, 05/12/28 |  | 1,522 | 1,468,464
|  |  | 10,484,238
Construction Materials — 0.8%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 1,455 | 1,457,159

Security |  | Par (000) | Value
Construction Materials (continued)
Gates Corp., 2024 Term Loan B5, 06/04/31 (m) | USD | 1,273 | $ 1,273,790
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 03/08/29 |  | 724 | 691,182
Quikrete Holdings, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/19/29 |  | 555 | 554,358
|  |  | 3,976,489
Consumer Finance — 0.1%
Edelman Financial Engines Center LLC, 2024 Term Loan B, 04/07/28 (m) |  | 570 | 570,663
Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc. |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.46%, 09/13/26 |  | 559 | 559,866
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/22/28 |  | 779 | 781,975
|  |  | 1,341,841
Containers & Packaging — 1.6%
Charter Next Generation, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 3,362 | 3,365,647
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 1,383 | 1,364,211
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 1,214 | 1,214,238
Pregis TopCo LLC |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 07/31/26 |  | 586 | 585,374
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.46%, 07/31/26 |  | 607 | 606,629
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 09/15/28 |  | 1,127 | 1,127,877
|  |  | 8,263,976
Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.34%, 10/28/27 |  | 858 | 783,806
Diversified Consumer Services — 1.1%
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 542 | 541,607
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.71%, 11/24/28 |  | 800 | 798,748
Hoya Midco LLC, 2022 Term Loan, 02/03/29 (m) |  | 841 | 843,103
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 06/12/30 |  | 1,261 | 1,265,432

Schedule of Investments
29

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/04/30 | USD | 1,401 | $ 1,405,544
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.46%, 09/01/25 |  | 720 | 624,580
|  |  | 5,479,014
Diversified Telecommunication Services — 2.9%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.34%, 01/31/26 (e) |  | 1,695 | 1,559,846
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 2,063 | 1,509,371
Connect Finco SARL |  |  |
2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 09/27/29 |  | 1,123 | 1,056,837
2024 Non-Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 12/11/26 |  | 1,222 | 1,204,568
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.59%, 09/20/30 |  | 586 | 584,311
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 871 | 851,890
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 878 | 853,611
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 673 | 461,926
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 688 | 458,954
2024 Term Loan A, 06/01/28 (m) |  | 117 | 96,263
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR + 4.36%), 9.78%, 09/01/28 |  | 754 | 649,634
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29 |  | 672 | 667,506
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 8.69%, 01/31/29 |  | 1,212 | 1,155,945
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 4,386 | 3,806,439
|  |  | 14,917,101
Electric Utilities — 0.3%
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 05/22/31 |  | 282 | 283,512
NRG Energy, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/16/31 |  | 1,117 | 1,116,641
|  |  | 1,400,153

Security |  | Par (000) | Value
Electrical Equipment — 0.4%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.35%, 06/23/28 | USD | 1,987 | $ 1,988,765
Electronic Equipment, Instruments & Components — 0.8%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 06/20/31 (e) |  | 402 | 401,498
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 07/02/29 |  | 1,294 | 1,292,640
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 11/22/29 |  | 2,453 | 2,453,242
|  |  | 4,147,380
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 46 | 21,861
Entertainment — 3.7%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.44%, 04/22/26 |  | 1,292 | 1,221,664
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 05/24/29 |  | 88 | 87,657
Creative Artists Agency LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 11/27/28 |  | 2,658 | 2,667,840
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.58%, 01/15/30 |  | 1,655 | 1,657,416
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 10/19/26 |  | 2,221 | 2,216,198
Motion Finco SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 1,131 | 1,130,874
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (m) |  | 641 | 642,615
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 8.21%, 03/13/28 |  | 1,486 | 1,485,064
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.93%), 8.09%, 01/23/25 |  | 1,673 | 1,670,836
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/29/26 |  | 756 | 757,330
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.21%, 05/18/25 |  | 2,497 | 2,498,950
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/24/31 |  | 2,657 | 2,658,293
|  |  | 18,694,737
Environmental, Maintenance & Security Service — 2.2%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.21%, 10/08/28 |  | 916 | 919,570

30
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 | USD | 979 | $ 978,128
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 75 | 74,763
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 |  | 780 | 779,239
2024 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 |  | 43 | 42,581
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/21/28 |  | 3,078 | 3,090,724
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 06/27/29 |  | 424 | 425,124
GFL Environmental, Inc. |  |  |
2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/31/27 |  | 641 | 641,350
2024 Term Loan B, 06/27/31 (e)(m) |  | 671 | 671,000
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.09%, 06/21/28 |  | 3,220 | 3,220,875
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 8.69%, 03/09/28 |  | 809 | 437,550
|  |  | 11,280,904
Financial Services — 3.9%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 7.33%, 12/21/28 |  | 1,132 | 1,131,639
Belron Finance U.S. LLC |  |  |
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.84%, 11/13/25 |  | 1,941 | 1,941,427
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.51%), 7.84%, 10/30/26 |  | 1,114 | 1,113,918
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/18/29 |  | 423 | 423,333
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.51%, 04/13/28 |  | 3,105 | 3,105,365
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 09/01/28 |  | 894 | 862,851
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 886 | 884,618
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 5,549 | 5,542,297
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 1,594 | 1,590,015
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/15/31 |  | 1,465 | 1,467,306

Security |  | Par (000) | Value
Financial Services (continued)
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 12/17/27 | USD | 430 | $ 429,264
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 03/24/25 |  | 1,098 | 1,095,034
Oxea Holding Drei GmbH, 2024 Tranche B Term Loan, (3-mo. CME Term SOFR at 3.00% Floor + 8.00%), 13.34%, 06/22/25 |  | 286 | 263,949
|  |  | 19,851,016
Food Products — 2.4%
8th Avenue Food & Provisions, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.21%, 10/01/25 |  | 1,256 | 1,188,810
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.86%), 10.21%, 10/01/25 |  | 1,314 | 1,242,192
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 06/22/30 |  | 589 | 589,334
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/25/27 |  | 2,870 | 2,876,653
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 733 | 736,065
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.35%), 7.69%, 01/29/27 |  | 3,205 | 3,201,642
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.30%, 05/23/25 |  | 449 | 326,541
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 11/12/29 |  | 902 | 902,176
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.85%, 03/31/28 |  | 837 | 836,557
UTZ Quality Foods LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/20/28 |  | 488 | 488,641
|  |  | 12,388,611
Ground Transportation — 1.0%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.18%, 04/06/28 |  | 502 | 501,935
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.21%, 08/06/27 |  | 560 | 553,626
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 1,683 | 1,680,677
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 389 | 351,138

Schedule of Investments
31

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Ground Transportation (continued)
Hertz Corp. (continued) |  |  |
2021 Term Loan C, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 | USD | 75 | $ 68,047
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, 08/04/25 |  | 1,281 | 896,837
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 03/03/30 |  | 1,147 | 1,151,157
|  |  | 5,203,417
Health Care Equipment & Supplies — 2.7%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.10%), 7.44%, 11/08/27 |  | 938 | 941,375
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 846 | 842,972
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 2,020 | 1,996,704
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/04/28 |  | 664 | 665,832
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.33%, 10/19/27 |  | 1,274 | 1,258,282
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 |  | 4,172 | 4,177,111
2024 USD Add-on Term Loan B, 10/23/28 (m) |  | 1,587 | 1,587,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 1,991 | 1,984,370
|  |  | 13,453,646
Health Care Providers & Services — 3.6%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.46%, 02/22/28 |  | 1,823 | 1,821,521
CHG Healthcare Services, Inc. |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28 |  | 887 | 887,986
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 09/29/28 |  | 194 | 193,838
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 1,928 | 1,930,940
Concentra Health Services, Inc., Term Loan B, 06/26/31 (e)(m) |  | 160 | 160,400
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 11/01/28 |  | 1,890 | 1,888,287
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/29 |  | 210 | 208,614
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.61%), 10.04%, 11/30/28 |  | 2,389 | 1,454,515
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 11.08%, 08/31/28 |  | 685 | 686,539

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
EyeCare Partners LLC (continued) |  |  |
2024 Third Out Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 6.75%), 12.08%, 11/30/28 (e) | USD | 38 | $ 6,473
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/01/30 |  | 134 | 133,914
ICON Luxembourg SARL |  |  |
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 500 | 501,888
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 127 | 127,012
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 4.36%), 9.71%, 03/06/28 |  | 699 | 590,650
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 01/02/31 |  | 1,091 | 1,094,097
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.44%, 11/01/29 |  | 536 | 363,585
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 2,641 | 2,645,464
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1- mo. CME Term SOFR + 3.35%), 8.69%, 11/01/28 |  | 546 | 409,606
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 1,009 | 1,007,437
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 12/19/30 |  | 1,051 | 1,050,836
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.69%, 05/16/29 |  | 288 | 289,097
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.84%, 01/08/27 |  | 930 | 930,222
|  |  | 18,382,921
Health Care Technology — 2.5%
AthenaHealth Group, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 2,703 | 2,691,148
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/01/31 |  | 1,749 | 1,737,689
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 2,778 | 2,687,141
PointClickCare Technologies, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 12/29/27 |  | 498 | 499,867
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 4,145 | 4,141,415
Waystar Technologies, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/22/29 |  | 477 | 477,027
Zelis Payments Buyer, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 09/28/29 |  | 209 | 208,453
|  |  | 12,442,740

32
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 05/18/30 | USD | 443 | $ 442,792
Hotels, Restaurants & Leisure — 6.9%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 2,074 | 2,066,498
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 02/02/26 |  | 1,628 | 1,586,747
Alterra Mountain Co. |  |  |
2024 Add-on Term Loan B, 05/31/30 (m) |  | 199 | 199,872
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 05/31/30 |  | 630 | 632,709
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.84%, 10/02/28 |  | 1,060 | 1,005,011
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/31 |  | 2,568 | 2,565,586
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/30 |  | 1,120 | 1,118,637
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 08/08/27 |  | 804 | 806,652
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (m) |  | 303 | 302,055
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.44%, 03/17/28 |  | 1,295 | 1,296,963
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 1,454 | 1,448,230
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29 |  | 3,513 | 3,515,446
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.58%, 11/25/30 |  | 3,212 | 3,209,869
Four Seasons Hotels Ltd., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 11/30/29 |  | 2,826 | 2,834,753
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.10%, 11/08/30 |  | 696 | 696,480
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 12/15/27 |  | 2,116 | 2,113,696
Light & Wonder International, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 04/14/29 |  | 947 | 946,028
2024 Term Loan B2, 04/14/29 (m) |  | 41 | 40,971
Penn Entertainment, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR + 2.85%), 8.19%, 05/03/29 |  | 1,262 | 1,262,517
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.09%, 01/05/29 |  | 406 | 405,915
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 240 | 215,833
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 320 | 286,711

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 04/04/29 | USD | 375 | $ 374,063
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/25/28 |  | 465 | 465,018
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/14/31 |  | 1,777 | 1,775,483
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 08/03/28 |  | 2,691 | 2,690,080
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/24/30 |  | 1,148 | 1,148,455
|  |  | 35,010,278
Household Durables — 1.5%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/31/28 |  | 1,306 | 1,306,980
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 2,058 | 2,037,956
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 12.95%, 06/29/28 |  | 443 | 352,130
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 1,554 | 1,327,222
Weber-Stephen Products LLC, Term Loan B, (1- mo. CME Term SOFR + 3.36%), 8.71%, 10/30/27 |  | 2,755 | 2,554,176
|  |  | 7,578,464
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/31/30 |  | 1,103 | 1,099,430
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 526 | 524,028
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 2.76%), 8.11%, 12/15/27 |  | 1,011 | 1,011,594
|  |  | 2,635,052
Industrial Conglomerates — 0.1%
Stitch Aquisition Corporation, 2024 Term Loan, 07/28/28 |  | 978 | 391,030
Insurance — 6.6%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 6,066 | 6,079,399
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.59%, 02/19/28 |  | 2,657 | 2,653,900
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.10%, 02/28/28 |  | 2,042 | 2,044,624
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 3,521 | 3,528,253

Schedule of Investments
33

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/26/31 (e) | USD | 491 | $ 490,394
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30 |  | 4,664 | 4,672,421
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/15/30 |  | 1,023 | 1,021,926
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 09/01/27 |  | 1,153 | 1,157,603
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 02/24/28 |  | 3,598 | 3,597,466
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 2,727 | 2,729,427
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 904 | 920,200
USI, Inc. |  |  |
2024 Term Loan (2029), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 11/22/29 |  | 3,667 | 3,664,726
2024 Term Loan (2030), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 09/27/30 |  | 1,000 | 999,040
|  |  | 33,559,379
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 4.15%), 9.48%, 02/16/28 |  | 380 | 380,005
IT Services — 3.4%
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.71%, 12/23/26 |  | 383 | 379,526
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/31/28 |  | 985 | 914,101
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/20/29 |  | 953 | 876,465
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.69%, 08/19/28 |  | 1,365 | 1,353,375
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/31/31 |  | 2,907 | 2,910,423
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 07/06/29 |  | 2,802 | 2,759,464
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (e)(m) |  | 522 | 522,000
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/09/29 |  | 1,056 | 1,057,170
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/30/31 |  | 2,318 | 2,315,105
Magenta Buyer LLC |  |  |
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.59%, 07/27/28 |  | 1,150 | 634,369

Security |  | Par (000) | Value
IT Services (continued)
Magenta Buyer LLC (continued) |  |  |
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.84%, 07/27/29 | USD | 1,497 | $ 438,682
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 2,046 | 2,025,540
2024 2nd Lien Term Loan, 06/17/32 (m) |  | 704 | 700,044
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR + 5.01%), 10.36%, 06/28/29 |  | 560 | 559,775
|  |  | 17,446,039
Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.44%, 12/01/28 |  | 399 | 392,206
Machinery — 3.1%
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/14/28 |  | 289 | 290,667
Doosan Bobcat North America, Inc. |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29 |  | 229 | 228,581
2024 Term Loan, 04/20/29 (m) |  | 89 | 89,022
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26 |  | 290 | 289,820
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 1,455 | 1,463,120
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 6,337 | 6,347,974
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 3,516 | 3,531,621
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 03/02/27 |  | 2,214 | 2,217,896
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 1,022 | 1,022,225
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.46%, 10/04/28 |  | 98 | 98,284
|  |  | 15,579,210
Media — 2.1%
A L Parent LLC, 2023 Take Back Term Loan, (1- mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.84%, 06/30/28 |  | 411 | 412,072
Charter Communications Operating LLC, 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.30%, 12/07/30 |  | 1,247 | 1,231,338
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 643 | 643,429
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.60%), 8.93%, 12/17/26 |  | — (n) | 160

34
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 | USD | 1,359 | $ 1,126,014
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.46%, 08/02/27 |  | 832 | 832,479
ECL Entertainment LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/31/30 |  | 951 | 953,784
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 220 | 208,725
NEP Group, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 08/19/26 |  | 146 | 137,754
2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 10.21%, 08/19/26 (g) |  | 1,737 | 1,636,638
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 2,364 | 1,909,031
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 9.19%, 04/21/29 |  | 501 | 338,573
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28 |  | 1,066 | 1,029,287
|  |  | 10,459,284
Oil, Gas & Consumable Fuels — 2.0%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 3,218 | 3,212,690
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.83%, 10/04/30 |  | 249 | 248,976
M6 ETX Holdings II Midco LLC, Term Loan B, (1- mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 226 | 226,662
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 10/18/28 |  | 1,864 | 1,871,286
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.19%, 01/31/28 |  | 557 | 557,337
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 1,593 | 1,547,495
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28 |  | 2,647 | 2,645,089
|  |  | 10,309,535
Paper & Forest Products — 0.4%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.19%, 09/07/27 |  | 1,908 | 1,907,328
Passenger Airlines — 1.6%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3- mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 1,147 | 1,183,434

Security |  | Par (000) | Value
Passenger Airlines (continued)
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.85%, 03/21/31 | USD | 744 | $ 744,366
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27 |  | 144 | 143,608
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.77%, 06/04/29 |  | 1,563 | 1,559,093
Series AA, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 02/15/28 |  | 1,132 | 1,127,785
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR + 5.25%), 10.74%, 06/21/27 |  | 1,751 | 1,785,462
United Airlines, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 02/22/31 |  | 1,266 | 1,266,954
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR + 3.10%), 8.44%, 12/11/26 |  | 69 | 68,955
|  |  | 7,879,657
Personal Care Products — 0.0%
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR + 2.11%), 7.46%, 07/03/28 |  | 44 | 44,490
Pharmaceuticals — 1.7%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 1,043 | 1,047,928
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 10.69%, 02/01/27 |  | 904 | 821,600
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.18%, 08/01/27 |  | 1,259 | 1,253,318
Jazz Financing Lux S.a.r.l., 2024 1st Lien Term Loan B, 05/05/28 (m) |  | 363 | 362,993
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 05/05/28 |  | 1,882 | 1,882,498
Option Care Health, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 10/27/28 |  | 704 | 708,312
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 862 | 861,810
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 04/20/29 |  | 829 | 824,531
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.43%, 11/18/27 |  | 1,074 | 1,069,146
|  |  | 8,832,136
Professional Services — 3.7%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 06/04/29 |  | 978 | 953,550
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 3,030 | 2,979,631
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 02/26/31 (e) |  | 1,679 | 1,681,099

Schedule of Investments
35

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Professional Services (continued)
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.10%, 01/18/29 | USD | 5,537 | $ 5,536,819
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3- mo. CME Term SOFR + 4.35%), 9.68%, 07/06/29 |  | 1,650 | 1,655,139
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 04/28/28 |  | 1,911 | 1,911,367
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 826 | 667,022
Trans Union LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 12/01/28 |  | 1,605 | 1,604,174
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.19%, 06/24/31 |  | 1,612 | 1,609,708
|  |  | 18,598,509
Real Estate Management & Development — 0.2%
Cushman & Wakefield U.S. Borrower LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.21%, 08/21/25 |  | 40 | 40,151
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (e) |  | 579 | 582,445
2024 Term Loan B, 01/31/30 (e)(m) |  | 473 | 472,152
|  |  | 1,094,748
Semiconductors & Semiconductor Equipment — 0.5%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 07/06/29 |  | 792 | 791,117
MKS Instruments, Inc. |  |  |
2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/17/29 |  | 1,026 | 1,026,037
2024 USD Term Loan B, 08/17/29 (m) |  | 189 | 188,960
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.85%, 12/02/28 |  | 540 | 538,658
|  |  | 2,544,772
Software — 9.9%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 02/24/31 |  | 2,916 | 2,935,360
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29 |  | 551 | 549,098
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.71%, 09/21/28 |  | 1,828 | 1,827,858
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 1,051 | 1,053,133
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 4,599 | 4,592,378
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 676 | 668,395
2021 Term Loan, (1-mo. CME Term SOFR + 3.85%), 9.19%, 10/08/28 (e) |  | 732 | 731,431

Security |  | Par (000) | Value
Software (continued)
Drake Software LLC, 2024 Term Loan B, 06/26/31 (e)(m) | USD | 526 | $ 520,740
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.96%, 02/04/28 |  | 246 | 246,770
Ellucian Holdings, Inc. |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.10%), 13.44%, 10/09/28 |  | 1,580 | 1,581,715
2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 2,490 | 2,499,540
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.09%, 09/12/29 |  | 1,833 | 1,825,688
Genesys Cloud Services Holdings II LLC |  |  |
First Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 2,748 | 2,760,010
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 1,128 | 1,135,224
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 07/18/30 |  | 1,166 | 1,167,870
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 10/27/28 |  | 2,633 | 2,638,598
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.35%, 04/01/28 |  | 438 | 437,549
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 3,141 | 3,133,998
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 908 | 901,660
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 2,423 | 2,418,480
Modena Buyer LLC, Term Loan, 07/01/31 (m) |  | 762 | 742,714
Planview Parent, Inc., 2024 Term Loan, 12/17/27 (m) |  | 217 | 216,151
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 2,924 | 2,925,014
RealPage, Inc. |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 |  | 2,977 | 2,890,551
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 04/23/29 |  | 2,459 | 2,391,460
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/27 |  | 1,156 | 1,158,408
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 847 | 848,344
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 3,145 | 3,155,601

36
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Voyage Australia Pty. Ltd., USD Term Loan B, (3- mo. CME Term SOFR + 3.76%), 9.09%, 07/20/28 | USD | 209 | $ 208,752
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 1,831 | 1,833,031
|  |  | 49,995,521
Specialty Retail — 0.6%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.51%), 9.82%, 03/31/26 (e) |  | 247 | 246,454
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 04/23/31 |  | 505 | 504,772
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 1,668 | 1,661,394
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 10/20/28 |  | 742 | 721,078
|  |  | 3,133,698
Technology Hardware, Storage & Peripherals — 0.8%
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 08/31/28 |  | 4,146 | 4,153,498
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 03/08/30 |  | 466 | 467,069
Trading Companies & Distributors — 1.1%
Core & Main LP |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 02/09/31 |  | 704 | 704,679
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/27/28 |  | 3,505 | 3,507,504
TMK Hawk Parent Corp. (e) |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 56 | 46,765
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.59%, 06/30/29 |  | 1,785 | 1,213,770
|  |  | 5,472,718
Transportation Infrastructure — 0.1%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.69%, 12/15/26 |  | 729 | 725,471

Security |  | Par (000) | Value
Wireless Telecommunication Services — 0.4%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 04/30/28 | USD | 814 | $ 810,778
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 01/25/31 |  | 1,366 | 1,366,919
|  |  | 2,177,697
Total Floating Rate Loan Interests — 104.0% (Cost: $533,965,327) | 526,949,624

|  | Shares |
Investment Companies
Equity Funds — 0.1% |
Janus Henderson AAA CLO ETF |  | 15,000 | 763,200
Fixed Income Funds — 2.4% |
Invesco Senior Loan ETF |  | 566,200 | 11,914,108
Total Investment Companies — 2.5% (Cost: $12,678,195) | 12,677,308

|  | Benefical Interest (000) |
Other Interests
Capital Markets — 0.0% |
Millennium Lender Claim Trust (e)(o) | USD | 1,156 | —
Industrial Conglomerates — 0.0% |
Millennium Corp. Claim (e)(o) |  | 1,084 | —
Total Other Interests — 0.0% (Cost: $ — ) | —

|  | Par (000) |
Preferred Securities
Capital Trusts — 0.7% (a)
Automobiles (i) — 0.1% |
General Motors Financial Co., Inc., Series C, 5.70% | USD | 50 | 46,936
Volkswagen International Finance NV, 3.88% (c) | EUR | 100 | 99,679
|  |  | 146,615
Banks (i) — 0.3% |
AIB Group PLC, 5.25% (c) |  | 200 | 213,387
Barclays PLC |  |  |
4.38% | USD | 200 | 167,941
9.63% |  | 200 | 216,818
Citigroup, Inc. |  |  |
Series AA, 7.63% |  | 81 | 84,336

Schedule of Investments
37

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued) |
Citigroup, Inc. (continued) |  |  |
Series CC, 7.13% | USD | 180 | $ 179,597
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20% |  | 67 | 66,739
Series W, 6.25% |  | 72 | 70,162
UBS Group AG (b) |  |  |
7.75% |  | 200 | 204,009
Series NC10, 9.25% |  | 200 | 223,978
Wells Fargo & Co., 7.63% |  | 111 | 118,205
|  |  | 1,545,172
Diversified Telecommunication Services (c) — 0.1% |
British Telecommunications PLC, 5.13%, 10/03/54 | EUR | 100 | 107,362
Telefonica Europe BV, 6.14% (i) |  | 100 | 112,175
Vodafone Group PLC, 6.50%, 08/30/84 |  | 100 | 114,993
|  |  | 334,530
Electric Utilities — 0.2% |
AES Corp., 7.60%, 01/15/55 | USD | 71 | 71,878
Dominion Energy, Inc. |  |  |
Series A, 6.88%, 02/01/55 |  | 74 | 75,543
Series B, 7.00%, 06/01/54 |  | 45 | 46,821
Edison International, Series B, 5.00% (i) |  | 75 | 71,340
EDP - Energias de Portugal SA, 4.75%, 05/29/54 (c) | EUR | 100 | 106,426
Electricite de France SA, 3.38% (c)(i) |  | 200 | 186,654
NRG Energy, Inc., 10.25% (b)(i) | USD | 118 | 129,058
Terna - Rete Elettrica Nazionale, 4.75% (c)(i) | EUR | 100 | 105,756
Vistra Corp., 7.00% (b)(i) | USD | 168 | 166,540
|  |  | 960,016
Gas Utilities — 0.0% |
Centrica PLC, 6.50%, 05/21/55 (c) | GBP | 100 | 127,674
Industrial Conglomerates — 0.0% |
Alstom SA, 5.87% (c)(i) | EUR | 100 | 108,605
| 3,222,612
Total Preferred Securities — 0.7% (Cost: $3,225,557) | 3,222,612

|  | Shares |
Warrants
Consumer Discretionary — 0.0% |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) (d) |  | 2,435 | —
Energy Equipment & Services — 0.0% |
Turbo Cayman Ltd. (d)(e) |  | 1 | —

Security |  | Shares | Value
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) (d) |  | 1,152 | $ 20,546
Total Warrants — 0.0% (Cost: $ — ) | 20,546
Total Long-Term Investments — 129.0% (Cost: $684,239,664) | 653,432,959
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (p)(q) |  | 3,146,351 | 3,146,351
Total Short-Term Securities — 0.6% (Cost: $3,146,350) | 3,146,351
Total Investments — 129.6% (Cost: $687,386,014) | 656,579,310
Liabilities in Excess of Other Assets — (29.6)% | (149,870,278 )
Net Assets — 100.0% | $ 506,709,032

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(d) | Non-income producing security.
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $601,790, representing 0.1% of its net assets as of period end, and an original cost of $949,262.
(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(h) | Convertible security.
(i) | Perpetual security with no stated maturity date.
(j) | When-issued security.
(k) | Zero-coupon bond.
(l) | Issuer filed for bankruptcy and/or is in default.
(m) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(n) | Rounds to less than 1,000.
(o) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(p) | Affiliate of the Fund.
(q) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
38
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 1,315,320 | $ 1,831,031 (a) | $ — | $ — | $ — | $ 3,146,351 | 3,146,351 | $ 35,473 | $ —
iShares iBoxx $ High Yield Corporate Bond ETF (b) | 1,160,850 | — | (1,155,993 ) | 17,193 | (22,050 ) | — | — | 18,089 | —
|  |  |  | $ 17,193 | $ (22,050 ) | $ 3,146,351 |  | $ 53,562 | $ —

(a) | Represents net amount purchased (sold).
(b) | As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
EUR | 15,000 | USD | 16,063 | Barclays Bank PLC | 07/03/24 | $ 2
USD | 100,284 | EUR | 93,000 | Barclays Bank PLC | 09/18/24 | 314
USD | 492,784 | EUR | 457,726 | BNP Paribas SA | 09/18/24 | 754
USD | 4,239,615 | EUR | 3,938,000 | BNP Paribas SA | 09/18/24 | 6,484
USD | 319,938 | EUR | 297,274 | Toronto-Dominion Bank | 09/18/24 | 385
USD | 38,044 | GBP | 30,000 | Goldman Sachs International | 09/18/24 | 99
USD | 157,248 | GBP | 124,000 | Goldman Sachs International | 09/18/24 | 410
USD | 545,296 | GBP | 430,000 | Goldman Sachs International | 09/18/24 | 1,423
USD | 38,065 | GBP | 30,000 | HSBC Bank PLC | 09/18/24 | 120
USD | 44,377 | GBP | 35,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 109
USD | 31,708 | GBP | 25,000 | Standard Chartered Bank | 09/18/24 | 88
USD | 8,879 | GBP | 7,000 | UBS AG | 09/18/24 | 25
|  |  |  |  |  | 10,213
USD | 16,122 | EUR | 15,000 | Barclays Bank PLC | 09/18/24 | (2 )
| $ 10,211

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CDX.NA.HY.39.V3 | 5.00 % | Quarterly | 12/20/27 | CCC+ | USD | 4,008 | $ 251,169 | $ (44,730 ) | $ 295,899

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index | Financing Rate Paid by the Fund | Payment Frequency | Counterparty | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Matterhorn Telecom Holding S.A. | 5.00 % | Quarterly | Goldman Sachs International | 06/20/29 | EUR | 8 | $ (1,026 ) | $ (982 ) | $ (44 )

Schedule of Investments
39

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CMA CGM SA | 5.00 % | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | N/R | EUR | 8 | $ 957 | $ 1,228 | $ (271 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | N/R | EUR | 15 | (461 ) | (2,421 ) | 1,960
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 5 | 554 | 660 | (106 )
Sunrise HoldCo IV B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B | EUR | 5 | 606 | 488 | 118
Ziggo Bond Company B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 3 | 156 | 234 | (78 )
Ziggo Bond Company B.V. | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | B- | EUR | 5 | 266 | 232 | 34
|  |  |  |  |  |  |  | $ 2,078 | $ 421 | $ 1,657

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Total Return Swaps

Paid by the Fund | Received by the Fund |  |  |  |  |  |  |  |
Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Barclays Bank PLC | N/A | 09/20/24 | USD | 5,000 | $ 6,194 | $ (36,312 ) | $ 42,506
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | BNP Paribas SA | N/A | 09/20/24 | USD | 10,000 | 133,191 | (1,475 ) | 134,666
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | BNP Paribas SA | N/A | 09/20/24 | USD | 4,200 | 2,989 | (39,871 ) | 42,860
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 4,000 | 29,621 | (21,916 ) | 51,537
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/25 | USD | 2,000 | (1,707 ) | (2,365 ) | 658
|  |  |  |  |  |  |  |  | $ 170,288 | $ (101,939 ) | $ 272,227

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ — | $ (44,730 ) | $ 295,899 | $ —
OTC Swaps | 2,842 | (105,342 ) | 274,339 | (499 )

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

40
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 10,213 | $ — | $ — | $ 10,213
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | 295,899 | — | — | — | — | 295,899
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 4,954 | — | — | 272,227 | — | 277,181
| $ — | $ 300,853 | $ — | $ 10,213 | $ 272,227 | $ — | $ 583,293
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 2 | $ — | $ — | $ 2
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 3,902 | — | — | 101,939 | — | 105,841
| $ — | $ 3,902 | $ — | $ 2 | $ 101,939 | $ — | $ 105,843

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

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 151,807 | $ — | $ — | $ 151,807
Options purchased (a) | — | — | — | — | 119 | — | 119
Options written | — | — | — | — | 72 | — | 72
Swaps | — | 109,156 | — | — | (198,933 ) | — | (89,777 )
| $ — | $ 109,156 | $ — | $ 151,807 | $ (198,742 ) | $ — | $ 62,221
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 58,505 | $ — | $ — | $ 58,505
Swaps | — | (4,832 ) | — | — | 213,562 | — | 208,730
| $ — | $ (4,832 ) | $ — | $ 58,505 | $ 213,562 | $ — | $ 267,235

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 5,659,773
Average amounts sold — in USD | $ 61,977
Options: |
Average value of option contracts purchased | $ 70
Average value of option contracts written | $ 8
Credit default swaps: |
Average notional value — buy protection | $ 4,284
Average notional value — sell protection | $ 4,046,759
Total return swaps: |
Average notional value | $ 17,600,000

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
41

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Forward foreign currency exchange contracts | $ 10,213 | $ 2
Swaps — centrally cleared | — | 3,121
Swaps — OTC (a) | 277,181 | 105,841
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 287,394 | 108,964
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (3,121 )
Total derivative assets and liabilities subject to an MNA | $ 287,394 | $ 105,843

(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Bank of America N.A. | $ 2,800 | $ (2,499 ) | $ — | $ — | $ 301
Barclays Bank PLC | 43,482 | (36,420 ) | — | — | 7,062
BNP Paribas SA | 184,764 | (41,346 ) | — | — | 143,418
Goldman Sachs International | 2,198 | (1,026 ) | — | — | 1,172
HSBC Bank PLC | 120 | — | — | — | 120
JPMorgan Chase Bank N.A. | 109 | — | — | — | 109
Morgan Stanley & Co. International PLC | 53,423 | (24,552 ) | — | — | 28,871
Standard Chartered Bank | 88 | — | — | — | 88
Toronto-Dominion Bank | 385 | — | — | — | 385
UBS AG | 25 | — | — | — | 25
| $ 287,394 | $ (105,843 ) | $ — | $ — | $ 181,551

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities
Bank of America N.A. | $ 2,499 | $ (2,499 ) | $ — | $ — | $ —
Barclays Bank PLC | 36,420 | (36,420 ) | — | — | —
BNP Paribas SA | 41,346 | (41,346 ) | — | — | —
Goldman Sachs International | 1,026 | (1,026 ) | — | — | —
Morgan Stanley & Co. International PLC | 24,552 | (24,552 ) | — | — | —
| $ 105,843 | $ (105,843 ) | $ — | $ — | $ —

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.

42
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation
of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund
’
s financial instruments into major
categories is disclosed in the Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 15,027,630 | $ — | $ 15,027,630
Common Stocks |  |  |  |
Construction & Engineering | — | 41,030 | — | 41,030
Electrical Equipment | 5,053 | — | — | 5,053
Energy Equipment & Services | — | — | — | —
Entertainment | — | — | 312,761 | 312,761
Financial Services | — | 147,700 | 615,292 | 762,992
Health Care Providers & Services | — | 289,029 | — | 289,029
Industrial Conglomerates | — | — | 17 | 17
Oil, Gas & Consumable Fuels | — | — | 10,753 | 10,753
Semiconductors & Semiconductor Equipment | 182 | — | — | 182
Trading Companies & Distributors | — | — | 216,980 | 216,980
Corporate Bonds |  |  |  |
Advertising Agencies | — | 208,074 | — | 208,074
Aerospace & Defense | — | 3,444,172 | — | 3,444,172
Air Freight & Logistics | — | 7,087 | — | 7,087
Automobile Components | — | 2,100,516 | — | 2,100,516
Automobiles | — | 595,123 | — | 595,123
Banks | — | 650,832 | — | 650,832
Broadline Retail | — | 473,158 | — | 473,158
Building Materials | — | 1,814,636 | — | 1,814,636
Building Products | — | 965,854 | — | 965,854
Capital Markets | — | 977,188 | — | 977,188
Chemicals | — | 3,060,383 | — | 3,060,383
Commercial Services & Supplies | 14,338 | 5,007,837 | — | 5,022,175
Communications Equipment | — | 76,028 | — | 76,028
Construction & Engineering | — | 943,221 | — | 943,221
Construction Materials | — | 162,639 | — | 162,639
Consumer Finance | — | 840,992 | — | 840,992
Consumer Staples Distribution & Retail | — | 494,308 | — | 494,308
Containers & Packaging | — | 2,176,948 | — | 2,176,948
Diversified Consumer Services | — | 142,608 | — | 142,608
Diversified REITs | — | 1,086,376 | — | 1,086,376
Diversified Telecommunication Services | — | 4,962,795 | — | 4,962,795
Electric Utilities | — | 1,030,653 | — | 1,030,653
Electrical Equipment | — | 105,780 | — | 105,780
Electronic Equipment, Instruments & Components | — | 380,123 | — | 380,123
Energy Equipment & Services | — | 872,658 | — | 872,658
Entertainment | — | 814,041 | — | 814,041
Environmental, Maintenance & Security Service | — | 1,816,005 | — | 1,816,005
Financial Services | — | 2,107,061 | — | 2,107,061
Food Products | — | 1,181,297 | — | 1,181,297
Gas Utilities | — | 104,126 | — | 104,126
Ground Transportation | — | 847,948 | — | 847,948
Health Care Equipment & Supplies | — | 1,582,757 | — | 1,582,757
Health Care Providers & Services | — | 2,762,775 | — | 2,762,775
Health Care REITs | — | 310,170 | — | 310,170
Health Care Technology | — | 679,476 | — | 679,476
Hotel & Resort REITs | — | 1,050,083 | — | 1,050,083
Hotels, Restaurants & Leisure | — | 5,981,772 | — | 5,981,772
Household Durables | — | 840,539 | — | 840,539
Household Products | — | 156,390 | — | 156,390
Independent Power and Renewable Electricity Producers | — | 230,350 | — | 230,350
Insurance | — | 6,152,828 | — | 6,152,828

Schedule of Investments
43

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds (continued) |  |  |  |
Interactive Media & Services | $ — | $ 177,620 | $ — | $ 177,620
IT Services | — | 1,204,191 | — | 1,204,191
Leisure Products | — | 99,279 | — | 99,279
Machinery | — | 2,525,805 | — | 2,525,805
Media | — | 4,945,813 | — | 4,945,813
Metals & Mining | — | 2,720,534 | — | 2,720,534
Mortgage Real Estate Investment Trusts (REITs) | — | 55,769 | — | 55,769
Oil, Gas & Consumable Fuels | — | 10,190,713 | — | 10,190,713
Passenger Airlines | — | 584,108 | — | 584,108
Personal Care Products | — | 41,285 | — | 41,285
Pharmaceuticals | — | 622,257 | — | 622,257
Professional Services | — | 362,609 | — | 362,609
Real Estate Management & Development | — | 314,170 | — | 314,170
Retail REITs | — | 47,464 | — | 47,464
Semiconductors & Semiconductor Equipment | — | 253,108 | — | 253,108
Software | — | 6,471,512 | — | 6,471,512
Specialized REITs | — | 196,455 | — | 196,455
Specialty Retail | — | 808,287 | — | 808,287
Technology Hardware, Storage & Peripherals | — | 302,435 | — | 302,435
Textiles, Apparel & Luxury Goods | — | 136,473 | — | 136,473
Trading Companies & Distributors | — | 68,482 | — | 68,482
Fixed Rate Loan Interests | — | 1,909,415 | 646,713 | 2,556,128
Floating Rate Loan Interests | — | 511,457,431 | 15,492,193 | 526,949,624
Investment Companies | 12,677,308 | — | — | 12,677,308
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Capital Trusts | — | 3,222,612 | — | 3,222,612
Warrants | 20,546 | — | — | 20,546
Short-Term Securities |  |  |  |
Money Market Funds | 3,146,351 | — | — | 3,146,351
Unfunded Floating Rate Loan Interests (a) | — | — | 1,087 | 1,087
| $ 15,863,778 | $ 623,420,823 | $ 17,295,796 | $ 656,580,397
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 298,011 | $ — | $ 298,011
Foreign Currency Exchange Contracts | — | 10,213 | — | 10,213
Interest Rate Contracts | — | 272,227 | — | 272,227
Liabilities |  |  |  |
Credit Contracts | — | (499 ) | — | (499 )
Foreign Currency Exchange Contracts | — | (2 ) | — | (2 )
| $ — | $ 579,950 | $ — | $ 579,950

(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b) | Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings
payable of $135,000,000 are categorized as Level 2 within the fair value hierarchy.
44
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
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:

| Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Total
Assets |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 470,693 | $ — (a) | $ — | $ 17,370,922 | $ — (a) | $ 82,144 | $ 870 | $ 17,924,629
Transfers into Level 3 (b) | 17 | — | — | 5,974,663 | — | — | — | 5,974,680
Transfers out of Level 3 (c) | (211,485 ) | — | — | (6,834,290 ) | — | — | — | (7,045,775 )
Accrued discounts/premiums | — | — | 339 | 48,440 | — | — | — | 48,779
Net realized gain (loss) | — | — | — | (927,255 ) | — | 1,245 | — | (926,010 )
Net change in unrealized appreciation (depreciation) (d)(e) | (295,922 ) | — | (11,976 ) | 467,243 | — | (389 ) | 217 | 159,173
Purchases | 1,192,500 | — | 658,350 | 10,869,091 | — | — | — | 12,719,941
Sales | — | — | — | (11,476,621 ) | — | (83,000 ) | — | (11,559,621 )
Closing balance, as of June 30, 2024 | $ 1,155,803 | $ — (a) | $ 646,713 | $ 15,492,193 | $ — (a) | $ — | $ 1,087 | $ 17,295,796
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (e) | $ (295,922 ) | $ — | $ (11,976 ) | $ (509,968 ) | $ — | $ — | $ 217 | $ (817,649 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(c) | As of December 31, 2023, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(d) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on
unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
45

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-mo. CME Term SOFR + 3.85%), 9.18%, 05/15/37 (a)(b) | USD | 1,000 | $ 1,012,491
Golub Capital Partners CLO Ltd. (a)(b) |  |  |
Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.82%, 04/25/36 |  | 1,000 | 1,020,795
Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 8.51%, 07/25/37 |  | 1,000 | 999,970
Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 3.40%, 07/25/37 (a)(b) |  | 1,000 | 999,745
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3- mo. CME Term SOFR + 3.45%), 8.78%, 04/20/37 (a)(b) |  | 1,670 | 1,669,822
Palmer Square CLO Ltd., Series 2023-2A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.32%, 04/20/36 (a)(b) |  | 1,000 | 1,024,165
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3- mo. CME Term SOFR + 5.45%), 10.77%, 04/20/36 (a)(b) |  | 1,000 | 1,043,721
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 9.57%, 04/20/37 (a)(b) |  | 1,000 | 1,011,427
Symphony CLO Ltd. (a)(b) |  |  |
Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.52%, 04/24/36 |  | 1,000 | 1,025,002
Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.33%, 01/14/34 |  | 1,000 | 1,016,008
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.47%, 04/20/36 (a)(b) |  | 1,000 | 1,031,206
Total Asset-Backed Securities — 2.6% (Cost: $11,670,000) | 11,854,352

|  | Shares |
Common Stocks
Construction & Engineering — 0.0% |
McDermott International Ltd. (c) |  | 123,933 | 35,941
Energy Equipment & Services — 0.0% |
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0) (c)(d)(e) |  | 6,099 | —
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $85,471) (c)(d)(e) |  | 6,803 | 363,961
Financial Services (c) — 0.2% |
NMG Parent LLC |  | 3,613 | 361,300
Travelport Finance Luxembourg SARL (d) |  | 267 | 720,540
|  |  | 1,081,840
Health Care Providers & Services — 0.1% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $737,244) (c)(e) |  | 23,736 | 243,294
Oil, Gas & Consumable Fuels — 0.0% |
Kcad Holdings I Ltd. (c)(d) |  | 309,827,230 | 3,098

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd. (c) |  | 232 | $ 198
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (c)(d) |  | 23,534 | 205,926
Total Common Stocks — 0.4% (Cost: $7,608,859) | 1,934,258

|  | Par (000) |
Corporate Bonds
Automobile Components (b) — 0.1%
Champions Financing, Inc., 8.75%, 02/15/29 | USD | 208 | 213,299
Clarios Global LP, 6.75%, 05/15/25 |  | 446 | 445,864
|  |  | 659,163
Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (b) |  | 118 | 113,660
Chemicals (b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 |  | 51 | 51,404
WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 388 | 357,618
|  |  | 409,022
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 249 | 269,093
Construction Materials — 0.1%
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26 (b)(c)(f) |  | 1,013 | 354,550
Diversified REITs — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b) |  | 138 | 136,196
Diversified Telecommunication Services (b) — 0.2%
Level 3 Financing, Inc., 11.00%, 11/15/29 |  | 524 | 536,547
Zayo Group Holdings, Inc., 6.13%, 03/01/28 |  | 251 | 168,058
|  |  | 704,605
Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 5.03%, 11/10/17 (c)(d)(f) |  | 1,710 | —
Entertainment — 0.1%
Odeon Finco PLC, 12.75%, 11/01/27 (b) |  | 607 | 636,211
Ground Transportation — 0.1%
Uber Technologies, Inc., 4.50%, 08/15/29 (b) |  | 381 | 363,013
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP, 5.25%, 10/01/29 (b) |  | 384 | 366,461
Hotels, Restaurants & Leisure (b) — 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29 |  | 390 | 357,540
Expedia Group, Inc., 6.25%, 05/01/25 |  | 337 | 337,538
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  | 441 | 387,267
|  |  | 1,082,345
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27 (b) |  | 357 | 352,130

46
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services — 0.0%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) | USD | 191 | $ 193,931
Machinery (b) — 0.3%
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 |  | 336 | 347,933
Vertiv Group Corp., 4.13%, 11/15/28 |  | 901 | 841,418
|  |  | 1,189,351
Media — 0.1%
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (b) |  | 573 | 436,620
Real Estate Management & Development — 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (b) |  | 46 | 28,312
Specialty Retail — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28 (b) |  | 465 | 495,075
Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(g) |  | 263 | 37,407
Total Corporate Bonds — 1.7% (Cost: $8,686,566) | 7,827,145
Fixed Rate Loan Interests
Commercial Services & Supplies — 0.2%
AVSC Holding Corp., 2020 Term Loan B3, (10.00% PIK), 15.00%, 10/15/26 (g) |  | 1,066 | 1,100,416
Health Care Technology — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,086 | 1,079,669
Media — 0.2%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (d)(h) |  | 740 | 719,650
Total Fixed Rate Loan Interests — 0.6% (Cost: $2,866,251) | 2,899,735
Floating Rate Loan Interests (a)
Aerospace & Defense — 4.7%
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 09/03/30 |  | 1,043 | 1,044,073
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 10/31/30 |  | 1,095 | 1,099,507
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.26%, 08/03/29 |  | 368 | 355,744
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 3,405 | 2,476,308
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 690 | 501,593
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 4,264 | 4,276,538

Security |  | Par (000) | Value
Aerospace & Defense (continued)
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.70%), 10.94%, 04/09/26 | USD | 750 | $ 720,403
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 299 | 300,495
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 1,691 | 1,695,684
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 3,077 | 3,075,496
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 11/05/28 |  | 670 | 673,350
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 1,644 | 1,648,923
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 7.84%, 02/28/31 |  | 3,744 | 3,751,851
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 03/22/30 |  | 118 | 117,870
|  |  | 21,737,835
Air Freight & Logistics — 0.1%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.58%, 03/17/30 |  | 243 | 243,066
Automobile Components — 1.3%
Champions Financing, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 2,334 | 2,342,752
Clarios Global LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/06/30 |  | 2,339 | 2,342,264
2024 USD Term Loan B, 05/06/30 (i) |  | 35 | 35,044
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 1,123 | 1,075,677
|  |  | 5,795,737
Automobiles — 0.8%
Dealer Tire Financial LLC |  |  |
2024 Term Loan B, 07/02/31 (d)(i) |  | 1,149 | 1,146,107
2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 12/14/27 |  | 2,507 | 2,499,271
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/08/28 |  | 240 | 222,019
|  |  | 3,867,397
Banks — 0.6%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 08/02/28 |  | 2,713 | 2,710,035
Beverages — 1.1%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.43%, 01/24/30 |  | 1,804 | 1,439,140
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/24/29 |  | 3,836 | 3,551,219
|  |  | 4,990,359

Schedule of Investments
47

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Broadline Retail — 1.2%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/24/28 | USD | 690 | $ 687,026
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 4,338 | 4,330,736
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/21/27 |  | 377 | 310,747
|  |  | 5,328,509
Building Materials — 2.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3- mo. CME Term SOFR + 4.51%), 9.85%, 05/17/28 |  | 1,620 | 1,367,575
Chariot Buyer LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 635 | 636,729
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.69%, 11/03/28 |  | 2,420 | 2,416,925
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 8.68%, 04/12/28 |  | 262 | 255,198
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (i) |  | 1,327 | 1,325,341
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 04/29/29 |  | 1,397 | 1,395,080
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/02/29 (d) |  | 534 | 535,803
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 09/22/28 |  | 1,573 | 1,575,253
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.80%, 01/12/29 |  | 727 | 731,722
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.68%, 12/31/26 |  | 3,123 | 3,123,003
|  |  | 13,362,629
Building Products — 2.6%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/13/29 |  | 263 | 264,740
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 05/19/28 |  | 1,440 | 1,443,370
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 11/23/27 |  | 1,444 | 1,406,694
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 10/02/28 |  | 580 | 578,183
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.94%, 04/28/29 |  | 786 | 786,495
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 05/31/30 |  | 1,685 | 1,683,239
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 1,672 | 1,662,063
Gulfside Supply, Inc., Term Loan B, 06/17/31 (d)(i) |  | 564 | 564,000
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR at 0.00% Floor + 4.18%), 7.90%, 04/12/28 | EUR | 854 | 846,387

Security |  | Par (000) | Value
Building Products (continued)
Peer Holding III BV, 2024 USD Term Loan B5, 06/20/31 (i) | USD | 648 | $ 648,272
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (i) |  | 779 | 780,020
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 1,210 | 1,211,563
|  |  | 11,875,026
Capital Markets — 1.9%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/09/30 |  | 602 | 603,472
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 648 | 647,190
Castlelake Aviation One DAC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 10/22/27 |  | 709 | 710,087
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/22/26 |  | 2,178 | 2,180,107
Focus Financial Partners LLC |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 06/30/28 |  | 1,444 | 1,441,572
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 06/30/28 |  | 1,014 | 1,012,282
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 08/11/28 |  | 220 | 221,133
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/17/28 |  | 2,000 | 2,005,624
|  |  | 8,821,467
Chemicals — 5.3%
Aruba Investments Holdings LLC |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 690 | 655,155
2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/24/27 |  | 754 | 746,877
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26 |  | 478 | 477,281
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29 |  | 1,250 | 1,251,847
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 1,145 | 1,139,618
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/01/30 |  | 2,070 | 2,078,216
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.60%, 06/12/31 |  | 1,703 | 1,701,191
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 12/18/30 |  | 1,957 | 1,959,038
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 02/15/30 |  | 290 | 289,896
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 1,058 | 1,024,056

48
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.35%), 8.60%, 02/18/30 | USD | 673 | $ 668,373
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/15/28 (d) |  | 1,797 | 1,760,420
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (d) |  | 2,207 | 2,201,975
NIC Acquisition Corp, Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/29/27 |  | 449 | 373,392
Nouryon USA LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 1,262 | 1,264,001
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 848 | 850,852
OQ Chemicals Corp., 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.70%), 8.91%, 10/14/24 |  | 1,561 | 1,439,609
Potters Borrower LP, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 12/14/27 |  | 522 | 523,796
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 |  | 1,038 | 1,037,572
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-week CME Term SOFR at 0.75% Floor + 3.50%), 8.58%, 08/02/30 |  | 1,672 | 1,670,193
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.59%, 09/22/28 |  | 1,388 | 1,392,083
|  |  | 24,505,441
Commercial Services & Supplies — 5.8%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.33%, 10/24/30 (d) |  | 644 | 647,581
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.84%, 08/17/26 |  | 1,941 | 1,943,337
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 02/04/28 |  | 1,967 | 1,967,590
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 4,053 | 4,034,063
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.34%, 02/15/29 |  | 775 | 777,761
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR + 3.35%, 0.25% PIK), 9.19%, 03/03/25 (g) |  | 993 | 983,424
Boost Newco Borrower LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 01/31/31 |  | 2,547 | 2,546,643
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 428 | 430,051
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 327 | 327,821

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 10/17/30 | USD | 587 | $ 587,537
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 05/04/28 |  | 2,949 | 2,952,867
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.21%, 07/31/28 |  | 188 | 188,805
PECF USS Intermediate Holding III Corp., Term Loan B, (1-mo. CME Term SOFR + 4.51%), 9.84%, 12/15/28 |  | 794 | 523,299
Prime Security Services Borrower LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 10/13/30 |  | 738 | 737,441
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/14/30 |  | 82 | 82,020
Sotheby ’ s, 2021 Term Loan B, (3-mo. CME Term SOFR + 4.76%), 10.09%, 01/15/27 |  | 2,708 | 2,477,460
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/02/27 |  | 1,626 | 1,564,540
Vestis Corp., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 02/22/31 |  | 997 | 990,693
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.59%, 07/30/28 |  | 973 | 973,149
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 1,910 | 1,921,594
|  |  | 26,657,676
Communications Equipment — 0.6%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 10/24/30 |  | 1,391 | 1,394,702
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 566 | 502,592
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/02/29 |  | 1,132 | 1,010,324
|  |  | 2,907,618
Construction & Engineering — 2.5%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.88%), 7.22%, 04/17/31 |  | 1,169 | 1,175,091
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.21%, 09/22/28 |  | 1,289 | 1,289,810
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 736 | 736,905
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 3,588 | 3,598,252
Brown Group Holding LLC (i) |  |  |
2022 Incremental Term Loan B2, 07/02/29 |  | 618 | 617,661
Term Loan B, 06/07/28 |  | 1,119 | 1,116,814
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.94%, 12/16/27 |  | 221 | 220,623
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 01/21/28 |  | 1,045 | 1,046,378

Schedule of Investments
49

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering (continued)
Propulsion BC Newco LLC, Term Loan, 09/14/29 (i) | USD | 217 | $ 217,497
USIC Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.61%), 9.08%, 05/12/28 |  | 1,725 | 1,664,055
|  |  | 11,683,086
Construction Materials — 1.0%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 1,618 | 1,619,808
Gates Corp., 2024 Term Loan B5, 06/04/31 (i) |  | 1,410 | 1,410,875
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 03/08/29 |  | 833 | 795,497
Quikrete Holdings, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/19/29 |  | 619 | 618,702
|  |  | 4,444,882
Consumer Finance — 0.1%
Edelman Financial Engines Center LLC, 2024 Term Loan B, 04/07/28 (i) |  | 635 | 636,150
Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc. |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.46%, 09/13/26 |  | 632 | 633,086
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/22/28 |  | 891 | 894,330
|  |  | 1,527,416
Containers & Packaging — 2.3%
Charter Next Generation, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 3,725 | 3,729,279
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 1,581 | 1,558,411
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 1,339 | 1,340,129
Pregis TopCo LLC |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 07/31/26 |  | 666 | 665,318
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.46%, 07/31/26 |  | 690 | 689,363
Reynolds Consumer Products LLC, Term Loan, (1- mo. CME Term SOFR + 1.85%), 7.19%, 02/04/27 |  | 1,270 | 1,272,187
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3- mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 09/15/28 |  | 1,272 | 1,273,637
|  |  | 10,528,324
Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.34%, 10/28/27 |  | 1,005 | 918,139
Diversified Consumer Services — 1.3%
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 617 | 615,923
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.71%, 11/24/28 |  | 914 | 912,716
Hoya Midco LLC, 2022 Term Loan, 02/03/29 (i) |  | 926 | 928,315

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 06/12/30 | USD | 1,397 | $ 1,401,832
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/04/30 |  | 1,477 | 1,482,652
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.46%, 09/01/25 |  | 803 | 696,031
|  |  | 6,037,469
Diversified Telecommunication Services — 3.5%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.34%, 01/31/26 (d) |  | 1,531 | 1,408,035
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 2,280 | 1,668,303
Connect Finco SARL |  |  |
2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 09/27/29 |  | 1,257 | 1,182,607
2024 Non-Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 12/11/26 |  | 1,266 | 1,248,323
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.59%, 09/20/30 |  | 649 | 648,018
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 967 | 945,507
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 974 | 947,417
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 746 | 511,671
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 760 | 507,105
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR + 4.36%), 9.78%, 09/01/28 |  | 859 | 740,260
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29 |  | 768 | 762,693
Virgin Media Bristol LLC, USD Term Loan N, (1-mo. CME Term SOFR + 2.61%), 7.94%, 01/31/28 |  | 988 | 943,518
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 5,045 | 4,378,619
|  |  | 15,892,076
Electric Utilities — 0.3%
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 05/22/31 |  | 313 | 314,678
NRG Energy, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/16/31 |  | 1,242 | 1,241,266
|  |  | 1,555,944

50
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electrical Equipment — 0.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.35%, 06/23/28 | USD | 2,223 | $ 2,224,326
Electronic Equipment, Instruments & Components — 1.0%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 06/20/31 (d) |  | 444 | 443,445
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 07/02/29 |  | 1,479 | 1,477,303
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 2,713 | 2,726,943
|  |  | 4,647,691
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 40 | 19,115
Entertainment — 4.2%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.44%, 04/22/26 |  | 1,487 | 1,405,846
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 05/24/29 |  | 101 | 101,181
Creative Artists Agency LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 11/27/28 |  | 2,950 | 2,961,104
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.58%, 01/15/30 |  | 1,847 | 1,849,696
Live Nation Entertainment, Inc., Term Loan B4, (1- mo. CME Term SOFR + 1.85%), 7.19%, 10/19/26 |  | 2,491 | 2,485,732
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 1,264 | 1,263,507
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (i) |  | 706 | 703,797
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 8.21%, 03/13/28 |  | 1,481 | 1,479,828
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.93%), 8.09%, 01/23/25 |  | 412 | 411,404
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/29/26 |  | 886 | 887,571
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.21%, 05/18/25 |  | 2,635 | 2,637,149
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/24/31 |  | 2,970 | 2,971,492
|  |  | 19,158,307
Environmental, Maintenance & Security Service — 2.8%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.21%, 10/08/28 |  | 1,021 | 1,024,728
Covanta Holding Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 1,117 | 1,116,105

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued) |  |  |
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 | USD | 86 | $ 85,528
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 |  | 874 | 873,869
2024 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 |  | 48 | 47,752
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/21/28 |  | 3,497 | 3,511,540
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 06/27/29 |  | 608 | 610,020
GFL Environmental, Inc. |  |  |
2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/31/27 |  | 722 | 722,925
2024 Term Loan B, 06/27/31 (d)(i) |  | 734 | 734,000
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.09%, 06/21/28 |  | 3,654 | 3,654,856
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 8.69%, 03/09/28 |  | 896 | 484,291
|  |  | 12,865,614
Financial Services — 4.5%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 7.33%, 12/21/28 |  | 1,271 | 1,271,285
Belron Finance U.S. LLC |  |  |
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.84%, 11/13/25 |  | 429 | 429,217
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.51%), 7.84%, 10/30/26 |  | 855 | 855,313
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/18/29 |  | 468 | 468,052
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.51%, 04/13/28 |  | 4,537 | 4,537,082
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 09/01/28 |  | 1,003 | 968,528
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 983 | 981,467
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 6,084 | 6,075,886
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 1,806 | 1,801,485
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/15/31 |  | 1,631 | 1,633,114
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 12/17/27 |  | 501 | 500,136
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 03/24/25 |  | 954 | 951,496
Oxea Holding Drei GmbH, 2024 Tranche B Term Loan, (3-mo. CME Term SOFR at 3.00% Floor + 8.00%), 13.34%, 06/22/25 |  | 319 | 294,189
|  |  | 20,767,250

Schedule of Investments
51

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products — 2.9%
8th Avenue Food & Provisions, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.21%, 10/01/25 | USD | 997 | $ 943,962
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.86%), 10.21%, 10/01/25 |  | 1,500 | 1,417,605
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 06/22/30 |  | 753 | 753,693
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/25/27 |  | 3,179 | 3,186,620
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 818 | 820,957
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.35%), 7.69%, 01/29/27 |  | 3,496 | 3,492,494
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.30%, 05/23/25 |  | 492 | 357,884
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 11/12/29 |  | 1,002 | 1,002,207
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.85%, 03/31/28 |  | 925 | 924,641
UTZ Quality Foods LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/20/28 |  | 553 | 553,795
|  |  | 13,453,858
Ground Transportation — 1.2%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.18%, 04/06/28 |  | 570 | 570,028
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.21%, 08/06/27 |  | 649 | 641,329
Genesee & Wyoming, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 1,892 | 1,889,389
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 430 | 387,894
2021 Term Loan C, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 83 | 75,364
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, 08/04/25 |  | 1,135 | 794,873
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 03/03/30 |  | 1,267 | 1,271,875
|  |  | 5,630,752
Health Care Equipment & Supplies — 3.3%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.10%), 7.44%, 11/08/27 |  | 1,062 | 1,066,225
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 937 | 933,997
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 2,237 | 2,211,264

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/04/28 | USD | 754 | $ 755,258
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.33%, 10/19/27 |  | 1,468 | 1,450,050
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 |  | 4,639 | 4,644,730
2024 USD Add-on Term Loan B, 10/23/28 (i) |  | 1,748 | 1,748,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 2,205 | 2,197,657
|  |  | 15,007,181
Health Care Providers & Services — 4.4%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.46%, 02/22/28 |  | 1,890 | 1,888,007
CHG Healthcare Services, Inc. |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28 |  | 1,007 | 1,008,346
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 09/29/28 |  | 214 | 214,282
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 2,191 | 2,195,086
Concentra Health Services, Inc., Term Loan B, 06/26/31 (d)(i) |  | 175 | 175,438
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 11/01/28 |  | 2,158 | 2,155,692
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/29 |  | 234 | 233,449
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.61%), 10.04%, 11/30/28 |  | 2,252 | 1,371,041
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 11.08%, 08/31/28 |  | 628 | 628,656
2024 Third Out Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 6.75%), 12.08%, 11/30/28 (d) |  | 44 | 7,406
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/01/30 |  | 112 | 111,949
ICON Luxembourg SARL |  |  |
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 571 | 572,664
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 145 | 144,923
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 4.36%), 9.71%, 03/06/28 |  | 773 | 653,345
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 01/02/31 |  | 1,217 | 1,220,876
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.44%, 11/01/29 |  | 611 | 414,460
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1- mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 3,022 | 3,026,522

52
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 11/01/28 | USD | 898 | $ 673,949
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 1,121 | 1,119,705
Surgery Center Holdings, Inc., 2024 Term Loan B, 12/19/30 (i) |  | 1,184 | 1,185,755
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.69%, 05/16/29 |  | 331 | 332,363
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.84%, 01/08/27 |  | 1,095 | 1,095,033
|  |  | 20,428,947
Health Care Technology — 3.1%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 3,093 | 3,079,554
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/01/31 |  | 1,973 | 1,960,723
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 3,212 | 3,106,372
PointClickCare Technologies, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 12/29/27 |  | 555 | 557,081
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 4,592 | 4,587,688
Waystar Technologies, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/22/29 |  | 535 | 535,115
Zelis Payments Buyer, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 09/28/29 |  | 234 | 233,269
|  |  | 14,059,802
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 05/18/30 |  | 489 | 489,309
Hotels, Restaurants & Leisure — 8.3%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 2,317 | 2,308,475
Alterra Mountain Co. |  |  |
2024 Add-on Term Loan B, 05/31/30 (i) |  | 215 | 215,942
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 05/31/30 |  | 700 | 702,903
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.84%, 10/02/28 |  | 1,197 | 1,135,321
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/31 |  | 2,874 | 2,871,298
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/30 |  | 1,234 | 1,233,370
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 08/08/27 |  | 890 | 892,438
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (i) |  | 337 | 335,949
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.44%, 03/17/28 |  | 1,448 | 1,449,367
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 2,093 | 2,083,053

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Fertitta Entertainment LLC, 2022 Term Loan B, (1- mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29 | USD | 4,396 | $ 4,398,591
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.58%, 11/25/30 |  | 3,540 | 3,538,015
Four Seasons Hotels Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 11/30/29 |  | 3,154 | 3,164,535
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.10%, 11/08/30 |  | 767 | 767,529
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 12/15/27 |  | 2,379 | 2,376,114
Light & Wonder International, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 04/14/29 |  | 1,082 | 1,080,837
2024 Term Loan B2, 04/14/29 (i) |  | 43 | 42,969
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 05/03/29 |  | 1,460 | 1,461,082
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.09%, 01/05/29 |  | 472 | 471,876
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 266 | 238,109
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 415 | 371,521
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 04/04/29 |  | 413 | 411,967
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/25/28 |  | 544 | 543,835
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/14/31 |  | 1,967 | 1,964,788
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 08/03/28 |  | 3,044 | 3,043,671
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/24/30 |  | 1,360 | 1,360,152
|  |  | 38,463,707
Household Durables — 1.7%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/31/28 |  | 1,457 | 1,458,093
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 2,374 | 2,350,736
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 12.95%, 06/29/28 |  | 499 | 396,566
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 812 | 693,609
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/30/27 |  | 3,076 | 2,851,465
|  |  | 7,750,469

Schedule of Investments
53

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/31/30 | USD | 1,222 | $ 1,217,311
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 588 | 585,324
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 2.76%), 8.11%, 12/15/27 |  | 1,143 | 1,144,455
|  |  | 2,947,090
Industrial Conglomerates — 0.1%
Stitch Aquisition Corporation, 2024 Term Loan, 07/28/28 |  | 1,111 | 444,353
Insurance — 8.1%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 6,820 | 6,836,339
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.59%, 02/19/28 |  | 2,939 | 2,935,659
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.10%, 02/28/28 |  | 2,265 | 2,268,022
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 3,909 | 3,917,060
Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/26/31 (d) |  | 548 | 547,169
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30 |  | 4,942 | 4,950,517
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/15/30 |  | 1,134 | 1,133,590
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 09/01/27 |  | 1,339 | 1,343,936
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 02/24/28 |  | 4,302 | 4,301,913
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 3,032 | 3,034,698
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 1,006 | 1,024,027
USI, Inc. |  |  |
2024 Term Loan (2029), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 11/22/29 |  | 4,044 | 4,041,072
2024 Term Loan (2030), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 09/27/30 |  | 1,107 | 1,106,187
|  |  | 37,440,189
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 4.15%), 9.48%, 02/16/28 |  | 429 | 428,407
IT Services — 4.1%
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.71%, 12/23/26 |  | 292 | 288,836
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/31/28 |  | 1,117 | 1,035,953

Security |  | Par (000) | Value
IT Services (continued)
Asurion LLC (continued) |  |  |
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/20/29 | USD | 1,066 | $ 980,389
2021 Term Loan B9, (1-mo. CME Term SOFR + 3.36%), 8.71%, 07/31/27 |  | 239 | 235,044
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.69%, 08/19/28 |  | 1,648 | 1,633,682
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/31/31 |  | 3,248 | 3,252,238
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 07/06/29 |  | 3,113 | 3,066,211
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (d)(i) |  | 582 | 582,000
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/09/29 |  | 1,470 | 1,471,271
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/30/31 |  | 1,446 | 1,443,922
Magenta Buyer LLC |  |  |
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.59%, 07/27/28 |  | 1,286 | 709,671
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.84%, 07/27/29 |  | 1,674 | 490,496
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 2,257 | 2,234,430
2024 2nd Lien Term Loan, 06/17/32 (i) |  | 778 | 773,628
Venga Finance SARL, 2021 USD Term Loan B, (3- mo. CME Term SOFR + 5.01%), 10.36%, 06/28/29 |  | 639 | 639,384
|  |  | 18,837,155
Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.44%, 12/01/28 |  | 458 | 449,814
Machinery — 3.6%
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/14/28 |  | 327 | 328,713
Doosan Bobcat North America, Inc. |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29 |  | 262 | 262,321
2024 Term Loan, 04/20/29 (i) |  | 95 | 95,024
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26 |  | 325 | 324,798
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 1,632 | 1,641,241
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 6,355 | 6,365,239
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 3,914 | 3,931,441

54
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery (continued)
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 03/02/27 | USD | 2,496 | $ 2,500,412
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 1,143 | 1,143,251
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.46%, 10/04/28 |  | 111 | 111,447
|  |  | 16,703,887
Media — 2.5%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.84%, 06/30/28 |  | 478 | 479,532
Charter Communications Operating LLC, 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.30%, 12/07/30 |  | 1,388 | 1,371,454
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 717 | 716,664
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.60%), 8.93%, 12/17/26 |  | — (j) | 243
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 1,520 | 1,259,796
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.46%, 08/02/27 |  | 959 | 959,861
ECL Entertainment LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/31/30 |  | 1,062 | 1,064,635
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 240 | 227,700
NEP Group, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 08/19/26 |  | 163 | 153,279
2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 10.21%, 08/19/26 (g) |  | 1,902 | 1,791,942
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 2,522 | 2,036,733
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 9.19%, 04/21/29 |  | 564 | 380,718
Ziggo Financing Partnership, USD Term Loan I, (1- mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28 |  | 1,187 | 1,146,120
|  |  | 11,588,677
Oil, Gas & Consumable Fuels — 2.5%
Freeport LNG Investments LLLP, Term Loan B, (3- mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 3,634 | 3,627,563
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.83%, 10/04/30 |  | 277 | 276,538
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 262 | 263,125
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 10/18/28 |  | 2,138 | 2,146,117

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.19%, 01/31/28 | USD | 629 | $ 630,159
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 1,768 | 1,717,600
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28 |  | 3,046 | 3,044,224
|  |  | 11,705,326
Paper & Forest Products — 0.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.19%, 09/07/27 |  | 2,122 | 2,121,375
Passenger Airlines — 1.9%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 1,309 | 1,350,157
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.85%, 03/21/31 |  | 830 | 830,177
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27 |  | 269 | 268,098
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.77%, 06/04/29 |  | 1,620 | 1,615,950
Series AA, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 02/15/28 |  | 1,268 | 1,263,690
Mileage Plus Holdings LLC, 2020 Term Loan B, (3- mo. CME Term SOFR + 5.25%), 10.74%, 06/21/27 |  | 1,935 | 1,972,811
United Airlines, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 02/22/31 |  | 1,419 | 1,419,708
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR + 3.10%), 8.44%, 12/11/26 |  | 76 | 76,432
|  |  | 8,797,023
Personal Care Products — 0.0%
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR + 2.11%), 7.46%, 07/03/28 |  | 47 | 46,705
Pharmaceuticals — 2.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 1,189 | 1,194,504
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 10.69%, 02/01/27 |  | 1,050 | 954,451
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.18%, 08/01/27 |  | 1,446 | 1,439,581
Jazz Financing Lux S.a.r.l., 2024 1st Lien Term Loan B, 05/05/28 (i) |  | 321 | 320,994
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 05/05/28 |  | 2,150 | 2,150,234
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 10/27/28 |  | 801 | 805,301

Schedule of Investments
55

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 | USD | 955 | $ 955,355
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 04/20/29 |  | 928 | 923,277
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.43%, 11/18/27 |  | 1,215 | 1,208,997
|  |  | 9,952,694
Professional Services — 4.5%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 06/04/29 |  | 1,095 | 1,068,112
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 3,322 | 3,267,734
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 02/26/31 (d) |  | 1,871 | 1,873,339
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.10%, 01/18/29 |  | 6,285 | 6,285,062
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR + 4.35%), 9.68%, 07/06/29 |  | 1,897 | 1,902,320
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 04/28/28 |  | 2,013 | 2,013,040
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 926 | 747,840
Trans Union LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 12/01/28 |  | 1,835 | 1,833,689
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.19%, 06/24/31 |  | 1,827 | 1,823,920
|  |  | 20,815,056
Real Estate Management & Development — 0.3%
Cushman & Wakefield U.S. Borrower LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.21%, 08/21/25 |  | 47 | 46,576
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (d) |  | 651 | 654,624
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.34%, 01/31/30 (d) |  | 528 | 527,843
|  |  | 1,229,043
Semiconductors & Semiconductor Equipment — 0.6%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 07/06/29 |  | 930 | 929,768
MKS Instruments, Inc. |  |  |
2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/17/29 |  | 1,149 | 1,148,985
2024 USD Term Loan B, 08/17/29 (i) |  | 194 | 193,959
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.85%, 12/02/28 |  | 617 | 615,332
|  |  | 2,888,044

Security |  | Par (000) | Value
Software — 12.3%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 02/24/31 | USD | 3,474 | $ 3,497,620
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29 |  | 629 | 627,319
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.71%, 09/21/28 |  | 2,076 | 2,075,070
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 1,173 | 1,175,381
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 5,364 | 5,356,048
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 780 | 771,225
2021 Term Loan, (1-mo. CME Term SOFR + 3.85%), 9.19%, 10/08/28 (d) |  | 853 | 852,823
Drake Software LLC, 2024 Term Loan B, 06/26/31 (d)(i) |  | 579 | 573,210
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.96%, 02/04/28 |  | 280 | 280,909
Ellucian Holdings, Inc. |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.10%), 13.44%, 10/09/28 |  | 1,750 | 1,751,928
2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 2,835 | 2,845,466
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.09%, 09/12/29 |  | 2,039 | 2,030,556
Genesys Cloud Services Holdings II LLC |  |  |
First Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 3,233 | 3,247,078
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 1,259 | 1,266,713
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 07/18/30 |  | 1,289 | 1,291,117
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 10/27/28 |  | 3,023 | 3,029,367
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.35%, 04/01/28 |  | 495 | 494,264
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 3,511 | 3,502,672
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 1,008 | 1,001,270
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 2,710 | 2,705,286
Modena Buyer LLC, Term Loan, 07/01/31 (i) |  | 847 | 825,562
Planview Parent, Inc., 2024 Term Loan, 12/17/27 (i) |  | 239 | 238,400
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 3,323 | 3,324,022

56
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
RealPage, Inc. |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 | USD | 3,282 | $ 3,186,302
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 04/23/29 |  | 2,745 | 2,669,661
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/27 |  | 1,286 | 1,289,407
SS&C Technologies, Inc., 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 941 | 942,605
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 3,493 | 3,504,545
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR + 3.76%), 9.09%, 07/20/28 |  | 233 | 232,736
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 2,071 | 2,074,086
|  |  | 56,662,648
Specialty Retail — 0.8%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.51%), 9.82%, 03/31/26 (d) |  | 280 | 279,575
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 04/23/31 |  | 565 | 564,745
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 1,889 | 1,881,626
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 10/20/28 |  | 853 | 829,093
|  |  | 3,555,039
Technology Hardware, Storage & Peripherals — 1.0%
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 08/31/28 |  | 4,732 | 4,740,129
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 03/08/30 |  | 514 | 515,347
Trading Companies & Distributors — 1.3%
Core & Main LP |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 02/09/31 |  | 789 | 789,520
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/27/28 |  | 4,037 | 4,039,174

Security |  | Par (000) | Value
Trading Companies & Distributors (continued)
TMK Hawk Parent Corp. (d) |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 | USD | 53 | $ 44,382
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.59%, 06/30/29 |  | 1,694 | 1,151,934
|  |  | 6,025,010
Transportation Infrastructure — 0.2%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.69%, 12/15/26 |  | 835 | 830,461
Wireless Telecommunication Services — 0.5%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 04/30/28 |  | 924 | 920,208
SBA Senior Finance II LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 01/25/31 |  | 1,527 | 1,528,526
|  |  | 2,448,734
Total Floating Rate Loan Interests — 126.3% (Cost: $589,596,236) | 582,164,815

|  | Shares |
Investment Companies
Equity Funds — 0.2% |
Janus Henderson AAA CLO ETF |  | 15,000 | 763,200
Fixed Income Funds — 3.1% |
Invesco Senior Loan ETF |  | 444,300 | 9,348,072
iShares 0-5 Year High Yield Corporate Bond ETF (k) |  | 5,000 | 211,000
iShares iBoxx $ High Yield Corporate Bond ETF (k) |  | 62,000 | 4,782,680
|  |  | 14,341,752
Total Investment Companies — 3.3% (Cost: $15,063,637) | 15,104,952

|  | Benefical Interest (000) |
Other Interests
Capital Markets — 0.0% |
Millennium Lender Claim Trust (d)(l) | USD | 1,607 | —
Industrial Conglomerates — 0.0% |
Millennium Corp. Claim (d)(l) |  | 1,508 | —
Total Other Interests — 0.0% (Cost: $ — ) | —

Schedule of Investments
57

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Warrants
Consumer Discretionary — 0.0% |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) (c) |  | 1,895 | $ —
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) |  | 999 | 17,817
Total Warrants — 0.0% (Cost: $ — ) | 17,817
Total Investments — 134.9% (Cost: $635,491,549) | 621,803,074
Liabilities in Excess of Other Assets — (34.9)% | (160,916,867 )
Net Assets — 100.0% | $ 460,886,207

(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $607,255, representing 0.1% of its net assets as of period end, and an original cost of $822,715.
(f) | Issuer filed for bankruptcy and/or is in default.
(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(h) | Perpetual security with no stated maturity date.
(i) | 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.
(j) | Rounds to less than 1,000.
(k) | Affiliate of the Fund.
(l) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares (a) | $ — | $ 36,703,190 | $ (36,703,190 ) | $ — | $ — | $ — | — | $ 7,328 | $ —
iShares 0-5 Year High Yield Corporate Bond ETF | 211,100 | — | — | — | (100 ) | 211,000 | 5,000 | 5,980 | —
iShares iBoxx $ High Yield Corporate Bond ETF | 2,708,650 | 2,435,364 | (385,757 ) | 6,297 | 18,126 | 4,782,680 | 62,000 | 85,424 | —
|  |  |  | $ 6,297 | $ 18,026 | $ 4,993,680 |  | $ 98,732 | $ —

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

Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 439,263 | EUR | 408,013 | BNP Paribas SA | 09/18/24 | $ 672
USD | 285,189 | EUR | 264,987 | Toronto-Dominion Bank | 09/18/24 | 343
USD | 72,301 | GBP | 57,000 | Citibank N.A. | 09/18/24 | 207
USD | 234,604 | GBP | 185,000 | Goldman Sachs International | 09/18/24 | 612
USD | 253,764 | GBP | 200,000 | HSBC Bank PLC | 09/18/24 | 800
USD | 291,624 | GBP | 230,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 715
USD | 228,300 | GBP | 180,000 | Standard Chartered Bank | 09/18/24 | 632
|  |  |  |  |  | $ 3,981

58
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CDX.NA.HY.39.V3 | 5.00 % | Quarterly | 12/20/27 | CCC+ | USD | 4,435 | $ 277,882 | $ (49,488 ) | $ 327,370
CDX.NA.HY.40.V2 | 5.00 | Quarterly | 06/20/28 | B- | USD | 4,440 | 285,498 | 98,194 | 187,304
|  |  |  |  |  |  | $ 563,380 | $ 48,706 | $ 514,674

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Total Return Swaps

Paid by the Fund | Received by the Fund |  |  |  |  |  |  |  |
Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Barclays Bank PLC | N/A | 12/20/24 | USD | 9,000 | $ (587 ) | $ (2,666 ) | $ 2,079

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ 98,194 | $ (49,488 ) | $ 514,674 | $ —
OTC Swaps | — | (2,666 ) | 2,079 | —

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

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 3,981 | $ — | $ — | $ 3,981
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | 514,674 | — | — | — | — | 514,674
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | — | — | 2,079 | — | 2,079
| $ — | $ 514,674 | $ — | $ 3,981 | $ 2,079 | $ — | $ 520,734
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | $ — | $ — | $ — | $ — | $ 2,666 | $ — | $ 2,666

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

Schedule of Investments
59

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 25,492 | $ — | $ — | $ 25,492
Swaps | — | 219,559 | — | — | 145,240 | — | 364,799
| $ — | $ 219,559 | $ — | $ 25,492 | $ 145,240 | $ — | $ 390,291
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 18,086 | $ — | $ — | $ 18,086
Swaps | — | 8,953 | — | — | (63,642 ) | — | (54,689 )
| $ — | $ 8,953 | $ — | $ 18,086 | $ (63,642 ) | $ — | $ (36,603 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 1,840,688
Average amounts sold — in USD | $ — (a)
Credit default swaps: |
Average notional value — sell protection | $ 8,874,650
Total return swaps: |
Average notional value | $ 6,500,000

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Forward foreign currency exchange contracts | $ 3,981 | $ —
Swaps — centrally cleared | — | 5,729
Swaps — OTC (a) | 2,079 | 2,666
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 6,060 | 8,395
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (5,729 )
Total derivative assets and liabilities subject to an MNA | $ 6,060 | $ 2,666

(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Barclays Bank PLC | $ 2,079 | $ (2,079 ) | $ — | $ — | $ —
BNP Paribas SA | 672 | — | — | — | 672
Citibank N.A. | 207 | — | — | — | 207
Goldman Sachs International | 612 | — | — | — | 612
HSBC Bank PLC | 800 | — | — | — | 800
JPMorgan Chase Bank N.A. | 715 | — | — | — | 715
Standard Chartered Bank | 632 | — | — | — | 632
Toronto-Dominion Bank | 343 | — | — | — | 343
| $ 6,060 | $ (2,079 ) | $ — | $ — | $ 3,981

60
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities (b)(d)
Barclays Bank PLC | $ 2,666 | $ (2,079 ) | $ — | $ — | $ 587

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation
of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund
’
s financial instruments into major
categories is disclosed in the Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 11,854,352 | $ — | $ 11,854,352
Common Stocks |  |  |  |
Construction & Engineering | — | 35,941 | — | 35,941
Energy Equipment & Services | — | — | — | —
Entertainment | — | — | 363,961 | 363,961
Financial Services | — | 361,300 | 720,540 | 1,081,840
Health Care Providers & Services | — | 243,294 | — | 243,294
Oil, Gas & Consumable Fuels | — | — | 3,098 | 3,098
Semiconductors & Semiconductor Equipment | 198 | — | — | 198
Trading Companies & Distributors | — | — | 205,926 | 205,926
Corporate Bonds | — | 7,827,145 | — | 7,827,145
Fixed Rate Loan Interests | — | 2,180,085 | 719,650 | 2,899,735
Floating Rate Loan Interests | — | 565,453,706 | 16,711,109 | 582,164,815
Investment Companies | 15,104,952 | — | — | 15,104,952
Other Interests | — | — | — | —
Warrants | 17,817 | — | — | 17,817
Unfunded Floating Rate Loan Interests (a) | — | — | 1,212 | 1,212
| $ 15,122,967 | $ 587,955,823 | $ 18,725,496 | $ 621,804,286
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 514,674 | $ — | $ 514,674
Foreign Currency Exchange Contracts | — | 3,981 | — | 3,981
Interest Rate Contracts | — | 2,079 | — | 2,079
| $ — | $ 520,734 | $ — | $ 520,734

(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b) | Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings
payable of $146,000,000 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments
61

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
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:

| Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | Unfunded Floating Rate Loan Interests | Total
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 470,246 | $ 43,313 | $ — | $ 18,152,176 | $ — (a) | $ 970 | $ 18,666,705
Transfers into Level 3 (b) | — | — | — | 5,230,732 | — | — | 5,230,732
Transfers out of Level 3 (c) | (178,020 ) | (43,313 ) | — | (6,920,691 ) | — | — | (7,142,024 )
Accrued discounts/premiums | — | — | 377 | 50,928 | — | — | 51,305
Net realized gain (loss) | — | — | — | (880,020 ) | — | — | (880,020 )
Net change in unrealized appreciation (depreciation) (d)(e) | (339,573 ) | — | (13,327 ) | 505,886 | — | 242 | 153,228
Purchases | 1,340,872 | — | 732,600 | 11,536,367 | — | — | 13,609,839
Sales | — | — | — | (10,964,269 ) | — | — | (10,964,269 )
Closing balance, as of June 30, 2024 | $ 1,293,525 | $ — | $ 719,650 | $ 16,711,109 | $ — (a) | $ 1,212 | $ 18,725,496
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (e) | $ (339,573 ) | $ — | $ (13,327 ) | $ (430,407 ) | $ — (a) | $ 242 | $ (783,065 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(c) | As of December 31, 2023, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(d) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on
unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
62
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Sterling COOFS Trust (a) |  |  |
Series 2004-1, Class A, 2.00%, 04/15/29 | $ | 436 | $ 4,357
Series 2004-2, Class Note, 2.08%, 03/30/30 (b) |  | 214 | 2,143
Total Asset-Backed Securities — 0.0% (Cost: $55,730) | 6,500
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 1.9%
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1 mo. Term SOFR + 0.86%), 6.19%, 04/15/36 (b)(c) |  | 241 | 238,030
BLP Commercial Mortgage Trust, Series 2023-IND, Class A, (1 mo. Term SOFR + 1.69%), 7.02%, 03/15/40 (b)(c) |  | 500 | 499,064
BX Trust, Series 2022-GPA, Class A, (1 mo. Term SOFR + 2.17%), 7.49%, 08/15/39 (b)(c) |  | 739 | 739,304
Citigroup Commercial Mortgage Trust, Series 2023, Class A, 6.01%, 10/12/40 (b)(c) |  | 340 | 340,365
CSAIL Commercial Mortgage Trust (c) |  |  |
Series 2018-C14, Class XA, 0.67%, 11/15/51 |  | 1,916 | 35,305
Series 2019-C16, Class XA, 1.70%, 06/15/52 |  | 6,303 | 368,646
CSRO Trust, Series 2023, Class A, 7.12%, 07/10/40 |  | 177 | 183,182
GS Mortgage Securities Corp. Trust (b)(c) |  |  |
Series 2022-ECI, Class A, (1 mo. Term SOFR + 2.19%), 7.52%, 08/15/39 |  | 560 | 560,350
Series 2023-FUN, Class A, (1 mo. Term SOFR + 2.09%), 7.42%, 03/15/28 |  | 280 | 280,350
MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38 (b) |  | 569 | 585,885
ORL Trust, Series 2023, Class A, (1 mo. Term SOFR + 2.35%), 7.68%, 10/19/36 (b)(c) |  | 444 | 445,294
Wells Fargo Commercial Mortgage Trust (c) |  |  |
Series 2018-AUS, Class A, 4.19%, 08/17/36 (b) |  | 583 | 546,191
Series 2018-C44, Class XA, 0.87%, 05/15/51 |  | 4,692 | 103,473
|  |  | 4,925,439
Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37 |  | 116 | 19,662
IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 4AX, 0.17%, 01/25/37 (a) |  | 17,590 | 2
|  |  | 19,664
Principal Only Collateralized Mortgage Obligations (d) — 0.1%
CHL Mortgage Pass-Through Trust, Series 2003-J8, Class PO, 4.00%, 09/25/23 |  | 1 | 1,035
Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 3.00%, 02/25/36 |  | 84 | 58,491
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9, Class CP, 5.00%, 11/25/35 |  | 45 | 24,107
|  |  | 83,633
Total Non-Agency Mortgage-Backed Securities — 2.0% (Cost: $5,079,500) | 5,028,736
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.9% |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (e) |  | 13,000 | 9,933,990
Collateralized Mortgage Obligations — 67.0% |
Fannie Mae REMICS |  |  |
Series 2004-31, Class ZG, 7.50%, 05/25/34 |  | 1,653 | 1,751,755

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued) |
Fannie Mae REMICS (continued) |  |  |
Series 2005-73, Class DS, (30-day Avg SOFR + 17.25%), 3.38%, 08/25/35 (c) | $ | 29 | $ 27,437
Series 2010-134, Class DB, 4.50%, 12/25/40 |  | 5,497 | 5,373,284
Series 2010-136, Class CY, 4.00%, 12/25/40 |  | 2,759 | 2,638,281
Series 2010-47, Class JB, 5.00%, 05/25/30 |  | 1,536 | 1,529,648
Series 2011-117, Class CP, 4.00%, 11/25/41 |  | 14,350 | 13,374,090
Series 2011-8, Class ZA, 4.00%, 02/25/41 |  | 3,436 | 3,223,138
Series 2011-99, Class CB, 4.50%, 10/25/41 |  | 26,850 | 26,237,908
Series 2012-104, Class QD, 4.00%, 09/25/42 |  | 1,639 | 1,439,495
Series 2013-81, Class YK, 4.00%, 08/25/43 |  | 7,000 | 6,277,337
Series 2018-32, Class PS, (30-day Avg SOFR + 7.10%), 0.88%, 05/25/48 (c) |  | 3,939 | 3,291,432
Series 2018-50, Class EB, 4.00%, 07/25/48 |  | 2,001 | 1,893,101
Series 2020-57, Class LI, 2.00%, 08/25/50 |  | 5,500 | 3,848,257
Series 2023-56, Class FA, (30-day Avg SOFR + 1.40%), 6.74%, 11/25/53 (c) |  | 260 | 261,227
Series 2024-48, Class FC, (30-day Avg SOFR + 1.10%), 6.43%, 07/25/54 (c) |  | 709 | 708,002
Freddie Mac REMICS |  |  |
Series 2218, Class Z, 8.50%, 03/15/30 |  | 199 | 206,920
Series 2731, Class ZA, 4.50%, 01/15/34 |  | 1,218 | 1,193,362
Series 2927, Class BZ, 5.50%, 02/15/35 |  | 1,139 | 1,150,273
Series 3745, Class LK, 4.00%, 10/15/40 |  | 3,500 | 3,286,255
Series 3745, Class ZA, 4.00%, 10/15/40 |  | 1,233 | 1,144,318
Series 3762, Class LN, 4.00%, 11/15/40 |  | 2,000 | 1,846,333
Series 3780, Class ZA, 4.00%, 12/15/40 |  | 3,145 | 2,964,942
Series 3856, Class PB, 5.00%, 05/15/41 |  | 5,993 | 6,010,111
Series 3960, Class PL, 4.00%, 11/15/41 |  | 2,718 | 2,615,800
Series 3963, Class JB, 4.50%, 11/15/41 |  | 467 | 456,462
Series 4016, Class BX, 4.00%, 09/15/41 |  | 15,408 | 14,429,185
Series 4269, Class PM, 4.00%, 08/15/41 |  | 8,884 | 8,016,233
Series 4299, Class JY, 4.00%, 01/15/44 |  | 1,000 | 915,101
Series 4384, Class LB, 3.50%, 08/15/43 |  | 3,398 | 3,217,784
Series 4615, Class LB, 4.50%, 09/15/41 |  | 7,021 | 6,818,530
Series 4748, Class BM, 3.50%, 11/15/47 |  | 3,351 | 2,780,742
Series 4774, Class L, 4.50%, 03/15/48 |  | 4,751 | 4,508,388
Series 4830, Class AV, 4.00%, 10/15/33 |  | 1,069 | 967,597
Series 5249, Class LB, 4.00%, 08/25/52 |  | 6,295 | 5,564,165
Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
Series 2018-2, Class MA, 3.50%, 11/25/57 |  | 465 | 437,893
Series 2018-4, Class MA, 3.50%, 03/25/58 |  | 2,709 | 2,525,629
Series 2019-1, Class MA, 3.50%, 07/25/58 |  | 851 | 795,268
Series 2019-2, Class MA, 3.50%, 08/25/58 |  | 346 | 321,410
Freddie Mac Structured Pass-Through Certificates, Series T-11, Class A9, 0.13%, 01/25/28 (c) |  | 37 | 37,187
Ginnie Mae |  |  |
Series 2011-88, Class PY, 4.00%, 06/20/41 |  | 6,943 | 6,535,590
Series 2012-16, Class HJ, 4.00%, 09/20/40 |  | 4,845 | 4,616,110
Series 2015-96, Class ZM, 4.00%, 07/20/45 |  | 8,962 | 8,106,566
Series 2018-91, Class ZL, 4.00%, 07/20/48 |  | 6,510 | 5,432,835
Ginnie Mae Mortgage-Backed Securities, Series 2022- 63, Class ZM, 3.50%, 10/20/50 |  | 4,492 | 3,420,655
|  |  | 172,196,036
Commercial Mortgage-Backed Securities (c) — 0.5% |
Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
Series K094, Class X1, 1.01%, 06/25/29 |  | 1,393 | 50,491
Series K104, Class X1, 1.24%, 01/25/30 |  | 1,341 | 66,817
Series K105, Class X1, 1.64%, 01/25/30 |  | 1,813 | 123,979
Series K107, Class X1, 1.71%, 01/25/30 |  | 1,214 | 87,735
Series K109, Class X1, 1.69%, 04/25/30 |  | 932 | 67,857

Schedule of Investments
63

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued) |
Freddie Mac Multifamily Structured Pass Through Certificates (continued) |  |  |
Series K110, Class X1, 1.81%, 04/25/30 | $ | 391 | $ 29,672
Series K113, Class X1, 1.48%, 06/25/30 |  | 1,588 | 103,748
Series K115, Class X1, 1.42%, 06/25/30 |  | 1,941 | 122,477
Series K120, Class X1, 1.13%, 10/25/30 |  | 3,865 | 193,820
Series K122, Class X1, 0.97%, 11/25/30 |  | 1,658 | 72,099
Ginnie Mae |  |  |
Series 2013-63, Class IO, 0.78%, 09/16/51 |  | 3,102 | 78,709
Series 2014-169, Class IO, 0.60%, 10/16/56 |  | 12,005 | 269,561
|  |  | 1,266,965
Interest Only Collateralized Mortgage Obligations — 12.5% |
Fannie Mae REMIC Trust, Series 1999-W4, Class IO, 6.50%, 12/25/28 |  | 22 | 905
Fannie Mae REMICS |  |  |
Series 2006-36, Class PS, (30-day Avg SOFR + 6.49%), 1.15%, 05/25/36 (c) |  | 1,906 | 151,466
Series 2011-134, Class ST, (30-day Avg SOFR + 5.89%), 0.55%, 12/25/41 (c) |  | 11,208 | 1,182,722
Series 2013-10, Class PI, 3.00%, 02/25/43 |  | 3,417 | 389,141
Series 2013-45, Class EI, 4.00%, 04/25/43 |  | 1,265 | 108,663
Series 2015-66, Class AS, (30-day Avg SOFR + 6.14%), 0.80%, 09/25/45 (c) |  | 8,987 | 622,551
Series 2020-12, Class JI, 4.50%, 03/25/50 |  | 6,735 | 1,447,620
Series 2021-23, Class CI, 3.50%, 07/25/46 |  | 17,036 | 3,133,969
Series 2021-26, Class AI, 3.50%, 05/25/50 |  | 24,654 | 4,640,893
Freddie Mac REMICS |  |  |
Series 3744, Class CI, 3.00%, 06/25/51 |  | 17,885 | 2,459,048
Series 3744, Class PI, 4.00%, 06/15/39 |  | 641 | 16,627
Series 3923, Class SD, (30-day Avg SOFR + 5.89%), 0.55%, 09/15/41 (c) |  | 14,319 | 1,281,198
Series 3954, Class SL, (30-day Avg SOFR + 5.89%), 0.55%, 11/15/41 (c) |  | 8,492 | 813,242
Series 4026, Class IO, 4.50%, 04/15/32 |  | 480 | 33,837
Series 4119, Class SC, (30-day Avg SOFR + 6.04%), 0.70%, 10/15/42 (c) |  | 199 | 19,441
Series 4706, Class IG, 4.00%, 07/15/47 |  | 12,468 | 2,470,523
Series 5013, Class JI, 4.00%, 09/25/50 |  | 17,789 | 3,800,990
Series 5083, Class IN, 4.50%, 07/25/32 |  | 10,468 | 908,823
Series 5138, Class IP, 3.00%, 04/25/51 |  | 16,701 | 2,854,979
Ginnie Mae |  |  |
Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 1.03%, 12/16/39 (c) |  | 319 | 23,253
Series 2011-52, Class MJ, (1 mo. Term SOFR + 6.54%), 1.20%, 04/20/41 (c) |  | 2,190 | 111,889
Series 2012-97, Class JS, (1 mo. Term SOFR + 6.14%), 0.81%, 08/16/42 (c) |  | 3,204 | 100,471
Series 2017-101, Class SL, (1 mo. Term SOFR + 6.09%), 0.75%, 07/20/47 (c) |  | 7,802 | 846,056
Series 2022-10, Class IT, 3.50%, 01/20/52 |  | 11,186 | 1,693,262
Series 2022-60, Class IH, 2.50%, 02/20/51 |  | 22,174 | 2,954,762
Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, 05/15/29 (c) |  | 4,536 | 5
|  |  | 32,066,336
Mortgage-Backed Securities — 61.1% |
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/56 - 01/01/57 (f) |  | 28,875 | 26,709,492
Freddie Mac Mortgage-Backed Securities, 5.50%, 01/01/39 |  | 3,785 | 3,803,552
Ginnie Mae Mortgage-Backed Securities |  |  |
8.00%, 05/15/26 - 06/15/27 (f) |  | 4 | 4,997

Security |  | Par (000) | Value
Mortgage-Backed Securities (continued) |
Ginnie Mae Mortgage-Backed Securities (continued) |  |  |
5.00%, 10/20/39 | $ | 888 | $ 886,059
Uniform Mortgage-Backed Securities |  |  |
5.50%, 02/01/33 - 10/01/39 (f) |  | 2,858 | 2,867,029
5.00%, 06/01/33 - 07/15/54 (f)(g) |  | 26,512 | 25,832,570
6.50%, 10/01/38 - 10/01/39 |  | 997 | 1,032,544
2.50%, 07/15/39 (g) |  | 180 | 162,506
4.50%, 10/01/39 - 07/15/54 (f)(g) |  | 32,251 | 30,483,655
4.00%, 01/01/41 - 10/01/52 (f) |  | 33,285 | 30,793,273
3.00%, 07/15/54 (g) |  | 36,600 | 31,130,016
3.50%, 07/15/54 (g) |  | 3,664 | 3,242,640
|  |  | 156,948,333
Principal Only Collateralized Mortgage Obligations (d) — 2.0% |
Fannie Mae Interest Strip |  |  |
Series 337, Class 1, 5.00%, 07/25/33 |  | 1,562 | 1,311,273
Series 397, Class 1, 5.00%, 09/25/39 |  | 1,965 | 1,507,379
Fannie Mae REMIC Trust, Series 1999-W4, Class PO, 7.00%, 02/25/29 |  | 12 | 11,639
Fannie Mae REMICS |  |  |
Series 2002-13, Class PR, 4.00%, 03/25/32 |  | 15 | 13,963
Series 2011-90, Class AO, 4.00%, 09/25/41 |  | 3,262 | 2,453,623
|  |  | 5,297,877
Total U.S. Government Sponsored Agency Securities — 147.0% (Cost: $417,273,009) | 377,709,537
Total Long-Term Investments — 149.0% (Cost: $422,408,239) | 382,744,773
Short-Term Securities
Borrowed Bond Agreement — 0.3% |
BNP Paribas SA, 5.34%, 07/01/24 (Purchased 06/28/2024 to be repurchased at $714,218, Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $917,000 and $702,759, respectively) |  | 714 | 714,114

|  | Shares |
Money Market Funds — 1.4% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (h)(i) |  | 3,745,915 | 3,745,915
Total Short-Term Securities — 1.7% (Cost: $4,460,029) | 4,460,029
Total Investments Before Borrowed Bonds — 150.7% (Cost: $426,868,268) | 387,204,802

64
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Borrowed Bonds
U.S. Governments Obligations — (0.3)% |
U.S. Treasury Bonds, 2.75%, 11/15/42 (j) | $ | (917 ) | $ (702,759 )
Total Borrowed Bonds — (0.3)% (Proceeds: $(842,347)) | (702,759 )
Total Investments, Net of Borrowed Bonds — 150.4% (Cost: $426,025,921) | 386,502,043
Liabilities in Excess of Other Assets — (50.4)% | (129,548,257 )
Net Assets — 100.0% | $ 256,953,786

(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(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) | 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.
(d) | Rates are discount rates or a range of discount rates as of period end.
(e) | Zero-coupon bond.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(g) | Represents or includes a TBA transaction.
(h) | Affiliate of the Fund.
(i) | Annualized 7-day yield as of period end.
(j) | All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds.

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 7,494,937 | $ — | $ (3,749,022 ) (a) | $ — | $ — | $ 3,745,915 | 3,745,915 | $ 101,878 | $ —

(a) | Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty | Interest Rate | Trade Date | Maturity Date | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements
BNP Paribas SA | 5.45 % | 06/12/24 | 07/15/24 | $ 5,262,999 | $ 5,277,341 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,550,028 | 5,565,152 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,410,294 | 5,425,037 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,789,780 | 1,794,657 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,344,473 | 5,359,036 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 92,118 | 92,369 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 7,208 | 7,228 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 45,671 | 45,795 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 900 | 903 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 178,334 | 178,820 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 153,255 | 153,673 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,283,498 | 1,286,995 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 786,487 | 788,630 | U.S. Government Sponsored Agency Securities | Up to 30 Days

Schedule of Investments
65

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements
BNP Paribas SA | 5.45 % | 06/12/24 | 07/15/24 | $ 26,741 | $ 26,813 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 107,443 | 107,735 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,808 | 1,813 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 237,193 | 237,840 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 362,098 | 363,084 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 207,916 | 208,482 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 8,768 | 8,792 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 286,795 | 287,577 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 262,243 | 262,957 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 811,101 | 813,311 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 8,082 | 8,104 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 8,124,224 | 8,146,362 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 227,143 | 227,762 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 14,048,206 | 14,088,510 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 3,327,160 | 3,336,227 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 858,845 | 861,185 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,151,937 | 1,155,076 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,578,338 | 5,593,539 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,680,802 | 5,696,283 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,347,325 | 5,361,896 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 6,298 | 6,315 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 52,921 | 53,066 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,723 | 1,728 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 10,154 | 10,182 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 111,526 | 111,831 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 430,563 | 431,739 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 1,852,803 | 1,857,861 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 791,421 | 793,582 | U.S. Government Sponsored Agency Securities | Up to 30 Days
|  |  |  | $ 75,826,622 | $ 76,035,288 |  |

66
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
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. Treasury Note | 292 | 09/19/24 | $ 32,074 | $ 244,316
5-Year U.S. Treasury Note | 21 | 09/30/24 | 2,237 | (3,295 )
|  |  |  | 241,021
Short Contracts |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 157 | 09/19/24 | 17,785 | (137,635 )
U.S. Long Bond | 134 | 09/19/24 | 15,795 | (62,150 )
2-Year U.S. Treasury Note | 102 | 09/30/24 | 20,830 | (36,527 )
|  |  |  | (236,312 )
|  |  |  | $ 4,709

Centrally Cleared Interest Rate Swaps

Paid by the Fund | Received by the Fund | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Rate | Frequency | Rate | Frequency
1-Day SOFR, 5.33% | Quarterly | 0.17% | Quarterly | N/A | 10/21/25 | USD | 137 | $ (9,463 ) | $ (9 ) | $ (9,454 )
0.18% | Quarterly | 1-Day FEDL, 5.33% | Quarterly | N/A | 10/21/25 | USD | 137 | 9,417 | 8 | 9,409
|  |  | $ (46 ) | $ (1 ) | $ (45 )

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ 8 | $ (9 ) | $ 9,409 | $ (9,454 )

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

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized appreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 244,316 | $ — | $ 244,316
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | — | — | — | 9,409 | — | 9,409
| $ — | $ — | $ — | $ — | $ 253,725 | $ — | $ 253,725
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 239,607 | $ — | $ 239,607
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | — | — | — | 9,454 | — | 9,454
| $ — | $ — | $ — | $ — | $ 249,061 | $ — | $ 249,061

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

Schedule of Investments
67

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Income Trust, Inc. (BKT)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ (347,351 ) | $ — | $ (347,351 )
Swaps | — | — | — | — | 22 | — | 22
| $ — | $ — | $ — | $ — | $ (347,329 ) | $ — | $ (347,329 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 1,393,600 | $ — | $ 1,393,600
Swaps | — | — | — | — | 83 | — | 83
| $ — | $ — | $ — | $ — | $ 1,393,683 | $ — | $ 1,393,683

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $ 34,040,782
Average notional value of contracts — short | $ 56,716,305
Interest rate swaps: |
Average notional value — pays fixed rate | $ 136,615
Average notional value — receives fixed rate | $ 136,615

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation
of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund
’
s financial instruments into major
categories is disclosed in the Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ — | $ 6,500 | $ 6,500
Non-Agency Mortgage-Backed Securities | — | 5,028,734 | 2 | 5,028,736
U.S. Government Sponsored Agency Securities | — | 377,709,537 | — | 377,709,537
Short-Term Securities |  |  |  |
Borrowed Bond Agreement | — | 714,114 | — | 714,114
Money Market Funds | 3,745,915 | — | — | 3,745,915
Liabilities |  |  |  |
Investments |  |  |  |
Borrowed Bonds | — | (702,759 ) | — | (702,759 )
| $ 3,745,915 | $ 382,749,626 | $ 6,502 | $ 386,502,043
Derivative Financial Instruments (a) |  |  |  |
Assets |  |  |  |
Interest Rate Contracts | $ 244,316 | $ 9,409 | $ — | $ 253,725
Liabilities |  |  |  |
Interest Rate Contracts | (239,607 ) | (9,454 ) | — | (249,061 )
| $ 4,709 | $ (45 ) | $ — | $ 4,664

(a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures 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 or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $76,035,288 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
68
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AIMCO CLO (a)(b) |  |  |
Series 2017-AA, Class CR, (3-mo. CME Term SOFR + 2.36%), 7.69%, 04/20/34 | USD | 1,000 | $ 1,000,088
Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 7.73%, 04/16/37 |  | 500 | 501,191
Anchorage Capital CLO Ltd., Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 9.13%, 04/28/37 (a)(b) |  | 1,000 | 999,885
Apidos CLO XL Ltd., Series 2022-40A, Class E, (3- mo. CME Term SOFR + 7.69%), 13.02%, 07/15/35 (a)(b) |  | 500 | 502,510
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.49%, 07/18/29 (a)(b) |  | 193 | 192,859
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 13.87%, 04/25/35 (a)(b) |  | 620 | 647,621
Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 5.76%, 06/25/36 (a)(c) |  | 3,900 | 2,479,994
Bain Capital Credit CLO Ltd. (a)(b) |  |  |
Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.89%, 07/19/34 |  | 300 | 295,190
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.68%, 07/24/34 |  | 250 | 246,188
Ballyrock CLO Ltd. (a)(b) |  |  |
Series 2020-14A, Class D, (3-mo. CME Term SOFR + 7.26%), 12.59%, 01/20/34 |  | 250 | 251,727
Series 2020-14AR, Class DR, 07/20/37 (d) |  | 250 | 250,000
Barings CLO Ltd. (a)(b) |  |  |
Series 2017-1A, Class D, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/18/29 |  | 250 | 251,318
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/15/30 |  | 700 | 701,744
Benefit Street Partners CLO VIII Ltd., Series 2015- 8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/20/31 (a)(b) |  | 700 | 702,073
Benefit Street Partners CLO XIV Ltd., Series 2018- 14A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 04/20/31 (a)(b) |  | 500 | 501,469
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.64%, 07/15/34 (a)(b) |  | 250 | 250,588
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/15/34 (a)(b) |  | 500 | 492,576
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.91%, 04/15/37 (a)(b) |  | 800 | 810,690
CarVal CLO II Ltd., Series 2019-1A, Class CR, (3- mo. CME Term SOFR + 2.26%), 7.59%, 04/20/32 (a)(b) |  | 250 | 250,200
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.03%, 07/20/32 (a)(b) |  | 500 | 493,636
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3-mo. CME Term SOFR + 1.91%), 7.23%, 07/17/34 (a)(b) |  | 250 | 250,409

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 07/15/33 (a)(b) | USD | 500 | $ 499,543
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.12%, 04/20/35 (a)(b) |  | 450 | 449,967
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-4A, Class DRR, (3-mo. CME Term SOFR + 3.06%), 8.39%, 04/27/31 |  | 250 | 250,077
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.73%, 04/21/37 |  | 550 | 556,536
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.69%, 04/20/32 |  | 500 | 501,718
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.67%, 10/22/35 |  | 250 | 253,358
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 10/22/35 |  | 500 | 517,531
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 |  | 319 | 175,871
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 10/20/30 (a)(b) |  | 250 | 250,079
CWABS Trust, Series 2006-26, Class 1A, (1 mo. Term SOFR + 0.25%), 5.60%, 06/25/37 (a) |  | 473 | 436,173
Dryden CLO Ltd. (a)(b) |  |  |
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.24%, 04/18/31 |  | 250 | 249,450
Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.20%, 10/15/35 |  | 500 | 516,148
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.67%, 04/20/35 (a)(b) |  | 585 | 586,905
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.39%, 04/20/34 (a)(b) |  | 250 | 250,981
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 2.26%), 7.59%, 10/20/34 (a)(b) |  | 436 | 436,973
Generate CLO Ltd. (a)(b) |  |  |
Series 4A, Class ER, (3-mo. CME Term SOFR + 7.01%), 12.34%, 04/20/32 |  | 1,000 | 1,004,510
Series 6A, Class DR, (3-mo. CME Term SOFR + 3.76%), 9.09%, 01/22/35 |  | 750 | 753,518
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.15%, 07/20/34 (a)(b) |  | 250 | 250,583
Madison Park Funding LXIII Ltd., Series 2023-63A, Class E, (3-mo. CME Term SOFR + 8.57%), 13.89%, 04/21/35 (a)(b) |  | 400 | 418,551
Madison Park Funding XLV Ltd., Series 2020-45A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/15/34 (a)(b) |  | 300 | 301,126
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/21/30 (a)(b) |  | 500 | 502,712
Madison Park Funding XVIII Ltd., Series 2015-18A, Class ARR, (3-mo. CME Term SOFR + 1.20%), 6.53%, 10/21/30 (a)(b) |  | 479 | 479,696

Schedule of Investments
69

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding XXIX Ltd. (a)(b) |  |  |
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.59%, 10/18/30 | USD | 510 | $ 512,939
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.29%, 10/18/30 |  | 250 | 250,502
Madison Park Funding XXXVII Ltd., Series 2019- 37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 7.27%, 04/15/37 (a)(b) |  | 875 | 879,609
Madison Park Funding XXXVIII Ltd., Series 2021- 38A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.23%, 07/17/34 (a)(b) |  | 250 | 250,720
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.09%, 07/15/34 (a)(b) |  | 790 | 793,404
Neuberger Berman Loan Advisers CLO Ltd., Series 2019-32A, Class ER, (3-mo. CME Term SOFR + 6.36%), 11.69%, 01/20/32 (a)(b) |  | 425 | 425,878
Neuberger Berman Loan Advisers NBLA CLO Ltd., Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.07%, 10/24/35 (a)(b) |  | 500 | 508,418
OCP CLO Ltd. (a)(b) |  |  |
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 11/20/30 |  | 300 | 300,598
Series 2019-16A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.71%, 04/10/33 |  | 250 | 250,331
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 7.67%, 04/26/36 |  | 800 | 805,265
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.64%, 07/15/34 (a)(b) |  | 250 | 245,016
Octagon Investment Partners 31 Ltd., Series 2017- 1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.89%, 07/20/30 (a)(b) |  | 500 | 495,759
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.56%, 07/19/30 (a)(b) |  | 1,234 | 1,235,454
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/25/31 (a)(b) |  | 250 | 250,260
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/25/34 (a)(b) |  | 250 | 251,859
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3-mo. CME Term SOFR + 3.41%), 8.73%, 10/17/29 (a)(b) |  | 250 | 250,129
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.13%, 01/20/31 (a)(b) |  | 250 | 247,619
Rad CLO Ltd., Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.62%, 10/20/35 (a)(b) |  | 250 | 258,589
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/15/34 (a)(b) |  | 300 | 300,695
Regatta XXIV Funding Ltd., Series 2021-5A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.69%, 01/20/35 (a)(b) |  | 250 | 250,663
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.74%, 07/15/36 (a)(b) |  | 500 | 524,987
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33 (e) |  | 980 | 884,450

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.44%, 10/15/29 (a)(b) | USD | 500 | $ 499,807
RRX Ltd., Series 2021-5A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/15/34 (a)(b) |  | 250 | 252,084
Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35 (b) |  | 229 | 230,347
Sterling COOFS Trust (b)(e) |  |  |
Series 2004-1, Class A, 2.00%, 04/15/29 |  | 607 | 6,068
Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 581 | 5,811
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54 (b) |  | 295 | 297,623
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.18%, 04/23/35 (a)(b) |  | 300 | 300,245
TCI-Flatiron CLO Ltd., Series 18-1A, Class BR, (3- mo. CME Term SOFR + 1.66%), 6.99%, 01/29/32 (a)(b) |  | 600 | 600,000
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.71%), 9.04%, 04/23/32 |  | 250 | 251,125
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.84%, 10/25/34 |  | 500 | 499,969
Unique Pub Finance Co. PLC, Series 02-1, Class A4, 5.66%, 06/30/27 (f) | GBP | 28 | 34,781
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.23%, 10/17/32 (a)(b) | USD | 500 | 499,766
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.93%, 10/24/34 (a)(b) |  | 500 | 501,526
Whitebox CLO III Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.94%, 10/15/34 (a)(b) |  | 250 | 250,769
Total Asset-Backed Securities — 7.2% (Cost: $35,981,955) | 36,117,027

|  | Shares |
Common Stocks
Construction & Engineering — 0.0% |
McDermott International Ltd. (g) |  | 47,837 | 13,872
Energy Equipment & Services — 0.0% |
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0) (e)(g)(h) |  | 2,869 | —
Entertainment — 0.0% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $36,292) (e)(g)(h) |  | 2,888 | 154,508
Financial Services (g) — 0.1% |
NMG Parent LLC |  | 1,330 | 133,000
Travelport Finance Luxembourg SARL (e) |  | 90 | 242,878
|  |  | 375,878
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $382,692) (g)(h) |  | 12,321 | 126,290
Household Products — 0.0% |
Berkline Benchcraft Equity LLC (e)(g) |  | 3,155 | —

70
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Industrial Conglomerates — 0.0% |
Ameriforge Group, Inc. (e)(g) |  | 801 | $ 8
Oil, Gas & Consumable Fuels — 0.0% |
Kcad Holdings I Ltd. (e)(g) |  | 546,753,936 | 5,468
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (e)(g) |  | 10,062 | 88,045
Total Common Stocks — 0.1% (Cost: $7,713,317) | 764,069

|  | Par (000) |
Corporate Bonds
Advertising Agencies (b)(c) — 0.2%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | USD | 684 | 656,486
Stagwell Global LLC, 5.63%, 08/15/29 |  | 101 | 93,285
|  |  | 749,771
Aerospace & Defense — 2.8%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b)(c) |  | 274 | 279,311
Boeing Co., 6.53%, 05/01/34 (b)(c) |  | 730 | 747,447
Bombardier, Inc. (b) |  |  |
7.88%, 04/15/27 (c) |  | 104 | 104,265
6.00%, 02/15/28 (c) |  | 539 | 532,800
7.50%, 02/01/29 |  | 9 | 9,326
8.75%, 11/15/30 (c) |  | 463 | 500,403
7.25%, 07/01/31 (c) |  | 149 | 152,981
7.00%, 06/01/32 |  | 254 | 257,528
7.45%, 05/01/34 |  | 100 | 112,324
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b)(c) |  | 387 | 403,810
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(c) |  | 423 | 418,770
Northrop Grumman Corp., 3.85%, 04/15/45 (c) |  | 600 | 467,473
Spirit AeroSystems, Inc. (b)(c) |  |  |
9.38%, 11/30/29 |  | 481 | 517,862
9.75%, 11/15/30 |  | 418 | 461,102
TransDigm, Inc. (b)(c) |  |  |
6.75%, 08/15/28 |  | 2,045 | 2,069,998
6.38%, 03/01/29 |  | 2,554 | 2,566,880
7.13%, 12/01/31 |  | 829 | 854,183
6.63%, 03/01/32 |  | 2,579 | 2,604,943
Triumph Group, Inc., 9.00%, 03/15/28 (b)(c) |  | 958 | 1,004,214
|  |  | 14,065,620
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 27 | 27,335
Automobile Components — 1.2%
Aptiv PLC, 4.40%, 10/01/46 (c) |  | 240 | 187,275
Champions Financing, Inc., 8.75%, 02/15/29 (b)(c) |  | 344 | 352,763
Clarios Global LP, 6.75%, 05/15/25 (b)(c) |  | 528 | 527,840
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (f) | EUR | 200 | 213,119
8.50%, 05/15/27 (b)(c) | USD | 2,599 | 2,613,661
6.75%, 05/15/28 (b)(c) |  | 839 | 849,113
Dana Financing Luxembourg SARL, 8.50%, 07/15/31 (f) | EUR | 100 | 116,587
Forvia SE, 3.75%, 06/15/28 (f) |  | 100 | 103,080
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b)(c) | USD | 486 | 492,523

Security |  | Par (000) | Value
Automobile Components (continued)
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 (c) | USD | 104 | $ 96,802
5.63%, 04/30/33 |  | 109 | 98,527
Phinia, Inc., 6.75%, 04/15/29 (b) |  | 151 | 153,241
Schaeffler AG, 4.75%, 08/14/29 (f) | EUR | 100 | 107,791
Tenneco, Inc., 8.00%, 11/17/28 (b) | USD | 125 | 113,793
ZF Finance GmbH, 2.00%, 05/06/27 (f) | EUR | 100 | 99,930
|  |  | 6,126,045
Automobiles — 0.7%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 | USD | 146 | 138,330
4.75%, 03/01/30 |  | 124 | 114,905
5.00%, 02/15/32 (b) |  | 130 | 117,781
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29 (b) |  | 200 | 197,062
10.38%, 03/31/29 (f) | GBP | 100 | 125,462
Carvana Co. (b)(i) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 213 | 233,164
(14.00% PIK), 14.00%, 06/01/31 |  | 636 | 715,748
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 217 | 224,394
Ford Motor Credit Co. LLC |  |  |
5.13%, 06/16/25 |  | 200 | 198,489
7.20%, 06/10/30 (c) |  | 200 | 210,383
General Motors Financial Co., Inc., 6.00%, 01/09/28 (c) |  | 1,000 | 1,016,394
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (f) |  | 200 | 192,687
Wabash National Corp., 4.50%, 10/15/28 (b)(c) |  | 220 | 197,961
|  |  | 3,682,760
Banks — 1.3%
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30 (a)(f) | EUR | 100 | 107,365
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(f) |  | 100 | 107,277
Banco BPM SpA, (5-year EUR Swap + 3.17%), 2.88%, 06/29/31 (a)(f) |  | 100 | 102,544
Banco Espirito Santo SA (f) |  |  |
4.75%, 01/15/18 (a) |  | 100 | 29,987
4.00%, 01/21/19 |  | 100 | 29,987
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00% (a)(f)(j) | USD | 501 | 487,222
Barclays Bank PLC, 1.00%, 02/16/29 (c)(k) |  | 359 | 372,182
BNP Paribas SA, (5-year CMT + 3.73%), 8.00% (a)(b)(j) |  | 2,000 | 2,007,456
Credit Suisse AG/New York, 5.00%, 07/09/27 (c) |  | 1,200 | 1,190,120
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(c) |  | 1,100 | 1,135,180
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 103 | 110,800
HSBC Holdings PLC, 4.38%, 11/23/26 (c) |  | 395 | 384,921
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b)(c) |  | 200 | 198,099
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(f) | EUR | 100 | 108,060
|  |  | 6,371,200
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (c) | USD | 800 | 737,568
Biotechnology — 0.0%
Cidron Aida Finco SARL, 5.00%, 04/01/28 (f) | EUR | 100 | 98,992
Broadline Retail (b) — 0.3%
Ken Garff Automotive LLC, 4.88%, 09/15/28 | USD | 122 | 113,072

Schedule of Investments
71

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Broadline Retail (continued)
LCM Investments Holdings II LLC (c) |  |  |
4.88%, 05/01/29 | USD | 349 | $ 326,221
8.25%, 08/01/31 |  | 365 | 380,870
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (c) |  | 123 | 121,516
Rakuten Group, Inc. |  |  |
11.25%, 02/15/27 |  | 214 | 228,554
9.75%, 04/15/29 (c) |  | 361 | 372,101
|  |  | 1,542,334
Building Materials — 1.5%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 195 | 193,052
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(c) |  | 241 | 236,275
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (b) | EUR | 160 | 177,778
6.38%, 12/15/30 (f) |  | 100 | 111,111
6.63%, 12/15/30 (b)(c) | USD | 2,900 | 2,922,626
07/15/31 (b)(d) |  | 212 | 214,650
Jeld-Wen, Inc., 4.63%, 12/15/25 (b)(c) |  | 220 | 216,094
Masterbrand, Inc., 7.00%, 07/15/32 (b) |  | 142 | 143,605
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 |  | 81 | 76,474
9.75%, 07/15/28 |  | 215 | 218,581
Smyrna Ready Mix Concrete LLC (b)(c) |  |  |
6.00%, 11/01/28 |  | 523 | 510,953
8.88%, 11/15/31 |  | 730 | 774,476
Standard Industries, Inc. (b) |  |  |
5.00%, 02/15/27 |  | 209 | 203,161
4.75%, 01/15/28 |  | 2 | 1,903
4.38%, 07/15/30 (c) |  | 673 | 608,067
3.38%, 01/15/31 (c) |  | 353 | 297,413
Summit Materials LLC/Summit Materials Finance Corp. (b) |  |  |
5.25%, 01/15/29 |  | 92 | 88,616
7.25%, 01/15/31 (c) |  | 466 | 482,615
|  |  | 7,477,450
Building Products (b) — 0.5%
Beacon Roofing Supply, Inc. |  |  |
4.13%, 05/15/29 |  | 95 | 86,543
6.50%, 08/01/30 (c) |  | 249 | 251,243
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 83 | 73,658
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |  | 87 | 85,480
White Cap Buyer LLC, 6.88%, 10/15/28 (c) |  | 1,726 | 1,665,402
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (c)(i) |  | 368 | 368,008
|  |  | 2,530,334
Capital Markets — 0.8%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b)(c) |  | 215 | 216,072
Ares Capital Corp. (c) |  |  |
5.88%, 03/01/29 |  | 115 | 113,344
5.95%, 07/15/29 |  | 275 | 270,342
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 90 | 97,883
Blackstone Private Credit Fund |  |  |
3.25%, 03/15/27 |  | 75 | 69,240
5.95%, 07/16/29 (b) |  | 136 | 133,193
6.25%, 01/25/31 (b)(c) |  | 161 | 160,075
Blue Owl Capital Corp., 3.40%, 07/15/26 |  | 15 | 14,134
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (b)(c) |  | 150 | 154,761
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 (c) |  | 302 | 310,306

Security |  | Par (000) | Value
Capital Markets (continued)
Blue Owl Credit Income Corp. (continued) |  |  |
6.60%, 09/15/29 (b) | USD | 90 | $ 88,780
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(c) |  | 214 | 202,973
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 (c) |  | 418 | 414,700
5.25%, 05/15/27 (c) |  | 849 | 796,891
9.75%, 01/15/29 (b)(c) |  | 298 | 308,727
4.38%, 02/01/29 (c) |  | 211 | 180,414
9.00%, 06/15/30 (b) |  | 197 | 196,006
Oaktree Strategic Credit Fund, 8.40%, 11/14/28 (b)(c) |  | 168 | 177,578
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(j) |  | 269 | 270,603
|  |  | 4,176,022
Chemicals — 1.6%
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b)(c) |  | 273 | 283,495
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(c) |  | 447 | 399,923
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 235 | 223,067
5.75%, 11/15/28 (b) |  | 155 | 143,103
4.63%, 11/15/29 (b) |  | 236 | 203,196
Element Solutions, Inc., 3.88%, 09/01/28 (b)(c) |  | 1,508 | 1,385,867
HB Fuller Co., 4.25%, 10/15/28 |  | 110 | 103,678
Herens Holdco SARL, 4.75%, 05/15/28 (b)(c) |  | 412 | 357,385
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(c) |  | 352 | 354,788
INEOS Finance PLC, 6.38%, 04/15/29 (f) | EUR | 100 | 110,174
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29 (f) |  | 100 | 113,387
Ingevity Corp., 3.88%, 11/01/28 (b) | USD | 84 | 76,213
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(i) |  | 286 | 233,572
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b)(c) |  | 133 | 125,878
Minerals Technologies, Inc., 5.00%, 07/01/28 (b) |  | 169 | 160,400
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (f) | EUR | 100 | 114,739
9.75%, 11/15/28 (b)(c) | USD | 738 | 780,782
7.25%, 06/15/31 (b)(c) |  | 596 | 592,430
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b)(c) |  | 460 | 416,582
WR Grace Holdings LLC (b)(c) |  |  |
4.88%, 06/15/27 |  | 122 | 117,648
5.63%, 08/15/29 |  | 1,306 | 1,203,734
7.38%, 03/01/31 |  | 216 | 218,908
|  |  | 7,718,949
Commercial Services & Supplies — 4.4%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 27 | 25,748
4.88%, 07/15/32 |  | 148 | 135,909
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b) |  | 200 | 197,426
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b)(c) |  | 1,120 | 1,122,914
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(c) |  |  |
6.63%, 07/15/26 |  | 57 | 56,828
9.75%, 07/15/27 |  | 171 | 169,956
6.00%, 06/01/29 |  | 1,356 | 1,187,022
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b)(c) |  | 1,963 | 1,789,153
4.88%, 06/01/28 (f) | GBP | 100 | 113,611

72
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
APi Group DE, Inc. (b) |  |  |
4.13%, 07/15/29 | USD | 132 | $ 120,120
4.75%, 10/15/29 |  | 100 | 93,303
APX Group, Inc., 5.75%, 07/15/29 (b)(c) |  | 268 | 257,127
Block, Inc. (c) |  |  |
2.75%, 06/01/26 |  | 736 | 695,224
3.50%, 06/01/31 |  | 104 | 89,716
6.50%, 05/15/32 (b) |  | 1,872 | 1,897,066
Boels Topholding BV, 5.75%, 05/15/30 (f) | EUR | 100 | 108,487
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b)(c) | USD | 1,000 | 1,042,652
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 157 | 158,646
6.75%, 06/15/32 |  | 237 | 238,740
Equifax, Inc., 2.60%, 12/15/25 |  | 59 | 56,515
Fortress Transportation and Infrastructure Investors LLC (b)(c) |  |  |
5.50%, 05/01/28 |  | 724 | 701,951
7.88%, 12/01/30 |  | 772 | 807,612
7.00%, 05/01/31 |  | 993 | 1,014,506
7.00%, 06/15/32 |  | 633 | 641,955
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 (c) |  | 326 | 311,513
9.50%, 11/01/27 |  | 121 | 121,560
7.75%, 02/15/28 (c) |  | 617 | 628,407
6.00%, 06/01/29 |  | 108 | 98,531
Global Payments, Inc., 1.50%, 03/01/31 (b)(c)(k) |  | 541 | 495,286
Herc Holdings, Inc. (b) |  |  |
5.50%, 07/15/27 (c) |  | 625 | 615,219
6.63%, 06/15/29 |  | 276 | 279,870
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26 (b) |  | 91 | 90,193
Loxam SAS, 6.38%, 05/31/29 (f) | EUR | 100 | 110,332
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b)(c) | USD | 125 | 116,536
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b)(c) |  | 153 | 141,713
Prime Security Services Borrower LLC/Prime Finance, Inc. (b)(c) |  |  |
5.75%, 04/15/26 |  | 518 | 514,064
6.25%, 01/15/28 |  | 232 | 228,618
Q-Park Holding I BV, 02/15/30 (d)(f) | EUR | 100 | 106,827
Service Corp. International (c) |  |  |
5.13%, 06/01/29 | USD | 238 | 231,257
3.38%, 08/15/30 |  | 263 | 228,888
4.00%, 05/15/31 |  | 370 | 329,513
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b)(c) |  | 505 | 488,971
Shift4 Payments, Inc., 0.00%, 12/15/25 (k)(l) |  | 174 | 200,062
Sotheby ’ s, 7.38%, 10/15/27 (b)(c) |  | 1,046 | 873,468
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(c) |  | 653 | 485,948
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b)(c) |  | 435 | 425,335
United Rentals North America, Inc., 6.13%, 03/15/34 (b) |  | 176 | 175,358
Verisure Holding AB, 9.25%, 10/15/27 (f) | EUR | 100 | 113,253
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b)(c) | USD | 610 | 630,003
Williams Scotsman, Inc. (b) |  |  |
6.13%, 06/15/25 (c) |  | 183 | 182,693
4.63%, 08/15/28 |  | 121 | 114,415
6.63%, 06/15/29 |  | 194 | 195,535

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Williams Scotsman, Inc. (b) (continued) |  |  |
7.38%, 10/01/31 (c) | USD | 376 | $ 386,945
Worldline SA/France, 0.00%, 07/30/26 (f)(k)(l) | EUR | 111 | 110,157
|  |  | 21,752,657
Communications Equipment (b) — 0.0%
CommScope, Inc., 4.75%, 09/01/29 | USD | 77 | 53,308
Viavi Solutions, Inc., 3.75%, 10/01/29 (c) |  | 116 | 97,969
|  |  | 151,277
Construction & Engineering (b) — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 |  | 200 | 205,250
Arcosa, Inc., 4.38%, 04/15/29 (c) |  | 374 | 347,306
Brand Industrial Services, Inc., 10.38%, 08/01/30 (c) |  | 1,576 | 1,703,174
Dycom Industries, Inc., 4.50%, 04/15/29 |  | 119 | 111,361
Pike Corp., 8.63%, 01/31/31 |  | 89 | 94,279
|  |  | 2,461,370
Construction Materials (b) — 0.2%
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 174 | 167,905
Gates Corp., 6.88%, 07/01/29 |  | 297 | 302,180
Resideo Funding, Inc., 4.00%, 09/01/29 |  | 59 | 52,001
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 130 | 133,711
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26 |  | 662 | 231,700
|  |  | 887,497
Consumer Finance — 0.6%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 139 | 146,022
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34 (a)(c) |  | 440 | 435,485
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (c)(k) |  | 300 | 318,450
Navient Corp. |  |  |
5.50%, 03/15/29 (c) |  | 211 | 192,647
9.38%, 07/25/30 |  | 200 | 210,295
OneMain Finance Corp. |  |  |
3.50%, 01/15/27 (c) |  | 304 | 284,832
6.63%, 01/15/28 (c) |  | 240 | 240,851
9.00%, 01/15/29 (c) |  | 314 | 331,277
5.38%, 11/15/29 |  | 75 | 70,339
7.88%, 03/15/30 (c) |  | 387 | 399,019
4.00%, 09/15/30 |  | 179 | 153,625
7.50%, 05/15/31 |  | 108 | 109,282
|  |  | 2,892,124
Consumer Staples Distribution & Retail — 0.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 (c) |  | 530 | 509,118
7.50%, 03/15/26 |  | 107 | 108,506
4.63%, 01/15/27 (c) |  | 477 | 460,743
5.88%, 02/15/28 |  | 298 | 294,540
6.50%, 02/15/28 |  | 99 | 99,469
3.50%, 03/15/29 |  | 142 | 127,735
4.88%, 02/15/30 (c) |  | 170 | 160,650
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 (b)(c) |  | 414 | 401,167
Lamb Weston Holdings, Inc. (b)(c) |  |  |
4.88%, 05/15/28 |  | 257 | 248,894
4.13%, 01/31/30 |  | 312 | 283,328
4.38%, 01/31/32 |  | 390 | 347,829
Performance Food Group, Inc., 4.25%, 08/01/29 (b)(c) |  | 306 | 278,585
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 (c) |  | 118 | 108,432
4.50%, 09/15/31 |  | 32 | 28,683

Schedule of Investments
73

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Consumer Staples Distribution & Retail (continued)
Post Holdings, Inc. (b) (continued) |  |  |
6.25%, 02/15/32 (c) | USD | 272 | $ 272,353
U.S. Foods, Inc. (b) |  |  |
6.88%, 09/15/28 |  | 142 | 145,183
4.75%, 02/15/29 (c) |  | 335 | 317,741
4.63%, 06/01/30 |  | 39 | 36,234
7.25%, 01/15/32 (c) |  | 234 | 242,843
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 89 | 80,346
Walgreens Boots Alliance, Inc., 3.20%, 04/15/30 (c) |  | 30 | 25,114
|  |  | 4,577,493
Containers & Packaging — 1.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |  |  |
6.00%, 06/15/27 (c) |  | 400 | 393,049
3.25%, 09/01/28 |  | 200 | 175,720
4.00%, 09/01/29 (c) |  | 1,600 | 1,354,009
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (f) | EUR | 200 | 177,566
4.13%, 08/15/26 (b) | USD | 602 | 522,516
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b)(c) |  | 211 | 202,385
Clydesdale Acquisition Holdings, Inc. (b)(c) |  |  |
6.63%, 04/15/29 |  | 340 | 334,164
8.75%, 04/15/30 |  | 741 | 725,183
Crown Americas LLC, 5.25%, 04/01/30 |  | 23 | 22,249
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 196 | 188,855
Graham Packaging Co., Inc., 7.13%, 08/15/28 (b) |  | 60 | 56,680
Graphic Packaging International LLC, 3.50%, 03/15/28 (b) |  | 9 | 8,298
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 |  | 70 | 69,126
5.88%, 11/01/28 |  | 235 | 214,286
9.50%, 11/01/28 (c) |  | 439 | 442,458
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (c) |  | 3,702 | 3,776,008
9.25%, 04/15/27 |  | 61 | 61,039
OI European Group BV |  |  |
6.25%, 05/15/28 (b) | EUR | 115 | 127,316
5.25%, 06/01/29 (f) |  | 100 | 107,469
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 39 | 38,920
7.25%, 05/15/31 (c) |  | 171 | 170,703
Sealed Air Corp. (b) |  |  |
5.00%, 04/15/29 |  | 59 | 56,151
6.50%, 07/15/32 |  | 188 | 186,945
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b) |  | 83 | 82,800
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) |  | 22 | 24,029
|  |  | 9,517,924
Diversified Consumer Services (b) — 0.2%
Match Group Holdings II LLC |  |  |
4.63%, 06/01/28 |  | 157 | 146,908
5.63%, 02/15/29 |  | 177 | 170,016
4.13%, 08/01/30 |  | 198 | 175,187

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Match Group Holdings II LLC (continued) |  |  |
3.63%, 10/01/31 (c) | USD | 153 | $ 129,595
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (c) |  | 442 | 382,213
|  |  | 1,003,919
Diversified REITs — 0.8%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |  | 108 | 94,623
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b)(c) |  | 205 | 213,126
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b)(c) |  | 257 | 234,754
SBA Communications Corp. |  |  |
3.13%, 02/01/29 (c) |  | 812 | 723,936
3.88%, 02/15/27 |  | 62 | 59,088
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (b) |  |  |
10.50%, 02/15/28 (c) |  | 1,501 | 1,469,903
10.50%, 02/15/28 |  | 292 | 285,950
Ventas Realty LP, 4.13%, 01/15/26 (c) |  | 650 | 635,106
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b) |  | 75 | 74,019
|  |  | 3,790,505
Diversified Telecommunication Services — 4.3%
Altice Financing SA (b)(c) |  |  |
9.63%, 07/15/27 |  | 554 | 507,627
5.75%, 08/15/29 |  | 724 | 525,665
Altice France SA/France (b) |  |  |
5.50%, 01/15/28 |  | 381 | 260,942
5.13%, 07/15/29 |  | 1,102 | 724,676
AT&T, Inc., 4.30%, 02/15/30 (c) |  | 1,350 | 1,293,350
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 200 | 176,830
5.63%, 09/15/28 (c) |  | 400 | 322,529
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30 (f)(k) | EUR | 100 | 106,777
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b)(c) | USD | 600 | 579,091
Frontier Communications Holdings LLC (b)(c) |  |  |
5.88%, 10/15/27 |  | 314 | 306,561
5.00%, 05/01/28 |  | 753 | 709,397
8.75%, 05/15/30 |  | 1,336 | 1,376,671
8.63%, 03/15/31 |  | 371 | 382,177
GCI LLC, 4.75%, 10/15/28 (b) |  | 107 | 97,667
Iliad Holding SASU (b)(c) |  |  |
6.50%, 10/15/26 |  | 687 | 683,957
7.00%, 10/15/28 |  | 343 | 340,129
8.50%, 04/15/31 |  | 905 | 916,347
iliad SA (f) |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,873
5.63%, 02/15/30 |  | 100 | 109,594
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (f) |  | 100 | 103,882
Kenbourne Invest SA, 6.88%, 11/26/24 (b) | USD | 275 | 116,875
Level 3 Financing, Inc. (b)(c) |  |  |
10.50%, 04/15/29 |  | 1,106 | 1,103,235
4.88%, 06/15/29 |  | 533 | 303,747
11.00%, 11/15/29 |  | 1,322 | 1,352,758
10.50%, 05/15/30 |  | 1,244 | 1,232,075
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (f) | EUR | 100 | 109,639

74
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 | USD | 201 | $ 130,679
4.13%, 04/15/30 |  | 201 | 125,661
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(f)(j) |  | 300 | 296,850
Rogers Communications, Inc., 5.00%, 03/15/44 (c) |  | 545 | 487,092
Sable International Finance Ltd., 5.75%, 09/07/27 (b)(c) |  | 200 | 192,688
SoftBank Group Corp., 3.88%, 07/06/32 (f) | EUR | 200 | 191,700
Telecom Italia Capital SA (b) |  |  |
6.00%, 09/30/34 | USD | 242 | 229,025
7.20%, 07/18/36 (c) |  | 358 | 368,955
Verizon Communications, Inc., 3.70%, 03/22/61 (c) |  | 1,000 | 705,580
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29 (f) | GBP | 100 | 109,281
4.50%, 07/15/31 (f) |  | 100 | 104,257
4.75%, 07/15/31 (b)(c) | USD | 597 | 503,495
7.75%, 04/15/32 (b) |  | 200 | 195,088
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b)(c) |  | 329 | 309,933
Zayo Group Holdings, Inc. (b)(c) |  |  |
4.00%, 03/01/27 |  | 3,893 | 3,113,488
6.13%, 03/01/28 |  | 525 | 351,516
|  |  | 21,266,359
Electric Utilities — 1.1%
Black Hills Corp., 3.15%, 01/15/27 (c) |  | 305 | 289,267
Clearway Energy Operating LLC (b)(c) |  |  |
4.75%, 03/15/28 |  | 279 | 266,591
3.75%, 01/15/32 |  | 307 | 261,014
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(j) |  | 31 | 30,199
Enel Finance International NV, 3.63%, 05/25/27 (b)(c) |  | 900 | 859,537
FirstEnergy Corp., 4.00%, 05/01/26 (c)(k) |  | 638 | 630,982
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (f) |  | 211 | 200,740
NextEra Energy Operating Partners LP (b) |  |  |
4.25%, 07/15/24 |  | 170 | 169,732
4.25%, 09/15/24 |  | 9 | 8,899
3.88%, 10/15/26 |  | 66 | 62,762
7.25%, 01/15/29 |  | 167 | 171,254
NRG Energy, Inc. (c) |  |  |
6.63%, 01/15/27 |  | 720 | 718,564
7.00%, 03/15/33 (b) |  | 101 | 106,616
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b)(c) |  | 302 | 279,536
PG&E Corp., 4.25%, 12/01/27 (b)(c)(k) |  | 225 | 226,913
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (f) |  | 156 | 157,187
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |  | 134 | 142,874
Texas Competitive Electric Holdings, Series M, 5.03%, 11/10/17 (a)(e)(g)(m) |  | 780 | —
TransAlta Corp., 7.75%, 11/15/29 |  | 50 | 52,176
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(j) |  | 181 | 182,539
Vistra Operations Co. LLC (b)(c) |  |  |
7.75%, 10/15/31 |  | 366 | 381,149
6.88%, 04/15/32 |  | 386 | 391,856
6.95%, 10/15/33 |  | 115 | 123,083
|  |  | 5,713,470
Electrical Equipment — 0.2%
Nexans SA, 4.25%, 03/11/30 (f) | EUR | 100 | 105,915

Security |  | Par (000) | Value
Electrical Equipment (continued)
WESCO Distribution, Inc. (b) |  |  |
7.25%, 06/15/28 (c) | USD | 516 | $ 525,256
6.38%, 03/15/29 |  | 178 | 178,643
6.63%, 03/15/32 |  | 224 | 226,358
|  |  | 1,036,172
Electronic Equipment, Instruments & Components (b) — 0.4%
Coherent Corp., 5.00%, 12/15/29 (c) |  | 374 | 353,944
EquipmentShare.com, Inc., 8.63%, 05/15/32 |  | 93 | 96,434
Imola Merger Corp., 4.75%, 05/15/29 (c) |  | 419 | 391,699
Sensata Technologies BV, 4.00%, 04/15/29 |  | 168 | 154,241
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 (c) |  | 630 | 578,593
3.75%, 02/15/31 |  | 54 | 47,066
6.63%, 07/15/32 (c) |  | 427 | 430,054
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 117 | 118,317
|  |  | 2,170,348
Energy Equipment & Services — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp. (b)(c) |  |  |
6.88%, 04/01/27 |  | 252 | 253,004
6.25%, 04/01/28 |  | 729 | 721,989
Halliburton Co., 3.80%, 11/15/25 (c) |  | 3 | 2,936
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b)(c) |  | 519 | 532,014
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 71 | 70,188
USA Compression Partners LP/USA Compression Finance Corp. (c) |  |  |
6.88%, 09/01/27 |  | 392 | 392,735
7.13%, 03/15/29 (b) |  | 420 | 423,195
Weatherford International Ltd., 8.63%, 04/30/30 (b)(c) |  | 362 | 375,118
|  |  | 2,771,179
Entertainment (b) — 0.2%
Boyne USA, Inc., 4.75%, 05/15/29 (c) |  | 363 | 338,715
Live Nation Entertainment, Inc. |  |  |
4.88%, 11/01/24 |  | 31 | 30,871
4.75%, 10/15/27 (c) |  | 240 | 229,998
3.75%, 01/15/28 (c) |  | 196 | 182,061
Odeon Finco PLC, 12.75%, 11/01/27 |  | 200 | 209,625
Playtika Holding Corp., 4.25%, 03/15/29 |  | 78 | 68,442
|  |  | 1,059,712
Environmental, Maintenance & Security Service — 1.2%
Clean Harbors, Inc. (b) |  |  |
4.88%, 07/15/27 (c) |  | 188 | 181,972
5.13%, 07/15/29 (c) |  | 129 | 123,914
6.38%, 02/01/31 |  | 66 | 66,172
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b)(c) |  | 142 | 129,607
5.00%, 09/01/30 |  | 70 | 63,267
GFL Environmental, Inc. (b) |  |  |
3.75%, 08/01/25 (c) |  | 312 | 309,197
5.13%, 12/15/26 (c) |  | 174 | 172,319
4.00%, 08/01/28 (c) |  | 431 | 400,575
3.50%, 09/01/28 |  | 198 | 182,530
4.75%, 06/15/29 (c) |  | 378 | 356,743
4.38%, 08/15/29 (c) |  | 405 | 373,234
6.75%, 01/15/31 (c) |  | 476 | 485,608
Madison IAQ LLC, 5.88%, 06/30/29 (b)(c) |  | 899 | 836,429
Paprec Holding SA, 7.25%, 11/17/29 (f) | EUR | 100 | 112,452

Schedule of Investments
75

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Republic Services, Inc., 3.38%, 11/15/27 (c) | USD | 750 | $ 711,322
Waste Pro USA, Inc., 5.50%, 02/15/26 (b)(c) |  | 1,297 | 1,279,110
|  |  | 5,784,451
Financial Services — 1.6%
Blue Owl Credit Income Corp., 6.65%, 03/15/31 (c) |  | 270 | 263,884
Enact Holdings, Inc., 6.25%, 05/28/29 (c) |  | 133 | 133,039
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 (c) |  | 389 | 388,749
9.13%, 05/15/31 |  | 270 | 262,737
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 45 | 45,919
8.00%, 02/15/27 (c) |  | 325 | 335,700
8.00%, 06/15/28 |  | 150 | 157,987
6.88%, 04/15/29 |  | 260 | 264,550
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(i) |  | 240 | 231,445
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 07/01/34 (b)(d) |  | 146 | 142,927
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b)(c) |  | 180 | 181,323
Intrum AB, 3.00%, 09/15/27 (f) | EUR | 100 | 68,973
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b)(c) | USD | 325 | 299,803
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.25%, 02/01/27 |  | 170 | 161,010
4.75%, 06/15/29 |  | 67 | 61,892
07/15/31 (d) |  | 225 | 226,969
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 232 | 205,997
Macquarie Airfinance Holdings Ltd. (b) |  |  |
6.40%, 03/26/29 |  | 60 | 61,015
8.13%, 03/30/29 (c) |  | 262 | 276,985
6.50%, 03/26/31 (c) |  | 150 | 154,247
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 (c) |  | 1,456 | 1,425,079
6.00%, 01/15/27 |  | 45 | 44,520
5.13%, 12/15/30 (c) |  | 219 | 200,821
5.75%, 11/15/31 |  | 147 | 138,168
7.13%, 02/01/32 (c) |  | 754 | 758,406
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 (c) |  | 280 | 288,731
7.13%, 11/15/30 |  | 277 | 276,146
ProGroup AG, 5.38%, 04/15/31 (f) | EUR | 100 | 106,324
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (c) | USD | 872 | 814,349
3.88%, 03/01/31 (c) |  | 170 | 148,152
4.00%, 10/15/33 |  | 81 | 68,258
|  |  | 8,194,105
Food Products — 0.7%
Aramark International Finance SARL, 3.13%, 04/01/25 (f) | EUR | 138 | 146,129
Aramark Services, Inc., 5.00%, 02/01/28 (b)(c) | USD | 476 | 460,351
B&G Foods, Inc., 09/15/28 (b)(d) |  | 89 | 90,444
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (f) | GBP | 138 | 174,228
Chobani LLC/Chobani Finance Corp., Inc. (b)(c) |  |  |
4.63%, 11/15/28 | USD | 608 | 574,200
7.63%, 07/01/29 |  | 1,160 | 1,194,691
Darling Global Finance BV, 3.63%, 05/15/26 (f) | EUR | 120 | 127,039
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(c) | USD | 434 | 426,738

Security |  | Par (000) | Value
Food Products (continued)
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) | USD | 147 | $ 151,893
Lion/Polaris Lux 4 SA, 07/01/29 (a)(d)(f) | EUR | 100 | 107,095
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) | USD | 129 | 113,437
|  |  | 3,566,245
Gas Utilities (b) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 (c) |  | 298 | 305,883
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 91 | 81,949
|  |  | 387,832
Ground Transportation — 1.0%
Brightline East LLC, 11.00%, 01/31/30 (b)(c) |  | 220 | 200,610
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b)(c) |  | 432 | 430,381
GN Bondco LLC, 9.50%, 10/15/31 (b)(c) |  | 189 | 176,163
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(c) |  | 1,288 | 1,269,787
Uber Technologies, Inc. |  |  |
0.00%, 12/15/25 (k)(l) |  | 156 | 167,232
8.00%, 11/01/26 (b)(c) |  | 114 | 114,989
7.50%, 09/15/27 (b)(c) |  | 255 | 260,003
6.25%, 01/15/28 (b)(c) |  | 272 | 272,320
4.50%, 08/15/29 (b)(c) |  | 886 | 844,172
Series 2028, 0.88%, 12/01/28 (b)(c)(k) |  | 595 | 707,455
Union Pacific Corp., 3.20%, 05/20/41 (c) |  | 600 | 453,306
|  |  | 4,896,418
Health Care Equipment & Supplies — 1.1%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (f) | EUR | 100 | 104,695
4.63%, 07/15/28 (b)(c) | USD | 675 | 642,329
3.88%, 11/01/29 (b) |  | 209 | 190,057
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b)(c) |  | 1,251 | 1,280,711
Medline Borrower LP (b)(c) |  |  |
3.88%, 04/01/29 |  | 688 | 633,586
5.25%, 10/01/29 |  | 1,503 | 1,434,353
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b)(c) |  | 585 | 591,621
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 199 | 214,839
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 196 | 196,291
Teleflex, Inc., 4.25%, 06/01/28 (b)(c) |  | 331 | 311,925
|  |  | 5,600,407
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28 (b) |  | 10 | 9,781
AHP Health Partners, Inc., 5.75%, 07/15/29 (b)(c) |  | 345 | 327,507
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 (c) |  | 627 | 614,809
3.13%, 02/15/29 (c) |  | 389 | 372,305
3.50%, 04/01/30 |  | 154 | 147,422
Charles River Laboratories International, Inc., 4.00%, 03/15/31 (b) |  | 42 | 37,460
CHS/Community Health Systems, Inc. (b)(c) |  |  |
5.63%, 03/15/27 |  | 667 | 621,115
6.00%, 01/15/29 |  | 631 | 556,862
5.25%, 05/15/30 |  | 750 | 618,369
4.75%, 02/15/31 |  | 453 | 356,163
10.88%, 01/15/32 |  | 571 | 594,289
Concentra Escrow Issuer Corp., 07/15/32 (b)(d) |  | 250 | 253,290
Elevance Health, Inc., 3.65%, 12/01/27 (c) |  | 1,000 | 955,845

76
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Encompass Health Corp. (c) |  |  |
4.75%, 02/01/30 | USD | 299 | $ 279,773
4.63%, 04/01/31 |  | 237 | 217,500
Ephios Subco 3 SARL, 7.88%, 01/31/31 (f) | EUR | 100 | 113,866
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(c) | USD | 196 | 194,743
HCA, Inc., 5.50%, 06/15/47 (c) |  | 650 | 600,909
HealthEquity, Inc., 4.50%, 10/01/29 (b)(c) |  | 782 | 730,920
IQVIA, Inc. (b) |  |  |
5.00%, 10/15/26 (c) |  | 263 | 258,049
5.00%, 05/15/27 (c) |  | 200 | 195,141
6.50%, 05/15/30 |  | 211 | 214,173
LifePoint Health, Inc. (b)(c) |  |  |
9.88%, 08/15/30 |  | 333 | 355,119
11.00%, 10/15/30 |  | 497 | 547,579
10.00%, 06/01/32 |  | 272 | 278,096
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 |  | 46 | 43,297
3.88%, 11/15/30 |  | 80 | 71,120
3.88%, 05/15/32 (c) |  | 141 | 122,176
Star Parent, Inc., 9.00%, 10/01/30 (b)(c) |  | 886 | 930,208
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(c) |  | 625 | 631,334
Tenet Healthcare Corp. (c) |  |  |
6.13%, 06/15/30 |  | 250 | 248,312
6.75%, 05/15/31 |  | 896 | 909,451
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b)(c) |  | 252 | 248,167
UnitedHealth Group, Inc., 3.75%, 07/15/25 (c) |  | 1,470 | 1,448,153
|  |  | 14,103,303
Health Care REITs — 0.4%
Healthpeak OP LLC, 2.88%, 01/15/31 (c) |  | 1,000 | 862,910
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 339 | 367,271
5.25%, 08/01/26 | USD | 20 | 18,175
5.00%, 10/15/27 |  | 44 | 36,340
4.63%, 08/01/29 (c) |  | 185 | 134,275
3.50%, 03/15/31 (c) |  | 880 | 573,422
|  |  | 1,992,393
Health Care Technology — 0.4%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(c) |  | 2,163 | 1,991,472
Hotel & Resort REITs — 0.8%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 224 | 226,671
RHP Hotel Properties LP/RHP Finance Corp. (c) |  |  |
4.75%, 10/15/27 |  | 679 | 653,726
7.25%, 07/15/28 (b) |  | 327 | 338,143
4.50%, 02/15/29 (b) |  | 302 | 283,218
6.50%, 04/01/32 (b) |  | 784 | 784,057
Service Properties Trust (c) |  |  |
8.63%, 11/15/31 (b) |  | 1,184 | 1,234,100
8.88%, 06/15/32 |  | 455 | 424,394
|  |  | 3,944,309
Hotels, Restaurants & Leisure — 5.8%
Boyd Gaming Corp. |  |  |
4.75%, 12/01/27 |  | 62 | 59,673
4.75%, 06/15/31 (b)(c) |  | 205 | 185,793
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 (c) |  | 208 | 194,812
4.38%, 01/15/28 (c) |  | 134 | 126,385

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) (continued) |  |  |
4.00%, 10/15/30 | USD | 212 | $ 186,624
Caesars Entertainment, Inc. (b)(c) |  |  |
8.13%, 07/01/27 |  | 1,604 | 1,636,613
4.63%, 10/15/29 |  | 154 | 141,183
7.00%, 02/15/30 |  | 1,619 | 1,654,102
6.50%, 02/15/32 |  | 676 | 679,315
Carnival Corp. (b) |  |  |
7.63%, 03/01/26 (c) |  | 152 | 153,503
5.75%, 03/01/27 (c) |  | 806 | 796,266
4.00%, 08/01/28 (c) |  | 357 | 335,022
6.00%, 05/01/29 (c) |  | 884 | 873,233
7.00%, 08/15/29 |  | 114 | 118,171
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b)(c) |  | 2,621 | 2,837,452
Churchill Downs, Inc. (b) |  |  |
5.50%, 04/01/27 (c) |  | 577 | 567,713
4.75%, 01/15/28 |  | 137 | 130,855
5.75%, 04/01/30 (c) |  | 929 | 902,370
6.75%, 05/01/31 (c) |  | 389 | 391,106
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.37%, 07/31/28 (a)(f) | EUR | 100 | 108,166
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b)(c) |  |  |
4.63%, 01/15/29 | USD | 570 | 519,077
6.75%, 01/15/30 |  | 136 | 119,429
Flutter Treasury Designated Activity Co., 6.38%, 04/29/29 (b) |  | 224 | 225,418
Hilton Domestic Operating Co., Inc. |  |  |
3.75%, 05/01/29 (b)(c) |  | 111 | 101,783
4.88%, 01/15/30 (c) |  | 537 | 515,399
4.00%, 05/01/31 (b)(c) |  | 189 | 169,175
3.63%, 02/15/32 (b) |  | 4 | 3,462
6.13%, 04/01/32 (b)(c) |  | 202 | 202,980
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 232 | 233,086
Life Time, Inc. (b)(c) |  |  |
5.75%, 01/15/26 |  | 340 | 338,502
8.00%, 04/15/26 |  | 257 | 260,023
Light & Wonder International, Inc. (b) |  |  |
7.00%, 05/15/28 |  | 174 | 174,899
7.25%, 11/15/29 |  | 51 | 52,087
7.50%, 09/01/31 |  | 207 | 213,877
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b)(c) |  | 119 | 122,339
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b)(c) |  | 220 | 217,240
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.79%, 12/15/30 (a)(f) | EUR | 100 | 108,436
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b)(c) | USD | 269 | 253,283
Melco Resorts Finance Ltd. |  |  |
4.88%, 06/06/25 (b)(c) |  | 400 | 392,000
5.38%, 12/04/29 (b)(c) |  | 390 | 350,218
5.38%, 12/04/29 (f) |  | 250 | 224,499
7.63%, 04/17/32 (b)(c) |  | 261 | 259,042
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b)(c) |  | 298 | 303,620
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b)(c) |  | 600 | 591,123
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (f) |  | 250 | 247,109

Schedule of Investments
77

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
MGM China Holdings Ltd. (continued) |  |  |
4.75%, 02/01/27 (b)(c) | USD | 200 | $ 190,600
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |  | 146 | 135,998
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 (c) |  | 281 | 277,803
8.38%, 02/01/28 (c) |  | 132 | 137,932
8.13%, 01/15/29 |  | 121 | 126,778
7.75%, 02/15/29 |  | 77 | 80,057
NCL Finance Ltd., 6.13%, 03/15/28 (b)(c) |  | 261 | 257,746
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 161 | 165,226
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 |  | 116 | 83,421
5.88%, 09/01/31 |  | 116 | 78,890
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 141 | 152,285
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (b) |  | 122 | 118,028
Royal Caribbean Cruises Ltd. (b) |  |  |
4.25%, 07/01/26 |  | 72 | 69,681
5.38%, 07/15/27 (c) |  | 134 | 131,939
5.50%, 04/01/28 (c) |  | 118 | 116,495
9.25%, 01/15/29 (c) |  | 190 | 202,837
7.25%, 01/15/30 (c) |  | 195 | 201,906
6.25%, 03/15/32 (c) |  | 334 | 336,806
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 (c) |  | 618 | 569,342
11.25%, 12/15/27 |  | 26 | 25,274
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b)(c) |  | 232 | 226,157
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b)(c) |  | 911 | 927,500
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b)(c) |  | 829 | 842,460
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (b)(n) |  | 101 | 101,317
Station Casinos LLC (b) |  |  |
4.63%, 12/01/31 (c) |  | 277 | 246,891
6.63%, 03/15/32 |  | 193 | 192,052
TUI AG, 5.88%, 03/15/29 (f) | EUR | 100 | 108,701
Vail Resorts, Inc., 6.50%, 05/15/32 (b)(c) | USD | 364 | 368,353
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 (c) |  | 236 | 233,558
7.00%, 02/15/29 |  | 51 | 51,272
9.13%, 07/15/31 (c) |  | 729 | 789,554
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 162 | 158,364
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (b) |  | 158 | 147,295
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b) |  | 2 | 1,951
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26 (f) |  | 347 | 339,742
5.50%, 01/15/26 (b) |  | 200 | 195,816
5.63%, 08/26/28 (b)(c) |  | 600 | 561,600
5.13%, 12/15/29 (b)(c) |  | 410 | 370,409
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)(c) |  |  |
5.13%, 10/01/29 |  | 773 | 735,172

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)(c) (continued) |  |  |
7.13%, 02/15/31 | USD | 492 | $ 510,166
Yum! Brands, Inc., 4.75%, 01/15/30 (b) |  | 167 | 159,061
|  |  | 29,002,898
Household Durables — 0.5%
Ashton Woods USA LLC/Ashton Woods Finance Co. (b) |  |  |
4.63%, 08/01/29 |  | 100 | 90,095
4.63%, 04/01/30 |  | 145 | 129,595
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 88 | 87,816
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b) |  |  |
5.00%, 06/15/29 |  | 208 | 189,977
4.88%, 02/15/30 (c) |  | 364 | 325,590
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b)(c) |  | 193 | 191,775
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 115 | 117,750
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 78 | 79,365
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 89 | 92,703
Mattamy Group Corp., 4.63%, 03/01/30 (b)(c) |  | 199 | 183,949
Meritage Homes Corp., 1.75%, 05/15/28 (b)(k) |  | 26 | 25,818
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 224 | 224,547
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 104 | 95,062
4.38%, 02/01/32 |  | 41 | 35,321
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 120 | 125,244
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b) |  | 250 | 134,666
Taylor Morrison Communities, Inc., 5.13%, 08/01/30 (b) |  | 54 | 51,710
Tempur Sealy International, Inc. (b) |  |  |
4.00%, 04/15/29 |  | 204 | 183,971
3.88%, 10/15/31 |  | 48 | 40,123
|  |  | 2,405,077
Household Products — 0.1%
Berkline Benchcraft LLC, 4.50%, 05/03/12 (e) |  | 200 | —
Central Garden & Pet Co. |  |  |
5.13%, 02/01/28 |  | 15 | 14,589
4.13%, 10/15/30 (c) |  | 194 | 172,898
Kronos Acquisition Holdings, Inc., 06/30/31 (b)(d) |  | 59 | 59,059
Spectrum Brands, Inc. (b) |  |  |
3.38%, 06/01/29 (k) |  | 190 | 182,970
3.88%, 03/15/31 |  | 15 | 12,536
|  |  | 442,052
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp. (b) |  |  |
5.25%, 06/01/26 |  | 221 | 218,553
5.13%, 03/15/28 (c) |  | 1,060 | 1,019,454
4.63%, 02/01/29 (c) |  | 106 | 98,346
5.00%, 02/01/31 |  | 91 | 84,930
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (f) |  | 200 | 195,188
NextEra Energy Partners LP (b)(k) |  |  |
0.00%, 11/15/25 (l) |  | 301 | 271,803
2.50%, 06/15/26 |  | 199 | 181,588
|  |  | 2,069,862
Industrial Conglomerates — 0.0%
Amsted Industries, Inc., 5.63%, 07/01/27 (b) |  | 80 | 78,675

78
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance — 4.7%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 (b) | USD | 269 | $ 269,186
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b)(c) |  |  |
4.25%, 10/15/27 |  | 1,317 | 1,233,151
6.75%, 10/15/27 |  | 2,327 | 2,295,259
6.75%, 04/15/28 |  | 529 | 529,840
5.88%, 11/01/29 |  | 973 | 910,481
7.00%, 01/15/31 |  | 970 | 979,918
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (c) |  | 360 | 359,535
AmWINS Group, Inc. (b) |  |  |
6.38%, 02/15/29 |  | 138 | 138,376
4.88%, 06/30/29 (c) |  | 197 | 183,262
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (f) | EUR | 200 | 208,480
7.75%, 02/15/31 (b)(c) | USD | 695 | 687,052
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b)(c) |  | 621 | 606,537
AssuredPartners, Inc., 7.50%, 02/15/32 (b)(c) |  | 382 | 383,441
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (b) |  | 78 | 78,906
FWD Group Holdings Ltd., 8.40%, 04/05/29 (f) |  | 220 | 224,813
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b)(c) |  |  |
7.25%, 02/15/31 |  | 1,710 | 1,697,217
8.13%, 02/15/32 |  | 748 | 743,134
HUB International Ltd. (b)(c) |  |  |
7.25%, 06/15/30 |  | 3,388 | 3,473,144
7.38%, 01/31/32 |  | 4,009 | 4,065,455
Jones Deslauriers Insurance Management, Inc. (b)(c) |  |  |
8.50%, 03/15/30 |  | 543 | 566,280
10.50%, 12/15/30 |  | 256 | 274,906
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b)(c) |  | 2,844 | 2,876,518
Ryan Specialty LLC, 4.38%, 02/01/30 (b) |  | 125 | 115,770
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34 (f) | EUR | 100 | 105,451
USI, Inc./New York, 7.50%, 01/15/32 (b)(c) | USD | 465 | 472,274
|  |  | 23,478,386
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b)(c) |  | 403 | 357,903
IT Services — 0.8%
CA Magnum Holdings, 5.38%, 10/31/26 (b)(c) |  | 382 | 365,407
Camelot Finance SA, 4.50%, 11/01/26 (b)(c) |  | 562 | 543,292
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b)(c) |  | 582 | 590,931
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b)(c) |  | 578 | 575,144
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (f) | EUR | 100 | 110,417
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b)(c) | USD | 583 | 597,313
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b) |  |  |
5.25%, 12/01/27 |  | 15 | 14,687
3.50%, 03/01/29 |  | 204 | 184,224
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 159 | 161,459
KBR, Inc., 4.75%, 09/30/28 (b) |  | 235 | 218,550

Security |  | Par (000) | Value
IT Services (continued)
Science Applications International Corp., 4.88%, 04/01/28 (b)(c) | USD | 289 | $ 275,798
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 142 | 127,727
3.88%, 03/15/31 (c) |  | 319 | 280,555
|  |  | 4,045,504
Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28 (b) |  | 34 | 35,233
Amer Sports Co., 6.75%, 02/16/31 (b)(c) |  | 295 | 293,112
Mattel, Inc., 6.20%, 10/01/40 |  | 74 | 72,941
|  |  | 401,286
Machinery — 1.3%
ATS Corp., 4.13%, 12/15/28 (b) |  | 108 | 98,419
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (c) |  | 675 | 697,522
9.50%, 01/01/31 |  | 79 | 85,594
Esab Corp., 6.25%, 04/15/29 (b)(c) |  | 266 | 267,595
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) |  | 145 | 106,875
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (b)(c) |  | 771 | 798,381
IMA Industria Macchine Automatiche SpA, (3-mo. EURIBOR + 3.75%), 7.65%, 04/15/29 (a)(f) | EUR | 100 | 107,888
OT Merger Corp., 7.88%, 10/15/29 (b) | USD | 115 | 51,750
Terex Corp., 5.00%, 05/15/29 (b)(c) |  | 333 | 315,982
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (f) | EUR | 129 | 132,697
7.63%, 07/15/28 (b)(c) | USD | 600 | 595,423
TK Elevator Midco GmbH, 4.38%, 07/15/27 (f) | EUR | 311 | 321,025
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b)(c) | USD | 2,033 | 1,970,620
Vertiv Group Corp., 4.13%, 11/15/28 (b)(c) |  | 992 | 926,401
|  |  | 6,476,172
Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28 (b) |  | 100 | 102,695
Media — 4.7%
Cable One, Inc. |  |  |
0.00%, 03/15/26 (k)(l) |  | 88 | 77,000
1.13%, 03/15/28 (c)(k) |  | 684 | 507,719
4.00%, 11/15/30 (b) |  | 23 | 17,166
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.13%, 05/01/27 (c) |  | 565 | 542,482
5.38%, 06/01/29 |  | 57 | 51,857
6.38%, 09/01/29 (c) |  | 1,422 | 1,351,653
4.75%, 03/01/30 (c) |  | 246 | 213,067
4.25%, 02/01/31 (c) |  | 707 | 577,224
7.38%, 03/01/31 (c) |  | 1,773 | 1,748,187
4.75%, 02/01/32 (c) |  | 168 | 137,587
4.25%, 01/15/34 (c) |  | 346 | 262,634
Charter Communications Operating LLC/Charter Communications Operating Capital (c) |  |  |
4.91%, 07/23/25 |  | 559 | 553,570
5.38%, 05/01/47 |  | 425 | 339,535
Clear Channel Outdoor Holdings, Inc. (b)(c) |  |  |
5.13%, 08/15/27 |  | 653 | 623,605
7.75%, 04/15/28 |  | 330 | 288,751
9.00%, 09/15/28 |  | 1,891 | 1,979,794
7.50%, 06/01/29 |  | 671 | 560,701

Schedule of Investments
79

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Clear Channel Outdoor Holdings, Inc. (b)(c) (continued) |  |  |
7.88%, 04/01/30 | USD | 657 | $ 661,301
CMG Media Corp., 8.88%, 12/15/27 (b)(c) |  | 315 | 179,656
CSC Holdings LLC (b)(c) |  |  |
5.50%, 04/15/27 |  | 200 | 162,228
11.25%, 05/15/28 |  | 600 | 522,531
11.75%, 01/31/29 |  | 1,200 | 1,023,425
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b)(c) |  | 783 | 736,479
Discovery Communications LLC, 3.45%, 03/15/25 (c) |  | 170 | 167,166
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 1,090 | 859,784
5.75%, 12/01/28 |  | 71 | 49,225
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 916 | 898,138
Gray Television, Inc. (b)(c) |  |  |
7.00%, 05/15/27 |  | 299 | 275,290
10.50%, 07/15/29 |  | 413 | 415,222
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (c) |  | 200 | 184,776
Lamar Media Corp., 4.00%, 02/15/30 |  | 40 | 36,264
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b)(c) |  | 560 | 524,459
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b) |  | 177 | 169,920
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 (c) |  | 511 | 494,658
4.25%, 01/15/29 (c) |  | 268 | 244,368
4.63%, 03/15/30 |  | 107 | 96,347
7.38%, 02/15/31 (c) |  | 295 | 307,009
Pinewood Finco PLC, 6.00%, 03/27/30 (f) | GBP | 100 | 124,198
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 | USD | 644 | 490,721
6.50%, 09/15/28 |  | 688 | 340,977
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 (c) |  | 535 | 503,348
5.00%, 08/01/27 (c) |  | 860 | 823,210
4.00%, 07/15/28 |  | 97 | 87,625
Sunrise FinCo I BV, 4.88%, 07/15/31 (b)(c) |  | 449 | 407,699
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29 (f)(i) | EUR | 100 | 79,518
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) | USD | 200 | 189,461
Univision Communications, Inc. (b)(c) |  |  |
6.63%, 06/01/27 |  | 376 | 359,960
8.00%, 08/15/28 |  | 722 | 704,115
8.50%, 07/31/31 |  | 455 | 441,960
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b)(c) |  | 754 | 670,913
VZ Secured Financing BV, 3.50%, 01/15/32 (f) | EUR | 100 | 93,570
Ziggo Bond Co. BV, 5.13%, 02/28/30 (b) | USD | 225 | 191,175
Ziggo BV, 4.88%, 01/15/30 (b)(c) |  | 200 | 177,802
|  |  | 23,527,030
Metals & Mining — 2.3%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24 (f) |  | 250 | 249,358
Advanced Drainage Systems, Inc. (b)(c) |  |  |
5.00%, 09/30/27 |  | 255 | 249,305
6.38%, 06/15/30 |  | 412 | 413,489
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 186 | 195,188

Security |  | Par (000) | Value
Metals & Mining (continued)
Arsenal AIC Parent LLC (b) (continued) |  |  |
11.50%, 10/01/31 (c) | USD | 846 | $ 946,692
ATI, Inc. |  |  |
5.88%, 12/01/27 (c) |  | 127 | 125,310
4.88%, 10/01/29 |  | 101 | 94,412
7.25%, 08/15/30 (c) |  | 486 | 501,677
5.13%, 10/01/31 (c) |  | 273 | 252,342
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b)(c) |  | 1,059 | 1,061,357
Carpenter Technology Corp., 7.63%, 03/15/30 (c) |  | 367 | 377,835
Constellium SE |  |  |
4.25%, 02/15/26 (f) | EUR | 100 | 106,452
5.88%, 02/15/26 (b)(c) | USD | 588 | 584,925
5.63%, 06/15/28 (b)(c) |  | 500 | 489,360
3.75%, 04/15/29 (b)(c) |  | 756 | 685,410
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b)(c) |  | 450 | 470,812
Kaiser Aluminum Corp. (b)(c) |  |  |
4.63%, 03/01/28 |  | 243 | 227,366
4.50%, 06/01/31 |  | 613 | 542,838
New Gold, Inc., 7.50%, 07/15/27 (b)(c) |  | 631 | 635,027
Novelis Corp. (b)(c) |  |  |
3.25%, 11/15/26 |  | 868 | 816,792
4.75%, 01/30/30 |  | 988 | 916,572
3.88%, 08/15/31 |  | 1,030 | 891,757
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (f) | EUR | 200 | 201,339
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) | USD | 122 | 112,269
Samarco Mineracao SA, (9.00% PIK), 9.00%, 06/30/31 (f)(i) |  | 27 | 24,859
Vallourec SACA, 7.50%, 04/15/32 (b)(c) |  | 317 | 328,258
Vedanta Resources Finance II PLC, 13.88%, 01/21/27 (f) |  | 94 | 92,561
|  |  | 11,593,562
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 7.25%, 04/01/29 (b) |  | 171 | 172,833
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50 (c) |  | 450 | 333,909
Oil, Gas & Consumable Fuels — 9.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b)(c) |  | 604 | 610,603
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.75%, 01/15/28 |  | 59 | 58,002
5.38%, 06/15/29 |  | 206 | 199,688
6.63%, 02/01/32 (c) |  | 291 | 293,618
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 (c) |  | 372 | 460,620
8.25%, 12/31/28 (c) |  | 804 | 823,696
5.88%, 06/30/29 |  | 134 | 130,954
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 193 | 201,839
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 224 | 228,119
7.25%, 07/15/32 |  | 180 | 185,067
Borr IHC Ltd./Borr Finance LLC (b) |  |  |
10.00%, 11/15/28 (c) |  | 259 | 269,336
10.38%, 11/15/30 |  | 195 | 203,186

80
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP |  |  |
4.13%, 03/01/25 (b)(c) | USD | 262 | $ 258,456
6.88%, 07/01/29 (b) |  | 97 | 97,362
5.85%, 11/15/43 |  | 145 | 124,437
5.60%, 10/15/44 |  | 86 | 67,770
Chesapeake Energy Corp., 5.88%, 02/01/29 (b) |  | 41 | 40,588
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 509 | 524,633
Civitas Resources, Inc. (b)(c) |  |  |
8.38%, 07/01/28 |  | 551 | 577,354
8.63%, 11/01/30 |  | 283 | 303,438
8.75%, 07/01/31 |  | 725 | 776,439
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 96 | 86,512
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 97 | 99,174
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (c) |  | 509 | 493,282
6.75%, 03/01/29 |  | 137 | 131,715
5.88%, 01/15/30 (c) |  | 595 | 553,659
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b)(c) |  | 1,617 | 1,532,796
Crescent Energy Finance LLC (b)(c) |  |  |
7.63%, 04/01/32 |  | 420 | 428,060
7.38%, 01/15/33 |  | 383 | 383,826
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 221 | 231,976
DT Midstream, Inc. (b)(c) |  |  |
4.13%, 06/15/29 |  | 328 | 303,021
4.38%, 06/15/31 |  | 418 | 380,724
Ecopetrol SA, 8.88%, 01/13/33 |  | 122 | 125,965
Enbridge, Inc. (a) |  |  |
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (c) |  | 1,565 | 1,500,660
(5-year CMT + 4.43%), 8.50%, 01/15/84 |  | 194 | 209,138
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 227 | 236,691
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b)(c) |  | 386 | 389,627
Energean Israel Finance Ltd., 8.50%, 09/30/33 (b)(f) |  | 38 | 36,046
Energy Transfer LP |  |  |
3.90%, 07/15/26 (c) |  | 235 | 227,553
(5-year CMT + 4.02%), 8.00%, 05/15/54 (a)(c) |  | 573 | 599,353
Series H, (5-year CMT + 5.69%), 6.50% (a)(j) |  | 456 | 449,776
EQM Midstream Partners LP (b) |  |  |
6.00%, 07/01/25 |  | 94 | 94,019
4.50%, 01/15/29 |  | 21 | 19,818
6.38%, 04/01/29 (c) |  | 343 | 346,467
7.50%, 06/01/30 |  | 84 | 89,644
4.75%, 01/15/31 (c) |  | 506 | 473,133
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b) |  | 69 | 73,055
Genesis Energy LP/Genesis Energy Finance Corp. (c) |  |  |
7.75%, 02/01/28 |  | 182 | 183,932
8.25%, 01/15/29 |  | 327 | 337,575
8.88%, 04/15/30 |  | 213 | 224,059
7.88%, 05/15/32 |  | 367 | 370,498
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 218 | 221,345
Hess Corp., 4.30%, 04/01/27 |  | 50 | 48,752
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 257 | 260,537
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 145 | 143,208
5.75%, 02/01/29 |  | 212 | 205,146
6.00%, 04/15/30 |  | 21 | 20,285
8.38%, 11/01/33 (c) |  | 618 | 658,638
6.88%, 05/15/34 (c) |  | 338 | 334,345

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Howard Midstream Energy Partners LLC (b)(c) |  |  |
8.88%, 07/15/28 | USD | 263 | $ 278,288
7.38%, 07/15/32 |  | 314 | 318,884
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (f) |  | 200 | 195,875
Impulsora Pipeline LLC, 6.05%, 01/01/43 (e) |  | 1,305 | 1,099,543
ITT Holdings LLC, 6.50%, 08/01/29 (b)(c) |  | 343 | 310,760
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 58 | 58,926
5.88%, 06/15/30 (c) |  | 220 | 216,790
Leviathan Bond Ltd., 6.75%, 06/30/30 (b)(f) |  | 15 | 13,579
Matador Resources Co. (b)(c) |  |  |
6.88%, 04/15/28 |  | 276 | 280,150
6.50%, 04/15/32 |  | 303 | 303,022
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (f) |  | 250 | 245,703
MPLX LP, 4.25%, 12/01/27 (c) |  | 185 | 179,010
Murphy Oil Corp., 5.88%, 12/01/42 |  | 29 | 25,717
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(c) |  | 234 | 223,284
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 117 | 119,011
9.13%, 01/31/30 (c) |  | 187 | 193,720
New Fortress Energy, Inc. (b)(c) |  |  |
6.75%, 09/15/25 |  | 308 | 298,989
8.75%, 03/15/29 |  | 678 | 618,924
NGL Energy Operating LLC/NGL Energy Finance Corp. (b)(c) |  |  |
8.13%, 02/15/29 |  | 512 | 521,682
8.38%, 02/15/32 |  | 1,035 | 1,050,934
Noble Finance II LLC, 8.00%, 04/15/30 (b)(c) |  | 310 | 322,622
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b)(c) |  | 1,139 | 1,151,854
3.63%, 04/15/29 (k) |  | 152 | 174,952
8.75%, 06/15/31 (b)(c) |  | 314 | 329,475
Northriver Midstream Finance LP, 07/15/32 (b)(d) |  | 172 | 172,301
NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 162,747
Patterson-UTI Energy, Inc., 7.15%, 10/01/33 (c) |  | 100 | 105,921
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 222 | 227,267
Permian Resources Operating LLC (b)(c) |  |  |
8.00%, 04/15/27 |  | 272 | 278,104
5.88%, 07/01/29 |  | 411 | 404,707
9.88%, 07/15/31 |  | 309 | 342,034
7.00%, 01/15/32 |  | 329 | 337,971
Petroleos Mexicanos |  |  |
4.25%, 01/15/25 |  | 37 | 36,519
6.50%, 03/13/27 |  | 85 | 80,954
8.75%, 06/02/29 |  | 130 | 127,430
5.95%, 01/28/31 (c) |  | 158 | 126,992
6.70%, 02/16/32 |  | 48 | 40,160
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 192 | 197,883
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 12 | 11,871
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b)(c) |  | 331 | 309,833
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |  | 51 | 48,011
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 201 | 202,879
Seadrill Finance Ltd., 8.38%, 08/01/30 (b) |  | 200 | 209,036
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b)(c) |  | 389 | 402,215
SM Energy Co. |  |  |
6.75%, 09/15/26 (c) |  | 202 | 202,067
6.50%, 07/15/28 |  | 38 | 37,673
Southwestern Energy Co. |  |  |
5.70%, 01/23/25 |  | 18 | 17,944
5.38%, 02/01/29 (c) |  | 252 | 244,946
4.75%, 02/01/32 |  | 5 | 4,600

Schedule of Investments
81

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 | USD | 124 | $ 123,460
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
6.00%, 03/01/27 |  | 41 | 40,409
5.50%, 01/15/28 |  | 108 | 103,328
7.38%, 02/15/29 (c) |  | 471 | 473,302
6.00%, 12/31/30 |  | 3 | 2,795
6.00%, 09/01/31 |  | 131 | 122,426
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 184 | 193,116
9.38%, 02/01/31 |  | 154 | 162,595
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (c) |  | 280 | 268,388
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 129 | 131,008
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b)(c) |  | 175 | 180,615
Transocean, Inc. (b)(c) |  |  |
8.00%, 02/01/27 |  | 339 | 337,825
8.25%, 05/15/29 |  | 670 | 671,661
8.75%, 02/15/30 |  | 875 | 918,433
8.50%, 05/15/31 |  | 852 | 852,366
Valaris Ltd., 8.38%, 04/30/30 (b)(c) |  | 825 | 854,075
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 (c) |  | 802 | 730,413
4.13%, 08/15/31 |  | 9 | 8,076
3.88%, 11/01/33 (c) |  | 636 | 541,940
Venture Global LNG, Inc. (b)(c) |  |  |
8.13%, 06/01/28 |  | 526 | 541,894
9.50%, 02/01/29 |  | 2,209 | 2,419,068
8.38%, 06/01/31 |  | 1,395 | 1,446,937
9.88%, 02/01/32 |  | 1,474 | 1,604,338
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 159 | 156,270
Vital Energy, Inc. (c) |  |  |
9.75%, 10/15/30 |  | 327 | 357,048
7.88%, 04/15/32 (b) |  | 589 | 598,772
|  |  | 45,643,532
Passenger Airlines — 0.6%
Air Canada, 3.88%, 08/15/26 (b)(c) |  | 464 | 441,353
Air France-KLM, 4.63%, 05/23/29 (f) | EUR | 100 | 105,468
American Airlines, Inc., 8.50%, 05/15/29 (b)(c) | USD | 438 | 455,068
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b)(c) |  | 595 | 579,126
Finnair OYJ, 4.75%, 05/24/29 (f) | EUR | 100 | 105,390
United Airlines, Inc. (b)(c) |  |  |
4.38%, 04/15/26 | USD | 454 | 438,567
4.63%, 04/15/29 |  | 690 | 642,604
|  |  | 2,767,576
Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (b)(c) |  | 212 | 215,137
Pharmaceuticals — 1.1%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 271 | 260,587
AbbVie, Inc., 4.25%, 11/14/28 (c) |  | 1,000 | 976,066
Bausch Health Cos., Inc., 11.00%, 09/30/28 (b) |  | 538 | 478,820
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (f) | EUR | 100 | 101,534
CVS Health Corp., 3.75%, 04/01/30 (c) | USD | 1,000 | 920,275
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(c) |  | 310 | 319,913
Grifols SA, 2.25%, 11/15/27 (f) | EUR | 163 | 156,236
Jazz Securities DAC, 4.38%, 01/15/29 (b)(c) | USD | 200 | 185,672

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Option Care Health, Inc., 4.38%, 10/31/29 (b)(c) | USD | 245 | $ 224,888
Organon & Co./Organon Foreign Debt Co-Issuer BV (b)(c) |  |  |
4.13%, 04/30/28 |  | 428 | 397,482
7.88%, 05/15/34 |  | 200 | 205,501
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 | EUR | 100 | 118,501
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 (c) | USD | 570 | 535,800
4.75%, 05/09/27 (c) |  | 400 | 385,750
7.88%, 09/15/29 |  | 200 | 214,937
8.13%, 09/15/31 (c) |  | 200 | 221,812
|  |  | 5,703,774
Professional Services (b)(c) — 0.3%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 962 | 872,917
Dun & Bradstreet Corp., 5.00%, 12/15/29 |  | 654 | 607,454
|  |  | 1,480,371
Real Estate Management & Development — 0.2%
Agps Bondco PLC (f) |  |  |
5.50%, 11/13/26 | EUR | 100 | 34,913
5.00%, 01/14/29 |  | 100 | 34,806
Anywhere Real Estate Group LLC/Anywhere Co- Issuer Corp. |  |  |
7.00%, 04/15/30 (b) | USD | 236 | 192,862
Series AI, 7.00%, 04/15/30 (c) |  | 271 | 221,758
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |  | 181 | 190,420
Fantasia Holdings Group Co. Ltd. (f) |  |  |
11.75%, 04/17/22 |  | 400 | 4,000
11.88%, 06/01/23 |  | 200 | 2,700
9.25%, 07/28/23 |  | 200 | 2,300
9.88%, 10/19/23 |  | 200 | 2,300
Howard Hughes Corp. (b) |  |  |
4.13%, 02/01/29 |  | 149 | 133,248
4.38%, 02/01/31 |  | 100 | 86,105
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (b) |  | 8 | 4,924
|  |  | 910,336
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |  | 160 | 148,906
Semiconductors & Semiconductor Equipment — 1.0%
ams-OSRAM AG, 10.50%, 03/30/29 (f) | EUR | 100 | 112,048
Broadcom, Inc., 4.11%, 09/15/28 (c) | USD | 1,594 | 1,537,901
Entegris, Inc., 4.75%, 04/15/29 (b)(c) |  | 1,057 | 1,011,293
Foundry JV Holdco LLC (b)(c) |  |  |
6.25%, 01/25/35 |  | 250 | 255,301
6.40%, 01/25/38 |  | 205 | 211,293
MKS Instruments, Inc., 1.25%, 06/01/30 (b)(k) |  | 245 | 260,848
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25 |  | 33 | 32,227
QUALCOMM, Inc., 1.65%, 05/20/32 (c) |  | 1,779 | 1,401,243
Synaptics, Inc., 4.00%, 06/15/29 (b) |  | 172 | 155,852
|  |  | 4,978,006
Software — 4.0%
ACI Worldwide, Inc., 5.75%, 08/15/26 (b)(c) |  | 444 | 441,567
Boxer Parent Co., Inc. |  |  |
6.50%, 10/02/25 (f) | EUR | 100 | 107,095

82
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Boxer Parent Co., Inc. (continued) |  |  |
7.13%, 10/02/25 (b)(c) | USD | 398 | $ 398,301
9.13%, 03/01/26 (b)(c) |  | 803 | 803,624
Capstone Borrower, Inc., 8.00%, 06/15/30 (b)(c) |  | 488 | 503,957
Clarivate Science Holdings Corp. (b)(c) |  |  |
3.88%, 07/01/28 |  | 929 | 862,834
4.88%, 07/01/29 |  | 897 | 832,472
Cloud Software Group, Inc. (b)(c) |  |  |
6.50%, 03/31/29 |  | 3,393 | 3,258,348
9.00%, 09/30/29 |  | 2,029 | 1,968,577
8.25%, 06/30/32 |  | 1,923 | 1,960,010
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 116 | 117,673
Elastic NV, 4.13%, 07/15/29 (b)(c) |  | 376 | 343,312
Fair Isaac Corp., 4.00%, 06/15/28 (b)(c) |  | 450 | 420,930
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28 (b)(c) |  | 200 | 178,581
7.88%, 05/01/29 (f) | EUR | 100 | 107,205
8.75%, 05/01/29 (b) | USD | 217 | 220,952
McAfee Corp., 7.38%, 02/15/30 (b)(c) |  | 664 | 613,438
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(c) |  | 512 | 496,260
Oracle Corp., 3.60%, 04/01/50 (c) |  | 785 | 549,401
SS&C Technologies, Inc. (b)(c) |  |  |
5.50%, 09/30/27 |  | 1,094 | 1,077,268
6.50%, 06/01/32 |  | 708 | 714,157
UKG, Inc., 6.88%, 02/01/31 (b)(c) |  | 3,326 | 3,367,675
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b)(c) |  | 676 | 613,819
|  |  | 19,957,456
Specialized REITs (b) — 0.1%
Iron Mountain, Inc. |  |  |
7.00%, 02/15/29 (c) |  | 702 | 714,349
5.63%, 07/15/32 |  | 19 | 18,042
|  |  | 732,391
Specialty Retail (b) — 0.3%
eG Global Finance PLC, 12.00%, 11/30/28 (c) |  | 298 | 317,274
PetSmart, Inc./PetSmart Finance Corp. (c) |  |  |
4.75%, 02/15/28 |  | 343 | 318,604
7.75%, 02/15/29 |  | 587 | 571,661
Staples, Inc., 10.75%, 09/01/29 |  | 220 | 209,072
|  |  | 1,416,611
Technology Hardware, Storage & Peripherals — 0.3%
NCR Atleos Corp., 9.50%, 04/01/29 (b)(c) |  | 250 | 270,185
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 (c) |  | 449 | 481,553
8.50%, 07/15/31 |  | 474 | 510,509
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (b) |  | 47 | 46,936
|  |  | 1,309,183
Textiles, Apparel & Luxury Goods (b) — 0.1%
Crocs, Inc., 4.25%, 03/15/29 |  | 25 | 22,787
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 (c) |  | 176 | 172,181
9.00%, 02/15/31 |  | 15 | 15,716
Kontoor Brands, Inc., 4.13%, 11/15/29 |  | 98 | 88,715
Levi Strauss & Co., 3.50%, 03/01/31 |  | 16 | 13,841
|  |  | 313,240

Security |  | Par (000) | Value
Trading Companies & Distributors — 0.1%
GYP Holdings III Corp., 4.63%, 05/01/29 (b)(c) | USD | 371 | $ 343,337
Transportation Infrastructure (f) — 0.1%
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 |  | 200 | 187,313
Heathrow Finance PLC, 4.13%, 09/01/29 (o) | GBP | 100 | 114,596
|  |  | 301,909
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32 (c) | USD | 900 | 856,468
Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(i) |  | 157 | 22,360
Total Corporate Bonds — 75.9% (Cost: $385,088,783) | 378,405,758
Fixed Rate Loan Interests
Commercial Services & Supplies — 0.1%
AVSC Holding Corp., 2020 Term Loan B3, (10.00% PIK), 15.00%, 10/15/26 (i) |  | 429 | 442,733
Health Care Technology — 0.1%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 595 | 591,531
Media — 0.1%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (e) |  | 525 | 510,563
Total Fixed Rate Loan Interests — 0.3% (Cost: $1,527,660) | 1,544,827
Floating Rate Loan Interests (a)
Aerospace & Defense — 2.2%
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 09/03/30 |  | 559 | 559,763
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 10/31/30 |  | 598 | 600,434
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.26%, 08/03/29 |  | 660 | 638,728
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 1,966 | 1,429,957
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 396 | 288,136
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 2,097 | 2,103,027
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 503 | 505,515
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 453 | 454,075
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 1,355 | 1,354,744

Schedule of Investments
83

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 11/05/28 | USD | 296 | $ 296,977
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 808 | 810,873
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 7.84%, 02/28/31 |  | 1,618 | 1,621,562
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 03/22/30 |  | 178 | 177,804
|  |  | 10,841,595
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.58%, 03/17/30 |  | 159 | 159,080
Automobile Components — 0.6%
Champions Financing, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 1,262 | 1,266,732
Clarios Global LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/06/30 |  | 1,298 | 1,299,570
2024 USD Term Loan B, 05/06/30 (p) |  | 57 | 57,071
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 574 | 549,812
|  |  | 3,173,185
Automobiles — 0.3%
Dealer Tire Financial LLC |  |  |
2024 Term Loan B, 07/02/31 (e)(p) |  | 745 | 743,124
2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 12/14/27 |  | 817 | 814,755
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/08/28 |  | 96 | 88,350
|  |  | 1,646,229
Banks — 0.3%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 08/02/28 |  | 1,606 | 1,603,939
Beverages — 0.6%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.43%, 01/24/30 |  | 911 | 726,593
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/24/29 |  | 2,316 | 2,144,319
|  |  | 2,870,912
Broadline Retail — 0.6%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/24/28 |  | 538 | 535,622
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 2,325 | 2,321,042
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/21/27 |  | 156 | 128,779
|  |  | 2,985,443

Security |  | Par (000) | Value
Building Materials — 1.4%
ACProducts Holdings, Inc., 2021 Term Loan B, (3- mo. CME Term SOFR + 4.51%), 9.85%, 05/17/28 | USD | 682 | $ 576,017
Chariot Buyer LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 336 | 336,857
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.69%, 11/03/28 |  | 1,566 | 1,564,379
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 8.68%, 04/12/28 |  | 75 | 72,913
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (p) |  | 712 | 711,110
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 04/29/29 |  | 1,002 | 1,001,292
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/02/29 (e) |  | 279 | 279,673
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 09/22/28 |  | 655 | 655,739
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.80%, 01/12/29 |  | 372 | 374,325
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.68%, 12/31/26 |  | 1,444 | 1,443,496
|  |  | 7,015,801
Building Products — 1.3%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/13/29 |  | 121 | 121,930
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 05/19/28 |  | 865 | 867,259
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 11/23/27 |  | 719 | 700,395
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 10/02/28 |  | 419 | 417,377
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.94%, 04/28/29 |  | 355 | 354,823
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 05/31/30 |  | 1,022 | 1,021,528
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 880 | 874,870
Gulfside Supply, Inc., Term Loan B, 06/17/31 (e)(p) |  | 288 | 289,440
Peer Holding III BV, 2024 USD Term Loan B5, 06/20/31 (p) |  | 398 | 398,167
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (p) |  | 411 | 411,538
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 768 | 768,432
|  |  | 6,225,759
Capital Markets — 1.0%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/09/30 |  | 332 | 333,016

84
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 | USD | 343 | $ 342,571
Castlelake Aviation One DAC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 10/22/27 |  | 319 | 319,539
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/22/26 |  | 1,025 | 1,025,615
Focus Financial Partners LLC |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 06/30/28 |  | 977 | 975,134
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 06/30/28 |  | 688 | 686,419
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 08/11/28 |  | 110 | 111,067
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/17/28 |  | 1,149 | 1,152,157
|  |  | 4,945,518
Chemicals — 2.6%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 09/30/28 |  | 579 | 576,642
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/24/27 |  | 330 | 326,939
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26 |  | 274 | 273,720
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29 |  | 722 | 722,425
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 601 | 598,448
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/01/30 |  | 1,143 | 1,147,776
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.60%, 06/12/31 |  | 657 | 655,869
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 12/18/30 |  | 1,013 | 1,013,788
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 02/15/30 |  | 316 | 315,466
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 570 | 551,546
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.35%), 8.60%, 02/18/30 |  | 296 | 293,769
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/15/28 (e) |  | 964 | 944,526
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (e) |  | 1,286 | 1,282,774
NIC Acquisition Corp, Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/29/27 |  | 206 | 171,440

Security |  | Par (000) | Value
Chemicals (continued)
Nouryon USA LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 | USD | 668 | $ 669,463
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 443 | 443,109
OQ Chemicals Corp., 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.70%), 8.91%, 10/14/24 |  | 822 | 757,966
Potters Borrower LP, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 12/14/27 |  | 258 | 258,887
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 |  | 424 | 423,954
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-week CME Term SOFR at 0.75% Floor + 3.50%), 8.58%, 08/02/30 |  | 863 | 862,710
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.59%, 09/22/28 |  | 809 | 811,808
|  |  | 13,103,025
Commercial Services & Supplies — 2.9%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.33%, 10/24/30 (e) |  | 312 | 313,766
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.84%, 08/17/26 |  | 909 | 910,635
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 02/04/28 |  | 1,052 | 1,052,009
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 2,384 | 2,372,312
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.34%, 02/15/29 |  | 321 | 322,510
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR + 3.35%, 0.25% PIK), 9.19%, 03/03/25 (i) |  | 645 | 638,967
Boost Newco Borrower LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 01/31/31 |  | 1,673 | 1,672,766
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 236 | 237,581
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 184 | 184,462
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 10/17/30 |  | 287 | 287,518
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 05/04/28 |  | 1,444 | 1,445,672
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.21%, 07/31/28 |  | 104 | 104,340
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.84%, 12/15/28 |  | 526 | 346,467

Schedule of Investments
85

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Prime Security Services Borrower LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 10/13/30 | USD | 447 | $ 446,451
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/14/30 |  | 47 | 47,011
Sotheby ’ s, 2021 Term Loan B, (3-mo. CME Term SOFR + 4.76%), 10.09%, 01/15/27 |  | 1,318 | 1,205,996
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/02/27 |  | 964 | 927,001
Vestis Corp., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 02/22/31 |  | 502 | 499,073
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.59%, 07/30/28 |  | 523 | 522,870
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 1,048 | 1,054,361
|  |  | 14,591,768
Communications Equipment — 0.3%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 10/24/30 |  | 833 | 835,498
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 299 | 265,931
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/02/29 |  | 612 | 545,799
|  |  | 1,647,228
Construction & Engineering — 1.3%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.88%), 7.22%, 04/17/31 |  | 640 | 643,334
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.21%, 09/22/28 |  | 641 | 641,397
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 355 | 355,099
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 2,144 | 2,150,472
Brown Group Holding LLC (p) |  |  |
2022 Incremental Term Loan B2, 07/02/29 |  | 427 | 426,386
Term Loan B, 06/07/28 |  | 624 | 622,885
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.94%, 12/16/27 |  | 253 | 252,635
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 01/21/28 |  | 424 | 424,674
Propulsion BC Newco LLC, Term Loan, 09/14/29 (p) |  | 118 | 118,270
USIC Holdings, Inc., 2021 Term Loan, (3-mo. CME Term SOFR + 3.61%), 9.08%, 05/12/28 |  | 696 | 671,582
|  |  | 6,306,734
Construction Materials — 0.5%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 759 | 760,040
Gates Corp., 2024 Term Loan B5, 06/04/31 (p) |  | 722 | 722,448

Security |  | Par (000) | Value
Construction Materials (continued)
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 03/08/29 | USD | 388 | $ 370,277
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 04/14/31 |  | 400 | 400,622
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/19/29 |  | 312 | 311,826
|  |  | 2,565,213
Consumer Finance (p) — 0.0%
Edelman Financial Engines Center LLC |  |  |
2021 Term Loan B, 04/07/28 |  | 106 | 105,417
2024 Term Loan B, 04/07/28 |  | 105 | 105,417
|  |  | 210,834
Consumer Staples Distribution & Retail — 0.2%
U.S. Foods, Inc. |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.46%, 09/13/26 |  | 579 | 579,557
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/22/28 |  | 276 | 277,617
|  |  | 857,174
Containers & Packaging — 0.8%
Charter Next Generation, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 1,878 | 1,879,895
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 599 | 590,293
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 651 | 651,541
Pregis TopCo LLC, 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 07/31/26 |  | 256 | 255,554
Reynolds Consumer Products LLC, Term Loan, (1- mo. CME Term SOFR + 1.85%), 7.19%, 02/04/27 |  | 117 | 117,485
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3- mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 09/15/28 |  | 624 | 624,602
|  |  | 4,119,370
Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.34%, 10/28/27 |  | 832 | 759,772
Diversified Consumer Services — 0.6%
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 330 | 329,654
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.71%, 11/24/28 |  | 852 | 851,772
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 06/12/30 |  | 677 | 679,012

86
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/04/30 | USD | 796 | $ 798,441
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.46%, 09/01/25 |  | 567 | 491,564
|  |  | 3,150,443
Diversified Telecommunication Services — 1.5%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.34%, 01/31/26 (e) |  | 517 | 475,231
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 1,176 | 860,548
Connect Finco SARL |  |  |
2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 09/27/29 |  | 639 | 601,628
2024 Non-Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 12/11/26 |  | 623 | 613,817
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.59%, 09/20/30 |  | 372 | 371,291
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 366 | 357,389
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 368 | 358,111
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 414 | 284,214
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 423 | 282,385
2024 Term Loan A, 06/01/28 (p) |  | 49 | 40,385
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.36%), 9.78%, 09/01/28 |  | 381 | 328,436
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29 |  | 341 | 339,194
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 8.69%, 01/31/29 |  | 607 | 578,926
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 2,372 | 2,058,430
|  |  | 7,549,985
Electric Utilities — 0.2%
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 05/22/31 |  | 153 | 153,820
NRG Energy, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/16/31 |  | 696 | 695,907
|  |  | 849,727
Electrical Equipment — 0.2%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.35%, 06/23/28 |  | 1,057 | 1,058,262

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components — 0.5%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 06/20/31 (e) | USD | 230 | $ 229,713
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 07/02/29 |  | 564 | 563,349
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 1,463 | 1,462,913
|  |  | 2,255,975
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 16 | 7,494
Entertainment — 2.4%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.44%, 04/22/26 |  | 658 | 622,111
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 05/24/29 |  | 45 | 45,581
Creative Artists Agency LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 11/27/28 |  | 1,573 | 1,578,553
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.58%, 01/15/30 |  | 1,174 | 1,175,714
Live Nation Entertainment, Inc., Term Loan B4, (1- mo. CME Term SOFR + 1.85%), 7.19%, 10/19/26 |  | 1,704 | 1,699,959
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 644 | 644,219
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (p) |  | 368 | 368,236
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 8.21%, 03/13/28 |  | 885 | 884,522
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.93%), 8.09%, 01/23/25 |  | 883 | 881,900
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/29/26 |  | 788 | 789,290
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.21%, 05/18/25 |  | 1,692 | 1,693,578
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/24/31 |  | 1,622 | 1,622,473
|  |  | 12,006,136
Environmental, Maintenance & Security Service — 1.1%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.21%, 10/08/28 |  | 658 | 660,711
Covanta Holding Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 477 | 476,611
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 37 | 36,430
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/21/28 |  | 1,578 | 1,584,997

Schedule of Investments
87

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc. |  |  |
2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/31/27 | USD | 342 | $ 342,485
2024 Term Loan B, 06/27/31 (e)(p) |  | 387 | 387,000
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.09%, 06/21/28 |  | 1,813 | 1,812,777
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 8.69%, 03/09/28 |  | 488 | 263,797
|  |  | 5,564,808
Financial Services — 2.0%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.93%, 12/21/28 |  | 620 | 619,751
Belron Finance U.S. LLC |  |  |
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.84%, 11/13/25 |  | 176 | 176,235
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.51%), 7.84%, 10/30/26 |  | 569 | 569,454
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/18/29 |  | 219 | 218,623
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.51%, 04/13/28 |  | 1,640 | 1,639,906
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 09/01/28 |  | 447 | 431,666
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 543 | 542,153
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 2,759 | 2,755,677
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 792 | 790,020
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/15/31 |  | 731 | 732,154
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 12/17/27 |  | 386 | 384,996
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 03/24/25 |  | 762 | 760,308
Oxea Holding Drei GmbH, 2024 Tranche B Term Loan, (3-mo. CME Term SOFR at 3.00% Floor + 8.00%), 13.34%, 06/22/25 |  | 168 | 154,893
|  |  | 9,775,836
Food Products — 1.9%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.21%, 10/01/25 |  | 740 | 700,429
Aramark Services, Inc. |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/06/28 |  | 383 | 383,348
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 06/22/30 |  | 969 | 969,099
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/10/26 |  | 123 | 122,725

Security |  | Par (000) | Value
Food Products (continued)
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/25/27 | USD | 2,209 | $ 2,214,188
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 547 | 549,302
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.35%), 7.69%, 01/29/27 |  | 1,962 | 1,959,857
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.30%, 05/23/25 |  | 232 | 168,653
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 11/12/29 |  | 582 | 581,828
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.85%, 03/31/28 |  | 509 | 508,978
UTZ Quality Foods LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/20/28 |  | 1,119 | 1,121,358
|  |  | 9,279,765
Ground Transportation — 0.7%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.18%, 04/06/28 |  | 269 | 269,450
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.21%, 08/06/27 |  | 476 | 470,362
Genesee & Wyoming, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 963 | 961,671
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 243 | 218,915
2021 Term Loan C, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 47 | 42,424
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, 08/04/25 |  | 358 | 250,547
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 03/03/30 |  | 1,048 | 1,052,152
|  |  | 3,265,521
Health Care Equipment & Supplies — 1.7%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.10%), 7.44%, 11/08/27 |  | 719 | 721,653
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 457 | 455,126
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 1,299 | 1,284,305
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/04/28 |  | 279 | 279,941
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.33%, 10/19/27 |  | 1,004 | 991,643

88
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 | USD | 2,564 | $ 2,567,301
2024 USD Add-on Term Loan B, 10/23/28 (p) |  | 911 | 911,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 1,187 | 1,183,047
|  |  | 8,394,016
Health Care Providers & Services — 2.0%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.46%, 02/22/28 |  | 1,022 | 1,020,520
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28 |  | 458 | 458,630
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 1,132 | 1,133,439
Concentra Health Services, Inc., Term Loan B, 06/26/31 (e)(p) |  | 86 | 86,215
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 11/01/28 |  | 1,334 | 1,332,377
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.61%), 10.04%, 11/30/28 |  | 1,019 | 620,642
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 11.08%, 08/31/28 |  | 299 | 299,326
2024 Third Out Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 6.75%), 12.08%, 11/30/28 (e) |  | 13 | 2,243
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/01/30 |  | 56 | 56,240
ICON Luxembourg SARL |  |  |
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 260 | 260,662
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 66 | 65,965
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 01/02/31 |  | 650 | 651,866
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.44%, 11/01/29 |  | 247 | 167,548
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1- mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 1,491 | 1,493,855
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 11/01/28 |  | 483 | 362,726
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 669 | 667,650
Surgery Center Holdings, Inc., 2024 Term Loan B, 12/19/30 (p) |  | 643 | 643,240

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.69%, 05/16/29 | USD | 124 | $ 124,882
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.84%, 01/08/27 |  | 490 | 489,433
|  |  | 9,937,459
Health Care Technology — 1.5%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 1,656 | 1,649,223
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/01/31 |  | 987 | 980,362
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 1,496 | 1,446,750
PointClickCare Technologies, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 12/29/27 |  | 402 | 403,507
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 2,566 | 2,563,318
Waystar Technologies, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/22/29 |  | 286 | 285,747
|  |  | 7,328,907
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 05/18/30 |  | 249 | 249,070
Hotels, Restaurants & Leisure — 4.7%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 1,146 | 1,141,424
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 02/02/26 |  | 1,030 | 1,004,170
Alterra Mountain Co. |  |  |
2024 Add-on Term Loan B, 05/31/30 (p) |  | 108 | 108,473
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 05/31/30 |  | 501 | 503,412
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.84%, 10/02/28 |  | 618 | 586,212
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/31 |  | 1,430 | 1,428,656
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/30 |  | 585 | 584,540
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 08/08/27 |  | 502 | 503,999
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (p) |  | 244 | 243,087
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.44%, 03/17/28 |  | 749 | 749,607
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 1,220 | 1,205,781
Fertitta Entertainment LLC, 2022 Term Loan B, (1- mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29 |  | 2,537 | 2,538,884
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.58%, 11/25/30 |  | 1,900 | 1,898,277

Schedule of Investments
89

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Four Seasons Hotels Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 11/30/29 | USD | 1,794 | $ 1,799,465
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.10%, 11/08/30 |  | 1,350 | 1,351,295
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 12/15/27 |  | 1,396 | 1,394,285
Light & Wonder International, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 04/14/29 |  | 621 | 620,997
2024 Term Loan B2, 04/14/29 (p) |  | 41 | 40,971
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 05/03/29 |  | 789 | 788,908
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.09%, 01/05/29 |  | 223 | 223,204
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 141 | 126,517
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 221 | 198,276
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 04/04/29 |  | 301 | 300,247
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/25/28 |  | 241 | 240,391
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/14/31 |  | 1,410 | 1,407,833
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 08/03/28 |  | 1,670 | 1,669,816
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/24/30 |  | 687 | 686,814
|  |  | 23,345,541
Household Durables — 1.0%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/31/28 |  | 901 | 901,675
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 1,385 | 1,371,790
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 12.95%, 06/29/28 |  | 199 | 158,459
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 1,306 | 1,114,821
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/30/27 |  | 1,807 | 1,675,356
|  |  | 5,222,101

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers — 0.3%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/31/30 | USD | 608 | $ 605,728
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 329 | 327,766
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 2.76%), 8.11%, 12/15/27 |  | 610 | 611,035
|  |  | 1,544,529
Industrial Conglomerates — 0.0%
Stitch Aquisition Corporation, 2024 Term Loan, 07/28/28 |  | 267 | 106,645
Insurance — 3.8%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 3,676 | 3,683,443
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.59%, 02/19/28 |  | 1,475 | 1,473,387
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.10%, 02/28/28 |  | 1,345 | 1,346,418
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 2,219 | 2,223,899
Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/26/31 (e) |  | 363 | 362,800
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30 |  | 2,136 | 2,139,878
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/15/30 |  | 586 | 585,240
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 09/01/27 |  | 640 | 642,596
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 02/24/28 |  | 2,095 | 2,094,981
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 1,678 | 1,679,493
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 431 | 438,723
USI, Inc. |  |  |
2024 Term Loan (2029), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 11/22/29 |  | 1,524 | 1,522,584
2024 Term Loan (2030), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 09/27/30 |  | 534 | 533,747
|  |  | 18,727,189

90
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 4.15%), 9.48%, 02/16/28 | USD | 206 | $ 206,434
GoodRx, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.19%, 10/10/25 |  | — (q) | 1
|  |  | 206,435
IT Services — 2.1%
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.71%, 12/23/26 |  | 834 | 825,901
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/31/28 |  | 364 | 337,668
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/20/29 |  | 538 | 494,793
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.69%, 08/19/28 |  | 666 | 660,697
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/31/31 |  | 1,651 | 1,653,509
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 07/06/29 |  | 1,766 | 1,738,931
Epicor Software Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/23/31 |  | 283 | 284,406
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (e)(p) |  | 312 | 312,000
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/09/29 |  | 543 | 543,095
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/30/31 |  | 1,163 | 1,161,834
Magenta Buyer LLC |  |  |
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.59%, 07/27/28 |  | 523 | 288,606
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.84%, 07/27/29 |  | 896 | 262,505
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 1,199 | 1,187,010
2024 2nd Lien Term Loan, 06/17/32 (p) |  | 286 | 284,393
Venga Finance SARL, 2021 USD Term Loan B, (3- mo. CME Term SOFR + 5.01%), 10.36%, 06/28/29 |  | 414 | 414,305
|  |  | 10,449,653
Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.44%, 12/01/28 |  | 279 | 274,327
Machinery — 1.8%
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/14/28 |  | 129 | 130,116

Security |  | Par (000) | Value
Machinery (continued)
Doosan Bobcat North America, Inc. |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29 | USD | 143 | $ 143,186
2024 Term Loan, 04/20/29 (p) |  | 67 | 67,017
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26 |  | 155 | 154,904
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 1,002 | 1,006,973
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 3,001 | 3,006,176
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 2,072 | 2,081,338
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 03/02/27 |  | 1,250 | 1,252,057
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 647 | 647,142
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.46%, 10/04/28 |  | 389 | 391,300
|  |  | 8,880,209
Media — 1.2%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.84%, 06/30/28 |  | 203 | 203,617
Charter Communications Operating LLC, 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.30%, 12/07/30 |  | 643 | 634,557
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 347 | 347,410
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 723 | 598,818
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.46%, 08/02/27 |  | 487 | 487,515
ECL Entertainment LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/31/30 |  | 381 | 381,712
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 175 | 166,031
NEP Group, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 10.21%, 08/19/26 (i) |  | 1,043 | 982,416
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 1,598 | 1,291,058
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 9.19%, 04/21/29 |  | 278 | 187,956
Ziggo Financing Partnership, USD Term Loan I, (1- mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28 |  | 510 | 492,436
|  |  | 5,773,526

Schedule of Investments
91

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels — 1.1%
Freeport LNG Investments LLLP, Term Loan B, (3- mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 | USD | 1,758 | $ 1,755,497
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.83%, 10/04/30 |  | 137 | 136,891
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 101 | 101,505
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 10/18/28 |  | 1,055 | 1,059,076
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 951 | 923,458
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28 |  | 1,464 | 1,463,091
|  |  | 5,439,518
Paper & Forest Products — 0.2%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.19%, 09/07/27 |  | 1,034 | 1,033,221
Passenger Airlines — 1.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 1,202 | 1,240,104
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.85%, 03/21/31 |  | 516 | 515,867
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27 |  | 1,555 | 1,548,579
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.77%, 06/04/29 |  | 213 | 212,468
Series AA, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 02/15/28 |  | 657 | 654,512
Mileage Plus Holdings LLC, 2020 Term Loan B, (3- mo. CME Term SOFR + 5.25%), 10.74%, 06/21/27 |  | 925 | 942,586
United Airlines, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 02/22/31 |  | 736 | 736,810
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR + 3.10%), 8.44%, 12/11/26 |  | 44 | 44,138
|  |  | 5,895,064
Pharmaceuticals — 1.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 661 | 663,790
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 10.69%, 02/01/27 |  | 548 | 497,933
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.18%, 08/01/27 |  | 1,076 | 1,071,584
Jazz Financing Lux S.a.r.l., 2024 1st Lien Term Loan B, 05/05/28 (p) |  | 621 | 620,988
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 05/05/28 |  | 1,060 | 1,059,780

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 10/27/28 | USD | 658 | $ 661,681
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 482 | 482,653
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 04/20/29 |  | 466 | 464,107
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.43%, 11/18/27 |  | 619 | 615,782
|  |  | 6,138,298
Professional Services — 2.3%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 1,759 | 1,729,868
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 02/26/31 (e) |  | 1,006 | 1,007,258
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.10%, 01/18/29 |  | 4,658 | 4,658,354
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR + 4.35%), 9.68%, 07/06/29 |  | 966 | 968,743
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 04/28/28 |  | 933 | 932,905
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 453 | 365,858
Trans Union LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 12/01/28 |  | 1,060 | 1,059,002
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.19%, 06/24/31 |  | 741 | 740,011
|  |  | 11,461,999
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.21%, 08/21/25 |  | 24 | 23,797
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (e) |  | 299 | 300,746
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 01/31/30 (e) |  | 271 | 270,512
|  |  | 595,055
Semiconductors & Semiconductor Equipment — 0.3%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 07/06/29 |  | 500 | 499,875
MKS Instruments, Inc. |  |  |
2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/17/29 |  | 763 | 763,189
2024 USD Term Loan B, 08/17/29 (p) |  | 152 | 151,968
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.85%, 12/02/28 |  | 249 | 248,462
|  |  | 1,663,494
Software — 5.7%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 02/24/31 |  | 1,511 | 1,520,888

92
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29 | USD | 312 | $ 311,538
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.71%, 09/21/28 |  | 1,259 | 1,258,423
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 599 | 600,216
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 3,494 | 3,488,763
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 457 | 451,859
2021 Term Loan, (1-mo. CME Term SOFR + 3.85%), 9.19%, 10/08/28 (e) |  | 374 | 374,419
Drake Software LLC, 2024 Term Loan B, 06/26/31 (e)(p) |  | 301 | 297,990
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.96%, 02/04/28 |  | 111 | 111,193
Ellucian Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 1,508 | 1,513,547
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.09%, 09/12/29 |  | 1,182 | 1,177,016
Genesys Cloud Services Holdings II LLC |  |  |
First Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 1,671 | 1,678,689
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 633 | 637,371
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 07/18/30 |  | 552 | 552,626
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 10/27/28 |  | 1,215 | 1,217,211
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.35%, 04/01/28 |  | 220 | 219,499
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 1,780 | 1,776,264
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 436 | 433,297
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 1,008 | 1,006,210
Modena Buyer LLC, Term Loan, 07/01/31 (p) |  | 444 | 432,762
Planview Parent, Inc., 2024 Term Loan, 12/17/27 (p) |  | 146 | 145,429
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 2,404 | 2,405,049
RealPage, Inc. |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 |  | 1,884 | 1,829,554
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 04/23/29 |  | 420 | 408,450
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/27 |  | 640 | 641,198

Security |  | Par (000) | Value
Software (continued)
SS&C Technologies, Inc., 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 | USD | 682 | $ 682,644
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 1,859 | 1,865,163
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR + 3.76%), 9.09%, 07/20/28 |  | 133 | 132,492
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 1,340 | 1,341,335
|  |  | 28,511,095
Specialty Retail — 0.4%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.51%), 9.82%, 03/31/26 (e) |  | 115 | 114,947
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 04/23/31 |  | 266 | 265,879
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 850 | 846,134
Restoration Hardware, Inc. |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 10/20/28 |  | 359 | 348,569
Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 10/20/28 |  | 310 | 298,046
|  |  | 1,873,575
Technology Hardware, Storage & Peripherals — 0.5%
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 08/31/28 |  | 2,249 | 2,253,456
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 03/08/30 |  | 232 | 232,022
Trading Companies & Distributors — 0.5%
Core & Main LP |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 02/09/31 |  | 379 | 379,289
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/27/28 |  | 1,782 | 1,783,347
TMK Hawk Parent Corp. (e) |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 23 | 18,976
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.59%, 06/30/29 |  | 724 | 492,513
|  |  | 2,674,125
Transportation Infrastructure — 0.1%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.69%, 12/15/26 |  | 621 | 618,099

Schedule of Investments
93

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Wireless Telecommunication Services — 0.2%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 04/30/28 | USD | 365 | $ 363,369
SBA Senior Finance II LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 01/25/31 |  | 808 | 808,993
|  |  | 1,172,362
Total Floating Rate Loan Interests — 62.3% (Cost: $313,289,110) | 310,393,521
Foreign Agency Obligations
Bahrain — 0.1% |
Bahrain Government International Bond, 6.75%, 09/20/29 (f) |  | 200 | 202,875
Chile — 0.0% |
Chile Government International Bond, 4.34%, 03/07/42 (c) |  | 200 | 172,646
Colombia — 0.1% |
Colombia Government International Bond, 8.00%, 04/20/33 (c) |  | 200 | 207,300
Dominican Republic — 0.1% |
Dominican Republic International Bond (b) |  |  |
4.50%, 01/30/30 |  | 200 | 182,250
7.05%, 02/03/31 |  | 150 | 154,406
4.88%, 09/23/32 |  | 150 | 134,531
|  |  | 471,187
Egypt — 0.0% |
Egypt Government International Bond, 7.50%, 02/16/61 (b) |  | 200 | 133,688
Guatemala — 0.0% |
Guatemala Government Bond, 4.65%, 10/07/41 (b) |  | 200 | 156,625
Hungary — 0.0% |
Hungary Government International Bond, 5.38%, 09/12/33 (f) | EUR | 39 | 43,233
Ivory Coast — 0.1% |
Ivory Coast Government International Bond, 6.38%, 03/03/28 (f) | USD | 200 | 193,250
Morocco — 0.0% |
Morocco Government International Bond, 2.38%, 12/15/27 (b) |  | 200 | 177,800
Nigeria — 0.0% |
Nigeria Government International Bond, 8.38%, 03/24/29 (b) |  | 200 | 187,500
Oman — 0.1% |
Oman Government International Bond, 6.50%, 03/08/47 (f) |  | 308 | 307,230
Romania — 0.1% |
Romanian Government International Bond |  |  |
5.25%, 11/25/27 (b) |  | 62 | 60,884
2.50%, 02/08/30 (f) | EUR | 138 | 129,179
2.12%, 07/16/31 (f) |  | 156 | 134,542
|  |  | 324,605

Security |  | Par (000) | Value
South Africa — 0.0% |
Republic of South Africa Government International Bond, 5.00%, 10/12/46 | USD | 230 | $ 161,288
Ukraine — 0.0% |
Ukraine Government International Bond (g)(m) |  |  |
9.75%, 11/01/28 (f) |  | 236 | 74,694
7.25%, 03/15/33 (b) |  | 200 | 56,900
|  |  | 131,594
Total Foreign Agency Obligations — 0.6% (Cost: $3,248,810) | 2,870,821

|  | Shares |
Investment Companies
Fixed Income Funds — 1.3% |
Invesco Senior Loan ETF |  | 309,501 | 6,511,901
Total Investment Companies — 1.3% (Cost: $6,465,338) | 6,511,901

|  | Par (000) |
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.2%
Alternative Loan Trust |  |  |
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 | USD | 974 | 531,412
Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1,754 | 735,763
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 541 | 257,207
CHL Mortgage Pass-Through Trust |  |  |
Series 2005-17, Class 1A6, 5.50%, 09/25/35 |  | 72 | 67,609
Series 2006-17, Class A2, 6.00%, 12/25/36 |  | 612 | 243,985
Series 2007-HY5, Class 3A1, 5.06%, 09/25/37 (a) |  | 232 | 200,741
COLT Mortgage Loan Trust (b) |  |  |
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,886 | 1,854,112
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 240 | 240,597
Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, 06/25/66 (a)(b) |  | 194 | 158,326
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67 (a)(b) |  | 1,374 | 1,332,172
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 4.93%, 10/25/35 (a) |  | 302 | 158,890
JP Morgan Mortgage Trust, Series 2022-DSC1, Class A1, 4.75%, 01/25/63 (a)(b) |  | 362 | 343,330
OBX Trust (b) |  |  |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 85 | 85,099
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 984 | 987,844
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b) |  | 550 | 520,065
Verus Securitization Trust (b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 1,267 | 1,180,018
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,535 | 1,516,655
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 371 | 372,782
|  |  | 10,786,607
Commercial Mortgage-Backed Securities (b) — 1.4%
BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 7.92%, 03/15/41 (a) |  | 400 | 396,500

94
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
BX Commercial Mortgage Trust (a) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 6.36%, 12/15/38 | USD | 1,000 | $ 988,756
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 6.13%, 10/15/38 |  | 345 | 341,253
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 02/15/39 |  | 510 | 503,625
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 7.52%, 02/15/39 |  | 98 | 98,066
BX Trust (a) |  |  |
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 6.18%, 01/15/39 |  | 1,200 | 1,183,507
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 7.97%, 02/15/41 |  | 240 | 238,952
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 04/15/29 |  | 795 | 790,885
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 8.37%, 03/15/41 |  | 170 | 169,787
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39 (a) |  | 250 | 197,046
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/28 (a) |  | 220 | 221,145
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 7.71%, 06/15/39 (a) |  | 800 | 795,997
MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 800 | 797,011
Wells Fargo Commercial Mortgage Trust, Series 2024-BPRC, Class D, 07/15/43 (d) |  | 250 | 247,499
|  |  | 6,970,029
Total Non-Agency Mortgage-Backed Securities — 3.6% (Cost: $18,854,506) | 17,756,636

|  | Benefical Interest (000) |
Other Interests
Capital Markets — 0.0% |
Millennium Lender Claim Trust (e)(r) | USD | 918 | —
Industrial Conglomerates — 0.0% |
Millennium Corp. Claim (e)(r) |  | 861 | —
Total Other Interests — 0.0% (Cost: $ — ) | —

|  | Par (000) |
Preferred Securities
Capital Trusts — 6.0% (a)
Automobiles (j) — 0.1% |
General Motors Financial Co., Inc., Series C, 5.70% (c) | USD | 365 | 342,633
Volkswagen International Finance NV, 3.88% (f) | EUR | 100 | 99,679
|  |  | 442,312

Security |  | Par (000) | Value
Banks — 5.0% |
AIB Group PLC, 5.25% (f)(j) | EUR | 200 | $ 213,387
Bank of America Corp., Series X, 6.25% (c)(j) | USD | 1,929 | 1,920,999
Barclays PLC (j) |  |  |
4.38% (c) |  | 2,455 | 2,061,473
8.00% |  | 210 | 213,221
9.63% |  | 805 | 872,694
BNP Paribas SA, 4.63% (b)(c)(j) |  | 2,425 | 1,941,876
Chong Hing Bank Ltd., 5.70% (f)(j) |  | 250 | 249,531
Citigroup, Inc., Series AA, 7.63% (c)(j) |  | 326 | 339,425
HSBC Holdings PLC (c)(j) |  |  |
6.00% |  | 415 | 400,723
6.38% |  | 500 | 498,501
ING Groep NV, 3.88% (c)(j) |  | 1,750 | 1,478,208
JPMorgan Chase & Co. |  |  |
Series FF, 5.00% (c)(j) |  | 2,000 | 1,994,280
Series U, 6.54%, 01/15/87 |  | 325 | 298,177
Krung Thai Bank PCL/Cayman Islands, 4.40% (f)(j) |  | 202 | 192,026
Lloyds Banking Group PLC (j) |  |  |
8.00% (c) |  | 2,265 | 2,315,290
6.75% |  | 450 | 448,314
7.50% (c) |  | 1,250 | 1,249,548
NatWest Group PLC (j) |  |  |
8.13% |  | 735 | 742,604
6.00% (c) |  | 1,185 | 1,159,211
Nordea Bank Abp, 3.75% (b)(c)(j) |  | 560 | 466,898
PNC Financial Services Group, Inc. (c)(j) |  |  |
Series V, 6.20% |  | 290 | 288,872
Series W, 6.25% |  | 289 | 281,622
Rizal Commercial Banking Corp., 6.50% (f)(j) |  | 200 | 197,625
Societe Generale SA, 5.38% (b)(j) |  | 4,250 | 3,424,038
UBS Group AG (b)(j) |  |  |
Series NC10, 9.25% (c) |  | 640 | 716,731
Series NC5, 9.25% |  | 460 | 494,915
Wells Fargo & Co., 7.63% (c)(j) |  | 439 | 467,493
Woori Bank, 4.25% (f)(j) |  | 250 | 247,812
|  |  | 25,175,494
Construction & Engineering — 0.0% |
Abertis Infraestructuras Finance BV, 3.25% (f)(j) | EUR | 100 | 104,150
Consumer Finance — 0.2% |
Charles Schwab Corp., Series H, 4.00% (c)(j) | USD | 1,000 | 854,014
Diversified Telecommunication Services (f) — 0.1% |
British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | 134,340
Telefonica Europe BV, 6.14% (j) | EUR | 200 | 224,349
Vodafone Group PLC, 2.63%, 08/27/80 |  | 100 | 102,952
|  |  | 461,641
Electric Utilities — 0.6% |
Edison International, Series B, 5.00% (j) | USD | 258 | 245,410
EDP - Energias de Portugal SA, 5.94%, 04/23/83 (f) | EUR | 100 | 111,510
Electricite de France SA, 3.00% (f)(j) |  | 200 | 196,523
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 (c) | USD | 1,750 | 1,670,266
NRG Energy, Inc., 10.25% (b)(c)(j) |  | 475 | 519,512
Vistra Corp., 7.00% (b)(j) |  | 209 | 207,184
|  |  | 2,950,405
| 29,988,016

Schedule of Investments
95

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Preferred Stocks — 0.6%
Capital Markets (a)(j) — 0.6% |
Morgan Stanley |  |  |
Series F, 6.88% |  | 55,000 | $ 1,379,950
Series K, 5.85% |  | 53,253 | 1,322,804
|  |  | 2,702,754
Wireless Telecommunication Services — 0.0% |
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $136,755) (g)(h) |  | 139,661 | 701
| 2,703,455
Total Preferred Securities — 6.6% (Cost: $34,498,612) | 32,691,471

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities — 0.0% |
Freddie Mac Multifamily Structured Pass Through Certificates, Series K042, Class X1, 1.14%, 12/25/24 (a) | USD | 30,706 | 52,204
Mortgage-Backed Securities (s) — 3.9% |
Uniform Mortgage-Backed Securities |  |  |
3.50%, 07/15/54 |  | 9,000 | 7,965,000
4.00%, 07/15/54 |  | 4,140 | 3,787,938
5.00%, 07/15/54 |  | 3,500 | 3,382,422
5.50%, 07/15/54 |  | 4,600 | 4,536,570
|  |  | 19,671,930
Total U.S. Government Sponsored Agency Securities — 3.9% (Cost: $19,717,771) | 19,724,134
U.S. Treasury Obligations
U.S. Treasury Notes, 4.88%, 05/31/26 (c) |  | 57,000 | 57,115,781
Total U.S. Treasury Obligations — 11.5% (Cost: $57,136,583) | 57,115,781

|  | Shares |
Warrants
Consumer Discretionary — 0.0% |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) (g) |  | 1,315 | —
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) (g) |  | 345 | 6,153
Total Warrants — 0.0% (Cost: $ — ) | 6,153
Total Long-Term Investments — 173.3% (Cost: $883,522,445) | 863,902,099

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (t)(u) |  | 502,236 | $ 502,236
Total Short-Term Securities — 0.1% (Cost: $502,236) | 502,236
Total Investments — 173.4% (Cost: $884,024,681) | 864,404,335
Liabilities in Excess of Other Assets — (73.4)% | (366,010,623 )
Net Assets — 100.0% | $ 498,393,712

(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) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(d) | When-issued security.
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(g) | Non-income producing security.
(h) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $281,499, representing 0.1% of its net assets as of period end, and an original cost of $555,739.
(i) | 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.
(j) | Perpetual security with no stated maturity date.
(k) | Convertible security.
(l) | Zero-coupon bond.
(m) | Issuer filed for bankruptcy and/or is in default.
(n) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(o) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(p) | 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.
(q) | Rounds to less than 1,000.
(r) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(s) | Represents or includes a TBA transaction.
(t) | Affiliate of the Fund.
(u) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
96
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 5,762,133 | $ — | $ (5,259,897 ) (a) | $ — | $ — | $ 502,236 | 502,236 | $ 76,877 | $ —

(a) | Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
HSBC Securities (USA), Inc. | 5.50 % (b) | 12/08/23 | Open | $ 903,750 | $ 931,779 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 12/08/23 | Open | 803,750 | 828,677 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.50 (b) | 01/29/24 | Open | 816,750 | 835,842 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.50 (b) | 01/29/24 | Open | 459,750 | 470,497 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.55 (b) | 01/29/24 | Open | 466,875 | 477,887 | Capital Trusts | Open/Demand
Barclays Bank PLC | 5.55 (b) | 01/29/24 | Open | 1,887,500 | 1,932,021 | Capital Trusts | Open/Demand
Barclays Bank PLC | 5.55 (b) | 01/29/24 | Open | 1,281,875 | 1,312,111 | Capital Trusts | Open/Demand
Barclays Bank PLC | 5.55 (b) | 01/29/24 | Open | 415,100 | 424,891 | Capital Trusts | Open/Demand
Barclays Capital, Inc. | 5.55 (b) | 01/29/24 | Open | 396,384 | 405,733 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 5.55 (b) | 01/29/24 | Open | 297,763 | 304,786 | Capital Trusts | Open/Demand
Barclays Capital, Inc. | 5.55 (b) | 01/29/24 | Open | 609,626 | 624,006 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 5.70 (b) | 01/29/24 | Open | 307,033 | 314,470 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.55 (b) | 01/29/24 | Open | 550,462 | 563,447 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.59 (b) | 01/29/24 | Open | 290,460 | 297,361 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.50 (b) | 02/08/24 | Open | 666,250 | 680,806 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.52 (b) | 02/08/24 | Open | 177,900 | 181,801 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.52 (b) | 02/08/24 | Open | 324,594 | 331,711 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.57 (b) | 02/08/24 | Open | 319,881 | 326,959 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.59 (b) | 02/08/24 | Open | 290,000 | 296,439 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.59 (b) | 02/08/24 | Open | 300,300 | 306,968 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.61 (b) | 02/08/24 | Open | 924,157 | 944,752 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 02/08/24 | Open | 1,210,729 | 1,236,939 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 03/08/24 | Open | 100,328 | 102,091 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 03/15/24 | Open | 704,880 | 716,496 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 03/25/24 | Open | 528,889 | 536,941 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 03/27/24 | Open | 687,187 | 697,143 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/03/24 | Open | 444,690 | 450,658 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 04/03/24 | Open | 408,360 | 413,700 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/03/24 | Open | 153,425 | 155,480 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/08/24 | Open | 2,641,365 | 2,676,187 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.00 (b) | 04/12/24 | Open | 182,466 | 184,417 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 118,952 | 120,313 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 204,997 | 207,342 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 185,071 | 187,188 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 04/12/24 | Open | 1,103,406 | 1,116,198 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 922,500 | 933,313 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 161,263 | 163,153 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 189,750 | 191,974 | Corporate Bonds | Open/Demand

Schedule of Investments
97

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
Nomura Securities International, Inc. | 5.48 % (b) | 04/12/24 | Open | $ 121,253 | $ 122,674 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 115,091 | 116,440 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 193,060 | 195,323 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 86,229 | 87,239 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 264,615 | 267,717 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 172,250 | 174,269 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 240,443 | 243,261 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 266,760 | 269,887 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 197,415 | 199,729 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 338,782 | 342,753 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.50 (b) | 04/12/24 | Open | 574,687 | 581,448 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.50 (b) | 04/12/24 | Open | 157,680 | 159,535 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.57 (b) | 04/12/24 | Open | 171,270 | 173,310 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.57 (b) | 04/12/24 | Open | 1,318,684 | 1,334,394 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.62 (b) | 04/12/24 | Open | 1,332,375 | 1,348,391 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.62 (b) | 04/12/24 | Open | 552,200 | 558,838 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.62 (b) | 04/12/24 | Open | 260,100 | 263,227 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.65 (b) | 04/12/24 | Open | 111,325 | 112,670 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.65 (b) | 04/12/24 | Open | 279,311 | 282,687 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 503,291 | 509,395 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 438,840 | 444,162 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 238,566 | 241,459 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 302,198 | 305,862 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 264,860 | 268,072 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 263,175 | 266,367 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/12/24 | Open | 915,368 | 926,861 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 04/18/24 | Open | 357,837 | 361,882 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/18/24 | Open | 384,187 | 388,657 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/18/24 | Open | 351,260 | 355,347 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/18/24 | Open | 393,660 | 398,240 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/18/24 | Open | 362,400 | 366,616 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.72 (b) | 04/18/24 | Open | 565,069 | 571,713 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.72 (b) | 04/18/24 | Open | 719,629 | 728,090 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 451,806 | 456,543 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 122,850 | 124,138 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 104,040 | 105,131 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 315,219 | 318,524 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/22/24 | Open | 137,700 | 139,191 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/22/24 | Open | 194,955 | 197,066 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/23/24 | Open | 312,694 | 316,080 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/23/24 | Open | 297,121 | 300,339 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/23/24 | Open | 327,568 | 331,115 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/26/24 | Open | 278,760 | 281,653 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 476,690 | 481,041 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 903,482 | 911,729 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.32 (b) | 04/29/24 | Open | 912,925 | 921,289 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 1,434,240 | 1,446,961 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 323,380 | 326,382 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 04/29/24 | Open | 408,100 | 411,909 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 264,465 | 266,943 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 743,750 | 750,731 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 190,250 | 192,036 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 187,429 | 189,189 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 631,969 | 637,900 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 465,470 | 469,855 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 527,425 | 532,394 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 214,988 | 217,017 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 457,121 | 461,435 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 276,986 | 279,605 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 93,958 | 94,846 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 742,140 | 749,157 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 1,006,696 | 1,016,215 | Corporate Bonds | Open/Demand

98
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BNP Paribas SA | 5.49 % (b) | 04/29/24 | Open | $ 233,870 | $ 236,081 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 281,350 | 284,010 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 380,292 | 383,888 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 946,250 | 955,197 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 353,635 | 356,979 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 765,789 | 773,029 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 152,618 | 154,061 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 2,683,249 | 2,708,619 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 173,700 | 175,342 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 99,219 | 100,157 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.50 (b) | 04/29/24 | Open | 1,223,437 | 1,235,026 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.51 (b) | 04/29/24 | Open | 266,075 | 268,600 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 107,398 | 108,422 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 197,780 | 199,667 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 162,750 | 164,303 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 88,908 | 89,756 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 1,789,147 | 1,806,218 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 162,435 | 163,985 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.56 (b) | 04/29/24 | Open | 499,456 | 504,239 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.64 (b) | 04/29/24 | Open | 192,780 | 194,608 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 195,525 | 197,428 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 291,619 | 294,456 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 281,356 | 284,094 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 100,595 | 101,574 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 249,498 | 251,925 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 306,848 | 309,833 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.65 (b) | 04/29/24 | Open | 141,295 | 142,670 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.68 (b) | 04/29/24 | Open | 358,497 | 362,004 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.68 (b) | 04/29/24 | Open | 358,800 | 362,310 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.70 (b) | 04/29/24 | Open | 1,170,312 | 1,181,801 | Capital Trusts | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 04/29/24 | Open | 278,113 | 280,863 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 534,284 | 539,172 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 440,744 | 444,777 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 1,407,206 | 1,420,082 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 231,900 | 234,045 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 190,133 | 191,892 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 303,194 | 305,999 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 230,145 | 232,274 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 04/30/24 | Open | 198,263 | 200,127 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/30/24 | Open | 207,113 | 209,131 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/30/24 | Open | 208,911 | 210,948 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 04/30/24 | Open | 236,717 | 239,025 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/02/24 | Open | 87,968 | 88,772 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.40 (b) | 05/06/24 | Open | 1,294,256 | 1,305,128 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/06/24 | Open | 454,972 | 458,851 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 173,206 | 174,659 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 461,887 | 465,762 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 298,980 | 301,488 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 494,339 | 498,485 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 05/06/24 | Open | 1,143,000 | 1,152,604 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.51 (b) | 05/06/24 | Open | 256,550 | 258,710 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.51 (b) | 05/06/24 | Open | 304,500 | 307,063 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.63 (b) | 05/06/24 | Open | 390,525 | 393,884 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.64 (b) | 05/06/24 | Open | 1,270,490 | 1,281,437 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 106,163 | 107,079 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 358,610 | 361,705 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 367,966 | 371,143 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 296,700 | 299,261 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 736,074 | 742,428 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 242,146 | 244,236 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 616,455 | 621,776 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 316,030 | 318,758 | Corporate Bonds | Open/Demand

Schedule of Investments
99

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
TD Securities (USA) LLC | 5.65 % (b) | 05/06/24 | Open | $ 290,140 | $ 292,644 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 353,190 | 356,239 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 270,407 | 272,741 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 254,813 | 257,012 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 221,367 | 223,278 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 281,815 | 284,248 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 743,687 | 750,107 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 231,368 | 233,365 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 319,848 | 322,608 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 1,116,500 | 1,126,138 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 299,907 | 302,496 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 559,638 | 564,469 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 677,700 | 683,550 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 294,648 | 297,191 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 755,824 | 762,348 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/06/24 | Open | 184,663 | 186,256 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/06/24 | Open | 316,278 | 319,012 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 274,631 | 277,014 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 994,894 | 1,003,527 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 253,640 | 255,841 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 274,050 | 276,428 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 199,969 | 201,704 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 367,148 | 370,334 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 316,625 | 319,373 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 227,115 | 229,086 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 258,930 | 261,177 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 298,373 | 300,962 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/06/24 | Open | 282,748 | 285,202 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.70 (b) | 05/06/24 | Open | 537,320 | 541,999 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.70 (b) | 05/06/24 | Open | 360,230 | 363,367 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.71 (b) | 05/06/24 | Open | 344,755 | 347,763 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/08/24 | Open | 295,278 | 297,780 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/10/24 | Open | 102,515 | 103,328 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 05/13/24 | Open | 1,166,040 | 1,174,690 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/13/24 | Open | 157,961 | 159,142 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 110,113 | 110,937 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 197,056 | 198,531 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 206,669 | 208,216 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 174,930 | 176,240 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 155,969 | 157,136 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 116,150 | 117,020 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 174,825 | 176,134 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.57 (b) | 05/13/24 | Open | 258,500 | 260,460 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/13/24 | Open | 1,441,392 | 1,452,516 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.69 (b) | 05/13/24 | Open | 305,468 | 307,833 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.69 (b) | 05/13/24 | Open | 344,062 | 346,727 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/13/24 | Open | 130,050 | 131,055 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.70 (b) | 05/17/24 | Open | 213,188 | 214,706 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/17/24 | Open | 473,360 | 476,703 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/17/24 | Open | 844,048 | 850,020 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/17/24 | Open | 3,233,100 | 3,255,974 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.72 (b) | 05/17/24 | Open | 231,880 | 233,538 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.25 (b) | 05/20/24 | Open | 343,362 | 345,415 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 546,815 | 550,147 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 304,470 | 306,360 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 505,750 | 508,947 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 338,870 | 341,012 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 490,100 | 493,198 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 511,339 | 514,571 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 310,538 | 312,500 | Capital Trusts | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 429,637 | 432,353 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 466,620 | 469,569 | Corporate Bonds | Open/Demand

100
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
Nomura Securities International, Inc. | 5.32 % (b) | 05/20/24 | Open | $ 800,985 | $ 805,838 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 255,054 | 256,599 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 99,738 | 100,343 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 167,365 | 168,379 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 257,764 | 259,326 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/20/24 | Open | 494,042 | 497,126 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.63 (b) | 05/20/24 | Open | 383,467 | 385,926 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.65 (b) | 05/20/24 | Open | 175,576 | 176,706 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/20/24 | Open | 722,822 | 727,490 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/20/24 | Open | 1,642,763 | 1,653,371 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.70 (b) | 05/20/24 | Open | 781,492 | 786,566 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.80 (b) | 05/20/24 | Open | 459,113 | 462,146 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/22/24 | Open | 690,762 | 694,818 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 1,126,540 | 1,133,240 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 118,169 | 118,872 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 458,662 | 461,390 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 124,960 | 125,703 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/22/24 | Open | 865,970 | 871,243 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 05/22/24 | Open | 256,073 | 257,638 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/22/24 | Open | 1,795,601 | 1,806,874 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 05/23/24 | Open | 176,500 | 177,548 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/23/24 | Open | 447,764 | 450,427 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 05/23/24 | Open | 197,725 | 198,935 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 05/23/24 | Open | 2,657,160 | 2,673,424 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/23/24 | Open | 224,940 | 226,268 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/23/24 | Open | 677,492 | 681,566 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/23/24 | Open | 861,761 | 866,943 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 05/23/24 | Open | 592,187 | 595,697 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/23/24 | Open | 121,189 | 121,908 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/23/24 | Open | 950,595 | 955,261 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.15 (b) | 05/23/24 | Open | 793,492 | 797,806 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 360,437 | 362,530 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 158,100 | 159,018 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 331,650 | 333,575 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 403,462 | 405,805 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 820,125 | 824,886 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 274,500 | 276,094 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 05/23/24 | Open | 216,494 | 217,757 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 05/23/24 | Open | 604,500 | 608,029 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 05/23/24 | Open | 2,756 | 2,772 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 05/23/24 | Open | 343,469 | 345,474 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 05/23/24 | Open | 321,750 | 323,628 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.63 (b) | 05/23/24 | Open | 244,770 | 246,225 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.63 (b) | 05/23/24 | Open | 403,925 | 406,325 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.63 (b) | 05/23/24 | Open | 643,792 | 647,618 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.63 (b) | 05/23/24 | Open | 420,375 | 422,873 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 247,836 | 249,314 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 124,230 | 124,971 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 387,397 | 389,708 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 218,125 | 219,426 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 198,211 | 199,393 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 178,369 | 179,433 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 308,500 | 310,340 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 357,420 | 359,552 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 474,810 | 477,642 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 398,750 | 401,128 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 229,440 | 230,808 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 227,166 | 228,521 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 1,034,357 | 1,040,526 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 110,250 | 110,908 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 100,781 | 101,382 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 424,200 | 426,730 | Corporate Bonds | Open/Demand

Schedule of Investments
101

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
RBC Capital Markets, LLC | 5.65 % (b) | 05/23/24 | Open | $ 203,125 | $ 204,336 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/23/24 | Open | 77,865 | 78,329 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 1,932,525 | 1,944,354 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 228,863 | 230,263 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 367,010 | 369,256 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 1,607,520 | 1,617,359 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 516,162 | 519,322 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 494,490 | 497,517 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 449,450 | 452,201 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 746,001 | 750,567 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/23/24 | Open | 496,632 | 499,672 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/23/24 | Open | 140,991 | 141,856 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/23/24 | Open | 256,729 | 258,303 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/24/24 | Open | 115,570 | 116,240 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 05/24/24 | Open | 254,588 | 256,025 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/24/24 | Open | 526,159 | 529,308 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 05/24/24 | Open | 147,815 | 148,697 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/24/24 | Open | 922,712 | 928,215 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/24/24 | Open | 190,125 | 191,258 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/24/24 | Open | 233,730 | 235,124 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 05/24/24 | Open | 160,298 | 161,259 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.67 (b) | 05/28/24 | Open | 337,302 | 339,108 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.64 (b) | 05/29/24 | Open | 825,649 | 829,917 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/30/24 | Open | 238,750 | 239,900 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/30/24 | Open | 1,052,372 | 1,057,508 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 05/30/24 | Open | 174,750 | 175,607 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 05/30/24 | Open | 253,193 | 254,435 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 05/30/24 | Open | 174,350 | 175,205 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/30/24 | Open | 1,387,250 | 1,394,242 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/30/24 | Open | 281,960 | 283,379 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 05/31/24 | Open | 446,081 | 448,175 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 05/31/24 | Open | 775,715 | 779,369 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.64 (b) | 05/31/24 | Open | 205,943 | 206,943 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/31/24 | Open | 495,360 | 497,629 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 05/31/24 | Open | 367,737 | 369,470 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/31/24 | Open | 1,487,946 | 1,495,186 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/03/24 | Open | 391,300 | 393,023 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/03/24 | Open | 451,052 | 453,037 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/03/24 | Open | 314,862 | 316,248 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/03/24 | Open | 373,926 | 375,572 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/04/24 | Open | 211,680 | 212,552 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 06/04/24 | Open | 459,436 | 461,349 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.53 (b) | 06/04/24 | Open | 624,680 | 627,271 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 06/04/24 | Open | 436,955 | 438,807 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/04/24 | Open | 321,263 | 322,624 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/05/24 | Open | 288,640 | 289,818 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 06/06/24 | Open | 102,875 | 103,268 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 06/06/24 | Open | 147,938 | 148,503 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 06/06/24 | Open | 127,348 | 127,834 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 06/06/24 | Open | 124,140 | 124,627 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 06/06/24 | Open | 161,922 | 162,557 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/07/24 | Open | 1,329,320 | 1,334,185 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.60 (b) | 06/07/24 | Open | 144,638 | 145,177 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 06/07/24 | Open | 286,781 | 287,861 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 06/07/24 | Open | 1,435,365 | 1,440,484 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 481,950 | 483,691 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 122,101 | 122,542 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.65 (b) | 06/07/24 | Open | 320,875 | 322,084 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 06/07/24 | Open | 202,635 | 203,398 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.63 (b) | 06/07/24 | Open | 790,969 | 793,938 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 456,960 | 458,681 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 463,410 | 465,156 | Corporate Bonds | Open/Demand

102
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
TD Securities (USA) LLC | 5.65 % (b) | 06/07/24 | Open | $ 601,816 | $ 604,083 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 281,646 | 282,707 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 1,847,305 | 1,854,263 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 3,253,740 | 3,265,996 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 268,920 | 269,933 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 334,767 | 336,028 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 191,675 | 192,397 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 2,529,367 | 2,538,895 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/07/24 | Open | 337,579 | 338,853 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/07/24 | Open | 179,280 | 179,956 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 06/07/24 | Open | 747,870 | 750,702 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.65 (b) | 06/10/24 | Open | 362,268 | 363,462 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/10/24 | Open | 405,519 | 406,855 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/10/24 | Open | 388,036 | 389,315 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/10/24 | Open | 330,674 | 331,764 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.74 (b) | 06/10/24 | Open | 531,030 | 532,808 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 06/11/24 | Open | 2,101,990 | 2,108,611 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.53 (b) | 06/11/24 | Open | 225,600 | 226,293 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/11/24 | Open | 297,660 | 298,594 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 207,475 | 208,069 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 277,860 | 278,655 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/12/24 | Open | 1,415,590 | 1,419,819 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.49 | 06/13/24 | 08/01/24 | 866,250 | 868,628 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 5.60 | 06/13/24 | 08/01/24 | 2,352,687 | 2,359,274 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 2.00 | 06/13/24 | 08/01/24 | 24,488 | 24,512 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/13/24 | 08/01/24 | 195,514 | 195,905 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 261,184 | 261,895 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 711,088 | 713,026 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 1,447,625 | 1,451,599 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 891,537 | 893,985 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 49,733 | 49,871 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 187,275 | 187,795 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 159,896 | 160,340 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 1,609,594 | 1,614,060 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.60 | 06/13/24 | 08/01/24 | 444,231 | 445,475 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 703,587 | 705,575 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 1,028,307 | 1,031,212 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 808,165 | 810,448 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 421,490 | 422,681 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 416,810 | 417,987 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 553,007 | 554,569 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 318,980 | 319,881 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 378,637 | 379,707 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 602,343 | 604,044 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 967,400 | 970,133 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 314,885 | 315,775 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 1,114,350 | 1,117,498 | Capital Trusts | 31 - 90 Days
Merrill Lynch International | 5.60 | 06/14/24 | 07/17/24 | 266,480 | 267,060 | Foreign Agency Obligations | Up to 30 Days
Merrill Lynch International | 5.70 | 06/14/24 | 07/17/24 | 229,398 | 229,906 | Capital Trusts | Up to 30 Days
Barclays Capital, Inc. | 5.65 | 06/14/24 | 08/01/24 | 528,840 | 530,251 | Corporate Bonds | 31 - 90 Days
TD Securities (USA) LLC | 5.66 (b) | 06/14/24 | Open | 138,883 | 139,254 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.72 (b) | 06/14/24 | Open | 277,742 | 278,493 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 888,180 | 889,959 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 460,252 | 461,174 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 632,385 | 633,652 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.20 | 06/17/24 | 07/17/24 | 172,800 | 173,149 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 265,073 | 265,614 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 73,840 | 73,991 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.30 | 06/17/24 | 07/17/24 | 1,734,420 | 1,737,995 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.30 | 06/17/24 | 07/17/24 | 241,413 | 241,910 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 260,733 | 261,275 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 381,761 | 382,556 | Corporate Bonds | Up to 30 Days

Schedule of Investments
103

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BofA Securities, Inc. | 5.35 % | 06/17/24 | 07/17/24 | $ 504,247 | $ 505,297 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 200,248 | 200,664 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 485,587 | 486,598 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 599,625 | 600,873 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,271,170 | 1,273,815 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 519,675 | 520,756 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 242,269 | 242,773 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,170,037 | 1,172,495 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,519,507 | 1,522,698 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 259,994 | 260,540 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 705,185 | 706,666 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 190,255 | 190,654 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 169,050 | 169,405 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 305,078 | 305,718 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 198,581 | 198,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 547,085 | 548,234 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 176,320 | 176,690 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 356,250 | 356,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 386,802 | 387,615 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 350,455 | 351,191 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 266,663 | 267,223 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 2,468,407 | 2,473,591 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 100,130 | 100,340 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 135,568 | 135,852 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 486,844 | 487,866 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 246,975 | 247,494 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 273,480 | 274,054 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 374,653 | 374,653 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,128,431 | 1,130,823 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 277,550 | 278,138 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 234,390 | 234,887 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 939,220 | 941,211 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 242,809 | 243,323 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 529,107 | 530,228 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 577,866 | 579,091 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 160,836 | 161,177 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 606,300 | 607,585 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 347,755 | 348,492 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 115,125 | 115,369 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 222,866 | 223,339 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 394,095 | 394,930 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 297,490 | 298,121 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 571,252 | 572,463 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 827,206 | 828,959 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 112,838 | 113,077 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 106,453 | 106,678 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 152,475 | 152,798 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 287,636 | 288,246 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 212,008 | 212,457 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 225,825 | 226,304 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 203,823 | 204,254 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 196,645 | 197,062 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 255,592 | 256,134 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 377,345 | 378,145 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 975,485 | 977,552 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 187,076 | 187,473 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 393,727 | 393,727 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 996,250 | 998,381 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 295,960 | 296,593 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 173,443 | 173,813 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 100,854 | 101,069 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 643,106 | 644,482 | Corporate Bonds | Up to 30 Days

104
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BofA Securities, Inc. | 5.50 % | 06/17/24 | 07/17/24 | $ 342,360 | $ 343,092 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 253,289 | 253,831 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 439,516 | 440,456 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 95,140 | 95,343 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 408,212 | 409,086 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 655,720 | 657,123 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 184,875 | 185,270 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 322,875 | 323,566 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 470,250 | 471,256 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 624,996 | 626,333 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 127,305 | 127,577 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 477,300 | 478,321 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 519,557 | 520,669 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 470,137 | 471,143 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 744,800 | 746,393 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 123,750 | 124,015 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 154,025 | 154,354 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 253,646 | 254,189 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 1,843,435 | 1,847,378 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 213,053 | 213,508 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 555,594 | 556,782 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 297,703 | 298,339 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.53 | 06/17/24 | 07/17/24 | 274,065 | 274,654 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 1,052,854 | 1,055,126 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 585,000 | 586,263 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 851,620 | 853,458 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 211,283 | 211,739 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.59 | 06/17/24 | 07/17/24 | 336,400 | 337,131 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 187,831 | 188,240 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 518,548 | 519,678 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 349,005 | 349,765 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 237,850 | 238,368 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 471,875 | 472,903 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 472,270 | 473,298 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 283,195 | 283,812 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 461,846 | 462,852 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 116,545 | 116,799 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 308,000 | 308,671 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 190,654 | 191,069 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 79,300 | 79,473 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 482,662 | 483,714 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 260,063 | 260,629 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 331,987 | 332,710 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 402,325 | 403,201 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 568,654 | 569,892 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 135,371 | 135,666 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 812,295 | 814,064 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 512,129 | 513,244 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 679,800 | 681,280 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 393,102 | 393,958 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 384,250 | 385,087 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,511,495 | 1,514,787 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 435,079 | 436,026 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 593,880 | 595,173 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 259,148 | 259,712 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 117,309 | 117,565 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 311,410 | 312,088 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 243,350 | 243,880 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 317,003 | 317,693 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 931,777 | 933,807 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 292,163 | 292,799 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 456,475 | 457,469 | Corporate Bonds | Up to 30 Days

Schedule of Investments
105

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BofA Securities, Inc. | 5.60 % | 06/17/24 | 07/17/24 | $ 2,238,797 | $ 2,243,673 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 396,000 | 396,870 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 642,350 | 643,761 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 1,155,770 | 1,158,309 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 139,435 | 139,742 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 763,682 | 765,360 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 229,075 | 229,578 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 552,287 | 553,501 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/17/24 | 07/17/24 | 553,380 | 554,596 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.70 | 06/17/24 | 07/17/24 | 147,160 | 147,486 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.70 | 06/17/24 | 07/17/24 | 140,046 | 140,357 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.70 | 06/17/24 | 07/17/24 | 150,289 | 150,622 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.70 | 06/17/24 | 07/17/24 | 106,654 | 106,891 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.80 | 06/17/24 | 07/17/24 | 601,427 | 602,784 | Capital Trusts | Up to 30 Days
Merrill Lynch International | 5.55 | 06/17/24 | 07/17/24 | 193,862 | 194,281 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.55 | 06/17/24 | 07/17/24 | 183,334 | 183,729 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.65 | 06/17/24 | 07/17/24 | 293,138 | 293,782 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.65 | 06/17/24 | 07/17/24 | 364,683 | 365,484 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.70 | 06/17/24 | 07/17/24 | 530,741 | 531,918 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 5.60 | 06/17/24 | 08/07/24 | 161,965 | 162,293 | Foreign Agency Obligations | 31 - 90 Days
J.P. Morgan Securities LLC | 5.30 | 06/18/24 | 08/07/24 | 480,469 | 481,388 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.35 | 06/18/24 | 08/07/24 | 219,038 | 219,461 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.40 | 06/18/24 | 08/07/24 | 239,671 | 240,139 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 394,452 | 395,229 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 461,057 | 461,965 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 157,848 | 158,158 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 181,898 | 182,255 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 357,787 | 358,492 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 360,904 | 361,614 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 519,265 | 520,287 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 272,580 | 273,116 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 98,469 | 98,663 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 184,059 | 184,421 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 182,558 | 182,917 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 377,097 | 377,840 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 174,330 | 174,673 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 176,677 | 177,025 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 177,410 | 177,759 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 192,975 | 193,358 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 295,640 | 296,227 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 169,601 | 169,938 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 305,246 | 305,852 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 332,520 | 333,180 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 195,278 | 195,665 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 134,790 | 135,058 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 228,313 | 228,766 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 142,190 | 142,472 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 200,030 | 200,427 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 165,360 | 165,688 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 175,985 | 176,335 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 546,682 | 547,768 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 310,807 | 311,424 | Corporate Bonds | 31 - 90 Days
TD Securities (USA) LLC | 5.50 (b) | 06/18/24 | Open | 933,750 | 935,605 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 06/18/24 | Open | 438,750 | 439,621 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/18/24 | Open | 588,139 | 589,341 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/18/24 | Open | 352,839 | 353,560 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/18/24 | Open | 297,981 | 298,590 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.37 (b) | 06/21/24 | Open | 57,356,250 | 57,441,234 | U.S. Treasury Obligations | Open/Demand
BofA Securities, Inc. | 5.60 | 06/25/24 | 07/17/24 | 133,166 | 133,291 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.65 | 06/25/24 | 07/17/24 | 687,422 | 687,422 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 5.65 | 06/25/24 | 08/01/24 | 1,100,880 | 1,101,917 | Corporate Bonds | 31 - 90 Days
Nomura Securities International, Inc. | 5.69 (b) | 06/25/24 | Open | 546,498 | 547,016 | Corporate Bonds | Open/Demand

106
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
RBC Capital Markets, LLC | 5.50 % (b) | 06/25/24 | Open | $ 72,150 | $ 72,216 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.65 (b) | 06/25/24 | Open | 493,176 | 493,640 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/25/24 | Open | 617,310 | 617,891 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/25/24 | Open | 552,094 | 552,615 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/25/24 | Open | 548,320 | 548,837 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 06/25/24 | Open | 662,865 | 663,493 | Corporate Bonds | Open/Demand
Merrill Lynch International | 5.60 | 06/26/24 | 07/17/24 | 479,975 | 480,348 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 5.65 (b) | 06/26/24 | Open | 140,800 | 140,800 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 06/27/24 | Open | 178,863 | 178,971 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.50 | 06/28/24 | 07/17/24 | 207,805 | 207,883 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/28/24 | 07/17/24 | 522,560 | 522,800 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/28/24 | 07/17/24 | 1,981,737 | 1,982,662 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 4.50 | 06/28/24 | 08/01/24 | 653,410 | 653,655 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/28/24 | 08/01/24 | 322,481 | 322,630 | Corporate Bonds | 31 - 90 Days
BNP Paribas SA | 5.68 (b) | 06/28/24 | Open | 419,430 | 419,629 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.69 (b) | 06/28/24 | Open | 378,789 | 378,968 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/28/24 | Open | 304,188 | 304,331 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/28/24 | Open | 294,375 | 294,514 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/28/24 | Open | 384,090 | 384,271 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.68 (b) | 06/28/24 | Open | 135,788 | 135,788 | Corporate Bonds | Open/Demand
|  |  |  | $ 347,360,430 | $ 349,243,265 |  |

(a) | Certain agreements have no stated maturity and can be terminated by either party at any time.
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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 | 54 | 09/19/24 | $ 6,117 | $ 47,160
2-Year U.S. Treasury Note | 665 | 09/30/24 | 135,805 | 266,375
|  |  |  | 313,535
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 311 | 09/19/24 | 34,161 | (251,623 )
U.S. Long Bond | 70 | 09/19/24 | 8,251 | (32,467 )
Ultra U.S. Treasury Bond | 17 | 09/19/24 | 2,118 | (7,987 )
5-Year U.S. Treasury Note | 120 | 09/30/24 | 12,782 | (78,627 )
|  |  |  | (370,704 )
|  |  |  | $ (57,169 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
EUR | 24,000 | USD | 25,699 | State Street Bank and Trust Co. | 07/03/24 | $ 5
USD | 44,695 | EUR | 41,279 | Morgan Stanley & Co. International PLC | 07/17/24 | 456
USD | 272,336 | EUR | 251,524 | Morgan Stanley & Co. International PLC | 07/17/24 | 2,779
USD | 8,591,196 | EUR | 7,980,000 | BNP Paribas SA | 09/18/24 | 13,139
USD | 320,917 | GBP | 253,000 | Citibank N.A. | 09/18/24 | 917
USD | 400,829 | GBP | 316,000 | Citibank N.A. | 09/18/24 | 1,145
USD | 266,452 | GBP | 210,000 | HSBC Bank PLC | 09/18/24 | 840
USD | 329,893 | GBP | 260,000 | HSBC Bank PLC | 09/18/24 | 1,040
USD | 304,303 | GBP | 240,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 746

Schedule of Investments
107

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 386,719 | GBP | 305,000 | JPMorgan Chase Bank N.A. | 09/18/24 | $ 949
USD | 234,641 | GBP | 185,000 | Standard Chartered Bank | 09/18/24 | 649
USD | 298,058 | GBP | 235,000 | Standard Chartered Bank | 09/18/24 | 825
|  |  |  |  |  | 23,490
USD | 25,794 | EUR | 24,000 | State Street Bank and Trust Co. | 09/18/24 | (5 )
| $ 23,485

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.IG.41.V1 | 1.00 % | Quarterly | 12/20/28 | USD | 24,430 | $ (522,676 ) | $ (336,379 ) | $ (186,297 )
CDX.NA.HY.42.V1 | 5.00 | Quarterly | 06/20/29 | USD | 4,567 | (292,366 ) | (276,149 ) | (16,217 )
|  |  |  |  |  | $ (815,042 ) | $ (612,528 ) | $ (202,514 )

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Virgin Media Finance PLC | 5.00 % | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 10 | $ 540 | $ 487 | $ 53
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | N/R | EUR | 30 | 3,588 | 4,605 | (1,017 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | N/R | EUR | 7 | (222 ) | (1,166 ) | 944
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 4 | (134 ) | (683 ) | 549
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 12 | (375 ) | (1,920 ) | 1,545
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | N/R | EUR | 4 | (109 ) | (572 ) | 463
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | N/R | EUR | 7 | (228 ) | (1,208 ) | 980
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | N/R | EUR | 5 | (165 ) | (859 ) | 694
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 20 | 2,216 | 2,640 | (424 )
Ziggo Bond Company B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 11 | 580 | 871 | (291 )
CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/15/64 | N/R | USD | 2,318 | (401,160 ) | (427,525 ) | 26,365
|  |  |  |  |  |  |  | $ (395,469 ) | $ (425,330 ) | $ 29,861

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Total Return Swaps

Paid by the Fund | Received by the Fund |  |  |  |  |  |  |  |
Rate | Frequency | Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/24 | USD | 6,500 | $ 86,574 | $ (959 ) | $ 87,533
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Barclays Bank PLC | N/A | 12/20/24 | USD | 1,176 | (77 ) | (348 ) | 271

108
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
OTC Total Return Swaps (continued)

Paid by the Fund | Received by the Fund |  |  |  |  |  |  |  |
Rate | Frequency | Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 4,824 | $ (5,386 ) | $ (1,429 ) | $ (3,957 )
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/25 | USD | 1,500 | (1,280 ) | (1,774 ) | 494
|  |  |  |  |  |  |  |  | $ 79,831 | $ (4,510 ) | $ 84,341

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ — | $ (612,528 ) | $ — | $ (202,514 )
OTC Swaps | 8,603 | (438,443 ) | 119,891 | (5,689 )

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

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized appreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 313,535 | $ — | $ 313,535
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 23,490 | — | — | 23,490
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 40,196 | — | — | 88,298 | — | 128,494
| $ — | $ 40,196 | $ — | $ 23,490 | $ 401,833 | $ — | $ 465,519
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 370,704 | $ — | $ 370,704
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 5 | — | — | 5
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 202,514 | — | — | — | — | 202,514
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 435,665 | — | — | 8,467 | — | 444,132
| $ — | $ 638,179 | $ — | $ 5 | $ 379,171 | $ — | $ 1,017,355

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

Schedule of Investments
109

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ (1,275,696 ) | $ — | $ (1,275,696 )
Forward foreign currency exchange contracts | — | — | — | 254,139 | — | — | 254,139
Options purchased (a) | — | — | — | — | (422 ) | — | (422 )
Options written | — | — | — | — | 203 | — | 203
Swaps | — | (389,554 ) | — | — | 32,769 | — | (356,785 )
| $ — | $ (389,554 ) | $ — | $ 254,139 | $ (1,243,146 ) | $ — | $ (1,378,561 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 290,585 | $ — | $ 290,585
Forward foreign currency exchange contracts | — | — | — | 110,482 | — | — | 110,482
Swaps | — | 216,645 | — | — | 1,753 | — | 218,398
| $ — | $ 216,645 | $ — | $ 110,482 | $ 292,338 | $ — | $ 619,465

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $ 129,097,360
Average notional value of contracts — short | $ 54,584,141
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 11,068,445
Average amounts sold — in USD | $ 12,850
Options: |
Average value of option contracts purchased | $ 141
Average value of option contracts written | $ 16
Credit default swaps: |
Average notional value — buy protection | $ 30,930,734
Average notional value — sell protection | $ 2,437,197
Total return swaps: |
Average notional value | $ 12,750,000

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Futures contracts | $ 289,031 | $ 56,202
Forward foreign currency exchange contracts | 23,490 | 5
Swaps — centrally cleared | 4,069 | —
Swaps — OTC (a) | 128,494 | 444,132
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 445,084 | 500,339
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (293,100 ) | (56,202 )
Total derivative assets and liabilities subject to an MNA | $ 151,984 | $ 444,137

(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral
received and pledged by the Fund:

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Bank of America N.A. | $ 1,815 | $ (1,457 ) | $ — | $ — | $ 358
Barclays Bank PLC | 5,005 | (3,375 ) | — | — | 1,630
BNP Paribas SA | 13,139 | — | — | — | 13,139
Citibank N.A. | 2,525 | (572 ) | — | — | 1,953
HSBC Bank PLC | 1,880 | — | — | — | 1,880
JPMorgan Chase Bank N.A. | 3,215 | (1,208 ) | — | — | 2,007
Morgan Stanley & Co. International PLC | 122,926 | (122,926 ) | — | — | —
Standard Chartered Bank | 1,474 | — | — | — | 1,474
State Street Bank and Trust Co. | 5 | (5 ) | — | — | —
| $ 151,984 | $ (129,543 ) | $ — | $ — | $ 22,441

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged (d) | Net Amount of Derivative Liabilities
Bank of America N.A. | $ 1,457 | $ (1,457 ) | $ — | $ — | $ —
Barclays Bank PLC | 3,375 | (3,375 ) | — | — | —
Citibank N.A. | 572 | (572 ) | — | — | —
JPMorgan Chase Bank N.A. | 1,208 | (1,208 ) | — | — | —
Morgan Stanley & Co. International PLC | 437,520 | (122,926 ) | — | (314,594 ) | —
State Street Bank and Trust Co. | 5 | (5 ) | — | — | —
| $ 444,137 | $ (129,543 ) | $ — | $ (314,594 ) | $ —

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation
of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund
’
s financial instruments into major
categories is disclosed in the Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 35,220,698 | $ 896,329 | $ 36,117,027
Common Stocks | — | 273,162 | 490,907 | 764,069
Corporate Bonds |  |  |  |
Advertising Agencies | — | 749,771 | — | 749,771
Aerospace & Defense | — | 14,065,620 | — | 14,065,620
Air Freight & Logistics | — | 27,335 | — | 27,335
Automobile Components | — | 6,126,045 | — | 6,126,045
Automobiles | — | 3,682,760 | — | 3,682,760
Banks | — | 6,371,200 | — | 6,371,200
Beverages | — | 737,568 | — | 737,568
Biotechnology | — | 98,992 | — | 98,992
Broadline Retail | — | 1,542,334 | — | 1,542,334
Building Materials | — | 7,477,450 | — | 7,477,450
Building Products | — | 2,530,334 | — | 2,530,334

Schedule of Investments
111

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds (continued) |  |  |  |
Capital Markets | $ — | $ 4,176,022 | $ — | $ 4,176,022
Chemicals | — | 7,718,949 | — | 7,718,949
Commercial Services & Supplies | 110,157 | 21,642,500 | — | 21,752,657
Communications Equipment | — | 151,277 | — | 151,277
Construction & Engineering | — | 2,461,370 | — | 2,461,370
Construction Materials | — | 887,497 | — | 887,497
Consumer Finance | — | 2,892,124 | — | 2,892,124
Consumer Staples Distribution & Retail | — | 4,577,493 | — | 4,577,493
Containers & Packaging | — | 9,517,924 | — | 9,517,924
Diversified Consumer Services | — | 1,003,919 | — | 1,003,919
Diversified REITs | — | 3,790,505 | — | 3,790,505
Diversified Telecommunication Services | 106,777 | 21,159,582 | — | 21,266,359
Electric Utilities | — | 5,713,470 | — | 5,713,470
Electrical Equipment | — | 1,036,172 | — | 1,036,172
Electronic Equipment, Instruments & Components | — | 2,170,348 | — | 2,170,348
Energy Equipment & Services | — | 2,771,179 | — | 2,771,179
Entertainment | — | 1,059,712 | — | 1,059,712
Environmental, Maintenance & Security Service | — | 5,784,451 | — | 5,784,451
Financial Services | — | 8,194,105 | — | 8,194,105
Food Products | — | 3,566,245 | — | 3,566,245
Gas Utilities | — | 387,832 | — | 387,832
Ground Transportation | — | 4,896,418 | — | 4,896,418
Health Care Equipment & Supplies | — | 5,600,407 | — | 5,600,407
Health Care Providers & Services | — | 14,103,303 | — | 14,103,303
Health Care REITs | — | 1,992,393 | — | 1,992,393
Health Care Technology | — | 1,991,472 | — | 1,991,472
Hotel & Resort REITs | — | 3,944,309 | — | 3,944,309
Hotels, Restaurants & Leisure | — | 29,002,898 | — | 29,002,898
Household Durables | — | 2,405,077 | — | 2,405,077
Household Products | — | 442,052 | — | 442,052
Independent Power and Renewable Electricity Producers | — | 2,069,862 | — | 2,069,862
Industrial Conglomerates | — | 78,675 | — | 78,675
Insurance | — | 23,478,386 | — | 23,478,386
Interactive Media & Services | — | 357,903 | — | 357,903
IT Services | — | 4,045,504 | — | 4,045,504
Leisure Products | — | 401,286 | — | 401,286
Machinery | — | 6,476,172 | — | 6,476,172
Marine Transportation | — | 102,695 | — | 102,695
Media | — | 23,527,030 | — | 23,527,030
Metals & Mining | — | 11,593,562 | — | 11,593,562
Mortgage Real Estate Investment Trusts (REITs) | — | 172,833 | — | 172,833
Office REITs | — | 333,909 | — | 333,909
Oil, Gas & Consumable Fuels | — | 44,543,989 | 1,099,543 | 45,643,532
Passenger Airlines | — | 2,767,576 | — | 2,767,576
Personal Care Products | — | 215,137 | — | 215,137
Pharmaceuticals | — | 5,703,774 | — | 5,703,774
Professional Services | — | 1,480,371 | — | 1,480,371
Real Estate Management & Development | — | 910,336 | — | 910,336
Retail REITs | — | 148,906 | — | 148,906
Semiconductors & Semiconductor Equipment | — | 4,978,006 | — | 4,978,006
Software | — | 19,957,456 | — | 19,957,456
Specialized REITs | — | 732,391 | — | 732,391
Specialty Retail | — | 1,416,611 | — | 1,416,611
Technology Hardware, Storage & Peripherals | — | 1,309,183 | — | 1,309,183
Textiles, Apparel & Luxury Goods | — | 313,240 | — | 313,240
Trading Companies & Distributors | — | 343,337 | — | 343,337
Transportation Infrastructure | — | 301,909 | — | 301,909
Water Utilities | — | 856,468 | — | 856,468
Wireless Telecommunication Services | — | 22,360 | — | 22,360
Fixed Rate Loan Interests | — | 1,034,264 | 510,563 | 1,544,827
Floating Rate Loan Interests | — | 301,807,655 | 8,585,866 | 310,393,521
Foreign Agency Obligations | — | 2,870,821 | — | 2,870,821
Investment Companies | 6,511,901 | — | — | 6,511,901

112
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Non-Agency Mortgage-Backed Securities | $ — | $ 17,756,636 | $ — | $ 17,756,636
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Capital Trusts | — | 29,988,016 | — | 29,988,016
Preferred Stocks | 2,702,754 | — | — | 2,702,754
U.S. Government Sponsored Agency Securities | — | 19,724,134 | — | 19,724,134
U.S. Treasury Obligations | — | 57,115,781 | — | 57,115,781
Warrants | 6,153 | — | — | 6,153
Short-Term Securities |  |  |  |
Money Market Funds | 502,236 | — | — | 502,236
Unfunded Floating Rate Loan Interests (a) | — | 120 | 587 | 707
| $ 9,939,978 | $ 842,880,568 | $ 11,583,795 | 864,404,341
Investments Valued at NAV (b) |  |  |  | 701
|  |  |  | $ 864,405,042
Derivative Financial Instruments (c) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 31,593 | $ — | $ 31,593
Foreign Currency Exchange Contracts | — | 23,490 | — | 23,490
Interest Rate Contracts | 313,535 | 88,298 | — | 401,833
Liabilities |  |  |  |
Credit Contracts | — | (204,246 ) | — | (204,246 )
Foreign Currency Exchange Contracts | — | (5 ) | — | (5 )
Interest Rate Contracts | (370,704 ) | (3,957 ) | — | (374,661 )
| $ (57,169 ) | $ (64,827 ) | $ — | $ (121,996 )

(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b) | Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
(c) | 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 or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $349,243,265 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:

| Asset-Backed Securities | Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | Unfunded Floating Rate Loan Interests | Total
Assets |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 878,506 | $ 220,616 | $ 1,153,042 | $ — | $ 8,429,727 | $ — (a) | $ 470 | $ 10,682,361
Transfers into Level 3 (b) | — | 8 | — | — | 2,125,220 | — | — | 2,125,228
Transfers out of Level 3 (c) | — | (92,408 ) | (25,891 ) | — | (3,476,804 ) | — | — | (3,595,103 )
Accrued discounts/premiums | (5,858 ) | — | — | 268 | 18,452 | — | — | 12,862
Net realized gain (loss) | — | — | — | — | (371,991 ) | — | — | (371,991 )
Net change in unrealized appreciation (depreciation) (d)(e) | 23,681 | (108,829 ) | (6,503 ) | (9,455 ) | 224,352 | — | 117 | 123,363
Purchases | — | 471,520 | — | 519,750 | 6,486,949 | — | — | 7,478,219
Sales | — | — | (21,105 ) | — | (4,850,039 ) | — | — | (4,871,144 )
Closing balance, as of June 30, 2024 | $ 896,329 | $ 490,907 | $ 1,099,543 | $ 510,563 | $ 8,585,866 | $ — (a) | $ 587 | $ 11,583,795
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (e) | $ 23,681 | $ (108,829 ) | $ (6,503 ) | (9,455 ) | $ (174,884 ) | $ — | $ 117 | $ (275,873 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(c) | As of December 31, 2023, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2024, 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.
(d) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

Schedule of Investments
113

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Limited Duration Income Trust (BLW)

(e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on
unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
114
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BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AGL CLO Ltd., Series 2022-17A, Class A, (3-mo. CME Term SOFR + 1.33%), 6.65%, 01/21/35 (a)(b) | USD | 1,800 | $ 1,802,338
AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3- mo. CME Term SOFR + 1.46%), 6.79%, 07/20/37 (a)(b) |  | 1,626 | 1,631,685
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 7.73%, 04/16/37 (a)(b) |  | 500 | 501,191
Anchorage Capital CLO Ltd. (a)(b) |  |  |
Series 2015-7A, Class AR3, (3-mo. CME Term SOFR + 1.56%), 6.89%, 04/28/37 |  | 919 | 919,734
Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 9.13%, 04/28/37 |  | 250 | 249,971
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3- mo. CME Term SOFR + 1.16%), 6.49%, 07/18/29 (a)(b) |  | 197 | 197,144
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3- mo. CME Term SOFR + 1.19%), 6.51%, 07/17/30 (a)(b) |  | 137 | 136,666
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3- mo. CME Term SOFR + 8.55%), 13.87%, 04/25/35 (a)(b) |  | 380 | 396,929
Ares XL CLO Ltd., Series 2016-40A, Class A1RR, (3- mo. CME Term SOFR + 1.13%), 6.46%, 01/15/29 (a)(b) |  | 338 | 338,855
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 6.51%, 04/15/30 (a)(b) |  | 154 | 153,938
Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 5.76%, 06/25/36 (a) |  | 3,900 | 2,479,994
Atrium XV (a)(b) |  |  |
Series 15A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.59%, 01/23/31 |  | 550 | 550,503
Series 15A, Class D1R, 07/16/37 (c) |  | 550 | 550,000
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.89%, 07/19/34 (a)(b) |  | 250 | 245,992
Ballyrock CLO Ltd. (a)(b) |  |  |
Series 2020-14A, Class D, (3-mo. CME Term SOFR + 7.26%), 12.59%, 01/20/34 |  | 250 | 251,727
Series 2020-14AR, Class DR, 07/20/37 (c) |  | 250 | 250,000
Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.08%, 10/20/35 |  | 500 | 518,038
Barings CLO Ltd. (a)(b) |  |  |
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/15/30 |  | 800 | 801,993
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.74%, 07/15/34 |  | 250 | 250,641
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. Term SOFR + 0.39%), 5.74%, 11/25/36 (a) |  | 758 | 741,616
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/20/31 (a)(b) |  | 800 | 802,370
Benefit Street Partners CLO XIV Ltd., Series 2018-14A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 04/20/31 (a)(b) |  | 500 | 501,469
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.64%, 07/15/34 (a)(b) |  | 250 | 250,588

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.77%, 10/22/30 (a)(b) | USD | 224 | $ 224,825
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 6.59%, 10/20/30 (a)(b) |  | 2,547 | 2,548,109
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.91%, 04/15/37 (a)(b) |  | 1,000 | 1,013,363
Buckhorn Park CLO Ltd., Series 2019-1A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.71%, 07/18/34 (a)(b) |  | 2,500 | 2,500,004
Carlyle Global Market Strategies CLO Ltd., Series 2015- 1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 6.57%, 07/20/31 (a)(b) |  | 1,341 | 1,341,169
Carlyle U.S. CLO Ltd. (a)(b) |  |  |
Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.39%, 01/20/31 |  | 250 | 251,079
Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 01/25/35 |  | 250 | 250,802
Carrington Mortgage Loan Trust (a) |  |  |
Series 2006-FRE2, Class A2, (1 mo. Term SOFR + 0.23%), 5.58%, 10/25/36 |  | 2,701 | 2,111,937
Series 2006-FRE2, Class A5, (1 mo. Term SOFR + 0.19%), 5.54%, 03/25/35 |  | 5,567 | 4,352,760
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.03%, 07/20/32 (a)(b) |  | 500 | 493,636
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.84%, 07/20/30 (a)(b) |  | 588 | 588,367
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. Term SOFR + 0.43%), 5.78%, 10/25/36 (a) |  | 3,981 | 2,554,964
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.12%, 04/20/35 (a)(b) |  | 400 | 399,970
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-4A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.65%, 04/27/31 |  | 210 | 210,136
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.78%, 10/17/31 |  | 520 | 519,572
Series 2016-1A, Class BRR, (3-mo. CME Term SOFR + 1.96%), 7.28%, 10/21/31 |  | 750 | 749,928
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.73%, 04/21/37 |  | 700 | 708,318
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.53%, 10/24/30 |  | 317 | 317,205
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.69%, 07/15/36 |  | 500 | 501,266
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.67%, 10/22/35 |  | 250 | 253,358
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 10/22/35 |  | 500 | 517,531
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 |  | 319 | 175,871
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 10/20/30 (a)(b) |  | 250 | 250,079
CWABS Trust, Series 2006-26, Class 1A, (1 mo. Term SOFR + 0.25%), 5.60%, 06/25/37 (a) |  | 473 | 436,173
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 5.58%, 01/15/37 (a) |  | 349 | 319,604

Schedule of Investments
115

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.77%, 10/20/30 (a)(b) | USD | 188 | $ 188,292
Dryden CLO Ltd., Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.20%, 10/15/35 (a)(b) |  | 500 | 516,148
Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.69%, 01/15/31 (a)(b) |  | 225 | 225,257
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 6.49%, 04/15/29 (a)(b) |  | 332 | 331,907
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.67%, 04/20/35 (a)(b) |  | 415 | 416,351
Elmwood CLO 22 Ltd, Series 2023-1A, Class E, (3-mo. CME Term SOFR + 7.65%), 12.97%, 04/17/36 (a)(b) |  | 500 | 516,338
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39 (b) |  | 3,800 | 3,634,035
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.53%, 04/17/31 (a)(b) |  | 944 | 944,384
Fremont Home Loan Trust (a) |  |  |
Series 2006-A, Class 2A3, (1 mo. Term SOFR + 0.43%), 5.78%, 05/25/36 |  | 4,008 | 2,444,788
Series 2006-D, Class 2A3, (1 mo. Term SOFR + 0.26%), 5.61%, 11/25/36 |  | 6,030 | 2,062,497
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.76%, 04/15/36 (a)(b) |  | 300 | 313,042
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3- mo. CME Term SOFR + 5.51%), 10.84%, 04/20/31 (a)(b) |  | 500 | 498,778
Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.69%, 07/15/31 (a)(b) |  | 367 | 367,507
Generate CLO Ltd. (a)(b) |  |  |
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.19%, 01/22/31 |  | 600 | 599,983
Series 2A, Class ER, (3-mo. CME Term SOFR + 5.91%), 11.24%, 01/22/31 |  | 250 | 250,169
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.78%, 10/15/30 (a)(b) |  | 258 | 258,495
GoldenTree Loan Management U.S. CLO Ltd. (a)(b) |  |  |
Series 2018-3A, Class D, (3-mo. CME Term SOFR + 3.11%), 8.44%, 04/20/30 |  | 250 | 250,631
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.14%, 10/20/32 |  | 250 | 250,430
Series 2021-10A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.69%, 07/20/34 |  | 1,000 | 1,002,496
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. Term SOFR + 0.28%), 5.63%, 04/25/37 (a) |  | 3,170 | 2,170,047
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. CME Term SOFR + 5.76%), 11.09%, 07/20/30 (a)(b) |  | 1,000 | 998,878
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.57%, 03/20/30 (a)(b) |  | 99 | 98,830
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1 mo. Term SOFR + 0.43%), 5.78%, 08/25/36 (a) |  | 4,838 | 1,885,618
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.83%, 04/18/37 (a)(b) |  | 1,450 | 1,451,237

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding LXIII Ltd., Series 2023-63A, Class E, (3-mo. CME Term SOFR + 8.57%), 13.89%, 04/21/35 (a)(b) | USD | 350 | $ 366,232
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.84%, 04/19/33 (a)(b) |  | 500 | 501,432
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/21/30 (a)(b) |  | 500 | 502,712
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 10/21/30 (a)(b) |  | 250 | 249,992
Madison Park Funding XXIX Ltd. (a)(b) |  |  |
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.59%, 10/18/30 |  | 565 | 568,256
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.29%, 10/18/30 |  | 500 | 501,005
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. CME Term SOFR + 1.01%), 6.34%, 04/15/29 (a)(b) |  | 184 | 184,033
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 7.27%, 04/15/37 (a)(b) |  | 875 | 879,609
MASTR Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. Term SOFR + 0.41%), 5.76%, 06/25/36 (a) |  | 6,839 | 2,421,208
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 6.51%, 10/15/29 (a)(b) |  | 406 | 406,603
Neuberger Berman CLO XX Ltd. (a)(b) |  |  |
Series 2015-20A, Class ARR, (3-mo. CME Term SOFR + 1.42%), 6.75%, 07/15/34 |  | 1,785 | 1,789,014
Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.09%, 07/15/34 |  | 710 | 713,059
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |  |  |
Series 2017-26A, Class AR, (3-mo. CME Term SOFR + 1.18%), 6.51%, 10/18/30 |  | 217 | 217,580
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/20/31 |  | 400 | 399,757
Series 2021-46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 01/20/36 |  | 250 | 251,044
Neuberger Berman Loan Advisers NBLA CLO Ltd. (a)(b) |  |  |
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.07%, 10/24/35 |  | 550 | 559,259
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.13%, 10/24/35 |  | 250 | 258,669
OCP CLO Ltd. (a)(b) |  |  |
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.58%, 01/15/33 |  | 550 | 550,385
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.55%, 07/15/30 |  | 520 | 520,298
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 11/20/30 |  | 400 | 400,798
Series 2019-17A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.63%, 07/20/32 |  | 500 | 501,048
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 7.67%, 04/26/36 |  | 950 | 956,252
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.89%, 07/20/30 (a)(b) |  | 500 | 495,759

116
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Octagon Investment Partners 32 Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.54%, 07/15/29 (a)(b) | USD | 167 | $ 167,047
Octagon Investment Partners XIV Ltd., Series 2012-1A, Class AARR, (3-mo. CME Term SOFR + 1.21%), 6.54%, 07/15/29 (a)(b) |  | 168 | 168,454
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.56%, 07/19/30 (a)(b) |  | 1,909 | 1,909,964
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/25/31 (a)(b) |  | 250 | 250,260
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 6.58%, 02/14/31 (a)(b) |  | 478 | 478,164
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.34%, 01/22/30 (a)(b) |  | 500 | 500,108
OHA Credit Partners VII Ltd., Series 2012-7A, Class AR3, (3-mo. CME Term SOFR + 1.33%), 6.66%, 02/20/34 (a)(b) |  | 1,000 | 1,003,615
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. CME Term SOFR + 1.24%), 6.56%, 10/17/29 (a)(b) |  | 333 | 333,120
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.13%, 01/20/31 (a)(b) |  | 250 | 247,619
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.39%), 6.71%, 01/17/31 (a)(b) |  | 267 | 267,617
Palmer Square Loan Funding Ltd. (a)(b) |  |  |
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.49%, 04/20/29 |  | 56 | 56,331
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.39%, 07/20/29 |  | 508 | 508,011
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.38%, 04/15/30 |  | 143 | 143,059
Rad CLO Ltd. (a)(b) |  |  |
Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.12%, 01/20/33 |  | 500 | 500,733
Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.62%, 10/20/35 |  | 250 | 258,589
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3- mo. CME Term SOFR + 1.33%), 6.65%, 07/17/31 (a)(b) |  | 195 | 195,326
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/15/34 (a)(b) |  | 850 | 851,970
Regatta XXV Funding Ltd., Series 2025, Class E, (3- mo. CME Term SOFR + 8.41%), 13.74%, 07/15/36 (a)(b) |  | 500 | 524,987
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33 (d) |  | 1,110 | 1,001,775
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 |  | 3,517 | 1,418,122
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.44%, 10/15/29 (a)(b) |  | 500 | 499,807
RR Ltd., Series 2021-16A, Class A1, (3-mo. CME Term SOFR + 1.37%), 6.70%, 07/15/36 (a)(b) |  | 1,000 | 1,000,616
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. Term SOFR + 0.51%), 5.86%, 09/25/47 (a) |  | 3,193 | 2,953,463
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45 (d) |  | — (e) | 476,649

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35 (b) | USD | 229 | $ 230,347
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3- mo. CME Term SOFR + 1.21%), 6.54%, 10/26/34 (a)(b) |  | 900 | 900,140
SMB Private Education Loan Trust, Series 2021-A, Class B, 2.31%, 01/15/53 (b) |  | 221 | 207,381
Sofi Personal Loan Term |  |  |
Series 2023-1, Class A, 6.00%, 11/12/30 (b) |  | 290 | 291,247
Series 2024-1, Class A, 6.06%, 02/12/31 (b) |  | 747 | 749,271
Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | 456,981
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 6.65%, 07/20/32 (a)(b) |  | 250 | 250,200
Stratus Static CLO Ltd., Series 2022-3A, Class DR, (3-mo. CME Term SOFR + 3.60%), 8.92%, 10/20/31 (a)(b) |  | 500 | 499,961
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54 (b) |  | 295 | 297,623
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 6.66%, 01/17/32 (a)(b) |  | 481 | 481,244
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.18%, 04/23/35 (a)(b) |  | 600 | 600,491
TCI-Flatiron CLO Ltd. (a)(b) |  |  |
Series 18-1A, Class BR, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/29/32 |  | 645 | 645,000
Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.42%, 01/17/32 |  | 886 | 886,133
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.52%, 07/15/30 (a)(b) |  | 1,863 | 1,863,885
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 01/20/31 (a)(b) |  | 250 | 250,216
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/20/34 (a)(b) |  | 250 | 250,504
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/21/34 (a)(b) |  | 1,000 | 1,004,728
Trestles CLO Ltd. (a)(b) |  |  |
Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/25/32 |  | 250 | 250,352
Series 2017-1A, Class D1RR, 07/25/37 (c) |  | 250 | 250,000
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.76%), 12.09%, 04/23/32 |  | 375 | 375,454
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.40%, 10/22/35 |  | 500 | 513,483
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.44%, 01/20/36 |  | 1,100 | 1,123,966
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.13%, 01/20/36 |  | 500 | 520,540
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 07/20/36 |  | 500 | 521,753
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (f) | GBP | 31 | 40,591
Voya CLO Ltd. (a)(b) |  |  |
Series 2017-3A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.63%, 04/20/34 | USD | 1,955 | 1,955,513
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.74%, 07/15/34 |  | 250 | 250,132
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.59%, 10/15/30 (a)(b) |  | 283 | 282,777

Schedule of Investments
117

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE3, Class 2A3, (1 mo. Term SOFR + 0.35%), 5.70%, 05/25/37 (a) | USD | 5,431 | $ 4,770,331
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.19%, 01/20/35 (a)(b) |  | 275 | 275,035
Total Asset-Backed Securities — 19.8% (Cost: $114,862,099) | 110,694,235

|  | Shares |
Common Stocks
Aerospace & Defense — 0.5% |
RTX Corp. |  | 25,650 | 2,575,003
Total Common Stocks — 0.5% (Cost: $1,747,890) | 2,575,003

|  | Par (000) |
Corporate Bonds
Advertising Agencies (b) — 0.1%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | USD | 744 | 714,072
Stagwell Global LLC, 5.63%, 08/15/29 (g) |  | 129 | 119,147
|  |  | 833,219
Aerospace & Defense — 3.6%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |  | 360 | 366,978
Boeing Co., 6.53%, 05/01/34 (b)(g) |  | 1,055 | 1,080,214
Bombardier, Inc. (b) |  |  |
7.88%, 04/15/27 |  | 71 | 71,181
6.00%, 02/15/28 (g) |  | 683 | 675,143
7.50%, 02/01/29 |  | 14 | 14,507
8.75%, 11/15/30 (g) |  | 607 | 656,035
7.25%, 07/01/31 |  | 196 | 201,237
7.00%, 06/01/32 |  | 336 | 340,667
7.45%, 05/01/34 |  | 286 | 321,247
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b) |  | 734 | 765,883
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(g) |  | 864 | 855,360
Lockheed Martin Corp., 4.09%, 09/15/52 (g) |  | 451 | 361,161
Northrop Grumman Corp., 3.85%, 04/15/45 (g) |  | 680 | 529,803
RTX Corp., 3.75%, 11/01/46 (g) |  | 700 | 523,771
Spirit AeroSystems, Inc. (b) |  |  |
9.38%, 11/30/29 |  | 621 | 668,592
9.75%, 11/15/30 |  | 531 | 585,755
TransDigm, Inc. (b)(g) |  |  |
6.75%, 08/15/28 |  | 2,710 | 2,743,127
6.38%, 03/01/29 |  | 3,368 | 3,384,985
7.13%, 12/01/31 |  | 1,074 | 1,106,625
6.63%, 03/01/32 |  | 3,402 | 3,436,222
Triumph Group, Inc., 9.00%, 03/15/28 (b)(g) |  | 1,244 | 1,304,010
|  |  | 19,992,503
Air Freight & Logistics — 0.2%
FedEx Corp. (g) |  |  |
3.90%, 02/01/35 |  | 500 | 444,995

Security |  | Par (000) | Value
Air Freight & Logistics (continued)
FedEx Corp. (g) (continued) |  |  |
4.75%, 11/15/45 | USD | 500 | $ 431,054
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 36 | 36,447
|  |  | 912,496
Automobile Components — 1.5%
Aptiv PLC, 4.40%, 10/01/46 (g) |  | 280 | 218,487
Champions Financing, Inc., 8.75%, 02/15/29 (b)(g) |  | 452 | 463,514
Clarios Global LP, 6.75%, 05/15/25 (b) |  | 140 | 139,958
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (f) | EUR | 423 | 450,747
6.25%, 05/15/26 (b)(g) | USD | 350 | 349,651
8.50%, 05/15/27 (b)(g) |  | 3,576 | 3,596,172
6.75%, 05/15/28 (b)(g) |  | 1,058 | 1,070,752
Dana Financing Luxembourg SARL, 8.50%, 07/15/31 (f) | EUR | 100 | 116,587
Forvia SE, 3.75%, 06/15/28 (f) |  | 100 | 103,080
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) | USD | 641 | 649,604
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 (g) |  | 132 | 122,865
5.63%, 04/30/33 |  | 137 | 123,837
IHO Verwaltungs GmbH, (3.88% PIK), 3.88%, 05/15/27 (f)(h) | EUR | 100 | 105,079
Mahle GmbH, 6.50%, 05/02/31 (f) |  | 100 | 108,996
Phinia, Inc., 6.75%, 04/15/29 (b) | USD | 199 | 201,953
Schaeffler AG, 4.75%, 08/14/29 (f) | EUR | 100 | 107,791
Tenneco, Inc., 8.00%, 11/17/28 (b) | USD | 197 | 179,338
ZF Europe Finance BV, 6.13%, 03/13/29 (f) | EUR | 100 | 113,152
ZF Finance GmbH, 2.00%, 05/06/27 (f) |  | 100 | 99,930
|  |  | 8,321,493
Automobiles — 1.1%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 | USD | 22 | 20,844
5.00%, 02/15/32 (b) |  | 168 | 152,209
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29 (b) |  | 200 | 197,062
10.38%, 03/31/29 (f) | GBP | 100 | 125,462
Carvana Co. (b)(h) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 304 | 332,778
(14.00% PIK), 14.00%, 06/01/31 |  | 861 | 968,577
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 286 | 295,745
Ford Motor Credit Co. LLC |  |  |
4.39%, 01/08/26 |  | 1,250 | 1,223,351
7.20%, 06/10/30 (g) |  | 200 | 210,383
General Motors Co., 6.25%, 10/02/43 (g) |  | 2,194 | 2,184,845
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(f) | EUR | 100 | 105,223
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (f) | USD | 200 | 192,688
Wabash National Corp., 4.50%, 10/15/28 (b)(g) |  | 281 | 252,850
|  |  | 6,262,017
Banks — 1.5%
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30 (a)(f) | EUR | 100 | 107,365
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(f) |  | 100 | 107,277
Banco BPM SpA, (5-year EUR Swap + 3.17%), 2.88%, 06/29/31 (a)(f) |  | 100 | 102,543
Banco de Credito Social Cooperativo SA, (1-year EURIBOR ICE Swap + 4.27%), 7.50%, 09/14/29 (a)(f) |  | 100 | 118,605
Banco Santander SA, 6.92%, 08/08/33 (g) | USD | 400 | 417,592
Bangkok Bank PCL/Hong Kong |  |  |
5.50%, 09/21/33 (b)(g) |  | 271 | 268,837

118
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued)
Bangkok Bank PCL/Hong Kong (continued) |  |  |
(5-year CMT + 4.73%), 5.00% (a)(f)(i) | USD | 505 | $ 491,112
Barclays Bank PLC, 1.00%, 02/16/29 (g)(j) |  | 476 | 493,479
BNP Paribas SA, (5-year CMT + 3.73%), 8.00% (a)(b)(i) |  | 1,000 | 1,003,728
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13% (a)(f)(i) | EUR | 200 | 212,182
Credit Suisse AG/New York, 5.00%, 07/09/27 (g) | USD | 900 | 892,590
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(g) |  | 815 | 841,066
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 133 | 143,072
HSBC Holdings PLC, 4.38%, 11/23/26 (g) |  | 370 | 360,559
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b) |  | 200 | 198,099
JPMorgan Chase & Co., (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 (a)(g) |  | 2,250 | 2,127,741
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(f) | EUR | 100 | 108,060
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b)(g) | USD | 500 | 478,030
|  |  | 8,471,937
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (g) |  | 2,160 | 1,991,433
Biotechnology — 0.2%
Amgen, Inc., 2.80%, 08/15/41 (g) |  | 250 | 175,734
Cidron Aida Finco SARL, 5.00%, 04/01/28 (f) | EUR | 100 | 98,992
Gilead Sciences, Inc., 4.75%, 03/01/46 (g) | USD | 700 | 623,896
|  |  | 898,622
Broadline Retail — 0.3%
Dufry One BV, 4.75%, 04/18/31 (f) | EUR | 100 | 106,292
LCM Investments Holdings II LLC (b) |  |  |
4.88%, 05/01/29 | USD | 55 | 51,410
8.25%, 08/01/31 (g) |  | 477 | 497,739
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |  | 155 | 153,131
Rakuten Group, Inc. (b) |  |  |
11.25%, 02/15/27 |  | 283 | 302,246
9.75%, 04/15/29 |  | 474 | 488,576
|  |  | 1,599,394
Building Materials — 1.6%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 258 | 255,423
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(g) |  | 295 | 289,217
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (b) | EUR | 205 | 227,778
6.38%, 12/15/30 (f) |  | 100 | 111,111
6.63%, 12/15/30 (b)(g) | USD | 3,738 | 3,767,164
07/15/31 (b)(c) |  | 299 | 302,737
Jeld-Wen, Inc., 4.63%, 12/15/25 (b) |  | 285 | 279,940
Masterbrand, Inc., 7.00%, 07/15/32 (b) |  | 188 | 190,125
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 (g) |  | 103 | 97,245
9.75%, 07/15/28 |  | 61 | 62,016
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 (g) |  | 692 | 676,060
8.88%, 11/15/31 |  | 939 | 996,209
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (f) | EUR | 131 | 132,501
5.00%, 02/15/27 (b) | USD | 94 | 91,374
4.75%, 01/15/28 (b) |  | 6 | 5,709
4.38%, 07/15/30 (b)(g) |  | 1,068 | 964,956

Security |  | Par (000) | Value
Building Materials (continued)
Standard Industries, Inc. (continued) |  |  |
3.38%, 01/15/31 (b) | USD | 125 | $ 105,316
Summit Materials LLC/Summit Materials Finance Corp. (b) |  |  |
5.25%, 01/15/29 |  | 40 | 38,529
7.25%, 01/15/31 (g) |  | 612 | 633,820
|  |  | 9,227,230
Building Products — 0.6%
Beacon Roofing Supply, Inc. (b) |  |  |
4.13%, 05/15/29 |  | 122 | 111,139
6.50%, 08/01/30 (g) |  | 325 | 327,928
Foundation Building Materials, Inc., 6.00%, 03/01/29 (b) |  | 104 | 92,294
Lowe ’ s Cos., Inc., 4.65%, 04/15/42 (g) |  | 400 | 349,081
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (b) |  | 111 | 109,061
White Cap Buyer LLC, 6.88%, 10/15/28 (b)(g) |  | 1,869 | 1,803,381
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (b)(g)(h) |  | 498 | 498,011
|  |  | 3,290,895
Capital Markets — 1.0%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b)(g) |  | 315 | 316,570
Ares Capital Corp. (g) |  |  |
5.88%, 03/01/29 |  | 185 | 182,336
5.95%, 07/15/29 |  | 430 | 422,716
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 130 | 141,387
Blackstone Private Credit Fund |  |  |
3.25%, 03/15/27 |  | 97 | 89,550
5.95%, 07/16/29 (b) |  | 181 | 177,265
6.25%, 01/25/31 (b)(g) |  | 214 | 212,771
Blue Owl Capital Corp. |  |  |
3.75%, 07/22/25 (g) |  | 238 | 232,013
3.40%, 07/15/26 |  | 21 | 19,787
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (b)(g) |  | 196 | 202,222
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 (g) |  | 395 | 405,864
6.60%, 09/15/29 (b) |  | 145 | 143,035
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(g) |  | 273 | 258,933
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 |  | 563 | 558,555
5.25%, 05/15/27 (g) |  | 1,071 | 1,005,265
9.75%, 01/15/29 (b) |  | 391 | 405,075
4.38%, 02/01/29 (g) |  | 272 | 232,571
9.00%, 06/15/30 (b) |  | 260 | 258,688
Oaktree Strategic Credit Fund, 8.40%, 11/14/28 (b)(g) |  | 218 | 230,428
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(i) |  | 355 | 357,116
|  |  | 5,852,147
Chemicals — 1.9%
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |  | 358 | 371,763
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(g) |  | 245 | 219,197
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b) |  | 600 | 583,395
Braskem Idesa SAPI, 6.99%, 02/20/32 (b) |  | 305 | 232,105
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 310 | 294,258
5.75%, 11/15/28 (b) |  | 182 | 168,031
4.63%, 11/15/29 (b) |  | 309 | 266,049
Element Solutions, Inc., 3.88%, 09/01/28 (b)(g) |  | 2,001 | 1,838,939

Schedule of Investments
119

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
HB Fuller Co., 4.25%, 10/15/28 | USD | 141 | $ 132,896
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 471 | 408,564
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(g) |  | 423 | 426,350
INEOS Finance PLC, 6.38%, 04/15/29 (f) | EUR | 100 | 110,174
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29 (f) |  | 102 | 115,655
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(h) | USD | 366 | 299,405
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) |  | 170 | 160,897
Minerals Technologies, Inc., 5.00%, 07/01/28 (b) |  | 218 | 206,906
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (f) | EUR | 100 | 114,739
9.75%, 11/15/28 (b)(g) | USD | 1,098 | 1,161,652
7.25%, 06/15/31 (b) |  | 788 | 783,280
Sherwin-Williams Co., 4.50%, 06/01/47 (g) |  | 310 | 261,407
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 586 | 530,689
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 177 | 170,687
5.63%, 08/15/29 (g) |  | 1,638 | 1,509,737
7.38%, 03/01/31 |  | 445 | 450,991
|  |  | 10,817,766
Commercial Services & Supplies — 5.1%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 35 | 31,454
4.88%, 07/15/32 |  | 173 | 158,866
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b) |  | 222 | 219,142
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 1,477 | 1,480,843
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(g) |  |  |
6.63%, 07/15/26 |  | 87 | 86,737
9.75%, 07/15/27 |  | 229 | 227,602
6.00%, 06/01/29 |  | 1,655 | 1,448,763
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b)(g) |  | 1,566 | 1,426,688
4.63%, 06/01/28 (b) |  | 900 | 820,876
4.88%, 06/01/28 (f) | GBP | 100 | 113,611
APi Group DE, Inc. (b) |  |  |
4.13%, 07/15/29 | USD | 168 | 152,880
4.75%, 10/15/29 |  | 128 | 119,428
APX Group, Inc., 5.75%, 07/15/29 (b)(g) |  | 342 | 328,125
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 966 | 912,481
3.50%, 06/01/31 (g) |  | 207 | 178,570
6.50%, 05/15/32 (b)(g) |  | 2,980 | 3,019,902
Boels Topholding BV, 5.75%, 05/15/30 (f) | EUR | 100 | 108,487
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b)(g) | USD | 1,806 | 1,883,030
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 208 | 210,181
6.75%, 06/15/32 |  | 313 | 315,297
DP World Salaam, (5-year CMT + 5.75%), 6.00% (a)(f)(i) |  | 200 | 198,688
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 (g) |  | 972 | 942,399
7.88%, 12/01/30 |  | 994 | 1,039,852
7.00%, 05/01/31 |  | 1,307 | 1,335,307
7.00%, 06/15/32 |  | 836 | 847,826
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 437 | 417,580
9.50%, 11/01/27 |  | 139 | 139,643

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Garda World Security Corp. (b) (continued) |  |  |
7.75%, 02/15/28 (g) | USD | 781 | $ 795,438
6.00%, 06/01/29 |  | 143 | 130,463
Global Payments, Inc., 1.50%, 03/01/31 (b)(g)(j) |  | 717 | 656,413
Grand Canyon University, 5.13%, 10/01/28 |  | 249 | 224,551
Herc Holdings, Inc. (b) |  |  |
5.50%, 07/15/27 (g) |  | 778 | 765,825
6.63%, 06/15/29 |  | 365 | 370,118
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26 (b) |  | 114 | 112,989
Loxam SAS, 6.38%, 05/31/29 (f) | EUR | 100 | 110,332
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b)(g) | USD | 158 | 147,301
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |  | 192 | 177,836
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |  |  |
5.75%, 04/15/26 |  | 444 | 440,627
6.25%, 01/15/28 (g) |  | 268 | 264,093
Q-Park Holding I BV, 02/15/30 (c)(f) | EUR | 100 | 106,827
Service Corp. International (g) |  |  |
5.13%, 06/01/29 | USD | 107 | 103,969
4.00%, 05/15/31 |  | 503 | 447,960
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |  | 759 | 734,908
Shift4 Payments, Inc., 0.00%, 12/15/25 (j)(k) |  | 219 | 251,802
Sotheby ’ s, 7.38%, 10/15/27 (b)(g) |  | 1,730 | 1,444,646
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(g) |  | 690 | 513,482
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b)(g) |  | 520 | 508,446
United Rentals North America, Inc. |  |  |
5.50%, 05/15/27 |  | 173 | 171,668
6.13%, 03/15/34 (b) |  | 231 | 230,157
Verisure Holding AB, 9.25%, 10/15/27 (f) | EUR | 100 | 113,253
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) | USD | 802 | 828,299
Williams Scotsman, Inc. (b) |  |  |
6.63%, 06/15/29 |  | 257 | 259,034
7.38%, 10/01/31 |  | 412 | 423,993
|  |  | 28,498,688
Communications Equipment — 0.0%
CommScope, Inc., 4.75%, 09/01/29 (b)(g) |  | 131 | 90,693
Construction & Engineering (b) — 0.5%
Arcosa, Inc., 4.38%, 04/15/29 |  | 477 | 442,954
Brand Industrial Services, Inc., 10.38%, 08/01/30 (g) |  | 1,928 | 2,083,578
Pike Corp., 8.63%, 01/31/31 |  | 117 | 123,940
|  |  | 2,650,472
Construction Materials (b) — 0.2%
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 231 | 222,908
Gates Corp., 6.88%, 07/01/29 |  | 395 | 401,889
Resideo Funding, Inc., 4.00%, 09/01/29 |  | 77 | 67,865
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 171 | 175,882
|  |  | 868,544
Consumer Finance — 0.6%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 182 | 191,194
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (j) |  | 396 | 420,354
Navient Corp. |  |  |
5.50%, 03/15/29 (g) |  | 268 | 244,689
9.38%, 07/25/30 |  | 241 | 253,405
OneMain Finance Corp. |  |  |
3.50%, 01/15/27 (g) |  | 389 | 364,472
6.63%, 01/15/28 (g) |  | 285 | 286,011
9.00%, 01/15/29 (g) |  | 411 | 433,614

120
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Consumer Finance (continued)
OneMain Finance Corp. (continued) |  |  |
5.38%, 11/15/29 | USD | 93 | $ 87,221
7.88%, 03/15/30 (g) |  | 508 | 523,776
4.00%, 09/15/30 |  | 231 | 198,254
7.50%, 05/15/31 |  | 142 | 143,686
Raymond James Financial, Inc., 4.95%, 07/15/46 (g) |  | 400 | 359,991
|  |  | 3,506,667
Consumer Staples Distribution & Retail — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 |  | 65 | 62,439
7.50%, 03/15/26 |  | 127 | 128,787
4.63%, 01/15/27 |  | 1,035 | 999,725
5.88%, 02/15/28 |  | 348 | 343,959
6.50%, 02/15/28 |  | 128 | 128,607
3.50%, 03/15/29 |  | 309 | 277,959
4.88%, 02/15/30 (g) |  | 261 | 246,645
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 (b) |  | 534 | 517,447
BRF GmbH, 4.35%, 09/29/26 (f) |  | 200 | 191,380
Lamb Weston Holdings, Inc. (b)(g) |  |  |
4.13%, 01/31/30 |  | 368 | 334,182
4.38%, 01/31/32 |  | 474 | 422,746
Performance Food Group, Inc., 4.25%, 08/01/29 (b)(g) |  | 383 | 348,687
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 (g) |  | 397 | 364,810
4.50%, 09/15/31 |  | 42 | 37,647
6.25%, 02/15/32 |  | 359 | 359,466
Premier Foods Finance PLC, 3.50%, 10/15/26 (f) | GBP | 100 | 121,773
U.S. Foods, Inc. (b) |  |  |
6.88%, 09/15/28 | USD | 185 | 189,147
4.75%, 02/15/29 (g) |  | 427 | 405,001
4.63%, 06/01/30 |  | 51 | 47,382
7.25%, 01/15/32 (g) |  | 306 | 317,564
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 118 | 106,526
Walgreens Boots Alliance, Inc., 3.20%, 04/15/30 (g) |  | 40 | 33,485
|  |  | 5,985,364
Containers & Packaging — 2.3%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |  |  |
6.00%, 06/15/27 |  | 736 | 723,210
3.25%, 09/01/28 |  | 200 | 175,720
4.00%, 09/01/29 (g) |  | 2,000 | 1,692,511
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (f) | EUR | 243 | 215,742
4.13%, 08/15/26 (b) | USD | 1,124 | 975,594
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b)(g) |  | 211 | 202,385
Clydesdale Acquisition Holdings, Inc. (b)(g) |  |  |
6.63%, 04/15/29 |  | 706 | 693,881
8.75%, 04/15/30 |  | 1,004 | 982,570
Crown Americas LLC, 5.25%, 04/01/30 |  | 31 | 29,988
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 74 | 71,303
Graphic Packaging International LLC, 2.63%, 02/01/29 (f) | EUR | 195 | 193,739
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 | USD | 92 | 90,851
5.88%, 11/01/28 |  | 299 | 272,645
9.50%, 11/01/28 |  | 567 | 571,467
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (g) |  | 4,708 | 4,802,119

Security |  | Par (000) | Value
Containers & Packaging (continued)
Mauser Packaging Solutions Holding Co. (b) (continued) |  |  |
9.25%, 04/15/27 | USD | 80 | $ 80,051
OI European Group BV |  |  |
6.25%, 05/15/28 (b) | EUR | 150 | 166,064
5.25%, 06/01/29 (f) |  | 100 | 107,469
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 51 | 50,896
7.25%, 05/15/31 (g) |  | 221 | 220,616
Sealed Air Corp. (b) |  |  |
5.00%, 04/15/29 |  | 77 | 73,282
6.50%, 07/15/32 |  | 248 | 246,608
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b)(g) |  | 110 | 109,735
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) |  | 16 | 17,475
|  |  | 12,765,921
Diversified Consumer Services (b) — 0.2%
Match Group Holdings II LLC |  |  |
5.63%, 02/15/29 (g) |  | 209 | 200,753
4.13%, 08/01/30 |  | 262 | 231,813
3.63%, 10/01/31 (g) |  | 564 | 477,723
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |  | 372 | 321,682
|  |  | 1,231,971
Diversified REITs — 0.8%
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b)(g) |  | 268 | 278,623
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 353 | 322,444
Iron Mountain U.K. PLC, 3.88%, 11/15/25 (f) | GBP | 100 | 123,393
SBA Communications Corp. |  |  |
3.13%, 02/01/29 (g) | USD | 1,435 | 1,279,371
3.88%, 02/15/27 |  | 73 | 69,571
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (b) |  |  |
10.50%, 02/15/28 (g) |  | 1,953 | 1,912,538
10.50%, 02/15/28 |  | 385 | 377,024
|  |  | 4,362,964
Diversified Telecommunication Services — 4.8%
Altice Financing SA (b) |  |  |
9.63%, 07/15/27 |  | 667 | 611,168
5.75%, 08/15/29 (g) |  | 1,398 | 1,015,028
Altice France SA/France (b) |  |  |
5.50%, 01/15/28 |  | 357 | 244,505
5.13%, 01/15/29 |  | 200 | 130,499
5.13%, 07/15/29 |  | 1,976 | 1,299,420
AT&T, Inc. (g) |  |  |
4.65%, 06/01/44 |  | 111 | 94,853
4.75%, 05/15/46 |  | 2,545 | 2,201,101
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 418 | 369,576
5.63%, 09/15/28 |  | 401 | 323,335
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30 (f)(j) | EUR | 100 | 106,777
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b)(g) | USD | 800 | 772,121
Frontier Communications Holdings LLC (b) |  |  |
5.88%, 10/15/27 |  | 405 | 395,405
5.00%, 05/01/28 (g) |  | 1,139 | 1,073,046
8.75%, 05/15/30 (g) |  | 1,794 | 1,848,614
8.63%, 03/15/31 |  | 331 | 340,972
GCI LLC, 4.75%, 10/15/28 (b) |  | 136 | 124,138

Schedule of Investments
121

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Iliad Holding SASU (b) |  |  |
6.50%, 10/15/26 (g) | USD | 831 | $ 827,319
7.00%, 10/15/28 (g) |  | 238 | 236,008
8.50%, 04/15/31 |  | 1,050 | 1,063,165
iliad SA (f) |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,873
5.63%, 02/15/30 |  | 100 | 109,594
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (f) |  | 117 | 121,542
Kenbourne Invest SA, 6.88%, 11/26/24 (b) | USD | 243 | 103,275
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 (g) |  | 1,471 | 1,467,322
4.88%, 06/15/29 |  | 690 | 393,576
11.00%, 11/15/29 (g) |  | 1,462 | 1,495,984
10.50%, 05/15/30 (g) |  | 1,605 | 1,589,615
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (f) | EUR | 100 | 109,639
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 | USD | 260 | 168,806
4.13%, 04/15/30 |  | 260 | 162,323
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(f)(i) |  | 250 | 247,375
Sable International Finance Ltd., 5.75%, 09/07/27 (b)(g) |  | 200 | 192,687
SoftBank Group Corp. (f) |  |  |
4.50%, 04/20/25 | EUR | 100 | 106,961
3.38%, 07/06/29 |  | 100 | 98,527
3.88%, 07/06/32 |  | 100 | 95,850
Telecom Italia Capital SA (b) |  |  |
6.00%, 09/30/34 (g) | USD | 897 | 848,907
7.20%, 07/18/36 |  | 358 | 368,955
Telecom Italia SpA/Milano, 2.75%, 04/15/25 (f) | EUR | 100 | 105,596
Verizon Communications, Inc. (g) |  |  |
4.50%, 08/10/33 | USD | 500 | 470,056
3.70%, 03/22/61 |  | 1,250 | 881,975
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25 (f) |  | 208 | 184,080
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29 (f) | GBP | 100 | 109,281
4.50%, 07/15/31 (f) |  | 100 | 104,257
4.75%, 07/15/31 (b)(g) | USD | 562 | 473,977
7.75%, 04/15/32 (b) |  | 252 | 245,811
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b) |  | 284 | 267,541
Zayo Group Holdings, Inc. (b)(g) |  |  |
4.00%, 03/01/27 |  | 3,499 | 2,798,380
6.13%, 03/01/28 |  | 703 | 470,697
|  |  | 26,978,512
Electric Utilities — 1.4%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (f) |  | 215 | 186,384
Clearway Energy Operating LLC, 4.75%, 03/15/28 (b) |  | 53 | 50,643
Duke Energy Corp., 4.80%, 12/15/45 (g) |  | 1,500 | 1,294,736
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(i) |  | 40 | 38,966
Enel Finance International NV, 3.63%, 05/25/27 (b)(g) |  | 1,250 | 1,193,802
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (f) |  | 211 | 200,740
NextEra Energy Operating Partners LP (b) |  |  |
4.25%, 07/15/24 |  | 205 | 204,677
4.25%, 09/15/24 |  | 11 | 10,876
3.88%, 10/15/26 |  | 86 | 81,780
7.25%, 01/15/29 |  | 219 | 224,578

Security |  | Par (000) | Value
Electric Utilities (continued)
NRG Energy, Inc. |  |  |
6.63%, 01/15/27 | USD | 958 | $ 956,089
7.00%, 03/15/33 (b)(g) |  | 134 | 141,451
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |  | 407 | 376,726
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (f) |  | 157 | 157,187
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |  | 174 | 185,523
TransAlta Corp., 7.75%, 11/15/29 |  | 63 | 65,742
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37 (g) |  | 750 | 772,920
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(i) |  | 240 | 242,040
Vistra Operations Co. LLC (b) |  |  |
7.75%, 10/15/31 |  | 480 | 499,868
6.88%, 04/15/32 |  | 507 | 514,692
6.95%, 10/15/33 (g) |  | 164 | 175,527
|  |  | 7,574,947
Electrical Equipment — 0.2%
Nexans SA, 4.25%, 03/11/30 (f) | EUR | 100 | 105,914
WESCO Distribution, Inc. (b) |  |  |
7.25%, 06/15/28 (g) | USD | 414 | 421,427
6.38%, 03/15/29 |  | 234 | 234,845
6.63%, 03/15/32 |  | 296 | 299,116
|  |  | 1,061,302
Electronic Equipment, Instruments & Components — 0.8%
Coherent Corp., 5.00%, 12/15/29 (b)(g) |  | 610 | 577,289
Corning, Inc., 4.38%, 11/15/57 (g) |  | 1,915 | 1,501,988
EquipmentShare.com, Inc., 8.63%, 05/15/32 (b) |  | 122 | 126,504
Imola Merger Corp., 4.75%, 05/15/29 (b)(g) |  | 582 | 544,078
Sensata Technologies, Inc. (b) |  |  |
4.38%, 02/15/30 |  | 1,066 | 979,016
3.75%, 02/15/31 |  | 26 | 22,662
6.63%, 07/15/32 |  | 500 | 503,576
Zebra Technologies Corp., 6.50%, 06/01/32 (b) |  | 154 | 155,734
|  |  | 4,410,847
Energy Equipment & Services — 0.7%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 312 | 313,243
6.25%, 04/01/28 (g) |  | 1,088 | 1,077,537
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b)(g) |  | 685 | 702,177
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 92 | 90,948
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 637 | 638,194
7.13%, 03/15/29 (b)(g) |  | 553 | 557,207
Weatherford International Ltd., 8.63%, 04/30/30 (b)(g) |  | 472 | 489,104
|  |  | 3,868,410
Entertainment — 0.4%
Boyne USA, Inc., 4.75%, 05/15/29 (b)(g) |  | 465 | 433,891
CPUK Finance Ltd., 4.50%, 08/28/27 (f) | GBP | 100 | 117,852
Inter Media and Communication SpA, 6.75%, 02/09/27 (f) | EUR | 100 | 105,489
Live Nation Entertainment, Inc. (b) |  |  |
4.75%, 10/15/27 (g) | USD | 555 | 531,871
3.75%, 01/15/28 |  | 253 | 235,007
Motion Bondco DAC, 6.63%, 11/15/27 (b) |  | 200 | 193,715

122
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment (continued)
Odeon Finco PLC, 12.75%, 11/01/27 (b) | USD | 400 | $ 419,249
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 101 | 88,623
|  |  | 2,125,697
Environmental, Maintenance & Security Service — 1.1%
Clean Harbors, Inc. (b) |  |  |
4.88%, 07/15/27 |  | 215 | 208,106
5.13%, 07/15/29 |  | 149 | 143,125
6.38%, 02/01/31 |  | 87 | 87,227
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b)(g) |  | 181 | 165,204
5.00%, 09/01/30 |  | 91 | 82,247
GFL Environmental, Inc. (b) |  |  |
3.75%, 08/01/25 (g) |  | 402 | 398,389
4.00%, 08/01/28 |  | 567 | 526,975
3.50%, 09/01/28 |  | 259 | 238,764
4.75%, 06/15/29 (g) |  | 483 | 455,838
4.38%, 08/15/29 (g) |  | 519 | 478,292
6.75%, 01/15/31 |  | 621 | 633,534
Madison IAQ LLC (b) |  |  |
4.13%, 06/30/28 |  | 320 | 298,441
5.88%, 06/30/29 (g) |  | 689 | 641,045
Paprec Holding SA, 7.25%, 11/17/29 (f) | EUR | 100 | 112,452
Waste Pro USA, Inc., 5.50%, 02/15/26 (b)(g) | USD | 1,690 | 1,666,690
|  |  | 6,136,329
Financial Services — 2.0%
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 (g) |  | 250 | 226,502
Blue Owl Credit Income Corp., 6.65%, 03/15/31 |  | 430 | 420,260
Enact Holdings, Inc., 6.25%, 05/28/29 (g) |  | 176 | 176,052
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 511 | 510,670
9.13%, 05/15/31 |  | 359 | 349,343
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 58 | 59,184
8.00%, 02/15/27 |  | 425 | 438,992
8.00%, 06/15/28 |  | 177 | 186,425
6.88%, 04/15/29 |  | 341 | 346,967
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(h) |  | 295 | 284,854
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 07/01/34 (b)(c) |  | 195 | 190,896
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b)(g) |  | 285 | 287,095
Intrum AB, 3.00%, 09/15/27 (f) | EUR | 100 | 68,973
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b)(g) | USD | 415 | 382,825
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.25%, 02/01/27 |  | 220 | 208,366
4.75%, 06/15/29 |  | 85 | 78,519
07/15/31 (c) |  | 297 | 299,599
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 303 | 269,040
Macquarie Airfinance Holdings Ltd. (b) |  |  |
6.40%, 03/26/29 |  | 85 | 86,438
8.13%, 03/30/29 (g) |  | 327 | 345,703
6.50%, 03/26/31 (g) |  | 220 | 226,229
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 (g) |  | 1,902 | 1,861,607
6.00%, 01/15/27 (g) |  | 101 | 99,923
5.13%, 12/15/30 (g) |  | 269 | 246,671
5.75%, 11/15/31 |  | 170 | 159,786
7.13%, 02/01/32 (g) |  | 995 | 1,000,814

Security |  | Par (000) | Value
Financial Services (continued)
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 | USD | 367 | $ 378,444
7.13%, 11/15/30 |  | 366 | 364,872
ProGroup AG, 5.13%, 04/15/29 (f) | EUR | 100 | 107,376
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (g) | USD | 1,123 | 1,048,755
3.88%, 03/01/31 (g) |  | 201 | 175,168
4.00%, 10/15/33 |  | 104 | 87,640
|  |  | 10,973,988
Food Products — 1.0%
Aramark International Finance SARL, 3.13%, 04/01/25 (f) | EUR | 200 | 211,780
Aramark Services, Inc., 5.00%, 02/01/28 (b)(g) | USD | 1,207 | 1,167,317
B&G Foods, Inc., 09/15/28 (b)(c) |  | 118 | 119,915
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (f) | GBP | 104 | 131,302
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 | USD | 1,233 | 1,164,456
7.63%, 07/01/29 (g) |  | 1,528 | 1,573,696
Darling Global Finance BV, 3.63%, 05/15/26 (f) | EUR | 156 | 165,151
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(g) | USD | 557 | 547,680
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) |  | 194 | 200,458
Lion/Polaris Lux 4 SA, 07/01/29 (a)(c)(f) | EUR | 100 | 107,095
|  |  | 5,388,850
Gas Utilities (b) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 | USD | 387 | 397,238
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 117 | 105,363
|  |  | 502,601
Ground Transportation — 1.1%
Brightline East LLC, 11.00%, 01/31/30 (b)(g) |  | 289 | 263,529
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42 (g) |  | 500 | 434,785
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |  | 568 | 565,872
GN Bondco LLC, 9.50%, 10/15/31 (b)(g) |  | 245 | 228,359
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(g) |  | 1,717 | 1,693,050
Uber Technologies, Inc. |  |  |
0.00%, 12/15/25 (g)(j)(k) |  | 215 | 230,480
8.00%, 11/01/26 (b)(g) |  | 363 | 366,148
7.50%, 09/15/27 (b)(g) |  | 545 | 555,692
6.25%, 01/15/28 (b) |  | 196 | 196,230
4.50%, 08/15/29 (b)(g) |  | 760 | 724,120
Series 2028, 0.88%, 12/01/28 (b)(j) |  | 771 | 916,719
Union Pacific Corp., 3.20%, 05/20/41 |  | 275 | 207,766
|  |  | 6,382,750
Health Care Equipment & Supplies — 1.2%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (f) | EUR | 300 | 314,085
4.63%, 07/15/28 (b)(g) | USD | 1,050 | 999,179
3.88%, 11/01/29 (b) |  | 31 | 28,190
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b)(g) |  | 1,581 | 1,618,549
Medline Borrower LP (b) |  |  |
3.88%, 04/01/29 |  | 888 | 817,768
5.25%, 10/01/29 (g) |  | 1,866 | 1,780,774
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 770 | 778,715
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 254 | 274,216
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 259 | 259,384
|  |  | 6,870,860

Schedule of Investments
123

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services — 2.8%
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) | USD | 442 | $ 419,589
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 (g) |  | 683 | 669,720
3.13%, 02/15/29 |  | 313 | 299,567
3.50%, 04/01/30 |  | 453 | 433,651
Charles River Laboratories International, Inc., 4.00%, 03/15/31 (b) |  | 55 | 49,054
CHS/Community Health Systems, Inc. (b) |  |  |
5.63%, 03/15/27 (g) |  | 774 | 720,754
6.00%, 01/15/29 (g) |  | 769 | 678,648
5.25%, 05/15/30 (g) |  | 1,146 | 944,868
4.75%, 02/15/31 (g) |  | 696 | 547,216
10.88%, 01/15/32 |  | 753 | 783,712
Concentra Escrow Issuer Corp., 07/15/32 (b)(c) |  | 330 | 334,343
Encompass Health Corp. |  |  |
4.75%, 02/01/30 (g) |  | 380 | 355,565
4.63%, 04/01/31 |  | 303 | 278,069
Ephios Subco 3 SARL, 7.88%, 01/31/31 (f) | EUR | 100 | 113,866
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(g) | USD | 254 | 252,371
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 988 | 923,464
IQVIA, Inc. (b) |  |  |
5.00%, 10/15/26 (g) |  | 348 | 341,448
6.50%, 05/15/30 |  | 274 | 278,121
LifePoint Health, Inc. (b) |  |  |
9.88%, 08/15/30 (g) |  | 445 | 474,559
11.00%, 10/15/30 (g) |  | 653 | 719,454
10.00%, 06/01/32 |  | 359 | 367,046
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 |  | 59 | 55,533
3.88%, 11/15/30 |  | 321 | 285,371
3.88%, 05/15/32 (g) |  | 213 | 184,564
Northwell Healthcare, Inc., 4.26%, 11/01/47 (g) |  | 686 | 555,150
Star Parent, Inc., 9.00%, 10/01/30 (b)(g) |  | 1,325 | 1,391,113
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(g) |  | 826 | 834,372
Tenet Healthcare Corp. |  |  |
6.13%, 06/15/30 |  | 320 | 317,839
6.75%, 05/15/31 (g) |  | 1,097 | 1,113,469
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b)(g) |  | 333 | 327,935
UnitedHealth Group, Inc., 4.38%, 03/15/42 (g) |  | 750 | 656,658
|  |  | 15,707,089
Health Care REITs — 0.3%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 382 | 413,857
5.25%, 08/01/26 | USD | 72 | 65,429
5.00%, 10/15/27 |  | 58 | 47,903
4.63%, 08/01/29 (g) |  | 208 | 150,969
3.50%, 03/15/31 |  | 1,185 | 772,165
|  |  | 1,450,323
Health Care Technology — 0.5%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(g) |  | 2,808 | 2,585,323
Hotel & Resort REITs — 0.7%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 295 | 298,518
RHP Hotel Properties LP/RHP Finance Corp. |  |  |
4.75%, 10/15/27 |  | 17 | 16,367
7.25%, 07/15/28 (b) |  | 356 | 368,131
4.50%, 02/15/29 (b) |  | 142 | 133,169

Security |  | Par (000) | Value
Hotel & Resort REITs (continued)
RHP Hotel Properties LP/RHP Finance Corp. (continued) |  |  |
6.50%, 04/01/32 (b) | USD | 1,034 | $ 1,034,075
Service Properties Trust |  |  |
8.63%, 11/15/31 (b)(g) |  | 1,536 | 1,600,994
8.88%, 06/15/32 |  | 604 | 563,372
|  |  | 4,014,626
Hotels, Restaurants & Leisure — 6.4%
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 7.49%, 07/18/30 (a)(f) | EUR | 100 | 107,566
Boyd Gaming Corp., 4.75%, 06/15/31 (b)(g) | USD | 269 | 243,796
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 |  | 69 | 64,625
4.38%, 01/15/28 (g) |  | 157 | 148,078
4.00%, 10/15/30 |  | 771 | 678,711
Caesars Entertainment, Inc. (b)(g) |  |  |
8.13%, 07/01/27 |  | 1,337 | 1,364,184
4.63%, 10/15/29 |  | 184 | 168,686
7.00%, 02/15/30 |  | 2,112 | 2,157,790
6.50%, 02/15/32 |  | 892 | 896,374
Carnival Corp. (b) |  |  |
7.63%, 03/01/26 |  | 197 | 198,947
5.75%, 03/01/27 |  | 1,024 | 1,011,633
4.00%, 08/01/28 (g) |  | 449 | 421,358
6.00%, 05/01/29 (g) |  | 1,119 | 1,105,370
7.00%, 08/15/29 |  | 148 | 153,415
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b)(g) |  | 3,535 | 3,826,934
Churchill Downs, Inc. (b) |  |  |
5.50%, 04/01/27 (g) |  | 527 | 518,518
4.75%, 01/15/28 |  | 618 | 590,279
5.75%, 04/01/30 |  | 1,073 | 1,042,242
6.75%, 05/01/31 (g) |  | 504 | 506,729
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.37%, 07/31/28 (a)(f) | EUR | 100 | 108,166
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 | USD | 412 | 375,192
6.75%, 01/15/30 (g) |  | 172 | 151,043
Flutter Treasury Designated Activity Co., 6.38%, 04/29/29 (b) |  | 224 | 225,418
Hilton Domestic Operating Co., Inc. |  |  |
3.75%, 05/01/29 (b)(g) |  | 139 | 127,457
4.88%, 01/15/30 (g) |  | 450 | 431,899
4.00%, 05/01/31 (b)(g) |  | 302 | 270,322
3.63%, 02/15/32 (b) |  | 3 | 2,596
6.13%, 04/01/32 (b)(g) |  | 266 | 267,290
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 305 | 306,428
Life Time, Inc. (b) |  |  |
5.75%, 01/15/26 |  | 435 | 433,083
8.00%, 04/15/26 (g) |  | 336 | 339,952
Light & Wonder International, Inc. (b) |  |  |
7.00%, 05/15/28 |  | 190 | 190,982
7.25%, 11/15/29 |  | 213 | 217,538
7.50%, 09/01/31 |  | 272 | 281,036
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 147 | 151,125
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 275 | 271,550

124
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.79%, 12/15/30 (a)(f) | EUR | 100 | $ 108,436
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) | USD | 353 | 332,375
Melco Resorts Finance Ltd. |  |  |
4.88%, 06/06/25 (b) |  | 400 | 392,000
5.75%, 07/21/28 (b) |  | 200 | 187,000
5.38%, 12/04/29 (b) |  | 390 | 350,218
5.38%, 12/04/29 (f) |  | 250 | 224,499
7.63%, 04/17/32 (b) |  | 344 | 341,420
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |  | 392 | 399,393
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b) |  | 600 | 591,123
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (f) |  | 250 | 247,109
4.75%, 02/01/27 (b) |  | 200 | 190,600
7.13%, 06/26/31 (b) |  | 200 | 201,020
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 (g) |  | 360 | 355,904
8.38%, 02/01/28 |  | 173 | 180,775
8.13%, 01/15/29 |  | 159 | 166,593
7.75%, 02/15/29 |  | 80 | 83,176
NCL Finance Ltd., 6.13%, 03/15/28 (b)(g) |  | 333 | 328,849
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 366 | 375,608
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 |  | 148 | 106,434
5.88%, 09/01/31 |  | 148 | 100,652
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 185 | 199,807
Royal Caribbean Cruises Ltd. (b) |  |  |
4.25%, 07/01/26 |  | 92 | 89,037
5.38%, 07/15/27 (g) |  | 173 | 170,340
5.50%, 04/01/28 |  | 152 | 150,061
9.25%, 01/15/29 (g) |  | 247 | 263,688
7.25%, 01/15/30 |  | 279 | 288,881
6.25%, 03/15/32 (g) |  | 440 | 443,696
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 (g) |  | 744 | 685,422
11.25%, 12/15/27 |  | 34 | 33,051
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 280 | 272,949
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b)(g) |  | 1,141 | 1,161,666
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b)(g) |  | 1,100 | 1,117,860
Station Casinos LLC (b) |  |  |
4.63%, 12/01/31 |  | 354 | 315,521
6.63%, 03/15/32 |  | 254 | 252,752
TUI AG, 5.88%, 03/15/29 (f) | EUR | 100 | 108,701
Vail Resorts, Inc., 6.50%, 05/15/32 (b)(g) | USD | 479 | 484,728
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 (g) |  | 308 | 304,813
7.00%, 02/15/29 |  | 66 | 66,352
9.13%, 07/15/31 |  | 931 | 1,008,333
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 206 | 201,377
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b) |  | 2 | 1,951
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26 (b) |  | 200 | 195,817
5.50%, 01/15/26 (f) |  | 200 | 195,817
5.63%, 08/26/28 (b) |  | 963 | 901,368
5.13%, 12/15/29 (b) |  | 610 | 551,097

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)(g) |  |  |
5.13%, 10/01/29 | USD | 1,011 | $ 961,526
7.13%, 02/15/31 |  | 617 | 639,782
Yum! Brands, Inc., 4.75%, 01/15/30 (b) |  | 219 | 208,589
|  |  | 35,894,478
Household Durables — 0.4%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (b) |  | 185 | 165,346
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 116 | 115,758
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b) |  |  |
5.00%, 06/15/29 |  | 266 | 242,951
4.88%, 02/15/30 |  | 476 | 425,771
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 151 | 154,611
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 103 | 104,803
LG Electronics, Inc., 5.63%, 04/24/27 (b)(g) |  | 200 | 200,625
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 116 | 120,826
Meritage Homes Corp., 1.75%, 05/15/28 (b)(j) |  | 35 | 34,755
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 296 | 296,722
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 115 | 105,117
4.38%, 02/01/32 |  | 32 | 27,567
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 158 | 164,905
Taylor Morrison Communities, Inc., 5.13%, 08/01/30 (b) |  | 75 | 71,820
Tempur Sealy International, Inc., 3.88%, 10/15/31 (b) |  | 66 | 55,169
|  |  | 2,286,746
Household Products — 0.1%
Central Garden & Pet Co. |  |  |
5.13%, 02/01/28 |  | 20 | 19,452
4.13%, 10/15/30 (g) |  | 244 | 217,459
Kronos Acquisition Holdings, Inc., 06/30/31 (b)(c) |  | 78 | 78,078
Spectrum Brands, Inc. (b) |  |  |
3.38%, 06/01/29 (j) |  | 251 | 241,713
3.88%, 03/15/31 |  | 19 | 15,879
|  |  | 572,581
Independent Power and Renewable Electricity Producers (b) — 0.3%
Calpine Corp. |  |  |
5.25%, 06/01/26 |  | 195 | 192,841
5.13%, 03/15/28 (g) |  | 1,281 | 1,232,000
5.00%, 02/01/31 |  | 120 | 111,995
SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 (h) |  | 176 | 68,854
|  |  | 1,605,690
Industrial Conglomerates — 0.0%
Amsted Industries, Inc., 5.63%, 07/01/27 (b) |  | 84 | 82,609
Insurance — 5.5%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 (b) |  | 355 | 355,246
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |  |  |
4.25%, 10/15/27 (g) |  | 2,168 | 2,029,970
6.75%, 10/15/27 (g) |  | 2,087 | 2,058,532
6.75%, 04/15/28 (g) |  | 491 | 491,779
5.88%, 11/01/29 (g) |  | 1,707 | 1,597,319
7.00%, 01/15/31 |  | 1,276 | 1,289,046
AmWINS Group, Inc. (b) |  |  |
6.38%, 02/15/29 |  | 182 | 182,496
4.88%, 06/30/29 |  | 232 | 215,822
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (f) | EUR | 200 | 208,480

Schedule of Investments
125

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Ardonagh Finco Ltd. (continued) |  |  |
7.75%, 02/15/31 (b) | USD | 915 | $ 904,536
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 819 | 799,926
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 504 | 505,901
AXA SA, (5-year EURIBOR ICE Swap + 3.84%), 6.38% (a)(f)(i) | EUR | 100 | 109,394
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (b) | USD | 103 | 104,197
FWD Group Holdings Ltd., 8.40%, 04/05/29 (f) |  | 230 | 235,031
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 (g) |  | 2,253 | 2,236,158
8.13%, 02/15/32 |  | 1,048 | 1,041,183
HUB International Ltd. (b)(g) |  |  |
7.25%, 06/15/30 |  | 4,488 | 4,600,788
7.38%, 01/31/32 |  | 5,280 | 5,354,353
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 711 | 741,482
10.50%, 12/15/30 |  | 335 | 359,740
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b)(g) |  | 3,748 | 3,790,855
Ryan Specialty LLC, 4.38%, 02/01/30 (b) |  | 163 | 150,964
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b)(g) |  | 700 | 556,875
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34 (f) | EUR | 100 | 105,451
USI, Inc./New York, 7.50%, 01/15/32 (b)(g) | USD | 611 | 620,559
|  |  | 30,646,083
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |  | 514 | 456,482
IT Services — 0.9%
CA Magnum Holdings, 5.38%, 10/31/26 (b) |  | 488 | 466,803
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 519 | 501,724
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b)(g) |  | 589 | 598,038
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b)(g) |  | 711 | 707,487
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (f) | EUR | 100 | 110,417
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b)(g) | USD | 770 | 788,903
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27 (b) |  | 9 | 8,812
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 210 | 213,247
KBR, Inc., 4.75%, 09/30/28 (b) |  | 306 | 284,580
Science Applications International Corp., 4.88%, 04/01/28 (b) |  | 377 | 359,779
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 206 | 185,295
3.88%, 03/15/31 |  | 630 | 554,075
|  |  | 4,779,160
Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28 (b) |  | 44 | 45,596
Amer Sports Co., 6.75%, 02/16/31 (b)(g) |  | 389 | 386,511
Mattel, Inc., 6.20%, 10/01/40 |  | 99 | 97,583
|  |  | 529,690
Machinery — 1.4%
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (g) |  | 876 | 905,229
9.50%, 01/01/31 |  | 102 | 110,513
Esab Corp., 6.25%, 04/15/29 (b) |  | 350 | 352,099

Security |  | Par (000) | Value
Machinery (continued)
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) | USD | 170 | $ 125,301
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (b) |  | 1,016 | 1,052,082
IMA Industria Macchine Automatiche SpA, (3-mo. EURIBOR + 3.75%), 7.65%, 04/15/29 (a)(f) | EUR | 100 | 107,888
OT Merger Corp., 7.88%, 10/15/29 (b) | USD | 147 | 66,150
Terex Corp., 5.00%, 05/15/29 (b) |  | 421 | 399,485
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (f) | EUR | 167 | 172,599
7.63%, 07/15/28 (b) | USD | 752 | 746,264
TK Elevator Midco GmbH, 4.38%, 07/15/27 (f) | EUR | 372 | 383,992
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b)(g) | USD | 2,566 | 2,487,265
Vertiv Group Corp., 4.13%, 11/15/28 (b)(g) |  | 847 | 790,989
|  |  | 7,699,856
Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28 (b) |  | 100 | 102,695
Media — 5.2%
Banijay Entertainment SASU, 8.13%, 05/01/29 (b) |  | 200 | 204,540
Cable One, Inc. |  |  |
0.00%, 03/15/26 (j)(k) |  | 114 | 99,750
1.13%, 03/15/28 (j) |  | 1,006 | 746,733
4.00%, 11/15/30 (b) |  | 24 | 17,912
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.13%, 05/01/27 (g) |  | 711 | 682,664
5.38%, 06/01/29 |  | 76 | 69,142
6.38%, 09/01/29 (g) |  | 1,472 | 1,399,179
4.75%, 03/01/30 (g) |  | 315 | 272,830
4.25%, 02/01/31 (g) |  | 941 | 768,271
7.38%, 03/01/31 (g) |  | 2,710 | 2,672,074
4.75%, 02/01/32 |  | 209 | 171,165
4.25%, 01/15/34 (g) |  | 578 | 438,735
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 (g) |  | 3,000 | 2,740,141
Clear Channel Outdoor Holdings, Inc. (b)(g) |  |  |
5.13%, 08/15/27 |  | 586 | 559,621
7.75%, 04/15/28 |  | 319 | 279,126
9.00%, 09/15/28 |  | 2,037 | 2,132,649
7.50%, 06/01/29 |  | 862 | 720,305
7.88%, 04/01/30 |  | 865 | 870,662
CMG Media Corp., 8.88%, 12/15/27 (b) |  | 409 | 233,268
CSC Holdings LLC (b)(g) |  |  |
11.25%, 05/15/28 |  | 1,200 | 1,045,063
11.75%, 01/31/29 |  | 1,200 | 1,023,425
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b)(g) |  | 1,274 | 1,198,307
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 1,285 | 1,013,598
5.75%, 12/01/28 |  | 65 | 45,065
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 1,243 | 1,218,761
Gray Television, Inc. (b) |  |  |
7.00%, 05/15/27 (g) |  | 383 | 352,630
10.50%, 07/15/29 |  | 537 | 539,889
Lamar Media Corp., 4.00%, 02/15/30 |  | 53 | 48,050
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |  | 580 | 543,190
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b) |  | 209 | 200,640
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 (g) |  | 982 | 950,594

126
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) (continued) |  |  |
4.25%, 01/15/29 (g) | USD | 326 | $ 297,253
4.63%, 03/15/30 |  | 122 | 109,854
7.38%, 02/15/31 |  | 387 | 402,754
Pinewood Finco PLC, 6.00%, 03/27/30 (f) | GBP | 100 | 124,198
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 | USD | 421 | 320,798
6.50%, 09/15/28 |  | 352 | 174,453
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 58 | 54,569
5.00%, 08/01/27 |  | 951 | 910,317
4.00%, 07/15/28 |  | 96 | 86,722
Sunrise FinCo I BV, 4.88%, 07/15/31 (b)(g) |  | 794 | 720,964
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29 (f)(h) | EUR | 100 | 79,518
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) | USD | 400 | 378,921
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 (g) |  | 322 | 308,264
8.00%, 08/15/28 (g) |  | 959 | 935,244
8.50%, 07/31/31 |  | 600 | 582,804
VZ Secured Financing BV, 3.50%, 01/15/32 (f) | EUR | 100 | 93,570
Ziggo Bond Co. BV, 5.13%, 02/28/30 (b) | USD | 295 | 250,651
Ziggo BV, 4.88%, 01/15/30 (b)(g) |  | 217 | 192,915
|  |  | 29,281,748
Metals & Mining — 3.2%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24 (f) |  | 250 | 249,357
Advanced Drainage Systems, Inc. (b) |  |  |
5.00%, 09/30/27 |  | 306 | 299,166
6.38%, 06/15/30 |  | 522 | 523,887
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (g) |  | 200 | 175,062
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 312 | 327,412
11.50%, 10/01/31 (g) |  | 1,113 | 1,245,471
ATI, Inc. |  |  |
5.88%, 12/01/27 (g) |  | 157 | 154,910
4.88%, 10/01/29 |  | 129 | 120,586
7.25%, 08/15/30 (g) |  | 634 | 654,451
5.13%, 10/01/31 |  | 350 | 323,516
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42 (g) |  | 250 | 211,554
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b)(g) |  | 1,674 | 1,677,726
Carpenter Technology Corp., 7.63%, 03/15/30 (g) |  | 463 | 476,669
Constellium SE |  |  |
4.25%, 02/15/26 (f) | EUR | 100 | 106,452
5.88%, 02/15/26 (b) | USD | 1,193 | 1,186,761
5.63%, 06/15/28 (b) |  | 250 | 244,680
3.75%, 04/15/29 (b)(g) |  | 2,013 | 1,825,040
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b) |  | 794 | 830,722
Kaiser Aluminum Corp. (b)(g) |  |  |
4.63%, 03/01/28 |  | 351 | 328,418
4.50%, 06/01/31 |  | 1,094 | 968,784
Metinvest BV, 7.65%, 10/01/27 (f) |  | 200 | 138,158
New Gold, Inc., 7.50%, 07/15/27 (b) |  | 961 | 967,133
Novelis Corp. (b)(g) |  |  |
3.25%, 11/15/26 |  | 1,113 | 1,047,338
4.75%, 01/30/30 |  | 1,100 | 1,020,475
3.88%, 08/15/31 |  | 1,372 | 1,187,854
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (f) | EUR | 300 | 302,008
Rio Tinto Finance USA PLC, 4.75%, 03/22/42 (g) | USD | 400 | 369,313

Security |  | Par (000) | Value
Metals & Mining (continued)
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) | USD | 155 | $ 142,637
Samarco Mineracao SA, (9.00% PIK), 9.00%, 06/30/31 (f)(h) |  | 74 | 68,842
Vale Overseas Ltd., 6.40%, 06/28/54 |  | 55 | 54,434
Vallourec SACA, 7.50%, 04/15/32 (b) |  | 417 | 431,809
Vedanta Resources Finance II PLC, 13.88%, 01/21/27 (f) |  | 94 | 92,561
|  |  | 17,753,186
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 7.25%, 04/01/29 (b) |  | 226 | 228,423
Oil, Gas & Consumable Fuels — 11.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |  | 865 | 874,456
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.75%, 01/15/28 |  | 75 | 73,731
5.38%, 06/15/29 |  | 263 | 254,941
6.63%, 02/01/32 |  | 383 | 386,446
Apache Corp., 4.75%, 04/15/43 (g) |  | 800 | 640,005
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 510 | 631,495
8.25%, 12/31/28 (g) |  | 1,043 | 1,068,550
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 232 | 242,626
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 296 | 301,443
7.25%, 07/15/32 |  | 238 | 244,699
Borr IHC Ltd./Borr Finance LLC (b) |  |  |
10.00%, 11/15/28 (g) |  | 207 | 215,269
10.38%, 11/15/30 |  | 249 | 260,078
Buckeye Partners LP |  |  |
4.13%, 03/01/25 (b) |  | 232 | 228,862
6.88%, 07/01/29 (b) |  | 129 | 129,482
5.85%, 11/15/43 |  | 182 | 156,189
5.60%, 10/15/44 |  | 117 | 92,199
Chesapeake Energy Corp., 5.88%, 02/01/29 (b) |  | 53 | 52,467
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 666 | 686,455
Civitas Resources, Inc. (b)(g) |  |  |
8.38%, 07/01/28 |  | 711 | 745,006
8.63%, 11/01/30 |  | 370 | 396,721
8.75%, 07/01/31 |  | 910 | 974,565
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 124 | 111,744
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 127 | 129,847
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (g) |  | 498 | 482,621
6.75%, 03/01/29 |  | 180 | 173,056
5.88%, 01/15/30 |  | 1,195 | 1,111,971
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b)(g) |  | 2,219 | 2,103,448
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 (g) |  | 551 | 561,574
7.38%, 01/15/33 |  | 507 | 508,093
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 290 | 304,403
DT Midstream, Inc. (b)(g) |  |  |
4.13%, 06/15/29 |  | 415 | 383,396
4.38%, 06/15/31 |  | 527 | 480,004
Ecopetrol SA, 8.38%, 01/19/36 |  | 90 | 88,335
Empresa Nacional del Petroleo, 6.15%, 05/10/33 (b) |  | 200 | 199,600

Schedule of Investments
127

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc. (a) |  |  |
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (g) | USD | 1,865 | $ 1,788,327
(5-year CMT + 4.43%), 8.50%, 01/15/84 |  | 257 | 277,054
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 (g) |  | 690 | 651,120
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 299 | 311,765
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b) |  | 567 | 572,328
Energean Israel Finance Ltd., 8.50%, 09/30/33 (b)(f) |  | 161 | 151,976
Energy Transfer LP |  |  |
6.13%, 12/15/45 (g) |  | 500 | 490,205
5.30%, 04/15/47 (g) |  | 350 | 309,140
(5-year CMT + 4.02%), 8.00%, 05/15/54 (a)(g) |  | 829 | 867,127
Series H, (5-year CMT + 5.69%), 6.50% (a)(i) |  | 581 | 573,070
Enterprise Products Operating LLC, (3-mo. CME Term SOFR + 2.83%), 5.38%, 02/15/78 (a) |  | 420 | 392,284
EQM Midstream Partners LP (b) |  |  |
4.50%, 01/15/29 |  | 34 | 32,086
6.38%, 04/01/29 |  | 452 | 456,568
7.50%, 06/01/30 |  | 108 | 115,256
4.75%, 01/15/31 (g) |  | 804 | 751,776
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b) |  | 74 | 78,349
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 (g) |  | 227 | 229,410
8.25%, 01/15/29 |  | 431 | 444,938
8.88%, 04/15/30 (g) |  | 262 | 275,603
7.88%, 05/15/32 |  | 484 | 488,613
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 287 | 291,404
Hess Corp., 4.30%, 04/01/27 (g) |  | 750 | 731,278
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 339 | 343,665
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 188 | 185,677
5.75%, 02/01/29 |  | 281 | 271,915
6.00%, 04/15/30 |  | 28 | 27,047
8.38%, 11/01/33 |  | 792 | 844,080
6.88%, 05/15/34 |  | 446 | 441,177
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 343 | 362,938
7.38%, 07/15/32 |  | 415 | 421,455
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (f) |  | 200 | 195,875
Impulsora Pipeline LLC, 6.05%, 01/01/43 (a)(d) |  | 1,480 | 1,246,149
ITT Holdings LLC, 6.50%, 08/01/29 (b)(g) |  | 437 | 395,925
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 76 | 77,213
5.88%, 06/15/30 (g) |  | 285 | 280,842
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 (g) |  | 332 | 336,992
6.50%, 04/15/32 |  | 399 | 399,030
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (f) |  | 250 | 245,703
MPLX LP, 4.25%, 12/01/27 (g) |  | 235 | 227,391
Murphy Oil Corp., 5.88%, 12/01/42 |  | 35 | 31,038
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(g) |  | 305 | 291,032
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 160 | 162,751
9.13%, 01/31/30 |  | 246 | 254,840
New Fortress Energy, Inc. (b)(g) |  |  |
6.75%, 09/15/25 |  | 157 | 152,407
8.75%, 03/15/29 |  | 740 | 675,522
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 (g) |  | 675 | 687,765

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) (continued) |  |  |
8.38%, 02/15/32 | USD | 1,365 | $ 1,386,014
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 402 | 418,368
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b)(g) |  | 1,528 | 1,545,244
3.63%, 04/15/29 (j) |  | 201 | 231,351
8.75%, 06/15/31 (b) |  | 408 | 428,108
Northriver Midstream Finance LP, 07/15/32 (b)(c) |  | 227 | 227,397
NuStar Logistics LP, 6.00%, 06/01/26 |  | 182 | 181,718
Patterson-UTI Energy, Inc., 7.15%, 10/01/33 (g) |  | 135 | 142,993
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 271 | 277,430
Permian Resources Operating LLC (b) |  |  |
8.00%, 04/15/27 (g) |  | 352 | 359,899
5.88%, 07/01/29 (g) |  | 528 | 519,915
9.88%, 07/15/31 |  | 402 | 444,976
7.00%, 01/15/32 (g) |  | 431 | 442,752
Petroleos Mexicanos |  |  |
8.75%, 06/02/29 |  | 146 | 143,139
5.95%, 01/28/31 (g) |  | 183 | 147,086
6.70%, 02/16/32 |  | 44 | 36,813
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 07/03/36 (b)(c) |  | 60 | 59,861
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 253 | 260,752
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 16 | 15,828
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |  | 263 | 246,182
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |  | 66 | 62,132
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 266 | 268,487
Seadrill Finance Ltd., 8.38%, 08/01/30 (b) |  | 200 | 209,036
Shell International Finance BV, 4.38%, 05/11/45 (g) |  | 450 | 383,598
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 510 | 527,325
SM Energy Co. |  |  |
6.75%, 09/15/26 (g) |  | 221 | 221,073
6.50%, 07/15/28 |  | 54 | 53,536
Southwestern Energy Co. |  |  |
5.38%, 02/01/29 |  | 260 | 252,722
4.75%, 02/01/32 |  | 6 | 5,520
Suncor Energy, Inc., 6.50%, 06/15/38 (g) |  | 800 | 837,782
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 147 | 146,360
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
6.00%, 03/01/27 |  | 53 | 52,237
5.50%, 01/15/28 |  | 126 | 120,549
7.38%, 02/15/29 |  | 621 | 624,035
6.00%, 12/31/30 |  | 13 | 12,112
6.00%, 09/01/31 |  | 168 | 157,004
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 242 | 253,990
9.38%, 02/01/31 |  | 202 | 213,274
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 169 | 171,630
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 228 | 235,316
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 426 | 424,524
8.25%, 05/15/29 |  | 882 | 884,187
8.75%, 02/15/30 (g) |  | 1,148 | 1,205,680
8.50%, 05/15/31 |  | 1,122 | 1,122,481
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 1,072 | 1,109,781
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 |  | 1,025 | 933,508
4.13%, 08/15/31 |  | 157 | 140,886
3.88%, 11/01/33 |  | 822 | 700,432

128
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Venture Global LNG, Inc. (b) |  |  |
8.13%, 06/01/28 | USD | 674 | $ 694,366
9.50%, 02/01/29 (g) |  | 2,895 | 3,170,304
8.38%, 06/01/31 (g) |  | 1,809 | 1,876,351
9.88%, 02/01/32 (g) |  | 1,932 | 2,102,837
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 204 | 200,497
Vital Energy, Inc. (g) |  |  |
9.75%, 10/15/30 |  | 427 | 466,237
7.88%, 04/15/32 (b) |  | 775 | 787,857
YPF SA, 9.50%, 01/17/31 (b) |  | 105 | 106,680
|  |  | 62,382,035
Passenger Airlines — 0.7%
Air Canada, 3.88%, 08/15/26 (b) |  | 582 | 553,594
Air France-KLM, 4.63%, 05/23/29 (f) | EUR | 100 | 105,468
American Airlines, Inc., 8.50%, 05/15/29 (b)(g) | USD | 574 | 596,367
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |  | 973 | 947,002
Finnair OYJ, 4.75%, 05/24/29 (f) | EUR | 100 | 105,390
United Airlines, Inc. (b)(g) |  |  |
4.38%, 04/15/26 | USD | 580 | 560,284
4.63%, 04/15/29 |  | 1,136 | 1,057,969
|  |  | 3,926,074
Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (b)(g) |  | 275 | 279,070
Pharmaceuticals — 1.5%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 332 | 319,243
AbbVie, Inc. (g) |  |  |
4.75%, 03/15/45 |  | 500 | 453,839
4.45%, 05/14/46 |  | 1,000 | 867,998
Bausch Health Cos., Inc., 11.00%, 09/30/28 (b) |  | 124 | 110,360
Becton Dickinson & Co., 4.69%, 12/15/44 (g) |  | 600 | 528,624
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27 (f) | EUR | 100 | 102,468
CVS Health Corp., 5.05%, 03/25/48 (g) | USD | 1,110 | 956,384
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(g) |  | 408 | 421,047
Grifols SA, 2.25%, 11/15/27 (f) | EUR | 214 | 205,119
Jazz Securities DAC, 4.38%, 01/15/29 (b)(g) | USD | 200 | 185,672
Option Care Health, Inc., 4.38%, 10/31/29 (b)(g) |  | 314 | 288,224
Organon & Co./Organon Foreign Debt Co-Issuer BV (b)(g) |  |  |
4.13%, 04/30/28 |  | 800 | 742,957
7.88%, 05/15/34 |  | 280 | 287,701
Rossini SARL, 6.75%, 10/30/25 (f) | EUR | 166 | 178,013
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 |  | 100 | 118,501
Teva Pharmaceutical Finance Netherlands III BV |  |  |
7.13%, 01/31/25 | USD | 200 | 200,625
3.15%, 10/01/26 (g) |  | 740 | 695,600
4.75%, 05/09/27 |  | 200 | 192,875
6.75%, 03/01/28 |  | 200 | 204,270
7.88%, 09/15/29 |  | 200 | 214,937
8.13%, 09/15/31 (g) |  | 200 | 221,812
Utah Acquisition Sub, Inc., 3.95%, 06/15/26 (g) |  | 650 | 630,235
|  |  | 8,126,504
Professional Services (b)(g) — 0.3%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 1,225 | 1,111,563
Dun & Bradstreet Corp., 5.00%, 12/15/29 |  | 826 | 767,213
|  |  | 1,878,776

Security |  | Par (000) | Value
Real Estate Management & Development — 0.2%
Agps Bondco PLC, 5.50%, 11/13/26 (f) | EUR | 200 | $ 69,826
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30 (b) | USD | 317 | 258,839
Series AI, 7.00%, 04/15/30 |  | 348 | 284,557
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |  | 372 | 391,361
Fantasia Holdings Group Co. Ltd. (f) |  |  |
11.75%, 04/17/22 |  | 430 | 4,300
12.25%, 10/18/22 |  | 200 | 2,700
11.88%, 06/01/23 |  | 200 | 2,700
9.25%, 07/28/23 |  | 400 | 4,600
|  |  | 1,018,883
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |  | 204 | 189,855
Semiconductors & Semiconductor Equipment — 0.7%
ams-OSRAM AG, 10.50%, 03/30/29 (f) | EUR | 100 | 112,048
Broadcom, Inc., 4.15%, 04/15/32 (b)(g) | USD | 1,000 | 922,631
Entegris, Inc., 4.75%, 04/15/29 (b)(g) |  | 1,159 | 1,108,882
Foundry JV Holdco LLC (b)(g) |  |  |
6.25%, 01/25/35 |  | 590 | 602,509
6.40%, 01/25/38 |  | 325 | 334,977
QUALCOMM, Inc., 4.65%, 05/20/35 (g) |  | 400 | 389,179
Synaptics, Inc., 4.00%, 06/15/29 (b) |  | 216 | 195,721
|  |  | 3,665,947
Software — 4.3%
Boxer Parent Co., Inc. |  |  |
6.50%, 10/02/25 (f) | EUR | 100 | 107,095
7.13%, 10/02/25 (b)(g) | USD | 761 | 761,575
9.13%, 03/01/26 (b) |  | 735 | 735,571
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 637 | 657,829
Clarivate Science Holdings Corp. (b)(g) |  |  |
3.88%, 07/01/28 |  | 1,664 | 1,545,485
4.88%, 07/01/29 |  | 1,125 | 1,044,070
Cloud Software Group, Inc. (b)(g) |  |  |
6.50%, 03/31/29 |  | 4,147 | 3,982,425
9.00%, 09/30/29 |  | 2,086 | 2,023,880
8.25%, 06/30/32 |  | 2,528 | 2,576,654
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 152 | 154,192
Elastic NV, 4.13%, 07/15/29 (b) |  | 481 | 439,183
Fair Isaac Corp., 4.00%, 06/15/28 (b) |  | 112 | 104,765
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28 (b) |  | 200 | 178,581
7.88%, 05/01/29 (f) | EUR | 100 | 107,205
8.75%, 05/01/29 (b) | USD | 217 | 220,952
ION Trading Technologies SARL, 9.50%, 05/30/29 (b) |  | 200 | 203,710
McAfee Corp., 7.38%, 02/15/30 (b)(g) |  | 851 | 786,199
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(g) |  | 638 | 618,387
Oracle Corp., 3.60%, 04/01/50 (g) |  | 250 | 174,968
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 (g) |  | 1,509 | 1,485,921
6.50%, 06/01/32 |  | 933 | 941,114
UKG, Inc., 6.88%, 02/01/31 (b)(g) |  | 3,828 | 3,875,965
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b)(g) |  | 1,599 | 1,451,917
|  |  | 24,177,643

Schedule of Investments
129

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Specialized REITs — 0.3%
American Tower Corp., 2.30%, 09/15/31 (g) | USD | 1,000 | $ 815,861
Iron Mountain, Inc. (b) |  |  |
7.00%, 02/15/29 (g) |  | 889 | 904,639
5.63%, 07/15/32 |  | 89 | 84,511
|  |  | 1,805,011
Specialty Retail (b) — 0.3%
eG Global Finance PLC, 12.00%, 11/30/28 |  | 391 | 416,289
PetSmart, Inc./PetSmart Finance Corp. |  |  |
4.75%, 02/15/28 |  | 436 | 404,990
7.75%, 02/15/29 (g) |  | 895 | 871,612
Staples, Inc., 10.75%, 09/01/29 |  | 292 | 277,496
|  |  | 1,970,387
Technology Hardware, Storage & Peripherals — 0.3%
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 327 | 353,402
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 (g) |  | 582 | 624,195
8.50%, 07/15/31 |  | 615 | 662,370
|  |  | 1,639,967
Textiles, Apparel & Luxury Goods (b) — 0.0%
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 (g) |  | 228 | 223,053
9.00%, 02/15/31 |  | 20 | 20,955
Levi Strauss & Co., 3.50%, 03/01/31 |  | 21 | 18,166
|  |  | 262,174
Tobacco (g) — 0.4%
Altria Group, Inc., 4.50%, 05/02/43 |  | 750 | 613,940
Philip Morris International, Inc., 4.38%, 11/15/41 |  | 900 | 756,966
Reynolds American, Inc., 5.85%, 08/15/45 |  | 715 | 659,467
|  |  | 2,030,373
Trading Companies & Distributors — 0.1%
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |  | 472 | 436,806
Transportation Infrastructure — 0.1%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (b)(g) |  | 320 | 236,000
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 (f) |  | 200 | 187,313
Heathrow Finance PLC, 4.13%, 09/01/29 (f)(l) | GBP | 100 | 114,596
|  |  | 537,909
Wireless Telecommunication Services — 0.0%
Cellnex Finance Co. SA, 2.00%, 09/15/32 (f) | EUR | 100 | 92,017
Total Corporate Bonds — 87.9% (Cost: $499,984,909) | 490,803,748
Fixed Rate Loan Interests
Health Care Technology — 0.6%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | USD | 3,462 | 3,440,013
Media — 0.2%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (d)(i) |  | 1,323 | 1,286,618
Total Fixed Rate Loan Interests — 0.8% (Cost: $4,775,254) | 4,726,631

Security |  | Par (000) | Value
Floating Rate Loan Interests (a)
Aerospace & Defense — 0.3%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 10/31/30 (m) | USD | 146 | $ 147,216
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 173 | 125,775
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 47 | 34,057
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 114 | 114,086
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 170 | 170,850
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 744 | 745,837
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 311 | 310,614
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 44 | 43,988
|  |  | 1,692,423
Air Freight & Logistics — 0.0%
Clue Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.83%, 12/19/30 |  | 249 | 231,516
Automobile Components — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 316 | 317,185
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 170 | 163,219
|  |  | 480,404
Banks (m) — 0.0%
Chrysaor Bidco SARL |  |  |
USD Delayed Draw Term Loan, 05/14/31 |  | 6 | 6,424
USD Term Loan B, 05/14/31 |  | 87 | 86,859
|  |  | 93,283
Broadline Retail — 0.1%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 758 | 756,389
Building Materials — 0.1%
Chariot Buyer LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 204 | 203,913
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 05/02/31 |  | 99 | 98,176
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (m) |  | 160 | 159,800
|  |  | 461,889
Building Products — 0.1%
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 114 | 113,335
Gulfside Supply, Inc., Term Loan B, 06/17/31 (d)(m) |  | 74 | 74,000

130
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Products (continued)
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (m) | USD | 185 | $ 185,242
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 94 | 94,332
|  |  | 466,909
Capital Markets — 0.0%
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 166 | 165,793
Chemicals — 0.3%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 118 | 111,851
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 252 | 250,526
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.68%, 10/04/29 |  | 659 | 657,938
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 177 | 171,339
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (d) |  | 470 | 468,968
Nouryon USA LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 (d) |  | 17 | 17,043
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 52 | 52,065
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, 06/20/31 (m) |  | 2 | 2,001
|  |  | 1,731,731
Commercial Services & Supplies — 0.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 466 | 463,809
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/03/29 |  | 57 | 56,934
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.36%), 12.71%, 09/01/25 |  | 311 | 304,806
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 380 | 380,954
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.84%, 12/15/28 |  | 261 | 171,751
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.76%), 14.09%, 11/02/28 |  | 44 | 33,929
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 1,030 | 1,036,252
|  |  | 2,448,435

Security |  | Par (000) | Value
Communications Equipment — 0.0%
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 | USD | 252 | $ 224,152
Construction & Engineering — 0.3%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 65 | 65,514
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 1,174 | 1,176,878
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 07/02/29 (m) |  | 85 | 84,894
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.06%, 03/27/31 |  | 401 | 401,501
|  |  | 1,728,787
Construction Materials — 0.1%
Gates Corp., 2024 Term Loan B5, 06/04/31 (m) |  | 252 | 252,156
Consumer Staples Distribution & Retail — 0.0%
BCPE Empire Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 12/11/28 |  | 162 | 161,514
Containers & Packaging — 0.1%
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 188 | 188,102
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.30%, 09/15/28 |  | 164 | 164,530
|  |  | 352,632
Diversified Consumer Services — 0.1%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.85%), 11.19%, 12/10/29 |  | 157 | 153,153
2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 202 | 201,867
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.57%, 07/25/30 |  | 76 | 75,665
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/26/31 |  | 271 | 272,469
|  |  | 703,154
Diversified Telecommunication Services — 0.3%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 6.75%), 12.07%, 05/25/27 |  | 728 | 702,799
Frontier Communications Corp., 2024 Term Loan B, 07/01/31 (d)(m) |  | 99 | 98,752
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.21%, 10/08/27 |  | 219 | 218,506
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 78 | 75,979

Schedule of Investments
131

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Level 3 Financing Inc. (continued) |  |  |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 | USD | 78 | $ 76,132
Lumen Technologies, Inc., 2024 Term Loan A, 06/01/28 (m) |  | 89 | 73,693
Windstream Services LLC, 2020 Exit Term Loan B, (1-mo. CME Term SOFR + 6.35%), 11.69%, 09/21/27 |  | 166 | 165,285
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 24 | 20,898
|  |  | 1,432,044
Electronic Equipment, Instruments & Components — 0.0%
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 124 | 124,594
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 17 | 8,173
Entertainment — 0.1%
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 239 | 239,338
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (m) |  | 119 | 118,629
|  |  | 357,967
Environmental, Maintenance & Security Service — 0.0%
GFL Environmental, Inc., 2024 Term Loan B, 06/27/31 (d)(m) |  | 150 | 150,000
Financial Services — 0.1%
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 269 | 268,581
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 33 | 32,792
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 274 | 273,315
|  |  | 574,688
Food Products — 0.1%
Chobani LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 306 | 306,611
Ground Transportation — 0.1%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 591 | 590,184
Health Care Equipment & Supplies — 0.3%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 265 | 264,171
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 664 | 655,908

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP, 2024 USD Add-on Term Loan B, 10/23/28 (m) | USD | 665 | $ 665,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 249 | 248,171
|  |  | 1,833,250
Health Care Providers & Services — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 268 | 268,102
Concentra Health Services, Inc., Term Loan B, 06/26/31 (d)(m) |  | 56 | 56,140
Ensemble RCM LLC, 2024 Term Loan B, 08/01/29 (m) |  | 248 | 246,981
LifePoint Health, Inc. |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 05/17/31 |  | 255 | 255,240
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.06%, 11/16/28 |  | 137 | 137,408
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 122 | 122,565
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.65%, 04/29/25 |  | 305 | 226,007
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 492 | 490,746
Surgery Center Holdings, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 12/19/30 |  | 130 | 130,530
|  |  | 1,933,719
Health Care Technology — 0.6%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 2,201 | 2,191,275
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 599 | 579,108
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 360 | 360,199
|  |  | 3,130,582
Hotels, Restaurants & Leisure — 0.2%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 290 | 288,959
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (m) |  | 174 | 173,457
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 267 | 265,815
Entain PLC, 2024 USD Term Loan B3, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.01%, 10/31/29 |  | 252 | 252,000
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 60 | 54,128
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 95 | 85,308
|  |  | 1,119,667
Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 272 | 269,027
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 525 | 448,217
|  |  | 717,244

132
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance — 0.5%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 | USD | 66 | $ 65,940
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 431 | 431,786
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 02/24/28 (m) |  | 110 | 109,979
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 689 | 689,613
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 1,665 | 1,694,837
|  |  | 2,992,155
IT Services — 0.3%
Central Parent, Inc., 2024 Term Loan B, 07/06/29 (m) |  | 149 | 147,067
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (d)(m) |  | 880 | 880,000
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 362 | 358,380
Project Alpha Intermediate Holding, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 10/28/30 |  | 260 | 260,519
|  |  | 1,645,966
Machinery — 0.5%
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 375 | 376,579
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 1,211 | 1,212,800
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 1,111 | 1,116,184
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 170 | 170,037
|  |  | 2,875,600
Media — 0.3%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 726 | 725,655
CSC Holdings LLC |  |  |
2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 256 | 212,071
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.83%, 01/18/28 |  | 404 | 387,451
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 183 | 173,621
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 327 | 264,499
Univision Communications, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 01/23/29 |  | 49 | 48,040
|  |  | 1,811,337

Security |  | Par (000) | Value
Metals & Mining — 0.0%
STS Operating, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.10%), 9.44%, 03/25/31 | USD | 179 | $ 179,589
Oil, Gas & Consumable Fuels — 0.3%
Ecopetrol SA, 2023 Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.00%, 09/06/30 (d) |  | 150 | 153,705
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 134 | 133,967
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 142 | 141,887
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 885 | 859,828
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 02/02/31 |  | 227 | 227,958
|  |  | 1,517,345
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 433 | 446,876
Personal Care Products — 0.1%
KDC/ONE Development Corp., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 08/15/28 |  | 251 | 251,737
Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 87 | 87,749
Bausch Health Americas, Inc., 2022 Term Loan B, 02/01/27 (m) |  | 570 | 592,332
Endo Finance Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 04/23/31 |  | 574 | 572,927
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 102 | 101,506
|  |  | 1,354,514
Professional Services — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 164 | 161,201
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 168 | 136,011
|  |  | 297,212
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (d) |  | 104 | 104,611
Software — 1.1%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 02/23/32 |  | 251 | 259,158
Boxer Parent Co., Inc., 2023 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.34%, 12/29/28 |  | 427 | 427,042
Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 12/29/28 (m) |  | 200 | 199,982
Cloud Software Group, Inc. |  |  |
2022 USD Term Loan B, 03/30/29 (m) |  | — (e) | 1

Schedule of Investments
133

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Cloud Software Group, Inc. (continued) |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 | USD | 491 | $ 491,997
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 235 | 234,672
Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 0.00%, 10/08/29 |  | 441 | 436,609
Delta Topco, Inc. |  |  |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.60%, 11/30/29 |  | 78 | 78,936
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.85%, 11/30/29 |  | 387 | 386,679
Ellucian Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 346 | 347,270
Genesys Cloud Services Holdings II LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 255 | 256,956
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 189 | 188,474
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 66 | 65,556
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 959 | 957,430
Modena Buyer LLC, Term Loan, 07/01/31 (m) |  | 454 | 442,509
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 11.33%, 12/18/28 |  | 199 | 192,145
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 195 | 195,085
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 457 | 457,411
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 449 | 450,459
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 148 | 148,182
|  |  | 6,216,553
Specialty Retail — 0.1%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 327 | 325,679
Total Floating Rate Loan Interests — 7.9% (Cost: $44,062,333) | 44,249,064
Foreign Agency Obligations
Bahrain — 0.0% |
Bahrain Government International Bond, 5.45%, 09/16/32 (f) |  | 200 | 183,500
Chile — 0.0% |
Chile Government International Bond, 4.34%, 03/07/42 (g) |  | 200 | 172,646
Colombia — 0.1% |
Colombia Government International Bond |  |  |
4.50%, 01/28/26 |  | 200 | 195,500
3.88%, 03/22/26 | EUR | 100 | 105,500
8.00%, 04/20/33 (g) | USD | 200 | 207,300
|  |  | 508,300

Security |  | Par (000) | Value
Dominican Republic — 0.1% |
Dominican Republic International Bond |  |  |
6.88%, 01/29/26 (f) | USD | 107 | $ 108,204
5.95%, 01/25/27 (f) |  | 176 | 174,944
4.50%, 01/30/30 (b) |  | 200 | 182,250
7.05%, 02/03/31 (b) |  | 150 | 154,406
|  |  | 619,804
Egypt — 0.0% |
Egypt Government International Bond, 7.50%, 02/16/61 (b) |  | 200 | 133,688
Guatemala — 0.1% |
Guatemala Government Bond (b) |  |  |
5.38%, 04/24/32 |  | 200 | 189,687
6.60%, 06/13/36 |  | 200 | 200,375
4.65%, 10/07/41 |  | 200 | 156,625
|  |  | 546,687
Hungary — 0.1% |
Hungary Government International Bond, 5.38%, 09/12/33 (f) | EUR | 114 | 126,373
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29 (f) |  | 121 | 136,267
|  |  | 262,640
Indonesia — 0.0% |
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27 (b)(g) | USD | 200 | 195,798
Ivory Coast — 0.1% |
Ivory Coast Government International Bond, 6.38%, 03/03/28 (f) |  | 365 | 352,681
Mexico — 0.1% |
Mexico Government International Bond |  |  |
3.75%, 01/11/28 (g) |  | 300 | 283,688
6.35%, 02/09/35 |  | 200 | 201,100
|  |  | 484,788
Morocco — 0.0% |
Morocco Government International Bond, 5.95%, 03/08/28 (b) |  | 200 | 200,500
Nigeria — 0.0% |
Nigeria Government International Bond, 8.38%, 03/24/29 (b) |  | 200 | 187,500
Oman — 0.1% |
Oman Government International Bond, 6.75%, 01/17/48 (f) |  | 309 | 314,697
Panama — 0.1% |
Panama Government International Bond, 6.40%, 02/14/35 (g) |  | 337 | 319,476
Peru — 0.1% |
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25 (f) |  | 379 | 373,467
Peruvian Government International Bond (g) |  |  |
2.78%, 01/23/31 |  | 117 | 100,210
1.86%, 12/01/32 |  | 356 | 269,670
|  |  | 743,347
Poland — 0.1% |
Republic of Poland Government International Bond |  |  |
4.88%, 10/04/33 (g) |  | 138 | 134,576
5.50%, 04/04/53 |  | 71 | 69,494
|  |  | 204,070

134
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Romania — 0.1% |
Romanian Government International Bond |  |  |
5.25%, 11/25/27 (b)(g) | USD | 168 | $ 164,976
2.50%, 02/08/30 (f) | EUR | 150 | 140,412
2.12%, 07/16/31 (f) |  | 168 | 144,891
|  |  | 450,279
Saudi Arabia — 0.1% |
Saudi Government International Bond, 4.50%, 04/17/30 (f) | USD | 362 | 350,574
Senegal — 0.0% |
Senegal Government International Bond, 6.25%, 05/23/33 (f) |  | 231 | 193,174
South Africa — 0.1% |
Republic of South Africa Government International Bond |  |  |
5.88%, 04/20/32 (g) |  | 390 | 361,238
5.00%, 10/12/46 |  | 200 | 140,250
|  |  | 501,488
Ukraine — 0.0% |
Ukraine Government International Bond (n)(o) |  |  |
7.75%, 11/13/26 (f) |  | 107 | 32,528
7.25%, 03/15/33 (b) |  | 371 | 105,550
|  |  | 138,078
Uzbekistan — 0.0% |
Republic of Uzbekistan International Bond, 5.38%, 05/29/27 (b) | EUR | 100 | 106,794
Total Foreign Agency Obligations — 1.3% (Cost: $7,612,569) | 7,170,509
Municipal Bonds
Illinois — 0.1% |
State of Illinois, GO, 5.10%, 06/01/33 | USD | 753 | 739,129
Massachusetts — 0.1% |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |  | 680 | 687,618
New York — 0.2% |
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |  | 1,000 | 1,039,952
Texas — 0.2% |
Port of Beaumont Navigation District, Refunding ARB, Series B, 10.00%, 07/01/26 (b) |  | 850 | 852,272
Total Municipal Bonds — 0.6% (Cost: $3,330,818) | 3,318,971
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 13.9%
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57 (a)(b) |  | 12 | 3,965
Alternative Loan Trust |  |  |
Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1,754 | 735,763
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 541 | 257,207
Bravo Residential Funding Trust (b) |  |  |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a) |  | 544 | 482,923
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 375 | 365,129
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1,262 | 1,269,129

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) | USD | 361 | $ 355,168
CHL Mortgage Pass-Through Trust |  |  |
Series 2007-J2, Class 2A1, (1 mo. Term SOFR + 0.76%), 6.00%, 07/25/37 (a) |  | 2,585 | 658,387
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |  | 1,428 | 479,242
CIM Trust (b) |  |  |
Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 1,156 | 1,143,256
Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 1,144 | 1,143,566
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.55%, 11/25/36 (a) |  | 396 | 368,365
COLT Mortgage Loan Trust (b) |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65 (a) |  | 2,550 | 2,478,449
Series 2020-3, Class M1, 3.36%, 04/27/65 (a) |  | 2,850 | 2,605,645
Series 2022-1, Class A1, 4.55%, 04/25/67 (a) |  | 1,271 | 1,259,620
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 2,074 | 2,039,523
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 280 | 280,697
Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 1,255 | 1,261,263
Countrywide Alternative Loan Trust |  |  |
Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + 0.56%), 5.50%, 05/25/35 (a) |  | 1,102 | 946,510
Series 2006-40T1, Class 2A5, (1 mo. Term SOFR + 0.51%), 5.86%, 12/25/36 (a) |  | 2,273 | 481,273
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |  | 1,380 | 614,556
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.94%, 11/20/46 (a) |  | 2,482 | 1,851,586
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 6.00%, 11/25/46 (a) |  | 4,066 | 3,552,648
Series 2006-OA16, Class A2, (1 mo. Term SOFR + 0.49%), 5.84%, 10/25/46 (a) |  | 2,589 | 2,297,984
Series 2006-OA18, Class A1, (1 mo. Term SOFR + 0.35%), 5.70%, 12/25/46 (a) |  | 1,375 | 1,158,471
Series 2006-OA6, Class 1A1A, (1 mo. Term SOFR + 0.53%), 5.88%, 07/25/46 (a) |  | 2,969 | 2,595,752
Series 2006-OA8, Class 1A1, (1 mo. Term SOFR + 0.49%), 5.84%, 07/25/46 (a) |  | 1,013 | 848,969
Series 2007-12T1, Class A22, 5.75%, 06/25/37 |  | 3,218 | 1,411,081
Series 2007-12T1, Class A5, 6.00%, 06/25/37 |  | 1,562 | 712,512
Series 2007-22, Class 2A16, 6.50%, 09/25/37 |  | 6,898 | 2,578,144
Series 2007-23CB, Class A1, 6.00%, 09/25/37 |  | 3,949 | 1,920,167
Series 2007-4CB, Class 1A3, (1 mo. Term SOFR + 0.46%), 5.75%, 04/25/37 (a) |  | 1,487 | 1,104,444
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.99%, 03/25/47 (a) |  | 1,552 | 1,278,237
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. Term SOFR + 0.51%), 5.86%, 04/25/46 (a) |  | 3,463 | 3,160,611
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67 (a)(b) |  | 2,573 | 2,545,539
CSMC Trust (a)(b) |  |  |
Series 2011-4R, Class 1A2, (1 mo. Term SOFR + 1.61%), 6.93%, 09/27/37 |  | 810 | 644,363
Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |  | 1,500 | 1,080,694
Ellington Financial Mortgage Trust (a)(b) |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 500 | 490,212
Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 188 | 153,669
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51 (a)(b) |  | 2,023 | 1,601,120
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67 (a)(b) |  | 926 | 897,952
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67 (b) |  | 978 | 966,456

Schedule of Investments
135

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
JP Morgan Mortgage Trust (a)(b) |  |  |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 | USD | 495 | $ 470,315
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |  | 313 | 298,152
MFA Trust (b) |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a) |  | 2,000 | 1,555,140
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1,548 | 1,556,677
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67 (b) |  | 1,559 | 1,553,874
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.74%, 05/26/37 (b) |  | 3,295 | 3,378,768
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36 (a) |  | 6,508 | 1,151,054
OBX Trust (b) |  |  |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 518 | 518,353
Series 2023-NQM1, Class A1, 6.12%, 11/25/62 (a) |  | 414 | 413,763
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1,328 | 1,337,530
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 1,353 | 1,358,282
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58 (b) |  | 1,329 | 1,329,792
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. Term SOFR + 0.71%), 6.06%, 08/25/36 (a) |  | 6,284 | 1,372,822
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b) |  | 641 | 632,152
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b) |  | 646 | 610,657
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |  | 1,750 | 1,387,724
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65 (a)(b) |  | 1,057 | 911,391
Verus Securitization Trust (b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 430 | 400,491
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,689 | 1,668,320
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 430 | 431,930
Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 275 | 272,855
Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 1,149 | 1,150,669
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58 (b) |  | 1,537 | 1,539,534
|  |  | 77,380,492
Commercial Mortgage-Backed Securities — 4.4%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 5.86%, 07/25/37 (a)(b) |  | 1,143 | 1,058,208
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1 mo. Term SOFR + 0.86%), 6.19%, 04/15/36 (a)(b) |  | 463 | 457,017
BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 7.92%, 03/15/41 (a)(b) |  | 400 | 396,500
BX Commercial Mortgage Trust (a)(b) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 6.36%, 12/15/38 |  | 600 | 593,253
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 6.11%, 06/15/38 |  | 1,447 | 1,430,384
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 6.34%, 02/15/39 |  | 1,320 | 1,305,669
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 02/15/39 |  | 510 | 503,625
BX Trust (a)(b) |  |  |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 6.24%, 02/15/36 |  | 1,650 | 1,628,859

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
BX Trust (a)(b) (continued) |  |  |
Series 2022, Class B, (1 mo. Term SOFR + 2.66%), 7.99%, 08/15/41 | USD | 274 | $ 274,122
Series 2022-GPA, Class A, (1 mo. Term SOFR + 2.17%), 7.49%, 08/15/39 |  | 641 | 640,730
Series 2023-DELC, Class A, (1 mo. Term SOFR + 2.69%), 8.02%, 05/15/38 |  | 140 | 140,350
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 7.97%, 02/15/41 |  | 240 | 238,952
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 04/15/29 |  | 795 | 790,885
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 8.37%, 03/15/41 |  | 170 | 169,787
CENT Trust, Series 2023-CITY, Class A, (1 mo. Term SOFR + 2.62%), 7.95%, 09/15/38 (a)(b) |  | 1,081 | 1,086,432
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39 (a)(b) |  | 250 | 197,046
Cold Storage Trust (a)(b) |  |  |
Series 2020-ICE5, Class A, (1 mo. Term SOFR + 1.01%), 6.34%, 11/15/37 |  | 101 | 100,868
Series 2020-ICE5, Class F, (1 mo. Term SOFR + 3.61%), 8.93%, 11/15/37 |  | 280 | 279,842
CSMC BHAR, Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 7.44%, 11/15/38 (a)(b) |  | 270 | 267,981
CSMC Trust, Series 2020-NET, Class A, 2.26%, 08/15/37 (b) |  | 441 | 416,705
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/28 (a)(b) |  | 220 | 221,145
Extended Stay America Trust (a)(b) |  |  |
Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 7.69%, 07/15/38 |  | 1,298 | 1,297,337
Series 2021-ESH, Class F, (1 mo. Term SOFR + 3.81%), 9.14%, 07/15/38 |  | 823 | 820,282
GS Mortgage Securities Corp. II, Series 2023-SHIP, Class E, 7.68%, 09/10/38 (a)(b) |  | 275 | 272,801
GS Mortgage Securities Corp. Trust, Series 2023-FUN, Class B, (1 mo. Term SOFR + 2.79%), 8.12%, 03/15/28 (a)(b) |  | 550 | 550,687
Independence Plaza Trust, Series 2018-INDP, Class A, 3.76%, 07/10/35 (b) |  | 1,000 | 955,129
JP Morgan Chase Commercial Mortgage Securities Trust (a)(b) |  |  |
Series 2016-NINE, Class B, 2.95%, 09/06/38 |  | 275 | 253,199
Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.73%, 03/15/39 |  | 1,600 | 1,580,014
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 7.71%, 06/15/39 (a)(b) |  | 800 | 795,997
KSL Commercial Mortgage Trust, Series 2023-HT, Class D, (1 mo. Term SOFR + 4.29%), 9.62%, 12/15/36 (a)(b) |  | 1,100 | 1,100,000
MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39 (b) |  | 800 | 797,011
MED Trust (a)(b) |  |  |
Series 2021, Class A, (1 mo. Term SOFR + 1.06%), 6.39%, 11/15/38 |  | 1,065 | 1,062,561
Series 2021, Class E, (1 mo. Term SOFR + 3.26%), 8.59%, 11/15/38 |  | 390 | 389,884
MF1 Trust, Series 2021-W10, Class A, (1 mo. Term SOFR + 1.07%), 6.40%, 12/15/34 (a)(b) |  | 520 | 515,502

136
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1 mo. Term SOFR + 2.19%), 7.51%, 05/15/37 (a)(b) | USD | 500 | $ 502,500
Wells Fargo Commercial Mortgage Trust |  |  |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1,600 | 1,526,546
Series 2024-BPRC, Class D, 07/15/43 (c) |  | 250 | 247,499
|  |  | 24,865,309
Total Non-Agency Mortgage-Backed Securities — 18.3% (Cost: $118,896,780) | 102,245,801
Preferred Securities
Capital Trusts — 5.6% (a)
Automobiles (i) — 0.1% |
General Motors Financial Co., Inc., Series C, 5.70% |  | 395 | 370,794
Volkswagen International Finance NV, 3.88% (f) | EUR | 100 | 99,679
|  |  | 470,473
Banks — 4.7% |
AIB Group PLC, 5.25% (f)(i) |  | 200 | 213,387
Bank of America Corp., Series X, 6.25% (g)(i) | USD | 2,925 | 2,912,867
Bank of New York Mellon Corp., Series I, 3.75% (g)(i) |  | 2,845 | 2,625,331
Barclays PLC (i) |  |  |
4.38% (g) |  | 2,835 | 2,380,561
8.00% |  | 275 | 279,218
9.63% |  | 1,105 | 1,197,922
BNP Paribas SA, 4.63% (b)(i) |  | 1,025 | 820,793
Chong Hing Bank Ltd., 5.70% (f)(i) |  | 250 | 249,531
Citigroup, Inc., Series AA, 7.63% (i) |  | 425 | 442,501
HSBC Holdings PLC (i) |  |  |
4.70% |  | 465 | 396,348
4.60% |  | 200 | 171,412
6.00% (g) |  | 695 | 671,091
JPMorgan Chase & Co., Series U, 6.54%, 01/15/87 (g) |  | 358 | 328,453
Lloyds Banking Group PLC (i) |  |  |
8.00% (g) |  | 2,595 | 2,652,617
6.75% |  | 515 | 513,071
NatWest Group PLC (i) |  |  |
8.13% |  | 595 | 601,155
6.00% |  | 1,185 | 1,159,211
Nordea Bank Abp, 3.75% (b)(i) |  | 560 | 466,898
PNC Financial Services Group, Inc. (i) |  |  |
Series V, 6.20% |  | 377 | 375,533
Series W, 6.25% (g) |  | 380 | 370,299
Rizal Commercial Banking Corp., 6.50% (f)(i) |  | 200 | 197,625
Societe Generale SA (b)(i) |  |  |
5.38% |  | 2,250 | 1,812,726
6.75% (g) |  | 3,000 | 2,682,993
UBS Group AG (b)(i) |  |  |
Series NC10, 9.25% |  | 760 | 851,118
Series NC5, 9.25% |  | 616 | 662,756
Wells Fargo & Co., 7.63% (g)(i) |  | 571 | 608,061
Woori Bank, 4.25% (f)(i) |  | 250 | 247,812
|  |  | 25,891,290
Construction & Engineering — 0.0% |
Abertis Infraestructuras Finance BV, 3.25% (f)(i) | EUR | 100 | 104,150

Security |  | Par (000) | Value
Diversified Telecommunication Services (f) — 0.1% |
British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | $ 134,340
Telefonica Europe BV, 6.14% (i) | EUR | 200 | 224,350
Vodafone Group PLC |  |  |
2.63%, 08/27/80 |  | 100 | 102,952
6.50%, 08/30/84 |  | 100 | 114,993
|  |  | 576,635
Electric Utilities — 0.7% |
Edison International, Series B, 5.00% (i) | USD | 328 | 311,994
EDP - Energias de Portugal SA, 5.94%, 04/23/83 (f) | EUR | 100 | 111,510
Electricite de France SA, 3.00% (f)(i) |  | 200 | 196,523
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 (g) | USD | 2,500 | 2,386,094
NRG Energy, Inc., 10.25% (b)(i) |  | 625 | 683,569
Vistra Corp., 7.00% (b)(i) |  | 267 | 264,680
|  |  | 3,954,370
Oil, Gas & Consumable Fuels — 0.0% |
Repsol International Finance BV, 4.25% (f)(i) | EUR | 100 | 105,302
Pharmaceuticals — 0.0% |
Bayer AG, 4.50%, 03/25/82 (f) |  | 100 | 103,007
Real Estate Management & Development — 0.0% |
Heimstaden Bostad AB, 2.63% (f)(i) |  | 100 | 66,131
| 31,271,358

|  | Shares |
Preferred Stocks — 0.7% (a)(i)
Capital Markets — 0.7% |
Morgan Stanley |  |  |
Series F, 6.88% |  | 100,000 | 2,509,000
Series K, 5.85% |  | 60,125 | 1,493,505
| 4,002,505
Total Preferred Securities — 6.3% (Cost: $36,255,825) | 35,273,863

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.9% |
Fannie Mae REMICS, Series 2023-56, Class FA, (30- day Avg SOFR + 1.40%), 6.74%, 11/25/53 (a) | USD | 4,331 | 4,355,511
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47 |  | 538 | 487,501
|  |  | 4,843,012
Mortgage-Backed Securities — 12.7% |
Uniform Mortgage-Backed Securities |  |  |
1.50%, 05/01/31 - 06/01/36 |  | 6,927 | 5,956,399
2.00%, 08/01/31 |  | 1,940 | 1,790,739
4.00%, 05/01/52 - 07/15/54 (g)(p) |  | 30,154 | 27,975,473
4.50%, 05/01/53 (g) |  | 4,966 | 4,688,372
6.50%, 01/01/54 (g) |  | 5,234 | 5,349,321
3.00%, 07/15/54 (p) |  | 4,200 | 3,572,297

Schedule of Investments
137

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Mortgage-Backed Securities (continued) |
Uniform Mortgage-Backed Securities (continued) |  |  |
5.00%, 07/15/54 (p) | USD | 11,000 | $ 10,630,469
5.50%, 07/15/54 (p) |  | 11,020 | 10,868,045
|  |  | 70,831,115
Total U.S. Government Sponsored Agency Securities — 13.6% (Cost: $75,963,027) | 75,674,127

|  | Shares |
Warrants
Entertainment — 0.0% |
Aviron Capital LLC, (Expires 12/16/31) (d)(o) |  | 10 | —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Long-Term Investments — 157.0% (Cost: $907,491,504) | 876,731,952
Short-Term Securities
Money Market Funds — 0.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (q)(r) |  | 4,040,981 | 4,040,981
Total Short-Term Securities — 0.7% (Cost: $4,040,981) | 4,040,981
Total Investments — 157.7% (Cost: $911,532,485) | 880,772,933
Liabilities in Excess of Other Assets — (57.7)% | (322,398,384 )
Net Assets — 100.0% | $ 558,374,549

(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) | When-issued security.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Rounds to less than 1,000.
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(g) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(h) | 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.
(i) | Perpetual security with no stated maturity date.
(j) | Convertible security.
(k) | Zero-coupon bond.
(l) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(m) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(n) | Issuer filed for bankruptcy and/or is in default.
(o) | Non-income producing security.
(p) | Represents or includes a TBA transaction.
(q) | Affiliate of the Fund.
(r) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 10,305,527 | $ — | $ (6,264,546 ) (a) | $ — | $ — | $ 4,040,981 | 4,040,981 | $ 201,120 | $ —

(a) | Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
HSBC Securities (USA), Inc. | 5.50 % (b) | 12/08/23 | Open | $ 452,500 | $ 466,596 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 12/08/23 | Open | 210,478 | 217,034 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 12/08/23 | Open | 156,860 | 161,724 | Foreign Agency Obligations | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 12/08/23 | Open | 187,105 | 192,908 | Foreign Agency Obligations | Open/Demand
Barclays Bank PLC | 5.50 (b) | 01/29/24 | Open | 2,297,337 | 2,351,038 | Capital Trusts | Open/Demand
Barclays Bank PLC | 5.50 (b) | 01/29/24 | Open | 1,636,537 | 1,674,792 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.50 (b) | 01/29/24 | Open | 697,500 | 713,804 | Corporate Bonds | Open/Demand

138
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
Credit Agricole Corporate and Investment Bank | 5.52 % (b) | 01/29/24 | Open | $ 93,161 | $ 95,347 | Foreign Agency Obligations | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.50 (b) | 02/08/24 | Open | 338,923 | 346,327 | Foreign Agency Obligations | Open/Demand
Credit Agricole Corporate and Investment Bank | 5.50 (b) | 02/08/24 | Open | 814,062 | 831,847 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 02/08/24 | Open | 1,661,476 | 1,698,105 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 783,750 | 800,779 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 1,142,175 | 1,166,992 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 171,875 | 175,610 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 600,000 | 613,037 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 93,379 | 95,408 | Corporate Bonds | Open/Demand
Societe Generale | 5.47 (b) | 02/08/24 | Open | 3,320,000 | 3,392,137 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/03/24 | Open | 580,110 | 587,895 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/03/24 | Open | 235,553 | 238,708 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.67 (b) | 04/09/24 | Open | 3,495,010 | 3,540,148 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 04/11/24 | Open | 1,675,837 | 1,697,142 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 204,997 | 207,342 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 162,822 | 164,685 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 185,071 | 187,188 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 137,774 | 139,350 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.40 (b) | 04/12/24 | Open | 1,232,448 | 1,246,683 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 04/12/24 | Open | 1,480,250 | 1,497,410 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.45 (b) | 04/12/24 | Open | 922,500 | 933,254 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 242,363 | 245,203 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 306,772 | 310,368 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 446,970 | 452,209 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 202,825 | 205,202 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 172,250 | 174,269 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 173,861 | 175,899 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 110,134 | 111,425 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 252,788 | 255,750 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 117,640 | 119,019 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 314,640 | 318,328 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 250,190 | 253,123 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 637,751 | 645,226 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 432,889 | 437,963 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 336,300 | 340,242 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 04/12/24 | Open | 342,760 | 346,917 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 593,687 | 599,912 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 375,586 | 379,524 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 131,580 | 132,960 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 383,994 | 388,020 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 92,958 | 93,932 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/25/24 | Open | 88,916 | 89,823 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 503,700 | 508,298 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 2,249,300 | 2,269,250 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 387,600 | 391,198 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 271,534 | 274,054 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 345,274 | 348,509 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 331,946 | 335,062 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 243,658 | 245,945 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 820,155 | 827,853 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 867,500 | 875,642 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 487,830 | 492,409 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 535,312 | 540,337 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 542,025 | 547,131 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 1,200,465 | 1,211,774 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 615,880 | 621,682 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 342,203 | 345,432 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 281,138 | 283,791 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 305,760 | 308,651 | Corporate Bonds | Open/Demand

Schedule of Investments
139

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BNP Paribas SA | 5.49 % (b) | 04/29/24 | Open | $ 237,690 | $ 239,937 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 992,107 | 1,001,488 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 3,618,956 | 3,653,173 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 125,413 | 126,598 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 856,537 | 864,636 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 1,708,927 | 1,725,085 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 488,071 | 492,686 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 243,865 | 246,171 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 862,500 | 870,655 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 316,111 | 319,100 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.50 (b) | 04/29/24 | Open | 488,456 | 493,083 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.54 (b) | 04/29/24 | Open | 2,712,937 | 2,738,822 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.55 (b) | 04/29/24 | Open | 213,119 | 215,156 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 686,367 | 692,648 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 547,976 | 552,990 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 1,824,829 | 1,841,526 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 275,381 | 277,929 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 250,373 | 252,689 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 279,953 | 282,543 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 04/30/24 | Open | 212,258 | 214,254 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 05/01/24 | Open | 371,365 | 374,751 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/02/24 | Open | 110,158 | 111,165 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 05/03/24 | Open | 190,750 | 192,454 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/06/24 | Open | 596,242 | 601,325 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 479,375 | 483,396 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 349,525 | 352,457 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 436,250 | 439,909 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 222,813 | 224,681 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 294,875 | 297,348 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 857,250 | 864,440 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 222,530 | 224,396 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 05/06/24 | Open | 521,360 | 525,741 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.50 (b) | 05/06/24 | Open | 391,050 | 394,336 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/09/24 | Open | 589,000 | 593,726 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/10/24 | Open | 136,010 | 137,089 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 05/10/24 | Open | 396,000 | 399,037 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/13/24 | Open | 814,230 | 820,237 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/13/24 | Open | 204,149 | 205,674 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 226,993 | 228,692 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 302,794 | 305,060 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 404,200 | 407,226 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 177,138 | 178,464 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 312,406 | 314,745 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 207,313 | 208,864 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 276,806 | 278,878 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 165,640 | 166,880 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 5.50 (b) | 05/13/24 | Open | 402,804 | 405,819 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.25 (b) | 05/20/24 | Open | 701,335 | 705,528 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 1,456,003 | 1,464,874 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 342,720 | 344,808 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 280,438 | 282,178 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 537,639 | 540,976 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 199,665 | 200,904 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 262,418 | 264,046 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 399,263 | 401,786 | Capital Trusts | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 219,121 | 220,506 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 1,327,775 | 1,336,168 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 577,150 | 580,798 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 621,060 | 624,986 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 297,716 | 299,598 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 837,540 | 842,834 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 1,052,700 | 1,059,354 | Corporate Bonds | Open/Demand

140
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
Goldman Sachs & Co. LLC | 5.55 % (b) | 05/20/24 | Open | $ 647,254 | $ 651,345 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/20/24 | Open | 557,831 | 561,357 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 176,138 | 177,205 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 147,445 | 148,338 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 306,425 | 308,282 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 206,019 | 207,268 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 310,179 | 312,059 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 130,849 | 131,642 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 562,575 | 565,984 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 257,052 | 258,610 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 214,800 | 216,101 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/20/24 | Open | 777,601 | 782,454 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.55 (b) | 05/20/24 | Open | 327,120 | 329,188 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/20/24 | Open | 137,025 | 137,903 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/20/24 | Open | 192,325 | 193,557 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/20/24 | Open | 1,360,675 | 1,369,660 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/20/24 | Open | 161,494 | 162,561 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/20/24 | Open | 584,000 | 587,856 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/20/24 | Open | 1,880,740 | 1,893,159 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 05/21/24 | Open | 1,340,606 | 1,349,247 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/22/24 | Open | 998,294 | 1,004,155 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 132,860 | 133,650 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 883,560 | 888,815 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 596,362 | 599,909 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 159,280 | 160,227 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/22/24 | Open | 71,340 | 71,772 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/22/24 | Open | 1,519,230 | 1,528,480 | Corporate Bonds | Open/Demand
Societe Generale | 5.64 (b) | 05/22/24 | Open | 1,451,287 | 1,460,382 | Corporate Bonds | Open/Demand
Societe Generale | 5.64 (b) | 05/22/24 | Open | 1,379,020 | 1,387,662 | Corporate Bonds | Open/Demand
Societe Generale | 5.64 (b) | 05/22/24 | Open | 1,565,287 | 1,575,097 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 05/22/24 | Open | 2,360,520 | 2,375,339 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 05/23/24 | Open | 506,050 | 509,032 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/23/24 | Open | 422,353 | 424,864 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 05/23/24 | Open | 1,362,217 | 1,370,408 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/23/24 | Open | 157,135 | 158,067 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 05/23/24 | Open | 2,645,637 | 2,661,888 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/23/24 | Open | 1,023,937 | 1,028,963 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.15 (b) | 05/23/24 | Open | 1,031,179 | 1,036,784 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 344,500 | 346,500 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 496,125 | 499,005 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 592,375 | 595,814 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 713,250 | 717,391 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 623,437 | 627,057 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 721,875 | 726,066 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 337,625 | 339,585 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 1,243,125 | 1,250,342 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 510,000 | 512,961 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 166,875 | 167,844 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 220,019 | 221,296 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 350,000 | 352,032 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 482,300 | 485,100 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 332,000 | 333,927 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 598,812 | 602,289 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 253,425 | 254,896 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 640,819 | 644,539 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 529,375 | 532,448 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 418,750 | 421,181 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 412,500 | 414,895 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 364,500 | 366,616 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 808,000 | 812,691 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/24/24 | Open | 142,870 | 143,698 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/30/24 | Open | 563,450 | 566,165 | Corporate Bonds | Open/Demand

Schedule of Investments
141

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BNP Paribas SA | 5.49 % (b) | 05/30/24 | Open | $ 1,389,095 | $ 1,395,874 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 05/30/24 | Open | 244,650 | 245,850 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 05/30/24 | Open | 229,033 | 230,156 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.64 (b) | 05/31/24 | Open | 297,473 | 298,917 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.65 (b) | 05/31/24 | Open | 3,488,265 | 3,505,236 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/04/24 | Open | 279,720 | 280,872 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.55 (b) | 06/04/24 | Open | 419,624 | 421,370 | Corporate Bonds | Open/Demand
Societe Generale | 5.49 (b) | 06/06/24 | Open | 315,040 | 316,241 | Capital Trusts | Open/Demand
Societe Generale | 5.49 (b) | 06/06/24 | Open | 168,520 | 169,162 | Corporate Bonds | Open/Demand
Societe Generale | 5.49 (b) | 06/06/24 | Open | 226,229 | 227,092 | Corporate Bonds | Open/Demand
Societe Generale | 5.64 (b) | 06/06/24 | Open | 159,319 | 159,943 | Corporate Bonds | Open/Demand
Societe Generale | 5.64 (b) | 06/06/24 | Open | 282,327 | 283,433 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.45 (b) | 06/07/24 | Open | 1,218,080 | 1,222,506 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/07/24 | Open | 1,785,030 | 1,791,563 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.52 (b) | 06/07/24 | Open | 708,400 | 711,007 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 652,800 | 655,159 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.65 (b) | 06/07/24 | Open | 4,284,345 | 4,300,483 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.67 (b) | 06/11/24 | Open | 2,771,290 | 2,780,020 | Corporate Bonds | Open/Demand
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 4,594,794 | 4,607,338 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 25,003,618 | 25,071,878 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Daiwa Capital Markets America, Inc | 5.46 | 06/12/24 | 07/15/24 | 313,033 | 313,888 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Daiwa Capital Markets America, Inc | 5.46 | 06/12/24 | 07/15/24 | 5,207,938 | 5,222,155 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 325,205 | 326,135 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 362,060 | 363,096 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/12/24 | Open | 2,205,665 | 2,212,254 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.45 | 06/13/24 | 08/01/24 | 1,919,938 | 1,925,169 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 5.45 | 06/13/24 | 08/01/24 | 456,515 | 457,759 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 5.45 | 06/13/24 | 08/01/24 | 402,500 | 403,597 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 5.45 | 06/13/24 | 08/01/24 | 203,621 | 204,176 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 2.00 | 06/13/24 | 08/01/24 | 32,650 | 32,683 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/13/24 | 08/01/24 | 254,837 | 255,347 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 200,594 | 201,045 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.24 | 06/13/24 | 08/01/24 | 211,596 | 212,150 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.40 | 06/13/24 | 08/01/24 | 126,560 | 126,902 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 274,125 | 274,872 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 416,147 | 417,281 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 2,340,210 | 2,346,704 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.55 | 06/13/24 | 08/01/24 | 950,380 | 953,017 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 870,610 | 873,069 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 1,654,740 | 1,659,415 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.65 | 06/13/24 | 08/01/24 | 925,099 | 927,712 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.00 (b) | 06/14/24 | Open | 583,675 | 585,053 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 5.10 | 06/17/24 | 07/17/24 | 153,093 | 153,396 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 1,084,025 | 1,086,196 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 581,297 | 582,462 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 793,125 | 794,713 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.20 | 06/17/24 | 07/17/24 | 399,600 | 400,408 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 93,720 | 93,911 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 432,338 | 433,220 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.30 | 06/17/24 | 07/17/24 | 1,951,222 | 1,955,244 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.30 | 06/17/24 | 07/17/24 | 317,730 | 318,385 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 510,750 | 511,813 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 692,900 | 694,342 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 775,937 | 777,552 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 685,725 | 687,152 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 341,568 | 342,278 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 337,534 | 338,236 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,059,572 | 1,061,777 | Corporate Bonds | Up to 30 Days

142
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BofA Securities, Inc. | 5.35 % | 06/17/24 | 07/17/24 | $ 551,000 | $ 552,146 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,563,281 | 1,566,534 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 799,460 | 801,123 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 719,115 | 720,611 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 663,887 | 665,269 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 590,762 | 592,003 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 292,645 | 293,260 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 874,500 | 876,336 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 359,340 | 360,095 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 757,312 | 758,903 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 364,125 | 364,890 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 167,213 | 167,564 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 871,720 | 873,551 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 570,000 | 571,197 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 174,760 | 175,127 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 216,660 | 217,115 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 300,375 | 301,006 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 316,193 | 316,857 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 755,861 | 757,449 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 367,500 | 368,272 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 2,832,157 | 2,838,105 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 759,990 | 761,586 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 248,734 | 249,257 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 128,844 | 129,114 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 285,831 | 286,432 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 203,680 | 204,108 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 485,631 | 485,631 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 797,404 | 799,094 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 2,147,377 | 2,151,929 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 284,173 | 284,775 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 554,377 | 555,552 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 710,347 | 711,853 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 590,224 | 591,475 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 302,003 | 302,643 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 133,414 | 133,697 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 250,943 | 251,474 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 426,336 | 427,240 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 336,709 | 337,422 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 297,783 | 298,415 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 571,252 | 572,463 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 152,733 | 153,056 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 194,513 | 194,925 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 748,710 | 750,297 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,134,315 | 1,136,719 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,211,775 | 1,214,343 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,251,971 | 1,254,625 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 586,417 | 587,660 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 413,220 | 414,096 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 728,796 | 730,341 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 654,910 | 656,298 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 362,876 | 363,645 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 365,238 | 366,012 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 209,831 | 210,276 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 494,705 | 495,754 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,076,716 | 1,078,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 127,190 | 127,460 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 228,994 | 229,479 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 456,870 | 457,838 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 510,848 | 510,848 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.49 | 06/17/24 | 07/17/24 | 2,262,500 | 2,267,330 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 576,150 | 577,382 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 96,615 | 96,822 | Corporate Bonds | Up to 30 Days

Schedule of Investments
143

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BofA Securities, Inc. | 5.50 % | 06/17/24 | 07/17/24 | $ 2,160,069 | $ 2,164,689 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 848,750 | 850,565 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 77,976 | 78,143 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 421,080 | 421,981 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 3,631,045 | 3,638,811 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 84,150 | 84,330 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 158,355 | 158,694 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 2,052,160 | 2,056,549 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 670,131 | 671,565 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 513,697 | 514,796 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 235,625 | 236,129 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 324,120 | 324,813 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 131,134 | 131,414 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 628,460 | 629,805 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 379,765 | 380,577 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 1,217,280 | 1,219,884 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 979,200 | 981,294 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 512,250 | 513,346 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 76,886 | 77,051 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 111,470 | 111,708 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 792,000 | 793,694 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 425,119 | 426,028 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 116,769 | 117,019 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 122,763 | 123,025 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 820,534 | 822,289 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 830,035 | 831,810 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 811,174 | 812,909 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 579,281 | 580,520 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 318,562 | 319,244 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 324,919 | 325,614 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 142,504 | 142,809 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 266,664 | 267,234 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 726,656 | 728,210 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 130,207 | 130,485 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.53 | 06/17/24 | 07/17/24 | 2,055,937 | 2,060,359 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.53 | 06/17/24 | 07/17/24 | 187,566 | 187,969 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 1,061,656 | 1,063,948 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.55 | 06/17/24 | 07/17/24 | 270,683 | 271,267 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 200,717 | 201,154 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 245,555 | 246,090 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 307,753 | 308,423 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 2,463,750 | 2,469,115 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 615,724 | 617,065 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 478,128 | 479,169 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 600,625 | 601,933 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,972,840 | 1,977,136 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 2,526,637 | 2,532,140 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,001,385 | 1,003,566 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,448,370 | 1,451,524 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 686,250 | 687,745 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,759,074 | 1,762,905 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 1,949,437 | 1,953,683 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 368,196 | 368,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 357,043 | 357,820 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 925,242 | 927,257 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/17/24 | 07/17/24 | 2,965,620 | 2,972,078 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.30 | 06/17/24 | 07/17/24 | 318,705 | 319,362 | Foreign Agency Obligations | Up to 30 Days
Merrill Lynch International | 5.60 | 06/17/24 | 07/17/24 | 183,334 | 183,733 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.60 | 06/17/24 | 07/17/24 | 202,879 | 203,321 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.60 | 06/17/24 | 07/17/24 | 265,446 | 266,024 | Foreign Agency Obligations | Up to 30 Days
Merrill Lynch International | 5.60 | 06/17/24 | 07/17/24 | 192,938 | 193,358 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.60 | 06/17/24 | 07/17/24 | 905,520 | 907,492 | Corporate Bonds | Up to 30 Days

144
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
Merrill Lynch International | 5.65 % | 06/17/24 | 07/17/24 | $ 1,922,166 | $ 1,926,390 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 5.60 | 06/17/24 | 08/07/24 | 295,335 | 295,933 | Foreign Agency Obligations | 31 - 90 Days
J.P. Morgan Securities LLC | 4.25 | 06/18/24 | 08/07/24 | 248,579 | 248,960 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.30 | 06/18/24 | 08/07/24 | 634,987 | 636,203 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.35 | 06/18/24 | 08/07/24 | 211,736 | 212,145 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.40 | 06/18/24 | 08/07/24 | 174,688 | 175,028 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 608,005 | 609,202 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 230,578 | 231,032 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 302,669 | 303,264 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 130,150 | 130,406 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 233,930 | 234,390 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 241,929 | 242,405 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 570,245 | 571,367 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 474,259 | 475,192 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 1,115,625 | 1,117,821 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 517,611 | 518,630 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 169,680 | 170,014 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 360,360 | 361,069 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 239,460 | 239,931 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 224,990 | 225,433 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 478,140 | 479,081 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 232,243 | 232,704 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 474,863 | 475,806 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 251,875 | 252,375 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 428,690 | 429,541 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 400,685 | 401,481 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 146,247 | 146,538 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 299,700 | 300,295 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 208,618 | 209,032 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 214,500 | 214,926 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 692,309 | 693,684 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 291,538 | 292,117 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.50 | 06/18/24 | 08/07/24 | 383,040 | 383,801 | Corporate Bonds | 31 - 90 Days
TD Securities (USA) LLC | 5.50 (b) | 06/18/24 | Open | 1,469,762 | 1,472,682 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/18/24 | Open | 1,983,430 | 1,987,484 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.66 (b) | 06/18/24 | Open | 2,117,550 | 2,121,878 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 5.40 | 06/21/24 | 07/17/24 | 181,187 | 181,459 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/25/24 | 07/17/24 | 178,334 | 178,500 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.60 | 06/25/24 | 07/17/24 | 1,241,085 | 1,242,243 | Corporate Bonds | Up to 30 Days
Goldman Sachs & Co. LLC | 5.45 (b) | 06/25/24 | Open | 143,606 | 143,737 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.55 (b) | 06/25/24 | Open | 1,086,827 | 1,087,833 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 06/27/24 | Open | 234,703 | 234,845 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.50 | 06/28/24 | 07/17/24 | 266,185 | 266,285 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 4.50 | 06/28/24 | 08/01/24 | 867,895 | 868,220 | Corporate Bonds | 31 - 90 Days
|  |  |  | $ 305,182,818 | $ 306,804,004 |  |

(a) | Certain agreements have no stated maturity and can be terminated by either party at any time.
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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 |  |  |  |
2-Year U.S. Treasury Note | 1,678 | 09/30/24 | $ 342,679 | $ 373,792
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 537 | 09/19/24 | 58,986 | (459,411 )

Schedule of Investments
145

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Futures Contracts (continued)

Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued) |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 214 | 09/19/24 | $ 24,242 | $ (158,133 )
U.S. Long Bond | 312 | 09/19/24 | 36,777 | (132,524 )
Ultra U.S. Treasury Bond | 106 | 09/19/24 | 13,204 | (49,803 )
5-Year U.S. Treasury Note | 72 | 09/30/24 | 7,669 | (7,626 )
|  |  |  | (807,497 )
|  |  |  | $ (433,705 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 108,551 | EUR | 100,000 | Deutsche Bank AG | 07/17/24 | $ 1,381
USD | 105,068 | EUR | 97,038 | Morgan Stanley & Co. International PLC | 07/17/24 | 1,072
USD | 130,520 | EUR | 120,545 | Morgan Stanley & Co. International PLC | 07/17/24 | 1,332
USD | 130,642 | EUR | 120,658 | Morgan Stanley & Co. International PLC | 07/17/24 | 1,333
USD | 495,083 | EUR | 457,247 | Morgan Stanley & Co. International PLC | 07/17/24 | 5,051
USD | 11,876,952 | EUR | 11,032,000 | BNP Paribas SA | 09/18/24 | 18,164
USD | 924,696 | GBP | 729,000 | Citibank N.A. | 09/18/24 | 2,643
USD | 488,153 | GBP | 385,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 1,197
USD | 374,157 | GBP | 295,000 | Standard Chartered Bank | 09/18/24 | 1,035
|  |  |  |  |  | 33,208
EUR | 130,607 | USD | 140,420 | Standard Chartered Bank | 07/17/24 | (449 )
| $ 32,759

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.IG.41.V1 | 1.00 % | Quarterly | 12/20/28 | USD | 27,020 | $ (578,089 ) | $ (371,697 ) | $ (206,392 )
CDX.NA.HY.42.V1 | 5.00 | Quarterly | 06/20/29 | USD | 5,007 | (320,535 ) | (302,682 ) | (17,853 )
|  |  |  |  |  | $ (898,624 ) | $ (674,379 ) | $ (224,245 )

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index | Financing Rate Paid by the Fund | Payment Frequency | Counterparty | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CMBX.NA.7 | 3.00 % | Monthly | Deutsche Bank AG | 01/17/47 | USD | 11,717 | $ 2,097,319 | $ 759,873 | $ 1,337,446

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Virgin Media Finance PLC | 5.00 % | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 20 | $ 1,080 | $ 972 | $ 108
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | N/R | EUR | 38 | 4,485 | 5,755 | (1,270 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | N/R | EUR | 9 | (278 ) | (1,458 ) | 1,180
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 5 | (167 ) | (854 ) | 687
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 15 | (469 ) | (2,400 ) | 1,931

146
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Adler Real Estate AG | 5.00 % | Quarterly | Citibank N.A. | 12/20/27 | N/R | EUR | 4 | $ (136 ) | $ (714 ) | $ 578
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | N/R | EUR | 9 | (285 ) | (1,509 ) | 1,224
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | N/R | EUR | 7 | (207 ) | (1,074 ) | 867
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 27 | 2,991 | 3,563 | (572 )
Ziggo Bond Company B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 15 | 780 | 1,172 | (392 )
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 5 | (838,927 ) | (212,936 ) | (625,991 )
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 2 | (419,464 ) | (106,345 ) | (313,119 )
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 5 | (838,926 ) | (105,273 ) | (733,653 )
CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/15/64 | N/R | USD | 2,972 | (514,342 ) | (548,146 ) | 33,804
|  |  |  |  |  |  |  | $ (2,603,865 ) | $ (969,247 ) | $ (1,634,618 )

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ — | $ (674,379 ) | $ — | $ (224,245 )
OTC Swaps | 771,335 | (980,709 ) | 1,377,825 | (1,674,997 )

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

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized appreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 373,792 | $ — | $ 373,792
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 33,208 | — | — | 33,208
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 2,149,160 | — | — | — | — | 2,149,160
| $ — | $ 2,149,160 | $ — | $ 33,208 | $ 373,792 | $ — | $ 2,556,160
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 807,497 | $ — | $ 807,497
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 449 | — | — | 449
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 224,245 | — | — | — | — | 224,245
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 2,655,706 | — | — | — | — | 2,655,706
| $ — | $ 2,879,951 | $ — | $ 449 | $ 807,497 | $ — | $ 3,687,897

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

Schedule of Investments
147

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Statement of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ (2,464,139 ) | $ — | $ (2,464,139 )
Forward foreign currency exchange contracts | — | — | — | 353,218 | — | — | 353,218
Options purchased (a) | — | — | — | — | (632 ) | — | (632 )
Options written | — | — | — | — | 305 | — | 305
Swaps | — | (520,772 ) | — | — | — | — | (520,772 )
| $ — | $ (520,772 ) | $ — | $ 353,218 | $ (2,464,466 ) | $ — | $ (2,632,020 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 3,655,143 | $ — | $ 3,655,143
Forward foreign currency exchange contracts | — | — | — | 162,381 | — | — | 162,381
Swaps | — | 360,308 | — | — | — | — | 360,308
| $ — | $ 360,308 | $ — | $ 162,381 | $ 3,655,143 | $ — | $ 4,177,832

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $ 253,565,945
Average notional value of contracts — short | $ 144,094,461
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 13,937,137
Average amounts sold — in USD | $ 70,210
Options: |
Average value of option contracts purchased | $ 211
Average value of option contracts written | $ 23
Credit default swaps: |
Average notional value — buy protection | $ 46,115,183
Average notional value — sell protection | $ 15,056,334

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Futures contracts | $ 1,094,563 | $ 39,407
Forward foreign currency exchange contracts | 33,208 | 449
Swaps — centrally cleared | 4,877 | —
Swaps — OTC (a) | 2,149,160 | 2,655,706
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 3,281,808 | 2,695,562
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (1,099,440 ) | (39,407 )
Total derivative assets and liabilities subject to an MNA | $ 2,182,368 | $ 2,656,155

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

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received (b) | Net Amount of Derivative Assets (c)(d)
Bank of America N.A. | $ 2,352 | $ (1,850 ) | $ — | $ — | $ 502

148
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received (b) | Net Amount of Derivative Assets (c)(d)
Barclays Bank PLC | $ 6,181 | $ (6,181 ) | $ — | $ — | $ —
BNP Paribas SA | 18,164 | — | — | — | 18,164
Citibank N.A. | 3,221 | (714 ) | — | — | 2,507
Deutsche Bank AG | 2,098,700 | — | — | (2,080,000 ) | 18,700
JPMorgan Chase Bank N.A. | 3,501 | (1,509 ) | — | — | 1,992
Morgan Stanley & Co. International PLC | 49,214 | (49,214 ) | — | — | —
Standard Chartered Bank | 1,035 | (449 ) | — | — | 586
| $ 2,182,368 | $ (59,917 ) | $ — | $ (2,080,000 ) | $ 42,451

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged (b) | Net Amount of Derivative Liabilities (c)(e)
Bank of America N.A. | $ 1,850 | $ (1,850 ) | $ — | $ — | $ —
Barclays Bank PLC | 2,101,143 | (6,181 ) | — | (1,970,000 ) | 124,962
Citibank N.A. | 714 | (714 ) | — | — | —
JPMorgan Chase Bank N.A. | 1,509 | (1,509 ) | — | — | —
Morgan Stanley & Co. International PLC | 550,490 | (49,214 ) | — | (501,276 ) | —
Standard Chartered Bank | 449 | (449 ) | — | — | —
| $ 2,656,155 | $ (59,917 ) | $ — | $ (2,471,276 ) | $ 124,962

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d) | Net amount represents the net amount receivable from the counterparty in the event of default.
(e) | Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation
of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund
’
s financial instruments into major
categories is disclosed in the Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 109,215,811 | $ 1,478,424 | $ 110,694,235
Common Stocks | 2,575,003 | — | — | 2,575,003
Corporate Bonds |  |  |  |
Advertising Agencies | — | 833,219 | — | 833,219
Aerospace & Defense | — | 19,992,503 | — | 19,992,503
Air Freight & Logistics | — | 912,496 | — | 912,496
Automobile Components | — | 8,321,493 | — | 8,321,493
Automobiles | — | 6,262,017 | — | 6,262,017
Banks | — | 8,471,937 | — | 8,471,937
Beverages | — | 1,991,433 | — | 1,991,433
Biotechnology | — | 898,622 | — | 898,622
Broadline Retail | — | 1,599,394 | — | 1,599,394
Building Materials | — | 9,227,230 | — | 9,227,230
Building Products | — | 3,290,895 | — | 3,290,895
Capital Markets | — | 5,852,147 | — | 5,852,147
Chemicals | — | 10,817,766 | — | 10,817,766
Commercial Services & Supplies | — | 28,498,688 | — | 28,498,688
Communications Equipment | — | 90,693 | — | 90,693

Schedule of Investments
149

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds (continued) |  |  |  |
Construction & Engineering | $ — | $ 2,650,472 | $ — | $ 2,650,472
Construction Materials | — | 868,544 | — | 868,544
Consumer Finance | — | 3,506,667 | — | 3,506,667
Consumer Staples Distribution & Retail | — | 5,985,364 | — | 5,985,364
Containers & Packaging | — | 12,765,921 | — | 12,765,921
Diversified Consumer Services | — | 1,231,971 | — | 1,231,971
Diversified REITs | — | 4,362,964 | — | 4,362,964
Diversified Telecommunication Services | 106,777 | 26,871,735 | — | 26,978,512
Electric Utilities | — | 7,574,947 | — | 7,574,947
Electrical Equipment | — | 1,061,302 | — | 1,061,302
Electronic Equipment, Instruments & Components | — | 4,410,847 | — | 4,410,847
Energy Equipment & Services | — | 3,868,410 | — | 3,868,410
Entertainment | — | 2,125,697 | — | 2,125,697
Environmental, Maintenance & Security Service | — | 6,136,329 | — | 6,136,329
Financial Services | — | 10,973,988 | — | 10,973,988
Food Products | — | 5,388,850 | — | 5,388,850
Gas Utilities | — | 502,601 | — | 502,601
Ground Transportation | — | 6,382,750 | — | 6,382,750
Health Care Equipment & Supplies | — | 6,870,860 | — | 6,870,860
Health Care Providers & Services | — | 15,707,089 | — | 15,707,089
Health Care REITs | — | 1,450,323 | — | 1,450,323
Health Care Technology | — | 2,585,323 | — | 2,585,323
Hotel & Resort REITs | — | 4,014,626 | — | 4,014,626
Hotels, Restaurants & Leisure | — | 35,894,478 | — | 35,894,478
Household Durables | — | 2,286,746 | — | 2,286,746
Household Products | — | 572,581 | — | 572,581
Independent Power and Renewable Electricity Producers | — | 1,605,690 | — | 1,605,690
Industrial Conglomerates | — | 82,609 | — | 82,609
Insurance | — | 30,646,083 | — | 30,646,083
Interactive Media & Services | — | 456,482 | — | 456,482
IT Services | — | 4,779,160 | — | 4,779,160
Leisure Products | — | 529,690 | — | 529,690
Machinery | — | 7,699,856 | — | 7,699,856
Marine Transportation | — | 102,695 | — | 102,695
Media | — | 29,281,748 | — | 29,281,748
Metals & Mining | — | 17,753,186 | — | 17,753,186
Mortgage Real Estate Investment Trusts (REITs) | — | 228,423 | — | 228,423
Oil, Gas & Consumable Fuels | — | 61,135,886 | 1,246,149 | 62,382,035
Passenger Airlines | — | 3,926,074 | — | 3,926,074
Personal Care Products | — | 279,070 | — | 279,070
Pharmaceuticals | — | 8,126,504 | — | 8,126,504
Professional Services | — | 1,878,776 | — | 1,878,776
Real Estate Management & Development | — | 1,018,883 | — | 1,018,883
Retail REITs | — | 189,855 | — | 189,855
Semiconductors & Semiconductor Equipment | — | 3,665,947 | — | 3,665,947
Software | — | 24,177,643 | — | 24,177,643
Specialized REITs | — | 1,805,011 | — | 1,805,011
Specialty Retail | — | 1,970,387 | — | 1,970,387
Technology Hardware, Storage & Peripherals | — | 1,639,967 | — | 1,639,967
Textiles, Apparel & Luxury Goods | — | 262,174 | — | 262,174
Tobacco | — | 2,030,373 | — | 2,030,373
Trading Companies & Distributors | — | 436,806 | — | 436,806
Transportation Infrastructure | — | 537,909 | — | 537,909
Wireless Telecommunication Services | — | 92,017 | — | 92,017
Fixed Rate Loan Interests | — | 3,440,013 | 1,286,618 | 4,726,631
Floating Rate Loan Interests | — | 42,245,845 | 2,003,219 | 44,249,064
Foreign Agency Obligations | — | 7,170,509 | — | 7,170,509
Municipal Bonds | — | 3,318,971 | — | 3,318,971
Non-Agency Mortgage-Backed Securities | — | 102,245,801 | — | 102,245,801
Preferred Securities |  |  |  |
Capital Trusts | — | 31,271,358 | — | 31,271,358
Preferred Stocks | 4,002,505 | — | — | 4,002,505

150
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Multi-Sector Income Trust (BIT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
U.S. Government Sponsored Agency Securities | $ — | $ 75,674,127 | $ — | $ 75,674,127
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 4,040,981 | — | — | 4,040,981
Unfunded Floating Rate Loan Interests (a) | — | 105 | — | 105
| $ 10,725,266 | $ 864,033,362 | $ 6,014,410 | $ 880,773,038
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 1,377,825 | $ — | $ 1,377,825
Foreign Currency Exchange Contracts | — | 33,208 | — | 33,208
Interest Rate Contracts | 373,792 | — | — | 373,792
Liabilities |  |  |  |
Credit Contracts | — | (1,899,242 ) | — | (1,899,242 )
Foreign Currency Exchange Contracts | — | (449 ) | — | (449 )
Interest Rate Contracts | (807,497 ) | — | — | (807,497 )
| $ (433,705 ) | $ (488,658 ) | $ — | $ (922,363 )

(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 or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $306,804,004 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:

| Asset-Backed Securities | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Warrants | Total
Assets |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 2,044,502 | $ 1,277,438 | $ — | $ 473,081 | $ — (a) | $ 3,795,021
Transfers into Level 3 | — | — | — | 414,005 | — | 414,005
Transfers out of Level 3 | (401,500 ) | — | — | (368,990 ) | — | (770,490 )
Accrued discounts/premiums | — | — | 674 | 1,016 | — | 1,690
Net realized gain (loss) | — | — | — | 2,449 | — | 2,449
Net change in unrealized appreciation (depreciation) (b)(c) | 89,815 | (7,370 ) | (23,826 ) | 16,470 | — | 75,089
Purchases | — | — | 1,309,770 | 1,571,422 | — | 2,881,192
Sales | (254,393 ) | (23,919 ) | — | (106,234 ) | — | (384,546 )
Closing balance, as of June 30, 2024 | $ 1,478,424 | $ 1,246,149 | $ 1,286,618 | $ 2,003,219 | $ — (a) | $ 6,014,410
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (c) | $ 89,815 | $ (7,370 ) | $ (23,826 ) | $ 18,717 | $ — (a) | $ 77,336

(a) | Rounds to less than $1.
(b) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on
unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
151

Statements of Assets and Liabilities
(unaudited)
June 30, 2024

| DSU | FRA | BKT | BLW
ASSETS |  |  |  |
Investments, at value — unaffiliated (a) | $ 653,432,959 | $ 616,809,394 | $ 383,458,887 | $ 863,902,099
Investments, at value — affiliated (b) | 3,146,351 | 4,993,680 | 3,745,915 | 502,236
Cash pledged: |  |  |  |
Collateral — reverse repurchase agreements | — | — | — | 195,000
Collateral — OTC derivatives | — | — | — | 460,000
Futures contracts | — | — | 762,000 | 1,100,470
Centrally cleared swaps | 263,000 | 605,000 | 1,000 | 524,000
Foreign currency, at value (c) | 245,616 | 1,306,365 | — | 229,851
Receivables: |  |  |  |
Investments sold | 11,293,006 | 12,791,704 | 1,957,311 | 8,733,380
Reverse repurchase agreements | — | — | — | 529,514
Swaps | 2,366 | — | — | 1,774
Capital shares sold | 189,270 | — | — | —
Dividends — unaffiliated | — | — | — | 43,366
Dividends — affiliated | 6,072 | 1,670 | 18,821 | 6,507
Interest — unaffiliated | 6,114,829 | 4,672,930 | 1,797,667 | 10,986,946
Variation margin on futures contracts | — | — | 310,313 | 289,031
Variation margin on centrally cleared swaps | — | — | 27 | 4,069
Swap premiums paid | 2,842 | — | — | 8,603
Unrealized appreciation on: |  |  |  |
Forward foreign currency exchange contracts | 10,213 | 3,981 | — | 23,490
OTC swaps | 274,339 | 2,079 | — | 119,891
Unfunded floating rate loan interests | 1,087 | 1,212 | — | 707
Deferred offering costs | 233,728 | — | 147,435 | 106,024
Prepaid expenses | 10,114 | 7,975 | 4,930 | 8,100
Total assets | 675,225,792 | 641,195,990 | 392,204,306 | 887,775,058
LIABILITIES |  |  |  |
Bank overdraft | 3,956,322 | 2,122,363 | 13,555 | 88,236
Cash received: |  |  |  |
Collateral — reverse repurchase agreements | — | — | 619 | 66
Collateral — TBA commitments | — | — | 438,000 | —
Borrowed bonds, at value (d) | — | — | 702,759 | —
Reverse repurchase agreements, at value | — | — | 76,035,288 | 349,243,265
Payables: |  |  |  |
Investments purchased | 27,991,675 | 30,749,129 | 57,345,040 | 38,253,140
Reverse repurchase agreements | — | — | — | 393,727
Accounting services fees | 32,934 | 31,797 | 27,441 | 35,776
Administration fees | — | — | 31,758 | —
Bank borrowings | 135,000,000 | 146,000,000 | — | —
Custodian fees | 14,054 | 9,494 | 9,062 | 24,590
Income dividend distributions | — | 152,644 | 54,150 | —
Interest expense and fees | 741,024 | 786,588 | 1,198 | —
Investment advisory fees | 288,668 | 370,598 | 137,343 | 361,292
Directors ’ and Officer ’ s fees | 286,590 | — | 144,768 | 347,379
Other accrued expenses | 9,255 | 9,110 | 1,573 | 7,456
Principal payups | — | — | 138,307 | 56,418
Professional fees | 55,582 | 50,951 | 22,172 | 41,806
Transfer agent fees | 31,692 | 18,714 | 25,291 | 27,856
Variation margin on futures contracts | — | — | 122,196 | 56,202
Variation margin on centrally cleared swaps | 3,121 | 5,729 | — | —
Swap premiums received | 105,342 | 2,666 | — | 438,443

152
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2024

| DSU | FRA | BKT | BLW
Unrealized depreciation on: |  |  |  |
Forward foreign currency exchange contracts | 2 | — | — | 5
OTC swaps | 499 | — | — | 5,689
Total liabilities | 168,516,760 | 180,309,783 | 135,250,520 | 389,381,346
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 506,709,032 | $ 460,886,207 | $ 256,953,786 | $ 498,393,712
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital (e)(f)(g) | $ 655,646,636 | $ 536,340,608 | $ 428,585,995 | $ 613,355,565
Accumulated loss | (148,937,604) | (75,454,401) | (171,632,209) | (114,961,853)
NET ASSETS | $ 506,709,032 | $ 460,886,207 | $ 256,953,786 | $ 498,393,712
Net asset value | $ 10.74 | $ 13.08 | $ 12.06 | $ 13.95
(a) Investments, at cost — unaffiliated | $684,239,663 | $630,614,427 | $423,122,353 | $883,522,445
(b) Investments, at cost — affiliated | $3,146,351 | $4,877,122 | $3,745,915 | $502,236
(c) Foreign currency, at cost | $245,900 | $1,306,415 | $— | $246,785
(d) Proceeds received from borrowed bonds | $— | $— | $842,347 | $—
(e) Shares outstanding | 47,184,330 | 35,232,197 | 21,307,672 | 35,735,063
(f) Shares authorized | 400million | 200 million | 200 million | Unlimited
(g) Par value | $0.10 | $0.10 | $0.010 | $0.001

See notes to financial statements.
Financial Statements
153

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2024

| BIT
ASSETS |
Investments, at value — unaffiliated (a) | $ 876,731,952
Investments, at value — affiliated (b) | 4,040,981
Cash | 1,507,847
Cash pledged: |
Collateral — OTC derivatives | 2,690,000
Futures contracts | 3,669,400
Centrally cleared swaps | 577,000
Foreign currency, at value (c) | 474,285
Receivables: |
Investments sold | 8,916,911
Reverse repurchase agreements | 996,479
Capital shares sold | 216,758
Dividends — unaffiliated | 65,429
Dividends — affiliated | 25,287
Interest — unaffiliated | 11,994,084
Variation margin on futures contracts | 1,094,563
Variation margin on centrally cleared swaps | 4,877
Swap premiums paid | 771,335
Unrealized appreciation on: |
Forward foreign currency exchange contracts | 33,208
OTC swaps | 1,377,825
Unfunded floating rate loan interests | 105
Deferred offering costs | 114,888
Prepaid expenses | 8,635
Total assets | 915,311,849
LIABILITIES |
Cash received: |
Collateral — reverse repurchase agreements | 31,000
Collateral — OTC derivatives | 2,080,000
Reverse repurchase agreements, at value | 306,804,004
Payables: |
Investments purchased | 38,412,026
Reverse repurchase agreements | 5,641,268
Accounting services fees | 40,411
Custodian fees | 23,479
Investment advisory fees | 566,763
Directors ’ and Officer ’ s fees | 150,416
Other accrued expenses | 26,143
Principal payups | 283,476
Professional fees | 150,167
Transfer agent fees | 32,585
Variation margin on futures contracts | 39,407
Swap premiums received | 980,709

154
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2024

| BIT
Unrealized depreciation on: |
Forward foreign currency exchange contracts | 449
OTC swaps | 1,674,997
Total liabilities | 356,937,300
Commitments and contingent liabilities |
NET ASSETS | $ 558,374,549
NET ASSETS CONSIST OF |
Paid-in capital (d)(e)(f) | $ 645,118,447
Accumulated loss | (86,743,898)
NET ASSETS | $ 558,374,549
Net asset value | $ 14.44
(a) Investments, at cost — unaffiliated | $907,491,504
(b) Investments, at cost — affiliated | $4,040,981
(c) Foreign currency, at cost | $488,471
(d) Shares outstanding | 38,675,785
(e) Shares authorized | Unlimited
(f) Par value | $0.001

See notes to financial statements.
Financial Statements
155

Statements of Operations
(unaudited)
Six Months Ended June 30, 2024

| DSU | FRA | BKT | BLW
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $ 260,090 | $ 248,740 | $ — | $ 355,982
Dividends — affiliated | 53,562 | 98,732 | 101,878 | 76,877
Interest — unaffiliated | 28,198,541 | 26,972,767 | 7,776,505 | 30,598,401
Other income — unaffiliated | 379,739 | 389,579 | — | 417,017
Foreign taxes withheld | — | — | — | (1,485 )
Total investment income | 28,891,932 | 27,709,818 | 7,878,383 | 31,446,792
EXPENSES |  |  |  |
Investment advisory | 1,752,825 | 2,244,356 | 841,151 | 2,162,968
Professional | 67,903 | 90,671 | 29,330 | 73,593
Accounting services | 48,847 | 46,955 | 29,008 | 54,181
Transfer agent | 39,476 | 25,345 | 34,280 | 33,607
Directors and Officer | 37,948 | 14,916 | 19,472 | 41,964
Custodian | 20,298 | 13,832 | 10,700 | 35,261
Registration | 8,007 | 6,052 | 3,839 | 6,135
Printing and postage | 5,730 | 6,072 | 7,835 | 14,893
Administration | — | — | 194,112 | —
Miscellaneous | 18,128 | 19,213 | 32,229 | 22,113
Total expenses excluding interest expense and fees | 1,999,162 | 2,467,412 | 1,201,956 | 2,444,715
Interest expense and fees — unaffiliated | 4,293,959 | 4,309,610 | 2,833,123 | 8,127,920
Total expenses | 6,293,121 | 6,777,022 | 4,035,079 | 10,572,635
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (2,535 ) | (13,753 ) | (1,505 ) | (1,141 )
Total expenses after fees waived and/or reimbursed | 6,290,586 | 6,763,269 | 4,033,574 | 10,571,494
Net investment income | 22,601,346 | 20,946,549 | 3,844,809 | 20,875,298
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (2,883,398 ) | (2,718,866 ) | (8,558,299 ) | (1,829,773 )
Investments — affiliated | 17,193 | 6,297 | — | —
Forward foreign currency exchange contracts | 151,807 | 25,492 | — | 254,139
Foreign currency transactions | (3,926 ) | (6,690 ) | — | (33,682 )
Futures contracts | — | — | (347,351 ) | (1,275,696 )
Options written | 72 | — | — | 203
Swaps | (89,777 ) | 364,799 | 22 | (356,785 )
| (2,808,029 ) | (2,328,968 ) | (8,905,628 ) | (3,241,594 )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 734,956 | 1,129,111 | 529,461 | (805,980 )
Investments — affiliated | (22,050 ) | 18,026 | — | —
Borrowed bonds | — | — | 38,757 | —
Forward foreign currency exchange contracts | 58,505 | 18,086 | — | 110,482
Foreign currency translations | (2,869 ) | 1,275 | — | (31,882 )
Futures contracts | — | — | 1,393,600 | 290,585
Swaps | 208,730 | (54,689 ) | 83 | 218,398
Unfunded floating rate loan interests | 217 | 242 | — | 237
| 977,489 | 1,112,051 | 1,961,901 | (218,160 )
Net realized and unrealized loss | (1,830,540 ) | (1,216,917 ) | (6,943,727 ) | (3,459,754 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 20,770,806 | $ 19,729,632 | $ (3,098,918 ) | $ 17,415,544

See notes to financial statements.
156
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Operations
(unaudited) (continued)
Six Months Ended June 30, 2024

| BIT
INVESTMENT INCOME |
Dividends — unaffiliated | $ 22,554
Dividends — affiliated | 201,120
Interest — unaffiliated | 29,691,714
Other income — unaffiliated | 319,674
Foreign taxes withheld | (1,484 )
Total investment income | 30,233,578
EXPENSES |
Investment advisory | 3,380,753
Professional | 70,262
Accounting services | 59,164
Custodian | 34,992
Directors and Officer | 26,923
Transfer agent | 26,418
Printing and postage | 7,047
Registration | 6,487
Miscellaneous | 14,853
Total expenses excluding interest expense | 3,626,899
Interest expense — unaffiliated | 8,091,050
Total expenses | 11,717,949
Less: |
Fees waived and/or reimbursed by the Manager | (2,951 )
Total expenses after fees waived and/or reimbursed | 11,714,998
Net investment income | 18,518,580
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) from: |
Investments — unaffiliated | (4,538,776 )
Forward foreign currency exchange contracts | 353,218
Foreign currency transactions | (59,301 )
Futures contracts | (2,464,139 )
Options written | 305
Swaps | (520,772 )
| (7,229,465 )
Net change in unrealized appreciation (depreciation) on: |
Investments — unaffiliated | 399,442
Forward foreign currency exchange contracts | 162,381
Foreign currency translations | (18,053 )
Futures contracts | 3,655,143
Swaps | 360,308
Unfunded floating rate loan interests | 5
| 4,559,226
Net realized and unrealized loss | (2,670,239 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 15,848,341

See notes to financial statements.
Financial Statements
157

Statements of Changes in Net Assets

| DSU | FRA
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 22,601,346 | $ 46,112,132 | $ 20,946,549 | $ 43,607,565
Net realized loss | (2,808,029 ) | (8,827,090 ) | (2,328,968 ) | (3,879,473 )
Net change in unrealized appreciation (depreciation) | 977,489 | 32,322,510 | 1,112,051 | 22,981,359
Net increase in net assets resulting from operations | 20,770,806 | 69,607,552 | 19,729,632 | 62,709,451
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |
From net investment income | (27,660,423 ) (b) | (45,919,775 ) | (26,178,932 ) (b) | (44,066,728 )
Return of capital | — | (2,854,653 ) | — | (2,494,734 )
Decrease in net assets resulting from distributions to shareholders | (27,660,423 ) | (48,774,428 ) | (26,178,932 ) | (46,561,462 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | 5,649,860 | — | — | —
Reinvestment of distributions | 550,512 | — | — | —
Net increase in net assets derived from capital share transactions | 6,200,372 | — | — | —
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (689,245 ) | 20,833,124 | (6,449,300 ) | 16,147,989
Beginning of period | 507,398,277 | 486,565,153 | 467,335,507 | 451,187,518
End of period | $ 506,709,032 | $ 507,398,277 | $ 460,886,207 | $ 467,335,507

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

See notes to financial statements.
158
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets
(continued)

| BKT | BLW
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 3,844,809 | $ 6,769,703 | $ 20,875,298 | $ 39,521,697
Net realized loss | (8,905,628 ) | (14,553,512 ) | (3,241,594 ) | (24,227,242 )
Net change in unrealized appreciation (depreciation) | 1,961,901 | 22,584,140 | (218,160 ) | 48,977,568
Net increase (decrease) in net assets resulting from operations | (3,098,918 ) | 14,800,331 | 17,415,544 | 64,272,023
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |
From net investment income | (11,276,019 ) (b) | (8,218,384 ) | (23,124,478 ) (b) | (37,992,549 )
Return of capital | — | (14,333,355 ) | — | (5,096,654 )
Decrease in net assets resulting from distributions to shareholders | (11,276,019 ) | (22,551,739 ) | (23,124,478 ) | (43,089,203 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Reinvestment of distributions | — | 45,446 | 332,623 | —
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (14,374,937 ) | (7,705,962 ) | (5,376,311 ) | 21,182,820
Beginning of period | 271,328,723 | 279,034,685 | 503,770,023 | 482,587,203
End of period | $ 256,953,786 | $ 271,328,723 | $ 498,393,712 | $ 503,770,023

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

See notes to financial statements.
Financial Statements
159

Statements of Changes in Net Assets
(continued)

| BIT
| Six Months Ended 06/30/24 (unaudited) | Period from 11/01/23 to 12/31/23 | Year Ended 10/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |
OPERATIONS |  |  |
Net investment income | $ 18,518,580 | $ 6,010,909 | $ 34,411,747
Net realized gain (loss) | (7,229,465 ) | 335,709 | (26,840,864 )
Net change in unrealized appreciation | 4,559,226 | 39,901,429 | 15,163,019
Net increase in net assets resulting from operations | 15,848,341 | 46,248,047 | 22,733,902
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |
From net investment income | (28,174,000 ) (b) | (6,321,510 ) | (33,743,136 )
Return of capital | — | (3,029,601 ) | (22,251,175 )
Decrease in net assets resulting from distributions to shareholders | (28,174,000 ) | (9,351,111 ) | (55,994,311 )
CAPITAL SHARE TRANSACTIONS |  |  |
Net proceeds from the issuance of shares | 11,055,842 | — | —
Reinvestment of distributions | 1,470,998 | 455,242 | 1,529,354
Net increase in net assets derived from capital share transactions | 12,526,840 | 455,242 | 1,529,354
NET ASSETS |  |  |
Total increase (decrease) in net assets | 201,181 | 37,352,178 | (31,731,055 )
Beginning of period | 558,173,368 | 520,821,190 | 552,552,245
End of period | $ 558,374,549 | $ 558,173,368 | $ 520,821,190

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

See notes to financial statements.
160
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows
(unaudited)
Six Months Ended June 30, 2024

| DSU | FRA | BKT | BLW
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $ 20,770,806 | $ 19,729,632 | $ (3,098,918 ) | $ 17,415,544
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups | 162,635,936 | 133,059,175 | 456,947,361 | 373,334,529
Purchases of long-term investments | (149,814,782 ) | (130,683,140 ) | (421,175,083 ) | (445,449,972 )
Net proceeds from sales (purchases) of short-term securities | (2,818,525 ) | 14,054 | 3,779,970 | 4,929,710
Amortization of premium and accretion of discount on investments and other fees | (863,854 ) | (559,359 ) | 2,513,735 | (1,197,740 )
Paid-in-kind income | (6,893 ) | 30,596 | — | —
Premiums paid on closing options written | (95 ) | — | — | (191 )
Premiums received from options written | 167 | — | — | —
Net realized loss on investments and options written | 2,866,216 | 2,712,569 | 8,550,639 | 1,829,570
Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, foreign currency translations and unfunded floating rate loan interests | (986,506 ) | (1,101,823 ) | (568,218 ) | 708,486
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (4,259 ) | (1,652 ) | 42,113 | 14,269
Dividends — unaffiliated | — | — | — | (263 )
From custodian | 780,236 | — | — | —
Interest — unaffiliated | 99,014 | 782,057 | 2,009,844 | (258,212 )
Swaps | (2,366 ) | — | — | (1,774 )
Variation margin on futures contracts | — | — | (269,907 ) | (163,914 )
Variation margin on centrally cleared swaps | — | — | (27 ) | 3,581
Swap premiums paid | (355 ) | — | — | (2,405 )
Prepaid expenses | (5,354 ) | (3,550 ) | (3,251 ) | (3,564 )
Deferred offering costs. | 4,323 | 21,186 | (6,526 ) | 4,226
Increase (Decrease) in Liabilities |  |  |  |
Cash received |  |  |  |
Collateral — reverse repurchase agreements | — | — | (3,047,381 ) | (3,615,468 )
Collateral — TBA commitments | — | — | 388,000 | —
Payables |  |  |  |
Accounting services fees | (808 ) | (761 ) | 4,154 | (1,144 )
Administration fees | — | — | (2,247 ) | —
Custodian fees | (57 ) | 504 | (1,686 ) | 1,182
Interest expense and fees | (85,026 ) | (15,720 ) | (112,599 ) | 577,559
Investment advisory fees | (14,621 ) | (15,229 ) | (9,113 ) | 3,412
Directors ’ and Officer ’ s fees | (43,866 ) | (7,831 ) | (35,380 ) | (59,444 )
Other accrued expenses | (29,648 ) | (5,339 ) | (13,204 ) | (35,225 )
Professional fees | (25,374 ) | (34,401 ) | (44,590 ) | (40,011 )
Transfer agent fees | 14,470 | 7,411 | 9,552 | 12,130
Variation margin on futures contracts | — | — | 100,083 | 47,470
Variation margin on centrally cleared swaps | 1,980 | 2,902 | (16 ) | —
Swap premiums received | 75,983 | (26,048 ) | — | (38,558 )
Net cash provided by (used for) operating activities | 32,546,742 | 23,905,233 | 45,957,305 | (51,986,217 )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (27,109,911 ) | (26,026,288 ) | (11,221,869 ) | (22,791,855 )
Payments for offering costs | — | — | — | (6,226 )
Payments for bank borrowings | (100,000,000 ) | (100,000,000 ) | — | —
Proceeds from bank borrowings | 86,000,000 | 102,000,000 | — | —
Increase in bank overdraft | 3,324,479 | 1,368,506 | 13,555 | 88,236
Proceeds from issuance of capital shares | 5,460,590 | — | — | —
Net borrowing of reverse repurchase agreements | — | — | (34,870,991 ) | 72,294,519
Net cash provided by (used for) for financing activities | (32,324,842 ) | (22,657,782 ) | (46,079,305 ) | 49,584,674
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | (284 ) | (56 ) | — | (27,445 )

Financial Statements
161

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2024

| DSU | FRA | BKT | BLW
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | $ 221,616 | $ 1,247,395 | $ (122,000 ) | $ (2,428,988 )
Restricted and unrestricted cash and foreign currency at beginning of period | 287,000 | 663,970 | 885,000 | 4,938,309
Restricted and unrestricted cash and foreign currency at end of period | $ 508,616 | $ 1,911,365 | $ 763,000 | $ 2,509,321
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $ 4,378,985 | $ 4,325,330 | $ 2,945,722 | $ 7,550,361
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $ 550,512 | $ — | $ — | $ 332,623
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash pledged |  |  |  |
Collateral — reverse repurchase agreements | $ — | $ — | $ — | $ 195,000
Collateral — OTC derivatives | — | — | — | 460,000
Futures contracts | — | — | 762,000 | 1,100,470
Centrally cleared swaps | 263,000 | 605,000 | 1,000 | 524,000
Foreign currency at value | 245,616 | 1,306,365 | — | 229,851
| $ 508,616 | $ 1,911,365 | $ 763,000 | $ 2,509,321

See notes to financial statements.
162
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2024

| BIT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
Net increase in net assets resulting from operations | $ 15,848,341
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |
Proceeds from sales of long-term investments and principal paydowns/payups | 640,435,559
Purchases of long-term investments | (667,379,499 )
Net proceeds from sales of short-term securities | 6,402,255
Amortization of premium and accretion of discount on investments and other fees | (2,534,671 )
Premiums paid on closing options written | (286 )
Net realized loss on investments and options written | 4,540,502
Net unrealized appreciation on investments, swaps, foreign currency translations and unfunded floating rate loan interests | (707,157 )
(Increase) Decrease in Assets |
Receivables |
Dividends — affiliated | 17,145
Dividends — unaffiliated | 4,396
Interest — unaffiliated | (737,790 )
Variation margin on futures contracts | (771,984 )
Variation margin on centrally cleared swaps | 4,274
Swap premiums paid | 201,049
Prepaid expenses | (3,700 )
Deferred offering costs. | 62,846
Increase (Decrease) in Liabilities |
Cash received |
Collateral — reverse repurchase agreements | (3,326,468 )
Collateral — OTC derivatives | (880,000 )
Collateral — TBA commitments | (558,000 )
Payables |
Accounting services fees | 374
Custodian fees | 328
Interest expense | 424,646
Investment advisory fees | (4,817 )
Directors ’ and Officer ’ s fees | (16,513 )
Other accrued expenses | (71,390 )
Professional fees | 7,285
Transfer agent fees | (9,108 )
Variation margin on futures contracts | 34,300
Swap premiums received | (165,233 )
Net cash used for operating activities | (9,183,316 )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
Cash dividends paid to shareholders | (26,703,002 )
Payments for offering costs | (63,076 )
Proceeds from issuance of capital shares | 10,839,084
Net borrowing of reverse repurchase agreements | 26,447,721
Net cash provided by financing activities | 10,520,727
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
Cash impact from foreign exchange fluctuations | (12,960 )
CASH AND FOREIGN CURRENCY |
Net increase in restricted and unrestricted cash and foreign currency | 1,324,451
Restricted and unrestricted cash and foreign currency at beginning of period | 7,594,081
Restricted and unrestricted cash and foreign currency at end of period | $ 8,918,532
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
Cash paid during the period for interest expense | $ 7,666,404
NON-CASH FINANCING ACTIVITIES |
Reinvestment of distributions | $ 1,470,998

Financial Statements
163

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2024

| BIT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
Cash | $ 1,507,847
Cash pledged |
Collateral — OTC derivatives | 2,690,000
Futures contracts | 3,669,400
Centrally cleared swaps | 577,000
Foreign currency at value | 474,285
| $ 8,918,532

See notes to financial statements.
164
2024
BlackRock Semi-Annual Report to Shareholders

Financial Highlights
(For a share outstanding throughout each period)

| DSU
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 03/01/19 to 12/31/19 | Year Ended 02/28/19
Net asset value, beginning of period | $ 10.89 | $ 10.44 | $ 11.56 | $ 11.55 | $ 12.25 | $ 12.16 | $ 12.62
Net investment income (a) | 0.48 | 0.99 | 0.72 | 0.61 | 0.63 | 0.64 | 0.79
Net realized and unrealized gain (loss) | (0.04 ) | 0.51 | (1.14 ) | 0.13 | (0.50 ) | 0.21 | (0.43 )
Net increase (decrease) from investment operations | 0.44 | 1.50 | (0.42 ) | 0.74 | 0.13 | 0.85 | 0.36
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.59 ) (c) | (0.99 ) | (0.68 ) | (0.62 ) | (0.61 ) | (0.73 ) | (0.82 )
Return of capital | — | (0.06 ) | (0.02 ) | (0.11 ) | (0.22 ) | (0.03 ) | —
Total distributions | (0.59 ) | (1.05 ) | (0.70 ) | (0.73 ) | (0.83 ) | (0.76 ) | (0.82 )
Net asset value, end of period | $ 10.74 | $ 10.89 | $ 10.44 | $ 11.56 | $ 11.55 | $ 12.25 | $ 12.16
Market price, end of period | $ 10.84 | $ 10.79 | $ 9.20 | $ 11.70 | $ 10.45 | $ 11.20 | $ 10.78
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | 4.16 % (e) | 15.74 % | (2.97 )% | 6.67 % | 2.57 % | 8.03 % (e) | 3.86 %
Based on market price | 6.10 % (e) | 30.14 % | (15.51 )% | 19.33 % | 1.50 % | 11.42 % (e) | 1.30 %
Ratios to Average Net Assets (f) |  |  |  |  |  |  |
Total expenses | 2.51 % (g) | 2.47 % | 1.90 % | 1.34 % | 1.48 % | 2.21 % (g)(h) | 2.23 %
Total expenses after fees waived and/or reimbursed | 2.50 % (g) | 2.47 % | 1.90 % | 1.34 % | 1.47 % | 2.21 % (g)(h) | 2.23 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.80 % (g) | 0.79 % | 0.84 % | 0.92 % | 0.91 % | 0.92 % (g) | 0.96 %
Net investment income | 9.00 % (g) | 9.25 % | 6.65 % | 5.21 % | 5.65 % | 6.25 % (g) | 6.40 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 506,709 | $ 507,398 | $ 486,565 | $ 538,681 | $ 537,959 | $ 605,240 | $ 641,220
Borrowings outstanding, end of period (000) | $ 135,000 | $ 149,000 | $ 164,000 | $ 248,000 | $ 229,000 | $ 262,000 | $ 278,000
Asset coverage, end of period per $1,000 of bank borrowings (i) | $ 4,753 | $ 4,405 | $ 3,967 | $ 3,172 | $ 3,349 | $ 3,310 | $ 3,308
Portfolio turnover rate | 26 % | 30 % | 18 % | 47 % | 67 % | 53 % | 62 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.
(i) | Calculated by subtracting the Fund ’ s total liabilities (not including bank borrowings) from the Fund ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.
Financial Highlights
165

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

| FRA
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Net asset value, beginning of period | $ 13.26 | $ 12.81 | $ 13.85 | $ 13.81 | $ 14.55 | $ 14.49 | $ 14.92
Net investment income (a) | 0.59 | 1.24 | 0.84 | 0.67 | 0.69 | 0.25 | 0.84
Net realized and unrealized gain (loss) | (0.03 ) | 0.53 | (1.11 ) | 0.17 | (0.51 ) | 0.19 | (0.40 )
Net increase (decrease) from investment operations | 0.56 | 1.77 | (0.27 ) | 0.84 | 0.18 | 0.44 | 0.44
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.74 ) (c) | (1.25 ) | (0.77 ) | (0.67 ) | (0.70 ) | (0.38 ) | (0.87 )
Return of capital | — | (0.07 ) | — | (0.13 ) | (0.22 ) | — | —
Total distributions | (0.74 ) | (1.32 ) | (0.77 ) | (0.80 ) | (0.92 ) | (0.38 ) | (0.87 )
Net asset value, end of period | $ 13.08 | $ 13.26 | $ 12.81 | $ 13.85 | $ 13.81 | $ 14.55 | $ 14.49
Market price, end of period | $ 12.94 | $ 12.66 | $ 11.26 | $ 13.43 | $ 12.11 | $ 13.44 | $ 12.46
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | 4.44 % (e) | 15.35 % | (1.34 )% | 6.48 % | 2.76 % | 3.41 % (e) | 3.94 %
Based on market price | 8.22 % (e) | 25.29 % | (10.57 )% | 17.74 % | (2.45 )% | 11.08 % (e) | (3.37 )%
Ratios to Average Net Assets (f) |  |  |  |  |  |  |
Total expenses | 2.93 % (g) | 2.88 % | 2.17 % | 1.55 % | 1.69 % | 2.20 % (g)(h) | 2.45 %
Total expenses after fees waived and/or reimbursed | 2.93 % (g) | 2.87 % | 2.17 % | 1.54 % | 1.67 % | 2.20 % (g)(h) | 2.45 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.06 % (g) | 1.04 % | 1.15 % | 1.14 % | 1.13 % | 1.19 % (g) | 1.16 %
Net investment income | 9.07 % (g) | 9.45 % | 6.36 % | 4.76 % | 5.15 % | 5.26 % (g) | 5.74 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 460,886 | $ 467,336 | $ 451,188 | $ 487,833 | $ 488,051 | $ 522,545 | $ 526,447
Borrowings outstanding, end of period (000) | $ 146,000 | $ 144,000 | $ 147,000 | $ 223,000 | $ 208,000 | $ 214,000 | $ 204,000
Asset coverage, end of period per $1,000 of bank borrowings (i) | $ 4,157 | $ 4,245 | $ 4,069 | $ 3,188 | $ 3,346 | $ 3,442 | $ 3,582
Portfolio turnover rate | 23 % | 25 % | 14 % | 49 % | 65 % | 16 % | 53 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.
(i) | Calculated by subtracting the Fund ’ s total liabilities (not including bank borrowings) from the Fund ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.
166
2024
BlackRock Semi-Annual Report to Shareholders

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

| BKT
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 (a) | Year Ended 12/31/21 (a) | Year Ended 12/31/20 (a) | Year Ended 12/31/19 (a)
Net asset value, beginning of period | $ 12.73 | $ 13.10 | $ 16.94 | $ 18.54 | $ 18.89 | $ 18.75
Net investment income (b) | 0.18 | 0.32 | 0.43 | 0.70 | 0.86 | 0.75
Net realized and unrealized gain (loss) | (0.32 ) | 0.37 | (3.24 ) | (1.06 ) | 0.02 | 0.63
Net increase (decrease) from investment operations | (0.14 ) | 0.69 | (2.81 ) | (0.36 ) | 0.88 | 1.38
Distributions (c) |  |  |  |  |  |
From net investment income | (0.53 ) (d) | (0.39 ) | (0.49 ) | (0.89 ) | (1.01 ) | (0.89 )
Return of capital | — | (0.67 ) | (0.54 ) | (0.35 ) | (0.22 ) | (0.35 )
Total distributions | (0.53 ) | (1.06 ) | (1.03 ) | (1.24 ) | (1.23 ) | (1.24 )
Net asset value, end of period | $ 12.06 | $ 12.73 | $ 13.10 | $ 16.94 | $ 18.54 | $ 18.89
Market price, end of period | $ 11.93 | $ 12.18 | $ 12.34 | $ 16.95 | $ 18.21 | $ 18.15
Total Return (e) |  |  |  |  |  |
Based on net asset value | (0.95 )% (f) | 6.03 % | (16.67 )% | (2.01 )% | 4.92 % | 7.91 %
Based on market price | 2.41 % (f) | 7.69 % | (21.50 )% | (0.23 )% | 7.31 % | 14.83 %
Ratios to Average Net Assets (g) |  |  |  |  |  |
Total expenses | 3.12 % (h) | 3.23 % | 1.65 % | 0.94 % | 1.18 % | 2.06 %
Total expenses after fees waived and/or reimbursed | 3.12 % (h) | 3.23 % | 1.64 % | 0.94 % | 1.18 % | 2.06 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.93 % (h) | 0.92 % | 0.95 % | 0.90 % | 0.89 % | 0.94 %
Net investment income | 2.97 % (h) | 2.50 % | 2.94 % | 3.91 % | 4.55 % | 3.95 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $ 256,954 | $ 271,329 | $ 279,035 | $ 360,752 | $ 394,195 | $ 401,715
Borrowings outstanding, end of period (000) | $ 76,035 | $ 111,020 | $ 115,764 | $ 115,184 | $ 156,936 | $ 175,655
Portfolio turnover rate (i) | 110 % | 221 % | 237 % | 248 % | 69 % | 255 %

(a) | Per share operating performance amounts have been adjusted to reflect a 1-for-3 reverse stock split prior to the open of trading on the NYSE on October 18, 2022 for common stockholders of record as of the close of business on October 17, 2022.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.
(i) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Portfolio turnover rate (excluding MDRs) | 51 % | 106 % | 122 % | 119 % | 31 % | 136 %

See notes to financial statements.
Financial Highlights
167

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

| BLW
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Net asset value, beginning of period | $ 14.11 | $ 13.51 | $ 16.44 | $ 16.93 | $ 17.05 | $ 17.03 | $ 16.71
Net investment income (a) | 0.58 | 1.11 | 0.97 | 1.00 | 0.98 | 0.31 | 0.94
Net realized and unrealized gain (loss) | (0.09 ) | 0.70 | (2.82 ) | (0.31 ) | 0.08 | 0.18 | 0.33
Net increase (decrease) from investment operations | 0.49 | 1.81 | (1.85 ) | 0.69 | 1.06 | 0.49 | 1.27
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.65 ) (c) | (1.07 ) | (0.92 ) | (1.02 ) | (1.03 ) | (0.47 ) | (0.95 )
Return of capital | — | (0.14 ) | (0.16 ) | (0.16 ) | (0.15 ) | — | —
Total distributions | (0.65 ) | (1.21 ) | (1.08 ) | (1.18 ) | (1.18 ) | (0.47 ) | (0.95 )
Net asset value, end of period | $ 13.95 | $ 14.11 | $ 13.51 | $ 16.44 | $ 16.93 | $ 17.05 | $ 17.03
Market price, end of period | $ 13.96 | $ 13.98 | $ 13.07 | $ 16.85 | $ 15.92 | $ 16.39 | $ 15.44
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | 3.57 % (e) | 14.41 % | (10.96 )% | 4.18 % (f) | 7.58 % | 3.11 % (e) | 8.77 %
Based on market price | 4.61 % (e) | 17.17 % | (15.96 )% | 13.55 % | 5.24 % | 9.32 % (e) | 9.41 %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |
Total expenses | 4.26 % (h) | 3.64 % | 2.04 % | 1.18 % | 1.39 % | 1.64 % (h)(i) | 1.81 %
Total expenses after fees waived and/or reimbursed | 4.26 % (h) | 3.64 % | 2.04 % | 1.18 % | 1.39 % | 1.64 % (h)(i) | 1.81 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.98 % (h) | 0.94 % | 0.96 % | 0.92 % | 0.90 % | 0.89 % (h) | 0.84 %
Net investment income | 8.40 % (h) | 8.10 % | 6.70 % | 5.90 % | 6.07 % | 5.32 % (h) | 5.69 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 498,394 | $ 503,770 | $ 482,587 | $ 587,146 | $ 603,933 | $ 611,068 | $ 610,251
Borrowings outstanding, end of period (000) | $ 349,243 | $ 276,235 | $ 275,639 | $ 312,356 | $ 275,105 | $ 213,399 | $ 202,539
Portfolio turnover rate (j) | 46 % | 106 % | 77 % | 66 % | 65 % | 14 % | 50 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Includes payment from an affiliate, which had no impact on the Fund ’ s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.
(i) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.66%.
(j) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Portfolio turnover rate (excluding MDRs) | 35 % | 70 % | 58 % | 52 % | 58 % | 14 % | 50 %

See notes to financial statements.
168
2024
BlackRock Semi-Annual Report to Shareholders

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

| BIT
| Six Months Ended 06/30/24 (unaudited) | Period from 11/01/23 to 12/31/23 | Year Ended 10/31/23 | Year Ended 10/31/22 | Year Ended 10/31/21 | Year Ended 10/31/20 (a) | Year Ended 10/31/19 (a)
Net asset value, beginning of period | $ 14.76 | $ 13.78 | $ 14.66 | $ 17.98 | $ 17.66 | $ 17.28 | $ 18.79
Net investment income (b) | 0.49 | 0.16 | 0.91 | 1.03 | 1.13 | 1.08 | 1.18
Net realized and unrealized gain (loss) | (0.07 ) | 1.07 | (0.31 ) | (2.87 ) | 0.67 | 0.78 | (1.28 )
Net increase (decrease) from investment operations | 0.42 | 1.23 | 0.60 | (1.84 ) | 1.80 | 1.86 | (0.10 )
Distributions (c) |  |  |  |  |  |  |
From net investment income | (0.74 ) (d) | (0.17 ) | (0.89 ) | (1.07 ) | (1.11 ) | (0.99 ) | (1.14 )
Return of capital | — | (0.08 ) | (0.59 ) | (0.41 ) | (0.37 ) | (0.49 ) | (0.27 )
Total distributions | (0.74 ) | (0.25 ) | (1.48 ) | (1.48 ) | (1.48 ) | (1.48 ) | (1.41 )
Net asset value, end of period | $ 14.44 | $ 14.76 | $ 13.78 | $ 14.66 | $ 17.98 | $ 17.66 | $ 17.28 (e)
Market price, end of period | $ 14.58 | $ 15.00 | $ 14.09 | $ 14.43 | $ 18.90 | $ 15.65 | $ 17.15
Total Return (f) |  |  |  |  |  |  |
Based on net asset value | 2.89 % (g) | 8.95 % (g) | 4.08 % | (10.47 )% (h) | 10.55 % | 12.68 % (i) | 0.00 % (e)(j)
Based on market price | 2.23 % (g) | 8.29 % (g) | 8.12 % | (16.16 )% | 31.13 % | 0.61 % | 14.76 %
Ratios to Average Net Assets (k) |  |  |  |  |  |  |
Total expenses | 4.27 % (l) | 4.29 % (l)(m) | 3.92 % | 1.99 % | 1.70 % | 2.36 % | 2.89 %
Total expenses after fees waived and/or reimbursed | 4.27 % (l) | 4.29 % (l)(m) | 3.92 % | 1.99 % | 1.70 % | 2.19 % (n) | 2.89 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.32 % (l) | 1.34 % (l)(m) | 1.32 % | 1.34 % | 1.42 % | 1.39 % | 1.35 %
Net investment income | 6.75 % (l) | 6.64 % (l) | 6.26 % | 6.39 % | 6.14 % | 6.51 % | 6.43 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 558,375 | $ 558,173 | $ 520,821 | $ 552,552 | $ 676,391 | $ 662,853 | $ 648,617
Borrowings outstanding, end of period (000) | $ 306,804 | $ 284,576 | $ 285,633 | $ 288,231 | $ 386,820 | $ 353,128 | $ 373,345
Portfolio turnover rate (o) | 74 % | 28 % | 151 % | 112 % | 75 % | 101 % | 32 %

(a) | Consolidated Financial Highlights.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAVpresented herein are different than the information previously published on October 31, 2019.
(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g) | Not annualized.
(h) | Includes payment from an affiliate, which had no impact on the Fund ’ s total return.
(i) | Includes payments received from an affiliate and unaffiliated third parties, which impacted the Fund’s total return. Excluding the payments, the Fund’s total return would have been 1.38%.
(j) | Amount is greater than (0.005)%.
(k) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(l) | Annualized.
(m) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed, total expenses after fees waived and/or reimbursed and excluding interest expense would have been 4.35%, 4.35% and 1.40%, respectively.
(n) | Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Fund’s expense ratio. Excluding the payment, the Fund’s total expense ratio would have been 2.36%.
(o) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/24 (unaudited) | Period from 11/01/23 to 12/31/23 | Year Ended 10/31/23 | Year Ended 10/31/22 | Year Ended 10/31/21 | Year Ended 10/31/20 (a) | Year Ended 10/31/19 (a)
Portfolio turnover rate (excluding MDRs) | 51 % | 17 % | 91 % | 77 % | 58 % | 72 % | 32 %

See notes to financial statements.
Financial Highlights
169

Notes to Financial Statements
(unaudited)
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to
herein collectively as the “Funds”, or individually as a “Fund”:

Fund Name | Herein Referred To As | Organized | Diversification Classification
BlackRock Debt Strategies Fund, Inc. | DSU | Maryland | Diversified
BlackRock Floating Rate Income Strategies Fund, Inc. | FRA | Maryland | Diversified
BlackRock Income Trust, Inc. | BKT | Maryland | Diversified
BlackRock Limited Duration Income Trust | BLW | Delaware | Diversified
BlackRock Multi-Sector Income Trust | BIT | Delaware | Diversified

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively
referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily
basis.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of
funds referred to as the BlackRock Fixed-Income Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require
management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to
investment companies. Below is a summary of significant accounting policies:
Investment
Transactions and Income Recognition:
For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.
Realized gains and losses on investment transactions are determined using the specific identification method.
Dividend income and capital gain distributions, if any, are
recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.
Dividends from foreign securities where the ex-dividend
dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various
rates may be imposed on capital gains, dividends and interest.
Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may
be redesignated as a reduction of cost of the related investment and/or realized gain.
Interest income, including amortization and accretion of premiums and discounts on debt
securities, and payment-in-kind interest are recognized daily on an accrual basis.
For convertible securities, premiums attributable to the debt instrument are amortized, but
premiums attributable to the conversion feature are not amortized.
Foreign Currency
Translation:
Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies
are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are
recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the
investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes.
Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those
investments, but are included as a component of net realized and unrealized gain (loss) from investments.
Each
Fund reports realized currency gains (losses) on foreign
currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income
for U.S. federal income tax purposes.
Foreign Taxes:
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign
currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each
Fund
invests. These foreign taxes, if any, are paid by each
Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a
reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as
“Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net
realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on
collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims
recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft:
The
Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds
are obligated to
repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest
expense in the Statements of Operations.
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Collateralization:
If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or
broker-dealer or custodian as collateral for certain investments.
Distributions:
Distributions from net investment income are declared and paid monthly.
Distributions of capital gains are recorded on the ex-dividend dates and made at least
annually.
The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return
of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan:
Under the Deferred Compensation Plan (the “Plan”) approved by each Fund
’
s Board, the directors who are not “interested persons” of the
Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return
as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors.
This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock
Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation
liabilities, if any, are included in the Directors
’
and Officer
’
s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts
are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the
BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a
result of a decrease in value of the deferred accounts.
Indemnifications:
In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund
’
s
maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:
Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are
prorated among those funds on the basis of relative net assets or other appropriate methods.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment
Valuation Policies:
Each
Fund
’
s investments are valued at fair value (also referred to as “market value” within the
financial statements) each day that the Fund
is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer
a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each
Fund’s Manager as the valuation
designee for each
Fund. Each
Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies.
If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the
Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and
to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies:
The following methods and inputs are used to establish the fair value of each Fund
’
s assets and liabilities:
•
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily
traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask
(short positions) price.
•
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided
by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or
dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot
size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may
use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and
offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed
and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a
benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method
of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent
fair value.
•
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the
exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued
at the last available bid (long positions) or ask (short positions) price.
•
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
•
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based
on that day’s prevailing forward exchange rate for the underlying currencies.
Notes to Financial Statements
171

Notes to Financial Statements
(unaudited) (continued)
•
Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded
option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will
be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps
(“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and
prices of the underlying instruments.
•
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models
that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use
current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is
designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that
application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not
available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued
Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation
techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.
When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from
the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation
Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments,
the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but
not limited to, the following inputs.

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such
investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an
option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate
under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise
value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most
recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the
value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy:
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value
hierarchy consisting of three broad levels for financial reporting purposes as follows:
•
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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
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Notes to Financial Statements
(unaudited) (continued)
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is
determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Investments classified within Level 3 have significant unobservable
inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may
not have a secondary market and/or may have a limited number of investors.
The categorization of a value determined for financial instruments is based on the pricing
transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of June 30, 2024, certain investments of BLW were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded
from the fair value hierarchy.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities:
Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities
issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments,
which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and
issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because
the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as
borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening
the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security
at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government
that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the
timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities
issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie
Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject
to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The
ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God,
terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations:
Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are
types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO
can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears
the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances.
Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and
often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can
experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes
in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities:
Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed
securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In
general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these
are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage
Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped
mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the
interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise
and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the
rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is
lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in
the IOs may not fully recoup.
Stripped Mortgage-Backed Securities:
Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped
mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of
Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds:
Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may
experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities:
Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of
interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities,
generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable
coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed
Notes to Financial Statements
173

Notes to Financial Statements
(unaudited) (continued)
to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all
cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities
generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks:
Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the
issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and
perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt
securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior
debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board
of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants:
Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are
subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the
warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk
than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the
price of the underlying stock.
Floating Rate Loan Interests:
Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly
offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain
and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result
in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully
funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests
generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing
interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan
interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime
rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in
foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a
fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are
typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment
penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple
series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or
assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not
with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon
receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower
with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has
purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan
participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the
Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result
in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a
fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations,
is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included
in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:

Fund Name | Borrower | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation)
DSU | Action Environmental Group, Inc. | $ 86,990 | $ 86,337 | $ 87,425 | $ 1,087
|  |  |  |  | $ 1,087
FRA | Action Environmental Group, Inc. | $ 96,989 | $ 96,261 | $ 97,474 | $ 1,212
|  |  |  |  | $ 1,212
BLW | Action Environmental Group, Inc. | $ 46,995 | $ 46,642 | $ 47,229 | 587
| Epicor Software Corp. | 33,249 | 33,249 | 33,369 | 120
|  |  |  |  | $ 707
BIT | Groundworks, LLC | $ 25,981 | $ 25,852 | $ 25,957 | $ 105
|  |  |  |  | $ 105

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Forward Commitments, When-Issued and Delayed Delivery Securities:
The Funds may purchase securities on a when-issued basis and may purchase or sell securities
on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may
purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund
is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of
the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds
’
maximum amount of loss is the unrealized appreciation of
unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the
Funds to make future cash payments. An unfunded
commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of
Operations.
TBA Commitments:
TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment
and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet
specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed
securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases,
respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master
Securities Forward Transaction Agreements (each, an “MSFTA”).
An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event
of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and
comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund
and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments
or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is
permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized,
contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions:
The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type,
coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest
and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions.
Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those
securities.
Borrowed Bond Agreements:
Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a
borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash
will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time.
Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash
collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of
the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond
changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience
delays in gaining access to the collateral.
Reverse Repurchase Agreements:
Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or
broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes.
During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no
stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon
competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from
the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers
a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund
remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion
of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face
value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund
to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive
a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the six months ended June 30, 2024, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were
as follows:

Fund Name | Average Amount Outstanding | Weighted Average Interest Rate
BKT | $ 106,850,840 | 5.30 %
BLW | 292,732,528 | 5.59
BIT | 299,430,042 | 5.43

Notes to Financial Statements
175

Notes to Financial Statements
(unaudited) (continued)
Borrowed bond agreements and reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund,
under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or
posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreements and reverse repurchase transactions, typically a fund and
counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may
impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund
receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction.
Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and
the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA
could be delayed or not received at all.
As of period end, the following table is a summary of BKT’s open borrowed bond agreements and reverse repurchase agreements by counterparty which are subject to offset
under an MRA on a net basis:

BKT
Counterparty | Borrowed Bonds Agreements (a) | Reverse Repurchase Agreements | Borrowed Bonds at Value including Accrued Interest (b) | Net Amount before Collateral | Non-Cash Collateral Received | Cash Collateral Received | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (c) | Cash Collateral Pledged | Net Collateral (Received)/ Pledged (c) | Net Exposure Due (to)/ from Counterparty (d)
BNP Paribas SA | $ 714,114 | $ (72,840,275 ) | $ (703,957 ) | $ (72,830,118 ) | $ — | $ — | $ 72,840,275 | $ — | $ 72,840,275 | $ 10,157
Cantor Fitzgerald & Co. | — | (3,195,013 ) | — | (3,195,013 ) | — | — | 3,195,013 | — | 3,195,013 | —
| $ 714,114 | $ (76,035,288 ) | $ (703,957 ) | $ (76,025,131 ) | $ — | $ — | $ 76,035,288 | $ — | $ 76,035,288 | $ 10,157

(a) | Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.
(b) | Includes accrued interest on borrowed bonds in the amount of $1,198 which is included in interest expense payable in the Statements of Assets and Liabilities.
(c) | Net collateral, including accrued interest, if any, with a value of $80,138,911 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.
(d) | Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

As of period end, the following table is a summary of BLW
’
s and BIT’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net
basis:

Fund Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) | Cash Collateral Pledged/Received (a) | Net Amount
BLW |  |  |  |
Barclays Bank PLC | $ (8,681,151 ) | $ 8,681,151 | $ — | $ —
Barclays Capital, Inc. | (17,905,421 ) | 17,905,421 | — | —
BNP Paribas SA | (42,050,268 ) | 42,050,268 | — | —
BofA Securities, Inc. | (71,480,762 ) | 71,480,762 | — | —
Credit Agricole Corporate and Investment Bank | (3,930,244 ) | 3,930,244 | — | —
Goldman Sachs & Co. LLC | (8,360,964 ) | 8,360,964 | — | —
HSBC Securities (USA), Inc. | (2,904,670 ) | 2,904,670 | — | —
J.P. Morgan Securities LLC | (8,589,853 ) | 8,589,853 | — | —
Merrill Lynch International | (2,546,508 ) | 2,546,508 | — | —
Nomura Securities International, Inc. | (92,680,734 ) | 92,680,734 | — | —
RBC Capital Markets, LLC | (15,339,626 ) | 15,339,626 | — | —
TD Securities (USA) LLC | (74,773,064 ) | 74,773,064 | — | —
| $ (349,243,265 ) | $ 349,243,265 | $ — | $ —

(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

Fund Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) | Cash Collateral Pledged/Received (a) | Net Amount (b)
BIT |  |  |  |
Barclays Bank PLC | $ (7,730,335 ) | $ 7,730,335 | $ — | $ —
Barclays Capital, Inc. | (9,733,470 ) | 9,733,470 | — | —
BNP Paribas SA | (43,718,605 ) | 43,718,605 | — | —
BofA Securities, Inc. | (95,813,727 ) | 95,813,727 | — | —

176
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)

Fund Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) | Cash Collateral Pledged/Received (a) | Net Amount (b)
Cantor Fitzgerald & Co. | $ (29,679,216 ) | $ 29,679,216 | $ — | $ —
Credit Agricole Corporate and Investment Bank | (1,273,521 ) | 1,273,521 | — | —
Daiwa Capital Markets America, Inc | (5,536,043 ) | 5,536,043 | — | —
Goldman Sachs & Co. LLC | (14,895,418 ) | 14,895,418 | — | —
HSBC Securities (USA), Inc. | (3,532,890 ) | 3,532,890 | — | —
J.P. Morgan Securities LLC | (11,509,806 ) | 11,509,806 | — | —
Merrill Lynch International | (3,999,680 ) | 3,999,680 | — | —
Nomura Securities International, Inc. | (24,523,913 ) | 24,523,913 | — | —
RBC Capital Markets, LLC | (13,290,222 ) | 13,290,222 | — | —
Societe Generale | (11,822,975 ) | 11,079,990 | — | (742,985 )
TD Securities (USA) LLC | (29,345,146 ) | 29,345,146 | — | —
U.S. Bancorp Investments, Inc. | (399,037 ) | 391,297 | — | (7,740 )
| $ (306,804,004 ) | $ 306,053,279 | $ — | $ (750,725 )

(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.
(b) | Net amount represents the net amount payable due to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while
the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain
risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial
instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts:
Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value
of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and
on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a
cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in
an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.
Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the
Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market
value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)
on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the
difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the
risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts
: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign
currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help
to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure
to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements
of Assets and Liabilities. When
a contract is closed, a realized gain or loss is recorded in the Statements
of Operations equal to the difference between the value at the time it was opened and the value at the
time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of
forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the
value of the referenced foreign currencies, and such value may exceed the amount(s)
reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward
foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.
The Fund
’
s
risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options:
The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest
rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
Notes to Financial Statements
177

Notes to Financial Statements
(unaudited) (continued)
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the
underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the
writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –
unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option,
the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to
the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing
transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument
subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which
are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
•
Swaptions — The Funds may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the
Funds
’
holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser
and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or
credit risk) at any time before the expiration of the option.
In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into
a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price
different from the current market value.
Swaps:
Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to
make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be
entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements
of
Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in
the Statements
of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap
is terminated, a realized gain or loss is recorded in the Statements
of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the
Funds
’
basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the
Funds
’
counterparty on the swap. Each
Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each
Fund is required to
deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited
as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements
of Assets and
Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities.
Pursuant to the contract, each
Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and
shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are
amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•
Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of
corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Funds
may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded
indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection
seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration,
repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds
will either (i) receive from the seller an amount equal to the notional
amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount
of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds
will
either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or
pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•
Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or
to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price
risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions
plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of
the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or
make a payment to the counterparty.
•
Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest
rate risk).
178
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest
payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may
decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and
Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to
perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated
with these transactions.
Master Netting Arrangements:
In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International
Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master
Agreement is a bilateral agreement between a
Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting
terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a
Fund may, under certain circumstances, offset with the
counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the
ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or
insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount
for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds
and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds
and cash collateral received from the counterparty, if any, is reported separately in the Statements
of
Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules
of
Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is
determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds
on the next business day. Typically, the counterparty
is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A
Fund
generally agrees not to use non-cash collateral that it receives but may, absent default
or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant
to the collateral arrangement with the counterparty. To the extent amounts due to the Funds
from the counterparties are not fully collateralized, each
Fund
bears the risk of loss
from counterparty non-performance. Likewise, to the extent the
Funds
have
delivered collateral to a counterparty and stand
ready to perform under the terms of
their
agreement with such counterparty, each
Fund
bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to
return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do
not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets
and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory:
Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds
’
investment adviser and an indirect, wholly-owned subsidiary
of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund
’
s portfolio and
provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus
the proceeds of any debt securities or outstanding borrowings used for leverage:

| DSU | FRA
Investment advisory fees | 0.55 % | 0.75 %

For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.
For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Fund’s net assets. For purposes of calculating this
fee, “net assets” means the total assets of the Fund minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).
For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, including the proceeds
of any debt securities or outstanding borrowings used for leverage.
For such services, BIT pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Fund’s managed assets. For purposes of calculating
this fee, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its
accrued liabilities (other than money borrowed for investment purposes).
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect
to BLW and BIT, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BSL”), an affiliate of the Manager. The Manager pays
BIL and BSL for services they provide for that portion of each Fund for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the
investment advisory fees paid by each Fund to the Manager.
Distribution Fees:
DSU, BKT, BLW and BIT have each entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide
for distribution of DSU, BKT, BLW and BIT
common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”).
Notes to Financial Statements
179

Notes to Financial Statements
(unaudited) (continued)
Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale
of DSU
’
s, BKT
’
s BLW
’
s and BIT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL
during the period ended June 30, 2024 amounted to $11,427, $0, $0 and $22,343 for each of DSU, BKT, BLW and BIT respectively.
Administration:
BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the
Fund’s average weekly net assets. For BKT, the Manager may reduce or discontinue this arrangement at any time without notice.
Expense Waivers and Reimbursements:
With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment
advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30,
2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent
Directors, or by a vote of a majority of the outstanding voting
securities of a
Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements
of Operations. For the six months ended June 30, 2024,
the amounts waived were as follows:

Fund Name | Fees Waived and/or Reimbursed by the Manager
DSU | $ 519
FRA | 129
BKT | 1,505
BLW | 1,141
BIT | 2,951

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each
Fund
’
s assets invested in affiliated equity and fixed-income mutual
funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The agreement can be renewed for annual periods thereafter, and
may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds
’
Independent Directors. These amounts are included in fees waived and/or
reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2024, the amounts waived in investment advisory fees pursuant to these
arrangements were as follows:

Fund Name | Fees Waived and/or Reimbursed by the Manager
DSU | $ 2,016
FRA | 13,624

Directors and Officers:
Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion
of the compensation paid to the Funds
’
Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
7.
PURCHASES AND SALES
For the six months ended June 30, 2024, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as
follows:

| U.S. Government Securities | Other Securities
Fund Name | Purchases | Sales | Purchases | Sales
DSU | $ — | $ — | $ 168,918,882 | $ 170,740,367
FRA | — | — | 151,912,304 | 141,859,065
BKT | 436,614,775 | 458,230,558 | — | 674,114
BLW | 243,992,442 | 181,097,575 | 211,104,074 | 193,827,122
BIT | 455,637,819 | 470,010,232 | 207,934,016 | 170,953,279

For the six months
ended June 30, 2024, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name | Purchases | Sales
BKT | $ 233,037,936 | $ 232,813,813
BLW | 91,447,551 | 91,421,096
BIT | 193,108,604 | 193,041,191

8.
INCOME TAX INFORMATION
It is each
Fund
’
s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute
substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each
Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each
Fund
’
s
U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each
Fund
’
s state and local tax returns may remain
open for an additional year depending upon the jurisdiction.
180
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2024, inclusive of the open tax return years, and does not believe that
there are any uncertain tax positions that require recognition of a tax liability in the Funds
’
financial statements.
As of December 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Fund Name | Non-Expiring Capital Loss Carryforwards | Qualified Late-Year Ordinary Losses
DSU | $ (109,774,003 ) | $ (239,307 )
FRA | (54,285,641 ) | (95,028 )
BKT | (117,001,909 ) | —
BLW | (88,266,996 ) | (205,725 )
BIT | (55,296,907 ) | —

As of June 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax
purposes were as follows:

Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation)
DSU | $ 687,782,692 | $ 5,947,433 | $ (36,570,865 ) | $ (30,623,432 )
FRA | 635,768,832 | 4,521,457 | (17,966,481 ) | (13,445,024 )
BKT | 426,868,268 | 6,839,935 | (46,359,149 ) | (39,519,214 )
BLW | 884,962,920 | 10,429,648 | (31,110,229 ) | (20,680,581 )
BIT | 898,258,012 | 32,069,707 | (50,477,149 ) | (18,407,442 )

9.
BANK BORROWINGS
DSU and FRA
are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank
and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to DSU and FRA. As of period end, DSU and FRA
have not received any
notice to terminate. DSU and FRA
have granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the following maximum commitment amounts:

Fund Name | Commitment Amounts
DSU | $ 276,000,000
FRA | 255,000,000

Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One
Month Term SOFR are subject to a 0% floor.
In addition, DSU and FRA paid a commitment fee (based on the daily unused portion of the commitments). Advances to DSU and FRA as of period end, if any, are shown in
the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying
amount of the borrowings approximates fair value.
DSU and FRA may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset
coverage with respect to the outstanding borrowings is less than 300%.
For the six months
ended June 30, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit
agreement were as follows:

Fund Name | Maximum Amount Borrowed | Average Amount Outstanding | Daily Weighted Average Interest Rate
DSU | $ 149,000,000 | $ 135,708,791 | 6.22 %
FRA | 152,000,000 | 137,131,868 | 6.22

10.
PRINCIPAL RISKS
In the normal course of business, the Funds
invest in securities or other instruments and may enter into
certain
transactions, and such activities subject each
Fund to various
risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also
be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;
(iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war,
acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
Illiquidity Risk:
Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are
otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could
Notes to Financial Statements
181

Notes to Financial Statements
(unaudited) (continued)
sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if
necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make
dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in
below investment grade public debt securities.
Market Risk:
Each
Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during
periods of declining interest rates, which would force each
Fund to reinvest in lower yielding securities. Each
Fund
may also be exposed to reinvestment risk, which is the risk
that income from each
Fund’s portfolio will decline if each
Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are
below each
Fund portfolio’s current earnings rate.
Valuation Risk:
The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due
to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries.
A
Fund may invest in illiquid investments. An illiquid investment is any investment that a
Fund reasonably expects cannot be sold or disposed of in current market conditions
in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A
Fund may experience difficulty in selling illiquid
investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company,
market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each
Fund’s NAV to experience significant
increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a
Fund may lose value, regardless of the
individual results of the securities and other instruments in which a
Fund invests.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund
’
s valuation of the investment, particularly for securities that trade in
thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and
assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore
a Fund
’
s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater
than expected loss or lesser than expected gain upon the sale of the investment. A Fund
’
s ability to value its investments may also be impacted by technological issues and/or
errors by pricing services or other third-party service providers.
Counterparty Credit Risk:
The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to
unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by
entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of
those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
receivables due from counterparties. The extent of the Funds
’
exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately
their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying
instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each
Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the
Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally
obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each
Fund
deposits
collateral with its counterparty to a written option.
With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or
clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract;
therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a
clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally
cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer
margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of
margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting
in losses to the Funds.
Geographic/Asset Class Risk:
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular
investment will have a material impact on the NAV of a fund. The investment concentrations within each
Fund’s portfolio are disclosed in its Schedule of Investments.
Certain
Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk
bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield
securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield
securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have
redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or
economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease
as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. The
Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. Changing interest rates may have unpredictable effects on markets, may result in
heightened market volatility, and could negatively impact the Funds
’
performance.
182
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)
The
Funds invest a significant portion of their assets in securities of issuers located in the United States.
A decrease in imports or exports, changes in trade regulations,
inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.
Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic
growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such
non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it
could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to
continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain
Funds
invest
a significant portion of their
assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed
securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in
economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment
percentages in these securities are presented in the Schedules of Investments.
LIBOR Transition Risk
: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate
(“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates
LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for
certain legacy contracts. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory
fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition
process on the Funds is uncertain.
11.
CAPITAL SHARE TRANSACTIONS
DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which
were initially classified as Common Shares. BLW and BIT is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par
value for DSU’s, FRA’s, BKT
’
s, BLW’s and BIT
’
s shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized,
however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Six Months Ended | Year Ended
Fund Name | 06/30/24 | 12/31/23
DSU | 50,893 | —
BKT | — | 3,394
BLW | 23,810 | —
BIT | 100,398 | 31,420

For the six months ended June 30, 2024, shares issued and outstanding remained constant for FRA and BKT. For the year ended December 31, 2023, shares issued and
outstanding remained constant for DSU, FRA and BLW.
The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2023 through November 30, 2024, each Fund may
repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30,
2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the
Funds will purchase shares in any particular amounts.
For the six months ended June 30, 2024 and year ended December 31, 2023, the Funds did not repurchase any shares.
DSU, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 8,333,333, 10,000,000 and 15,000,000 Common Shares,
respectively, through an equity Shelf Offering. Under the Shelf Offering, DSU, BKT, BLW and BIT, subject to market conditions, may raise additional equity capital from time to
time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of
period end, 15,476,875, 8,333,333, 10,000,000 and 14,245,619 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period
ended June 30, 2024, DSU, BKT, BLW and BIT issued 523,125, 0, 0 and 754,381 shares respectively under the Shelf Offering. See Additional Information - Shelf Offering
Program for additional information.
Initial costs incurred by DSU, BKT, BLW and BIT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities.
As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering
period will be charged to expense.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds
’
financial statements was completed through the date the financial statements were issued and
the following item was noted:
Notes to Financial Statements
183

Notes to Financial Statements
(unaudited) (continued)
The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
DSU | 07/01/24 | 07/15/24 | 07/31/24 |  | $ 0.098730
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.098730
FRA | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.123840
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.123840
BKT | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.088200
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.088200
BLW | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.113200
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.113200
BIT | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.123700
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.123700

184
2024
BlackRock Semi-Annual Report to Shareholders

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Debt Strategies Fund, Inc.
(“DSU”), BlackRock Floating Rate Income Strategies Fund, Inc. (“FRA”), BlackRock Income Trust, Inc. (“BKT”), BlackRock Limited Duration Income Trust (“BLW”), and
BlackRock Multi-Sector Income Trust (“BIT”) (collectively, the “Funds” and each, a “Fund”) met on May 3, 2024 (the “May Meeting”) and June 6-7, 2024 (the “June Meeting”)
to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each
Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager,
BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and each of
BLW and BIT. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein
as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each
Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the
“Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various
services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from
the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and
executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to
consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature,
extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services;
accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and
compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and
met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements,
including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to
specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception
periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio
managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics,
as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each
Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports
relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to
applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the
estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s
implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and
liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund,
sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these
products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and
accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s
market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board
Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to
better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared
by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared
with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds
(“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the
estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis
provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised
mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and
sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information
requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions
and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such
responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment
performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated
profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and
sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors
deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending
and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
185

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more
information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as
determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services
Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services,
and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds,
relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including
the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment
strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team; research capabilities; investments by
portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and
oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered
BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk &
Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s
ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each
Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by
third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative
services including, among others: (i) responsibility for disclosure documents, registration statements in connection with DSU’s, BKT’s BLW’s and BIT’s equity shelf programs,
and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing;
(iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others,
each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal
and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing
of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management,
fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration,
shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and
regulations. The Board considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment
personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each
Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In
preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of
December 31, 2023, as compared to its Performance Peers. The performance information is based on net asset value (“NAV”), and utilizes Lipper data. Lipper’s methodology
calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth,
where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the
investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance
Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided
by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers
(for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that
selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one
period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered DSU’s performance relative to DSU’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, DSU generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for DSU, and that
BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered FRA’s performance relative to FRA’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, FRA generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for FRA, and that
BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BKT’s performance relative to BKT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BKT generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BKT, and that
BlackRock has explained its rationale for this belief to the Board.
186
2024
BlackRock Semi-Annual Report to Shareholders

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
The Board reviewed and considered BLW’s performance relative to BLW’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BLW generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BLW, and that
BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIT’s performance relative to BIT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIT generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIT, and that
BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from
their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual
management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also
compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any
assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to
those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives
effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board
considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses
may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to
other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third
parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided
with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed
BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2023 compared to available
aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes
managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis,
noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including,
among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board
thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating
margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms,
including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations
under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to
BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with
respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional
separate account product channels, as applicable.
The Board noted that DSU’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in first
quartile relative to the Expense Peers.
The Board noted that FRA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
The Board noted that BKT’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
The Board noted that BLW’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
The Board noted that BIT’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in
the second quartile relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of
each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s
asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds
generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although
each of DSU, BKT, BLW and BIT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of DSU’s, BKT’s, BLW’s and
BIT’s assets will occur primarily through the appreciation of its investment portfolio.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
187

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s
respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its
risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to
each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered
information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered
BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock
may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client
accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received
reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included
developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic
evaluation of share repurchases and other support initiatives for certain BlackRock funds; and efforts to reduce fund discounts, including continued communication efforts with
shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the
secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst
awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating
with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and
enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board,
including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term
ending June 30, 2025, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and each of BLW and BIT for a one-year term
ending June 30, 2025. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board
Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to
approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board
Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the
deliberative process.
188
2024
BlackRock Semi-Annual Report to Shareholders

Additional Information
Fund Certification
The Funds
are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing
standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors
as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into
investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds
’
particular investment strategies and
may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The
ESG characteristics utilized in the Funds
’
investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers
that are eligible for investment. Certain of these considerations may affect the Funds
’
exposure to certain companies or industries. While Fund management views ESG
considerations as having the potential to contribute to the Funds
’
long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a
managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected
long-term returns of each Fund.
The distributions paid by each Fund for any particular month may be more or less than the amount of net investment income earned by each Fund during such month.
Furthermore, the final tax characterization of distributions is determined after the year-end of each Fund and is reported in each Fund’s annual report to shareholders.
Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Fund’s taxable net investment income and net realized capital gains
(“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund’s current and accumulated earnings and
profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or
her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the
distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and
character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Fund’s total return performance. When total distributions exceed total return performance for the period, the
difference reduces the Fund’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Fund’s expense ratio and reducing the
amount of assets the Fund has available for long term investment.
General Information
FRA does not make available copies of its Statements of Additional Information because FRA
’
s shares are not continuously offered, which means that the Statement of
Additional Information of FRA has not been updated after completion of FRA’s offerings and the information contained in FRA’s Statement of Additional Information may have
become outdated.
DSU
’
s, BKT
’
s, BLW
’
s and BIT
’
s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by
calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since you
purchased the relevant Fund.
Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved
by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in
private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can
be accessed at
blackrock.com
. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does
not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, by
enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, are available on BlackRock’s
website.
To enroll in electronic delivery:
Additional Information
189

Additional Information
(continued)
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including for DSU, BKT, BLW and BIT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices
and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do
not want the mailing of these documents to be combined with those for other members of your household, please call the Funds
at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The
Funds’ Forms N-PORT are available on the SEC’s website at
sec.gov
. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year
available at
blackrock.com/fundreports
.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted
proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800)
882-0052; (2) on the BlackRock website at
blackrock.com
; and (3) on the SEC’s website at
sec.gov
.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of
blackrock.com
as well as
certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release
of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does
not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time-to-time, DSU, BKT, BLW and BIT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, DSU, BKT, BLW and BIT may, subject to
market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above DSU
’
s, BKT
’
s BLW
’
s and BIT
’
s
NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow DSU, BKT, BLW and BIT to pursue additional investment
opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to
which the Common Shares are able to trade at a premium to NAV in the secondary market.
DSU, BKT, BLW and BIT filed final prospectuses with the SEC in connection with their Shelf Offerings on January 3, 2023, June 23, 2022, May 17, 2022 and May 3, 2022,
respectively. This report and the prospectuses of DSU, BKT, BLW and BIT are not offers to sell DSU, BKT, BLW and BIT Common Shares or solicitations of an offer to buy DSU,
BKT, BLW and BIT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of DSU, BKT, BLW and BIT contain important
information about DSU, BKT, BLW and BIT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of DSU, BKT,
BLW and BIT carefully and in their entirety before investing. Copies of the final prospectuses for DSU, BKT, BLW and BIT can be obtained from BlackRock at
blackrock.com
.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public
personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in
certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set
forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if
applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we
receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond
to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only
for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to
you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the
information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including
procedures relating to the proper storage and disposal of such information.
190
2024
BlackRock Semi-Annual Report to Shareholders

Additional Information
(continued)
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited
(a)
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
(a)
For BLW and BIT.
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
191

Glossary of Terms Used in this Report

Currency Abbreviation
EUR | Euro
GBP | British Pound
USD | United States Dollar

Portfolio Abbreviation
ARB | Airport Revenue Bonds
BAB | Build America Bond
CLO | Collateralized Loan Obligation
CMT | Constant Maturity Treasury
CR | Custodian Receipt
DAC | Designated Activity Company
ETF | Exchange-Traded Fund
EURIBOR | Euro Interbank Offered Rate
FEDL | Fed Funds Effective Rate
GO | General Obligation Bonds
IO | Interest Only
LIBOR | London Interbank Offered Rate
MTA | Month Treasury Average
PIK | Payment-in-Kind
PO | Principal Only
RB | Revenue Bond
REIT | Real Estate Investment Trust
REMIC | Real Estate Mortgage Investment Conduit
SCA | Societe en Commandite par Actions
SG | Syncora Guarantee
SOFR | Secured Overnight Financing Rate
STRIP | Separate Trading of Registered Interest & Principal

192
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Want to know more?
blackrock.com
|
800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be
considered a representation of future performance. Statements and other information herein are as dated and are subject to
change.
CEFT-BK3-06/24-SAR

(b) Not Applicable

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

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

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

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

Item 6 – | Investments

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

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

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

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

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

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

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

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

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

(a) Not Applicable to this semi-annual report

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

Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

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

Item 16 – | Controls and Procedures

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

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

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

Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – | Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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

BlackRock Debt Strategies Fund, Inc.

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

Date: August 22, 2024

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

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

Date: August 22, 2024

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Debt Strategies Fund, Inc.

Date: August 22, 2024